NEW YORK, July 17, 2012 – TIAA-CREF, a leading financial services provider, today held the CREF annual meeting at the organization’s head offices in New York City. CREF is a SEC-registered investment company and the companion organization to TIAA, a New York-based life insurance company. Together, TIAA-CREF provides retirement plans, IRAs, mutual funds, brokerage services, life insurance, college savings plans, trust services and outsourced endowment management services.
This year is an important milestone for TIAA-CREF as it marks the 60th anniversary since CREF was founded. In 1952, CREF was established to give ordinary investors the opportunity to tap into the growth of the stock market. CREF created the first variable annuity, which was a ground-breaking innovation in the financial services sector, and has helped millions of Americans achieve financial security in retirement. TIAA was founded in 1918 by the Carnegie Foundation and philanthropist Andrew Carnegie with the goal of supporting the financial well-being of college teachers.
"Since our founding in 1918, our commitment to help clients achieve financial well-being has not wavered," said Roger W. Ferguson, Jr., president and chief executive officer of TIAA-CREF. "Over the course of the year, we have made significant progress in strengthening our firm’s financial position while also expanding and enhancing our products and services. We remain committed to our clients’ financial well-being throughout all stages of their lives."
Mr. Ferguson cited the following key indicators of the organization’s strong financial position:
Mr. Ferguson reaffirmed TIAA-CREF’s commitment to put its clients first and outlined the progress the organization is making to expand and enhance its products and services, including:
In meeting-related actions, CREF participants:
In addition, TIAA policyholders expressed support for the organization’s executive compensation policies through an advisory vote on the compensation of TIAA’s named executive officers. Preliminary results of the TIAA advisory vote on executive compensation show that approximately 81 percent of TIAA policyholders who voted approved of the quality of TIAA's executive compensation plan and disclosure, including its connection to performance, achievement of TIAA’s business objectives and creation of long-term value for policyholders.
In 2007, TIAA was the first U.S. company to voluntarily adopt and implement an advisory vote on its compensation policies and related disclosure.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
John McCool, TIAA-CREF
firstname.lastname@example.org, 888 200-4062
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
For its stability, claims-paying ability and overall financial strength, TIAA currently holds the highest possible ratings from the four leading insurance company rating agencies: A.M. Best (A++ as of 4/12), Fitch (AAA as of 6/12), Moody’s Investors Service (Aaa as of 6/12) and Standard & Poor’s (AA+ as of 5/12).
Per S&P criteria, the downgrade of U.S. long-term government debt limits the highest rating of U.S. insurers to AA+ (the second-highest rating available). There is no guarantee that current ratings will be maintained. Ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA’s claims-paying ability.
TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details. Past performance is no guarantee of future results.
TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
College Savings Plans are managed by TIAA-CREF Tuition Financing, Inc. (TFI).
Life Insurance is issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. TIAA-CREF Life Insurance Company (TIAA-CREF Life) is a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA).