The TIAA-CREF, or the Teachers Insurance and Annuity Association – College Retirement Equities Fund, I a Fortune 100 financial services institution functioning as the leading retirement services provider for people in the academe and related fields. The institution has over 3.5 million active and retired employees in its fold and boasts of nearly $490 billion in combined assets being managed as of March 2012. The TIAA-CREF operates out of a headquarters in New York City but has major offices in Texas, North Carolina, and Colorado amongst other states.
The TIAA-CREF was developed as a replacement for the free pensions system offered by the Carnegie Foundation for the Advancement of Teaching. When the original fund was deemed inadequate, the TIAA-CREF stepped in as a stock life insurance company that would provide retirement income to participants. One of the most recent purchases for the organization is a 50% stake in the Grand Canal Shoppes with net proceeds of $410 million.
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