Chad Peterson, a TIAA spokesman, said, “We are limited in what we can say about regulatory and enforcement matters, but we cooperate fully with our regulators.”Interviews with over 20 current and former TIAA employees support the assertions of dubious sales practices made in the whistle-blower complaint. PhotoBut former employees and TIAA regulatory filings challenge this view, pointing out that the company awards bonuses to sales personnel when they steer customers into more expensive in-house products and services. When other firms act as a plan’s record keeper, TIAA’s funds are rarely offered. Sign Up You agree to receive occasional updates and special offers for The New York Times's products and services. Officials at the University of Notre Dame moved its $1.3 billion retirement plan from TIAA to Fidelity in 2014, a crushing blow.

Source: New York Times November 09, 2017 16:10 UTC