George Washington on a dollar Teachers Insurance and Annuity Association (TIAA) has used group annuities to give millions of teachers a comfortable retirement, by offering them annuity-based versions of the 403(b) plan — the ancestor of the 401(k) defined contribution plan.
Since TIAA popularized the 403(b) plan, it has turned into such a big, diversified retirement services provider that even some people in the financial services sector have no idea that, in its heart, TIAA is an insurance company.
Now, TIAA is putting the focus back on annuities, by promoting efforts to add “annuitization options,” or access to lifetime income annuities, […]
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