WASHINGTON--(BUSINESS WIRE)--TIAA issued the following statement from Roger W. Ferguson, Jr., president and CEO, upon U.S. House passage of the Setting Every Community Up for Retirement (SECURE) Act:
“TIAA commends Congress for prioritizing passage of the SECURE Act, the first comprehensive retirement reform in the U.S. in over a decade. This much-needed bill stands to reshape and modernize much of our private retirement system by increasing access for millions of Americans to a workplace retirement plan and by allowing for guaranteed lifetime income options, by way of annuities, in these plans.
“The legislation also requires an annual statement that illustrates retirement account balances as a monthly income stream to show participants what they may expect to see as their ‘paycheck’ meant to last throughout retirement, a critical piece of a sound retirement plan. With life expectancy growing, the SECURE Act will also allow Americans to put more money into their retirement accounts by raising the age of required minimum distributions. Together, all of these provisions will significantly help Americans build their financial futures.
“Upon Senate passage and stroke of the President’s pen, we can build on this broadly bipartisan legislation and start the real work of improving Americans’ retirement security so that more workers are able to enjoy a dignified life in retirement.
“We are hopeful that Congress will build on this momentum and pass legislation -- such as the Retirement Security and Savings Act – to further ensure every American enjoys a well-earned and secure life in retirement.”
With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 9/30/20192) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
1 The Lipper Mixed-Assets Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return for eligible funds over the three-year period ended 11/30/15 (against 39 fund families), 11/30/16 (36), 11/30/17 (35) and 11/30/18 (35). Note this award pertains to mixed-assets mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, © 2019 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
2 Based on $1.1 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 9/30/19.
©2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017