Back to the future for retirement security.

For history and retirement policy enthusiasts, 2024 offers plenty to celebrate. There’s the 50th anniversary of the Employee Retirement Income Security Act, or ERISA, the landmark legislation governing retirement plans. It’s also been 100 years since mutual funds were invented, bringing diversified investing to the masses; 40 years since the first retirement plan added automatic enrollment; and 30 years since the first target-date funds delivered a set-it-and-forget-it strategy that’s rapidly evolving to include lifetime income.

Each advance reminds me that innovation and the spirit of reform can improve the financial futures for millions of workers. That same spirit led Andrew Carnegie to create TIAA—the functional equivalent of a fully funded pension system for teachers in America. Since 1918, we’ve returned our earnings to the workers we serve—paying more than $585 billion in lifetime income and other benefits.

We emphasize our history regularly with policymakers to demonstrate what’s possible when institutions put people first. No other financial services organization is as qualified to speak for American workers when it comes to securing their right to retire with dignity.

You’ll find these themes through this edition of TIAA TMRW. Our cover story recaps our second Retirement Income Roundtable discussion—three industry experts surveying the American retirement system and opining on how to make it better. We reflect on ERISA’s first 50 years, and consider how we can evolve it for the next 50.

We expect annuities—and the guaranteed lifetime income they uniquely provide—will become more prominent in retirement plans, so we debunk some misconceptions still surrounding them. Lastly, we examine how employers can help workers achieve better financial well-being, which gives them a better shot at retirement security.

I hope you enjoy this edition. If you have feedback, please share it with us at
TMRWpublication@tiaa.org

Bret Hester
Executive Vice President, General Counsel
Strategy, Policy & Operations

Next article: How to evolve the American retirement system.