¹ TIAA Plan Sponsor Listening Tour survey, September 2025.

² TIAA Institute, “Macro-trends impacting the evolution of higher education,” May 2025.

³ The National Center for Health Workforce Analysis, “Physician workforce: Projections 2023–2038,” December 2025.

⁴ “A big, beautiful balancing act,” What to watch in the retirement industry 2026, TIAA, January 2026.

⁵ Hearn, James C. “Diversifying campus revenue streams: Opportunities and risks.” University of Georgia, July 22, 2021.

⁶ Giving USA Report 2025 (Giving USA Report and the Indiana University Lilly Family School of Philanthropy), June 2025.

⁷ TIAA Kaspick, as of December 2025.

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