TIAA

Long organized as a tax-exempt non-profit organization, a 1997 tax bill removed TIAA's tax exemption.Abelson, Reed. [https://www.nytimes.com/1997/07/30/business/budget-deal-to-cost-tiaa-cref-its-tax-exemption.html "Budget Deal to Cost T.I.A.A.-C.R.E.F. Its Tax Exemption"], The New York Times. 20 July 1997. It is now organized as a non-profit organization, the TIAA Board of Governors,{{cite web |url= https://www.tiaa.org/public/about-tiaa/corporate-governance-leadership/tiaa-governors-trustees |title= TIAA Governors & Trustees |author= |date= |website= TIAA |publisher= TIAA-CREF |access-date= September 13, 2022}} with taxable subsidiaries; all profits are returned to policyholders.{{citation needed|date=April 2019}}

TIAA bought its Manhattan headquarters building, 730 Third Avenue, in 1955.{{cite web |author=Schram |first=Lauren Elkies |date=30 January 2018 |title=TIAA Selling HQ Building at 730 Third Avenue [Updated] |url=https://commercialobserver.com/2018/01/tiaa-selling-hq-building-at-730-third-avenue}}{{cite web

|url=https://therealdeal.com/2018/10/17/on-second-thought-tiaa-doesnt-want-to-sell-its-headquarters

|title=On second thought, TIAA doesn't want to sell its headquarters

|date=October 17, 2018

}} 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.{{cite magazine |url=http://fortune.com/fortune500/list/ |title=Fortune 500 Companies 2018: Who Made the List |magazine=Fortune |language=en-US |access-date=2018-11-10 |archive-date=2019-01-15 |archive-url=https://web.archive.org/web/20190115060417/http://fortune.com/fortune500/list/ |url-status=dead }} {{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.

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.{{cite news |author=Lowell |first=Jim |date=14 October 2006 |title=TIAA-CREF's 401(k) Options |magazine=Forbes |url=https://www.forbes.com/2006/10/14/tiaa-cref-carnegie-pf-guru-in_nh_1014401k_inl.html |access-date=6 February 2019}}{{Unreliable source?|sure=y|reason=see WP:FORBESCON|date=September 2022}} The policyholders voted in 1921 to implement policyholder representation on the TIAA board so that educators would have a role in running the organization.{{cite web

|url=https://www.tiaa.org/public/about-tiaa/why-tiaa/who-we-are#20000180662773

|title=Our History: 100 years of serving those who do good in the world

|access-date=6 February 2019}}{{cite book |last1=Greenough |first1=William C |title=It's My Retirement Money, Take Good Care of It: The TIAA-CREF Story |date=1990 |publisher=IRWIN Homewood, IL 60430 |location=Boston, MA 02116 |isbn=0-256-08657-5 |url=https://pensionresearchcouncil.wharton.upenn.edu/publications/books/its-my-retirement-money-take-good-care-of-it/}}

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.{{cite book |last1=Schloss |first1=Irving S. |last2=Abildsoe |first2=Deborah V. |title=Understanding TIAA-CREF: How to Plan for a Secure and Comfortable Retirement |date=2000 |publisher=Oxford University Press |location=New York |isbn=0195131975 |pages=69–71 |url=https://books.google.com/books?id=pYa0sxvqzfgC&q=TIAA-CREF |chapter=Chapter 16: What are the TIAA investment choices? |quote=This book has not been prepared, approved, or licensed by TIAA-CREF or any affiliated organization.}}

In 1952, TIAA created the College Retirement Equities Fund (CREF) a variable annuity, in order to diversify its retirement funds.{{cite news |author=Hershey, Jr. |first=Robert D. |date=November 12, 2000 |title=Teachers' Fund Happily Learns a New Math, Plus Tax |newspaper=The New York Times |url=https://www.nytimes.com/2000/11/12/business/business-teachers-fund-happily-learns-a-new-math-plus-tax.html}}

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.

