TIAA Insurance Company
TIAA Insurance Company
730 Third Avenue
New York, NY 10017
TIAA Insurance Company, also TIAA-CREF Life Insurance Company, is one of the largest financial services companies in the United States with $398 billion in assets under management as of 2008. TIAA stands for Teachers Insurance and Annuity Association while CREF means- College Retirement Equities Fund. TIAA is located in Third Avenue, New York, New York and has major offices in Denver, Colorado; Charlotte, North Carolina; and Dallas, Texas, as well as 60 local offices throughout the United States.
TIAA is number 86 on Fortune’s list of the 500 largest corporations in America. The company helps in meeting the financial needs of roughly 3.6 million individuals and 15,000 institutions in the academic, medical, cultural, nonprofit and research fields. TIAA functions on a nonprofit basis, with surplus returned to participants. TIAA has been assisting those in the mentioned fields plan for and live in retirement. For over 90 years, the company has been delivering financial products and services to help these individuals live to and through retirement, as well as invest for their other life goals. The company offers low fees, a long-term approach to investing, and a complete line of financial products and services delivered by non-commissioned consultants. This is in keeping of its strong nonprofit heritage.
TIAA and CREF are separate companies, united by a shared mission. The two are regulated by different government agencies and were made under different laws. TIAA was given license in 1918 as a stock life insurance company, headquartered in New York State. Its objective is to provide employees of nonprofit education and research institutions with the means to improve their future financial security. TIAA’s initial $1 million capital was provided by The Carnegie Corporation. CREF was established in 1952 as a companion nonprofit organization to TIAA, aimed to deliver retirement annuities based on investment in common stock.
TIAA’s investment approach is embedded in its primary and time-tested principles. Its veteran portfolio management teams are dedicated to dispensing steady and dependable growth and solid long-term performance. TIAA centers on closely controlled long-term investment strategies that thoroughly balance risk with the potential for high returns. This is because retirement is a goal that clients save for over many years.
The company offers broad range of products that can deliver guaranteed income for life, as well as life insurance, financial planning, and customized advice. Guaranteed income for life is based on the claims-paying ability of TIAA which applies to annuity products only. The annuity account options of TIAA are obtainable through contracts issued by TIAA or CREF. These contracts are intended for retirement or other long-term goals, and provide a range of income options, including lifetime income.
Its expanding range of investment products, services and planning resources, includes retirement plans which are employer-sponsored plans, plus Keoghs and SEP IRAs for small businesses. There are also IRAs such as Traditional, Roth and SEP IRAs for retirement planning; mutual funds; after-tax annuities including flexible premium deferred variable annuity and single premium immediate annuities; and life insurance consisting of level term, annual renewable term, universal life (UL), variable universal life (VUL), and survivorship UL & VUL policies. In addition, the company provides brokerage services, personal trust services, and education savings.
The company also provides retirement plans at more than 15,000 colleges, universities, schools, research centers, medical organizations and other nonprofit institutions. The TIAA traditional annuity is a guaranteed-rate option available through employer-sponsored retirement plan or IRA. There are employer-sponsored retirement plans as well, and defined contribution retirement plans offered through the employer, with tax-deferred contributions. The supplemental retirement plans are similarly tax-deferred plans that allow clients to save more for retirement in addition to the basic retirement plan offered by the employer. Small business retirement plans are tax-deferred retirement plans for small business owners and their employees, while the Simplified Employee Pension (SEP) plan are easy-to-manage plans. The company offers two types of Keogh plans: profit sharing and money purchase.