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stone57free

Tiaa-cref Pulling Out Of Public Schools?

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We were just informed by our plan sponsor (Region 10 ESC in Dallas) that TIAA-CREF is discontinuing its services to participating school districts. In part the letter states, "TIAA-CREF has indicated that they are de-emphasizing their work in the public school market and are not interested in staying involved in public school district 457 plans." Is this something just happening to our plan or is this occurring nationwide?

 

I never dreamed this would happen with TIAA-CREF.

 

 

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Sounds to me like they are not aggressively pursuing new business, but they'll keep existing plans going. I agree that that is disappointing. I've always heard good things about TIAA-CREF from those that use them, and I don't understand why they're walking away from the K-12 marketplace.

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TIAA-CREF dropped their commitment to the k-12 market nearly two years ago when they got a new wall street ceo. I actually think the new CEO, Herb Allison (formerly from Merrill) is moving in the right direction overall with the firm. But I was very disappointed when they dropped their commitment to small plans (which is what most 403b/457 plans are in public k-12).

 

I think TIAA has a great fixed and real estate account in the 403b, but they lack enough funds to get well diversified on the equity side.

 

ScottyD

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