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TIAA and University of Illinois Host Forum on Retirement Challenge, Explore Potential Solutions
Champaign, IL, April 18, 2018 – Today, TIAA hosted a panel discussion on the changing retirement landscape in America at the University of Illinois Urbana-Champaign, with experts from academia, the public sector and TIAA examining solutions for helping to secure the financial future of retirees. University of Illinois students, faculty, staff and others from the Urbana and Champaign communities attended the event to listen to panelists discuss the retirement challenge and to pose questions about the future of retirement in America.
TIAA CEO of Institutional Financial Services Ron Pressman provided introductory remarks at the event and moderated the panel, commenting on the challenges retirees face in America, and the need to plan ahead, “At the most basic level, as a nation, we have to help people plan and save better for retirement, so that they can translate savings accrued during working years into an income stream they won’t outlive.”
Illinois State Treasurer Michael Frerichs provided the keynote remarks at the event, noting, “Illinois’ Secure Choice Program is a step in the right direction to help ensure people can retire with dignity, but we know that we cannot stop here. This crisis is not an issue that only affects someone else. It touches us all. That is why we all need to work for a solution to address the financial future of retirees.”
Angela Lyons, associate professor in the Department of Agricultural and Consumer Economics at the University of Illinois, discussed the challenges that many individuals face in retirement, “More and more Americans are retiring with inadequate savings and increased debt holdings, but that’s merely a symptom of the greater retirement savings problem the U.S. is facing. Increasing efforts to support economically vulnerable populations in their saving efforts and taking steps to increase financial education in the U.S. broadly are two critical steps employers and policymakers can get started on now.”
With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 12/31/20172) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
1 The Lipper Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return for eligible funds over the three-year period ended 11/30/12 (36 fund companies), 11/30/13 (48), 11/30/14 (48), 11/30/15 (37), 11/30/16 (34) and 11/30/17 (34) with at least five equity, five bond, or three mixed-asset portfolios. Note this award pertains to mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, ©2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. Securities offered through Nuveen, LLC, and TIAA-CREF Individual & Institutional Services, LLC, members FINRA and SIPC.
2 Based on assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 12/31/17.
Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Guarantees are based on the claims-paying ability of the issuer. Taxes and a penalty may apply when making withdrawals prior to age 59½.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.