Andrew Carnegie and Carnegie Foundation for the Advancement of Teaching created the Teachers Insurance and Annuity Association of America (TIAA) in 1918 as a fully funded system of pensions for professors. The funding was provided by Carnegie Corporation of New York, along with participating individuals and institutions.
Rising inflation and lengthening life expectancies, along with a large expansion of the education sector with the G.I. Bill after World War I, caused TIAA to recognize the need for its participants to diversify their retirement funds by investing in equities. Thus they created the College Retirement Equities Fund (CREF) in 1952.
In 2007 TIAA-CREF was chosen by the California State Teacher’s Retirement System (CalSTRS), the second-largest public pension plan and largest teacher retirement fund in the United States, as the sole investment provider for its supplemental retirement savings programs.
Today TIAA-CREF is a Fortune 100 financial services organization and the leading retirement provider for people working in the academic, research, medical, and cultural fields. It serves 3.7 million active participants, with 15,000 participating institutions and $487 billion in combined assets under management. It is a non-profit company.
TIAA-CREFAndrew Carnegie and Carnegie Foundation for the Advancement of Teaching created the Teachers Insurance and Annuity Association of America (TIAA) in 1918 as a fully funded system of pensions for professors. The funding was provided by Carnegie Corporation of New York, along with participating individuals and institutions.
Rising inflation and lengthening life expectancies, along with a large expansion of the education sector with the G.I. Bill after World War I, caused TIAA to recognize the need for its participants to diversify their retirement funds by investing in equities. Thus they created the College Retirement Equities Fund (CREF) in 1952.
In 2007 TIAA-CREF was chosen by the California State Teacher’s Retirement System (CalSTRS), the second-largest public pension plan and largest teacher retirement fund in the United States, as the sole investment provider for its supplemental retirement savings programs.
History
Today TIAA-CREF is a Fortune 100 financial services organization and the leading retirement provider for people working in the academic, research, medical, and cultural fields. It serves 3.7 million active participants, with 15,000 participating institutions and $487 billion in combined assets under management. It is a non-profit company.
I received a letter last week stating TIAA well know longer accept loan applications for your retirement plan offered by Hillsborough County Public Schools. Since TIAA is no longer an active record keeper for your employer, we will no longer support the initiation of new loans in your plan. (Point 1) Hillsborough County Public Schools has not done business with TIAA in over 10 Years. The district has one record keeper for investment accounts for the schools district and that is and has been TSA that handle all record keeping for the district for over 10 years. When I made my last contribution to TIAA which was thousands of dollars, loans was a part of my package if I choose to borrow against my money in 2015. I have been a customer for over 18 years not including the large contribution in 2015. I feel TIAA has gone back on its word and trying everything they can to hold on to customers money to make them look more profitable and having more holding. I Recommend any one looking into contributing to a 403b, 401K, and 457 do not do business with TIAA the company has gone down and the trust is at none. Hopeful we can start a class action laws against the company and also contact and file a complaint with SEC. On a scale 0-10 TIAA receives a 0.
I have been trying to get a refund of 6500 from a ira account that I contributed to 2018 by error. (I turned 70.5) I have spoken to a lot nice folks who have apologized over and over but that doesn’t seen to help me. the last person I spoke to said we were starting at the beginning since the others didn’t know how to do it. If I don’t have my $ by next week I am transferring my account to Vanguard where I have done business since 1980.
So it seems my issue is the same with everyone else’s. I requested a final liquidation of all accounts due to leaving the employer. I have made this request twice and for some reason only partial funds were received. After countless calls to supervisors, still no resolution. I can be contacted on the number on my account. Customer service is of NO service. I have begun filing with the SEC regarding this matter
Last week, I requested a withdrawal $34160.59. I filled out all the necessary forms, INCLUDING A SPOUSAL CONSENT FORM NOTARIZED AND INCLUDED IN MY SUBMISSION.. Then I was told by your rep that you had to contact Hofstra University for their approval even though I no longer work there. I offered to send in a letter from Hofstra acknowledging my last day of employment 6/15/2017 and I was no longer an employee. The rep said THAT TIAA MUST CONTACT HOFSTRA AND RECEIVED CONFIRMATION OF MY RETIREMENT.(DON’T SEND TIAA THE LETTER). Then I get a message that the transaction was cancelled because they hadn’t heard back from Hofstra. Tonight, another TIAA rep said send the letter. He received it and reopened the withdrawal request.
