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TIAA can no longer play by its own rules
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TIAA Subsidiary s SEC Settlement Requires Rollover Reforms
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AG James: Firm that touted underperfoming investments will pay restitution
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New York Attorney General Letitia James
TIAA To Pay $97 Million To Settle Retirement Account Rollover Accusations The settled charges come after a pair of investigations by the New York State Attorney General and the SEC, who both argued TIAA-CREF pushed investors into managed accounts with higher fees.
TIAA-CREF Individual and Institutional Services (a subsidiary of the Teachers Insurance and Annuity Association of America) will pay $97 million to settle charges it misled investors to roll over assets from employer-sponsored retirement plans into individually managed accounts with higher fees, raising hundreds of millions of dollars in the process.
The agreement with TIAA Services was the conclusion of a set of investigations by the New York State Attorney General’s office, as well as the Securities and Exchange Commission. New York State Attorney General Letitia James said the company had placed “profits over people” for years by pushing clients into higher-cost inv
SEC Hits Teachers Insurance Subsidiary With $97M Fine
Teachers Insurance and Annuity Association of America (TIAA) $97 million for producing inaccurate and misleading statements and a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement plans (ESPs). The money from TIAA-CREF Individual & Institutional Services LLC (TC Services) will be paid to investors and settles both the SEC case and one announced by the Office of the New York Attorney General (NYAG).
According to the SEC, between Jan. 1, 2013, and March 30, 2018, TC Services and its wealth management advisers (WMA) did not adequately disclose the full nature and extent of their conflicts of interest in recommending to clients that they roll over their retirement assets into a managed account program called Portfolio Advisor. They allege TC Services failed to adequately disclose compensation practices that incentivized the firm and its advisers to re