Word: tiaa
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Dates: during 2000-2009
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...plan: the 401(k). But the financial crisis and resulting market meltdown showed the 401(k) to be far from perfect. A number of academics and others have proposed either changes to the 401(k) system or scrapping it altogether. Roger Ferguson Jr., chief executive of the investment firm TIAA-CREF, is one of the few financial executives who have backed changing the system. Ferguson's opinion is sure to have some sway. He is a former vice chairman of the Federal Reserve and a member of President Obama's Economic Recovery Advisory Board. As the CEO of TIAA-CREF...
Unsurprisingly, his solution is the one his company already sells - a 401(k)-like plan that Ferguson says has done a better job of boosting retirement savings than the original. The 3½ million retirement accounts in the TIAA-CREF system have an account that is on average 50% higher than the average 401(k). Ferguson pitched his company's solution to the retirement-savings problem to TIME. (Listen to TIME's Financial Toolkit: Should We Scrap...
...think a plan like this could be created? In higher education, a plan like this already exists, and TIAA-CREF offers it. Our 3½ million participants have on average 50% more in their retirement-savings accounts than in the average 401(k). So unlike the 401(k), our plan works...
Another life insurer, TIAA-CREF, the largest U.S. education retirement fund, has long been criticized for its billion-dollar investments in tobacco stocks. It now allows clients to opt to avoid such equities through special socially conscious funds. This is an option nearly all insurers now include in their portfolios. "As a TIAA-CREF participant, you do not have to own shares in tobacco companies if you choose not to," says spokesman Chad Peterson...
...University, which plans to release the details of the early retirement program on Friday or Tuesday, is currently waiting for financial consultant TIAA-CREF to finish tailoring each package to its potential recipient. Of the University’s 3500 staffers, approximately 1000 are eligible for the retirement package—700 of whom work in FAS. [SEE CORRECTIONS BELOW...