President and Chief Executive Officer, TIAA
President and Chief Executive Officer, CREF
To Our Participants:
It is an honor to write to you as TIAA-CREF's new president and chief
executive officer and to lead an organization with such an inspiring mission and record of performance for clients.
On May 17, TIAA-CREF completed its 90th year of providing lifetime financial security for those who work in the academic, research, medical and cultural fields. We met this milestone with a sense of accomplishment, but, more importantly, with great purpose.
Over the last several years, we have broadened our capabilities to serve you with a full range of investment options, advice and support for meeting your lifetime financial needs.
We remain committed to an investment philosophy that seeks to deliver consistent growth for our clients over the long run. Over 70 percent of TIAA-CREF's mutual funds and variable annuity accounts have exceeded their Morningstar median over the past three and five years — the latest distinction to highlight the soundness of our approach.i
We have also developed and strengthened our ability to evaluate and manage risk, which we believe is critical for prudent long-term investing.
To help you pursue a range of financial goals, we provide personalized, objective investment advice - recently praised by Forbes magazine as "the most extensive personalized workplace advice" - and deliver it via consultants who receive no sales commissions as part of their compensation.ii
We also offer educational resources and financial seminars - in person and online - to help you gain a deeper understanding of the investment choices and allocation strategies available, and to help you strengthen your own approach to managing risk.
We strive to provide you with quality products and services that are deemed an exceptional value. As measured by Morningstar Direct, our fees are among the lowest in the insurance and mutual fund industries.iii
And we will continue to offer you guaranteed lifetime income.iv TIAA is one of just three U.S. insurance companies to receive the highest rating from all major rating agencies, meaning we have the financial strength and claims-paying ability our investors count on through retirement.v
At the outset of TIAA-CREF's 91st year we are better positioned than ever before to help meet your lifetime financial needs, delivering quality investment management, an expanded range of products and services, and superior financial strength.
Today, the spirit of our mission infuses everything we do; it is the source of our longevity, our potential, and our ability to evolve to meet your changing needs. I am thrilled to be part of TIAA-CREF, and pledge to do my part to serve you.
Sincerely,
P.S. To learn more about how TIAA-CREF can help meet your financial needs, please call us at 1 800 842-2776 or visit us online.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 1 877 518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. All TIAA-CREF investment vehicles are subject to market and other risk factors, which could result in loss of principal.
i Morningstar Direct, March 31, 2008. Past performance cannot guarantee future results. The Morningstar median represents the midpoint of an index of comparable funds/accounts grouped on factors such as investment objective and asset class exposure. Relative performance over other periods may vary. For more complete information about TIAA-CREF performance and rankings, visit our website at www.tiaa-cref.org/performance.
ii "Got to Have a Plan," Forbes, December 10, 2007. Our Advisors are compensated through a salary-plus-incentive program that emphasizes client service excellence.
iii Morningstar Direct (February 2008) based on Morningstar expense comparisons by category.
iv Guarantees are based on the claims-paying ability of the issuer.
v A++, A.M. Best Company (as of 6/07); AAA, Fitch Ratings (as of 5/07); Aaa, Moody's Investors Service (as of 5/07); AAA, Standard & Poor's (as of 7/07) - the highest possible ratings from these independent analysts. These ratings do not apply to variable annuities, mutual funds, or any other product or service not fully backed by TIAA's/TIAA-CREF Life's claims-paying ability.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. Insurance and annuity products issued by TIAA (Teachers Insurance and Annuity Association), New York, NY and TIAA-CREF Life Insurance Co., New York, NY. Advice and Planning Services is a division of TIAA-CREF Individual & Institutional Services, LLC.
© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
