.svg){kind=logo} | |
.jpg) Headquarters at 730 Third Avenue | |
| Company type | Non-profit corporation owning subsidiaries for-profit |
|---|---|
| Founded | 1918 |
| Founder | Andrew Carnegie |
| Headquarters | 730 Third Avenue, , |
Key people | Thasunda Duckett (CEO)[1] Roger W. Ferguson Jr. (former CEO) |
| Products | Financial services |
| Revenue | US$40.454 billion (2020)[2] |
| US$1.492 billion (FY 2016) | |
| AUM |  US$1.3 trillion (2020)[3] |
| Total assets | US$615.042 billion (2020)[4] |
| Total equity | US$ 38.871 billion (2020)[5] |
Number of employees |  16,533 (2020)[6] |
| Subsidiaries | Nuveen, TIAA Bank, Westchester Group |
| Website | tiaa.org |
The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF), is an American financial services organization that is a private provider of financial retirement services in the academic, research, medical, cultural and governmental fields. TIAA is listed on the Fortune 100 and serves over 5 million active and retired employees participating at more than 15,000 institutions and has $1 trillion in combined assets under management with holdings in more than 50 countries (as of December 31, 2017[update]).[3]
Long organized as a tax-exempt non-profit organization, a 1997 tax bill removed TIAA's tax exemption.[7] It is now organized as a non-profit organization, the TIAA Board of Governors,[8] with taxable subsidiaries; all profits are returned to policyholders.[citation needed]
TIAA bought its Manhattan headquarters building, 730 Third Avenue, in 1955.[9][10] It has major offices in Denver, Colorado; Charlotte, North Carolina; and Dallas, Texas; as well as 70 local offices throughout the U.S. In 2018, TIAA ranked 84th on Fortune's list of the 500 largest corporations in America.[11] As of 2017[update], TIAA is the largest global investor in agriculture, the second-largest grower of wine grapes in the United States (by acreage), and the third-largest commercial real estate manager in the world.[3]
In 1918, Andrew Carnegie and his Carnegie Foundation for the Advancement of Teaching, under the leadership of Henry S. Pritchett, created the Teachers Insurance and Annuity Association of America (TIAA), a fully funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals.[12][unreliable source] The policyholders voted in 1921 to implement policyholder representation on the TIAA board so that educators would have a role in running the organization.[13][14]
TIAA's namesake and signature investment/insurance product is the TIAA Traditional, which offers a contractually guaranteed return on principal and, at the discretion of the board of trustees on a periodic basis, additional profit/dividend interest over and above the guaranteed return. From the relatively illiquid and stable, long-term investments of its general account, TIAA has been able to consistently add some dividends to TIAA Traditional contributions since 1948.[15]
In 1952, TIAA created the College Retirement Equities Fund (CREF) a variable annuity, in order to diversity its retirement funds.[16]
In 1995, TIAA introduced the TIAA Real Estate account, also a variable annuity, but more stable than equity investments and more flexible than TIAA Traditional.[15]
On June 15, 2007, TIAA became one of the first U.S. companies to voluntarily adopt, and the first to implement, a policyholder advisory vote on executive compensation policy.[citation needed]
On February 22, 2016, TIAA-CREF rebranded as simply TIAA as part of a new marketing and imaging campaign. CMO Connie Weaver explained that the old name was perceived by customers as being complicated, and that the new branding scheme was meant to portray a simpler and friendlier image of the organization.[17][18]
As of February 2018[update], TIAA was providing parental leave irrespective of the parent's gender.[19]
Nearly a year after the acquisition of EverBank, TIAA began rebranding all of its banking activities under the TIAA Bank name on June 4, 2018.[25] In November 2022, TIAA announced plans to sell TIAA Bank to private investors. TIAA Bank changed its name back to EverBank when the transaction was completed.[26]