Now I get another message saying that the Spousal Waiver Form was incomplete. IT WAS COMPLETED, NOTarized with my wife’s signature and mailed in with the withdrawl request.
WHAT KIND OF ORGANIZATION AM I DEALING WITH? I HAVE $801k AND i AM FULLY VESTED. iT’S MY MONEY AND i WANT MY WITHDRAWL AND i WANT IT NOW. NO MORE EXCUSES, FOR MISSING FORMS OR CONTRADICTIONS ON PROVING THAT I RESIGNED FROM HOFSTRA.
LAWRENCE M. BELLMAN, 3/8/18, 10:23 PM.
Hofstra University Tax-Deferred Annuity Plan
GSRA (TIAA L59511KB) (CREF M59511K6)
Plan Number: 10XXXXX
Since 1/8/18, I have spoken to 11 “advisors.” I have a standard withdrawal amount every month! In December & January, instead of my usual amount, I received $24. rather than the usual amount. I left full time service at my College in 8/16. However, I was asked to teach as an adjunct in Fall, 2017. My College submitted very small amounts once again to TIAA accounts and I have been unable to get my usual amount without consideration by a CCT (internal committee). Since my last payment of $24, as on 1/17/2018, I have been unable to get a solution to the problem. I never received a notice my usual payment would be changed (significantly!) and I often hear it would take 48 hours to get a determination! It is now more than 100 hours and I just heard that perhaps this evening, the funds would be submitted to my usual bank account (WITHIN 48 HOURS!!!). Poor customer service! Response by a bloated bureaucracy without a semblance of personal service or more importantly, lack of ability to resolve a very simple problem. “i’m sorry, sir, but that’s how our system works!” This organization acts as if my 25 years of service and contributions results in THEIR MONEY! thinking seriously about leaving a large amount ASAP.
Dr. Bernard Graney ONE STAR AT BEST!
I was told over the phone how to fill out my paperwork to change my TIAA account from interest only to being full annualized. I filled it out with the aide of the telephone representative and was told I would have my first full check on August 1, 2017. That did not happen. I made several more calls and was told the largest account (the other two smaller accounts were annuitized and after a delay the funds went into my bank) was not able to be processed. I explained that there is no signed contract with that employer as I was a self remitter and after years of having only one account TIAA CREF created others as a bookkeeping artifactt, not actual signed contracts between me, TIAA CREF and my employer. Now they tell me my last employer has not responded to them of my official last day of work. I asked them to simply call them and request over the phone that they respond to the email. The phone worker then began talking in a manner of Scaramucci spouting gobbledygook. Then he said I would be lucky if I got a reply in another week. There was absolutely no problem when my funds were put into the interest only account. Nothing has changed. I am still retired and as many rely on timely deposits of my funds.
TIAA-CREF HAS A DIFFICULT TIME BEING FORTH COMING ABOUT THE PROGRAM. . I KNOW IN OUR CASE WE WERE TOLD THINGS THAT WE FOUND OUT LATER WERE NOT TRUE. OUR ONLY OPTIONS AT THIS POINT IS TO LIVE WITH THE MISREPRESENTATION OR SEEK HELP. WE HAVE CHOSEN TO CONTACT OUR CONGRESSIONAL REPRESENTATIVE TO FILE A COMPLAINT WITH THE PROPER AGENCY . THIS COULD HAVE BEEN AVOIDED BY COMMUNICATIONS .
Dear Mr. Blaine,
I write to bring to your attention my recent experience during a call to set up an appointment to meet with Tom Evans, our account executive at TIAA. I spoke with Megan. I did not find her friendly, rather hostile and not willing to accommodate my need for a particular day of the week for the appointment.
There are two issues that need your attention: I was unable to get a Friday appointment for the next nine weeks (and even after nine week, a time that did not work for me). (We do interact with other financial agencies as well and I have never experienced this kind of difficulty. And on top of it, Megan’s total disregard, insensitivity and unpleasant manner in helping trying to find a time that works for me pleasantly).
These issues should be looked at on your end: 1. How needs of all your clients (individuals/institutions, working/nonworking) can be met without straining relationships with any groups. 2. Training of staff to make it a pleasant experience for clients calling in EVEN IF they are not given the appointment of their choice, which of course, should be minimized at all costs.
