6 thoughts on “Even TIAA started screwing it’s retirement plan participants once a whiz from Merrill Lynch was put in charge”
In the treacherous world of finance, where investors confront biased advice, hidden costs and onerous fees, one investment giant seems to stand apart — the Teachers Insurance and Annuity Association, also known as TIAA. Calling itself a “mission-based organization” with a “nonprofit heritage,” TIAA has enjoyed a reputation as a selfless steward of its clients’ assets for almost a century…
Now, TIAA’s image as a benevolent provider of investment advice is in question. Several legal filings — including a lawsuit by TIAA employees with money under the company’s management, and a whistle-blower complaint by a group of former workers — say it pushes customers into products that do not add value and may not be suitable but that generate higher fees. Such practices would violate the legal standard that applies to retirement accounts and securities laws governing investment advisers.
A long read, but a fascinating lesson in how Wall Street poisons everything it touches.
We’ve paid more than the guaranteed payouts to our fixed annuity holders every year for more than half a century…We’ve paid $394 billion in benefits to retired participants since 1918. Since our founding, our retired participants have never missed a payout from us — through depressions, wars and natural disasters.
86 yrs. Last 2 were rough, but like a lot of people her age she thought most stuff was minor compared to the Great Depression and Dubya-Dubya 2. We snotty kids joked about our parents "Depression Syndrome."
A long read, but a fascinating lesson in how Wall Street poisons everything it touches.
"So what's the problem? They got their cut!"
/FFS
My English teacher mother, who earned pensions from Illinois and Montgomery County MD, would rap my knuckles for the spelling error in the hed.
I don' tink so.
She's been at rest since 2004….
86 yrs. Last 2 were rough, but like a lot of people her age she thought most stuff was minor compared to the Great Depression and Dubya-Dubya 2. We snotty kids joked about our parents "Depression Syndrome."