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|date=April 2019}}

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.{{cite news |title=Denver employer TIAA-CREF dropping second half of name |url=http://www.denverpost.com/business/ci_29547988/denver-employer-tiaa-cref-dropping-second-half-name |last=Svaldi |first=Aldo |date=22 February 2016 |access-date=6 February 2019 |newspaper=The Denver Post}}{{cite journal |title=Rebranded TIAA Hopes Its Shortened Name Makes Financial Planning Seem Simpler |url=http://www.adweek.com/news/advertising-branding/why-financial-services-company-shortened-its-name-and-changed-its-logo-169807 |journal=Adweek |first=Kristina |last=Monllos |date=22 February 2016 |access-date=6 February 2019}}

{{as of|2018|February}}, TIAA was providing parental leave irrespective of the parent's gender.{{cite news |last=Webber |first=Lauren |date=21 February 2018 |title=Some Companies Move to Gender-Blind Leave for New Parents |url=https://www.wsj.com/articles/modern-family-some-companies-move-to-gender-blind-leave-for-new-parents-1519225200 |newspaper=The Wall Street Journal |access-date=22 February 2018}}

In May 2021, TIAA announced its net zero by 2050 commitment for the General Account.{{Cite web |title=TIAA General Account is Committing to Achieving Net Zero Carbon by 2050 {{!}} TIAA |url=https://www.tiaa.org/public/about-tiaa/news-press/press-releases/2021/05-12 |access-date=2024-04-19 |website=www.tiaa.org}} In 2022, TIAA’s annual climate report, “Ensuring Our Future,”{{Cite web | url=https://www.tiaa.org/public/pdf/c/climate_report_2022.pdf | title=Ensuring our future | publisher=TIAA | year=2022}} stated that TIAA views climate risk as investment risk. A November 2022 report from the Institute for Energy Economics and Financial Analysis (IEEFA) asserts that TIAA’s failure to divest its fossil fuel holdings to clear its portfolio of financial and environmental risk is strategically unsound.{{Cite web |title=TIAA fails clients on climate |url=https://ieefa.org/resources/tiaa-fails-clients-climate |access-date=2024-04-19 |website=ieefa.org |language=en}}

On October 19, 2022, nearly 300 TIAA clients filed a complaint with the UN-supported Principles for Responsible Investment initiative (PRI), asking PRI to remove TIAA from its list of sustainable investors.{{Cite web | url=https://www.ciel.org/wp-content/uploads/2022/10/PRI_TIAA-Complaint_FINAL.pdf | title= Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company | date=2022-10-19}} TIAA is one of the world’s largest fossil fuel investors,{{Cite web |last=Mulvey |first=Lauren |date=2021-04-20 |title=Activists finally seeing movement on fossil fuel divestment |url=https://legislativegazette.com/activists-finally-seeing-movement-on-fossil-fuel-divestment/ |access-date=2024-04-19 |website=The Legislative Gazette |language=en-US}} with at least $78 billion invested in coal, oil and gas industries. After the top two coal investors Vanguard and BlackRock, TIAA is the fifth largest holder of coal bonds worldwide with $6.7 billion invested in companies that mine, transport, and burn coal for energy.{{Cite web |last= |date=2022-03-07 |title=Who is investing in toxic coal bonds? |url=https://reclaimfinance.org/site/en/2022/03/07/who-is-investing-in-toxic-coal-bonds/ |access-date=2024-08-07 |website=Reclaim Finance |language=en-US}} PRI agreed to review the complaint but dismissed it after internal review.

In March of 2024, a group of TIAA clients and university student activists published their response{{Cite web |last=Khandelwal |first=Meena |title=TIAA is sponsoring Big Ten basketball. Know that it's driving the climate crisis. |url=https://www.desmoinesregister.com/story/opinion/columnists/iowa-view/2024/03/07/big-ten-conference-basketball-tournament-b1g-sponsor-tiaa-climate-crisis/72869743007/ |access-date=2024-04-19 |website=The Des Moines Register |language=en-US}}{{Cite web |title=Eric Hayot and Ned Ketyer: TIAA's 'sportswashing' its contribution to climate change |url=https://www.post-gazette.com/opinion/guest-columns/2024/03/20/tiaa-climate-change-fracking-investment/stories/202403190090 |access-date=2024-04-19 |website=Pittsburgh Post-Gazette |language=en}}{{Cite web |date=2024-03-20 |title=Letter {{!}} Don't let 'sportswashing' ruin Badger pride |url=https://captimes.com/opinion/letters-to-the-editor/letter-dont-let-sportswashing-ruin-badger-pride/article_cdaf1bc6-e62e-11ee-9d48-7ba2933a0eee.html |access-date=2024-04-19 |website=The Cap Times |language=en}} to TIAA sponsoring the Big 10 while utilizing harmful investing practices.{{Cite web |last=Finholdt |first=Isabella |title=Ignoring Warning Signs, US Retirement Manager TIAA Bought Farms from Alleged Land Grabbers with Brazilian Sugar Giant |url=https://www.occrp.org/en/investigations/ignoring-warnings-signs-us-retirement-manager-tiaa-bought-farms-from-alleged-land-grabbers-with-brazilian-sugar-giant |access-date=2024-04-19 |website=OCCRP |language=en}} The activists stated that land grabs,{{Cite news |last=II |first=Vann R. Newkirk |date=2019-08-12 |title=The Great Land Robbery |url=https://www.theatlantic.com/magazine/archive/2019/09/this-land-was-our-land/594742/ |access-date=2024-04-19 |work=The Atlantic |language=en |issn=2151-9463}} the spraying of toxic chemicals, and fossil fuel investments are contributing to the climate crisis.

