TIAA-CREF’s CEO Says a New Generation of Workers Seeks Retirement Security

New York, September 13, 2010

In an address today at the University of Massachusetts Boston’s Fall Convocation, TIAA-CREF chief executive Roger W. Ferguson, Jr., said that the most serious economic crisis in 70 years has spurred a new generation of workers to seek lifetime financial security.

Citing a recent survey which reported that about half of workers ages 25 to 34 wish they had a pension, Mr. Ferguson noted younger workers “are wondering whether they can pursue their passions and still retire securely.”

“Companies and policymakers must respond,” he added. “The ideal situation is to have a steady stream of income through retirement that can meet basic expenses and help you live comfortably. Pensions can provide this guaranteed income. Annuities can also provide guaranteed income.”1

Mr. Ferguson also lauded the role universities will play in advancing innovation and economic growth, particularly in the areas of retirement security, health care, and energy and environmental concerns.

“Universities are filled with energy, with youth, with creative thinking. When you combine these ingredients, you have a recipe for innovation – a formula for addressing challenges and answering persistent questions,” Mr. Ferguson said. “Universities will play a significant role in moving our country and our economy forward.”

Mr. Ferguson also cited the need for innovation in the energy, environmental and health sectors. He noted that the federal economic stimulus includes specific investment goals for clean energy.

“Our nation is making a substantial investment to change the way we power society. Who will lead the way in meeting these goals? Who will develop the technology to make the batteries that can power the cars and homes of the future? And who will develop the business and marketing plans to put these new technologies in tens of millions of homes?

Mr. Ferguson noted that harnessing individual and institutional strengths can help to answer these questions. “Universities are such rich sources of innovation because they are home to diverse interests, multidisciplinary expertise, rigorous analysis, and free ideas,” he said. “You are part of a creative community.”

Mr. Ferguson also urged students to explore ethics and values in preparation for making their mark on society: “If you think about your responses to ethical dilemmas in the classroom, you’ll be more likely to make the right decisions when you confront these questions in your lives and careers.”

Read the full text of the speech.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $410 billion in combined assets under management (as of 6/30/10) and provides retirement services to the nonprofit and government fields.

Contact:
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 704 988-6811; Cell: 917 715-9083

1 Income guarantees are subject to the claims-paying ability of the issuing insurance company.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

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