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TIAA commends House passage of SECURE Act, calls on Senate to take up retirement security

May 23, 2019

WASHINGTON--(BUSINESS WIRE)--May 23, 2019--

Roger W. Ferguson, Jr., president and CEO of TIAA, released the following statement regarding the House of Representatives’ passage of the Setting Every Community Up for Retirement (SECURE) Act:

“TIAA applauds the House of Representatives for bipartisan passage of the SECURE Act, a significant step toward advancing much-needed modernization of the American retirement system.

“If signed into law, this legislation will holistically improve the retirement landscape for millions of retirees now and in the future. It will ensure that retirement plans cover more Americans and that they can save enough in such plans to fund sufficiently their retirement. Critically, it will improve access to guaranteed lifetime income solutions in employer-sponsored retirement plans – helping more Americans guard against outliving their savings – at a time when many are living longer in retirement and stretching the social safety net.

“TIAA is especially grateful for the leadership of Ways and Means Chairman Richard Neal and Ranking Member Kevin Brady for making this important legislation a reality. We urge the Senate to sustain momentum and take prompt action to help more Americans realize a financially secure retirement.”

About TIAA

With an award-winning 1 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 3/31/2019 2 ) 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 $1.026 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 3/31/19.

©2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017

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View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005577/en/

CONTACT: Press contact

Mike Tetuan

888-200-4062

media@tiaa.org

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KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT CONGRESSIONAL NEWS/VIEWS PUBLIC POLICY

SOURCE: TIAA

Copyright Business Wire 2019.

PUB: 05/23/2019 11:46 AM/DISC: 05/23/2019 11:46 AM

http://www.businesswire.com/news/home/20190523005577/en

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