However, I want to let you know that since this episode, I did talk with Tom and have an appointment in 9 weeks on a day and time of my choice.
I would like to know your thoughts and how you plan to address this issue.
I am a very, ohsovery unhappy, angry, frustrated client, as the notes attached to my account will verify. I want to speak to an executive director about my situation as soon as possible.You can find my phone numbers on my account. Chances are you’ll have to call the land line (5104) because my cell phone will be nonfunctional in a day or two because I haven’t been able to pay the bill. Why? Because- September 2016 to present-Due to a paperwork problem,TIAA reversed a deposit into my bank account. Twice. WITHOUT NOTIFYING ME. I had no idea such a transaction could take place. For the life of me I cannot understand how TIAA could withdraw money from my bank account without so much as a personal phone call to me, before the transaction took place, warning me that a withdrawal was pending. To reverse a deposit without so much of a warning to the client is highly unethical and extremely poor customer service. It feels underhanded. If someone had called me in late September advising me of the pending withdrawal, the problem could have been identified and corrected right then an there Instead I have been left literally penniless for a solid week now. I’m told the money will be in the liquid account tomorrow, but I will have to file yet more paperwork to access it. That means I’m going to be totally broke for a good two weeks. I mean to tell you I don’t even have money for postage, much less bus fare to get to a library to print out the forms. I have been without my antidepressants and antianxiety medications for days now. Let me repeat-i HAVE BEEN WITHOUT NEEDED MEDICATION FOR DAYS. I called for an emergency disbursement but was eventually told that was not an option I so regret leaving my money with TIAA. I made a big mistake doing so. It’s been one problem after another since December 2015. I could go on and on and on and on, but just writing this is causing me much anxiety and stress. Please call me.
CUSTOMER NO CARE SERVICE Req.J to change bank deposit back to my original bank
Feb. Request for forms Received 2 weeks later – March
March. sent forms with voided check and forms – returned as unacceptable April 2
April 3. Had bank write appropriate certified ltr, sent certified mail to TIAA with forms
May 10. Returned as unacceptable!
3 months attempting to change my bank account to no avail. My banks says “Why didn’t they just call us? Don’t they have your signature on other doXXXXents?” TIAA phone rep. says ‘this doesn’t make sense”. THREE MONTHS LATER IT’S STILL NOT DONE…. DON’T COUNT ON EFFICIENCY OR COMPETENCY WITH TIAA.
What is the response of TIAA’s senior administration to the 60 Minutes report of a few weeks ago that accused the company of cheating many beneficiaries of life insurance policies?
Do NOT invest with TIAA CREF if you are a teacher. This company has the worst products and customer service. SELECT THE TEACHER RETIREMENT PLAN OFFERED BY YOUR STATE!!!!!!!!
my name is Olivia I am retired on Monday Feb.9th I called the 800# to make a withdral from my account. Spoke to one Daniel I give the amount and all of the information that was required, I returned the forms and was awaiting the deposit into my account, as of Friday Feb. 13th no deposit was made these are the names and People I have spoken to I would like a response to this complaint, Daniel Krupsky, Rob Oles, Kelly Jackson, Christine McCoy, Supervisor: Ben Bellury who told me I had to wait until Tuesday Feb. 16th 2015. I would like to know if this is the type of service I must expect. Awaiting a reply thank you for your time.
Good Evening,
I wish to receive a phone call regarding the poor handling of my account regarding my withdrawal after ending employment with my company. I have so many complaints that they are too many to list in an email.
My contact number is (615) 473-****.
I anticipate a phone call from a supervisor no later then Friday September 26, 2014. I also request this be a higher level supervisor who make this phone call as I am prepared to file a formal complaint with the AG of your state and mine as well.
Sincerely,
Elizabeth Jerrolds
TIAA-CREF is negotiating to purchase farmland in Tunica County Mississippi for approx 60 milliion dollars for closing in October.
I own a very small piece of this land that is currently being farmed by the Owens although i have not received payment. The parcel is in Robinsonville MS [ parcel #3116 24010 0003100
sec;24 TWP:03 RNG:11
Deed Book/PAGE P5/00013
This will be a problem at closing although this can easily be solved.
please contact me ;Richard Whittington
phone 901 413 XXXXX mailing :XXXX Williamsburg Lane Memphus TN 38117