TIAA

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TIAA is a nonprofit financial services organization that helps people save for retirement, especially those in academia, research, medicine, culture, and government. It manages about $1 trillion in assets and serves more than 5 million active and retired employees at more than 15,000 institutions worldwide.

Founded in 1918 by Andrew Carnegie and the Carnegie Foundation, TIAA started to fund pensions for professors. It operates as a nonprofit, with profits returned to policyholders. In 1997 a tax law change ended its tax exemption, but it remains a nonprofit with taxable subsidiaries. The company is headquartered at 730 Third Avenue in New York City and has major offices across the United States, plus about 70 local offices.

Today, TIAA offers a range of retirement and investment products, including the guaranteed TIAA Traditional account, the variable annuities from CREF, and the TIAA Real Estate account. It owns Nuveen (investment management), TIAA Bank, and the Westchester Group. TIAA has grown into a Fortune 100 company with a global reach and a large role in areas like agriculture and real estate.

Leadership and size: CEO Thasunda Duckett (former CEO Roger Ferguson) leads the organization. As of 2020, TIAA reported revenue around $40 billion and about 16,500 employees. It reported assets under management near $1 trillion.

Climate and investing notes: TIAA has committed to net-zero by 2050 for its General Account and emphasizes treating climate risk as investment risk. The company has faced criticism for its fossil fuel investments, including coal bonds, leading to a 2022 complaint to the PRI that was reviewed and dismissed. In 2024, activists raised concerns about sponsorships and environmental practices tied to its investing.

Key facts
- Headquarters: 730 Third Avenue, New York City
- CEO: Thasunda Duckett
- Founded: 1918 by Andrew Carnegie
- Type: Private nonprofit organization with taxable subsidiaries
- Global reach: 5+ million participants, 15,000+ institutions
- Assets: about $1 trillion AUM
- Major subsidiaries: Nuveen, TIAA Bank, Westchester Group
- Employees: about 16,500 (2020)