Teachers Insurance and Annuity Association of America

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TypeNon-profit corporation owning subsidiaries for-profit
Founded1918; 105 years ago (1918)
FounderAndrew Carnegie
Headquarters730 Third Avenue, ,
Key people
Thasunda Duckett (CEO)[1]
Roger W. Ferguson Jr. (former CEO)
ProductsFinancial services
RevenueUS$40.454 billion (2020)[2]
US$1.492 billion (FY 2016)
AUMIncrease US$1.3 trillion (2020)[3]
Total assetsIncrease US$615.042 billion (2020)[4]
Total equityIncrease US$ 38.871 billion (2020)[5]
Number of employees
Decrease 16,533 (2020)[6]
SubsidiariesNuveen, TIAA Bank, Westchester Group

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).[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, 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]

Annuities and Real-Estate[edit]

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]

21st century[edit]

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, TIAA was providing parental leave irrespective of the parent's gender.[19]

Investments and diversification[edit]

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]

See also[edit]


  1. ^ "TIAA". 2021 Fortune 500.
  2. ^ "TIAA". 2021 Fortune 500.
  3. ^ a b c "Q4 2017 Facts and Stats" (PDF). TIAA. January 2018. Archived from the original (PDF) on 17 May 2018. Retrieved 6 February 2019.
  4. ^ "TIAA". 2021 Fortune 500.
  5. ^ "TIAA". 2021 Fortune 500.
  6. ^ "TIAA". 2021 Fortune 500.
  7. ^ Abelson, Reed. "Budget Deal to Cost T.I.A.A.-C.R.E.F. Its Tax Exemption", The New York Times. 20 July 1997.
  8. ^ "TIAA Governors & Trustees". TIAA. TIAA-CREF. Retrieved September 13, 2022.
  9. ^ Schram, Lauren Elkies (30 January 2018). "TIAA Selling HQ Building at 730 Third Avenue [Updated]".
  10. ^ "On second thought, TIAA doesn't want to sell its headquarters". October 17, 2018.
  11. ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on 2019-01-15. Retrieved 2018-11-10.
  12. ^ Lowell, Jim (14 October 2006). "TIAA-CREF's 401(k) Options". Forbes. Retrieved 6 February 2019.
  13. ^ "Our History: 100 years of serving those who do good in the world". Retrieved 6 February 2019.
  14. ^ Greenough, William C (1990). It's My Retirement Money, Take Good Care of It: The TIAA-CREF Story. Boston, MA 02116: IRWIN Homewood, IL 60430. ISBN 0-256-08657-5.{{cite book}}: CS1 maint: location (link)
  15. ^ a b Schloss, Irving S.; Abildsoe, Deborah V. (2000). "Chapter 16: What are the TIAA investment choices?". Understanding TIAA-CREF: How to Plan for a Secure and Comfortable Retirement. New York: Oxford University Press. pp. 69–71. ISBN 0195131975. This book has not been prepared, approved, or licensed by TIAA-CREF or any affiliated organization.
  16. ^ Hershey, Jr., Robert D. (November 12, 2000). "Teachers' Fund Happily Learns a New Math, Plus Tax". The New York Times.
  17. ^ Svaldi, Aldo (22 February 2016). "Denver employer TIAA-CREF dropping second half of name". The Denver Post. Retrieved 6 February 2019.
  18. ^ Monllos, Kristina (22 February 2016). "Rebranded TIAA Hopes Its Shortened Name Makes Financial Planning Seem Simpler". Adweek. Retrieved 6 February 2019.
  19. ^ Webber, Lauren (21 February 2018). "Some Companies Move to Gender-Blind Leave for New Parents". The Wall Street Journal. Retrieved 22 February 2018.
  20. ^ Garfield, Richard (14 October 2012). "Festival Place is sold for £280 million". Basingstoke Gazette. Retrieved 6 February 2019.
  21. ^ Phillips, David (May 17, 2013). "GGP and TIAA-CREF Partnership Buys Grand Canal Shoppes for $410M". GlobeSt. Retrieved 2019-04-02.
  22. ^ Condon, Christopher; Stein, Charles (14 April 2014). "TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal". Bloomberg News. Retrieved 6 February 2019.
  23. ^ Ensign, Rachel Louise; Telis, Demos (8 August 2016). "TIAA to buy EverBank for $2.5 billion". The Wall Street Journal. Retrieved 6 February 2019 – via MarketWatch.
  24. ^ "TIAA Completes Acquisition of EverBank" (Press release). TIAA. Retrieved 6 February 2019.
  25. ^ Gibbons, Timothy. "As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market". Jacksonville Business Journal. Retrieved 13 June 2018.

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