• 2012: bought Festival Place, a shopping center in Basingstoke, England for £280 million.{{cite news |author=Garfield |first=Richard |date=14 October 2012 |title=Festival Place is sold for £280 million |language=en |newspaper=Basingstoke Gazette |url=http://www.basingstokegazette.co.uk/news/9929644.Festival_Place_is_sold_for___280million |access-date=6 February 2019}}
• 2013: purchased a 50% stake in the Grand Canal Shoppes, including the Shoppes at the Palazzo, in Las Vegas, Nevada, for net proceeds of US$410 million as part of a new joint venture with General Growth Properties. GGP will continue to oversee the asset management of the project.{{Cite web |url=https://www.globest.com/sites/globest/2013/05/17/ggp-and-tiaa-cref-partnership-buys-grand-canal-shoppes-for-410m/ |title=GGP and TIAA-CREF Partnership Buys Grand Canal Shoppes for $410M |date=May 17, 2013 |first=David |last=Phillips |website=GlobeSt |language=en |access-date=2019-04-02}}
• 2014: announced that it would acquire Nuveen Investments in a deal valued at $6.25 billion.{{cite news |last1=Condon |first1=Christopher |last2=Stein |first2=Charles |date=14 April 2014 |title=TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal |work=Bloomberg News |url=https://www.bloomberg.com/news/articles/2014-04-14/tiaa-cref-to-buy-nuveen-from-madison-dearborn-for-6-25-billion |access-date=6 February 2019}}
• 2016: announced deal to buy EverBank Financial Corp. for $2.5 billion in cash;{{Cite news |last1=Ensign |first1=Rachel Louise |last2=Telis |first2=Demos |date=8 August 2016 |title=TIAA to buy EverBank for $2.5 billion |newspaper=The Wall Street Journal |url=http://www.marketwatch.com/story/tiaa-to-buy-everbank-for-25-billion-2016-08-08 |access-date=6 February 2019 |via=MarketWatch}} completed June 12, 2017. The combined bank's legal entity name is TIAA, FSB.{{cite press release

|url=https://www.tiaa.org/public/about-tiaa/news-press/press-releases/pressrelease682.html

|title=TIAA Completes Acquisition of EverBank

|publisher=TIAA

|access-date=6 February 2019}}

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.{{cite news |last1=Gibbons |first1=Timothy |title=As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market |url=https://www.bizjournals.com/jacksonville/news/2018/06/05/as-tiaa-bank-becomes-official-merger-favorable-to.html |newspaper=Jacksonville Business Journal |access-date=13 June 2018}} In November 2022, TIAA announced plans to sell TIAA Bank to private investors. TIAA Bank changed its name back to EverBank when the transaction was completed.{{cite web | url=https://www.everbank.com/about/news/06-26-23/tiaa-bank-becomes-everbank | title=TIAA Bank to Become EverBank | News | EverBank }}

{{Reflist}}

{{Portal|Companies}}

• [https://www.tiaa.org/ tiaa.org], company's official website
• [https://www.tiaa.org/public/pdf/performance/retirement/profiles/TIAA_Gen_Act_Fin_Strength.pdf TIAA General Account], TIAA General Account as of June 30, 2023

{{Authority control}}

Category:1918 establishments in New York (state)

Category:Andrew Carnegie

Category:Companies based in Manhattan

Category:Financial services companies based in New York City

Category:Financial services companies established in 1918

Category:Insurance companies based in New York City

Category:Investment management companies of the United States

Category:Non-profit organizations based in New York City

Category:Retirement plans in the United States

Category:Asset management companies