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Serving the teachers TIAA-CREF is a nationwide retirement system that manages the pension plans of two million teachers and staff at colleges, universities, and other nonprofit educational and research institutions throughout the U.S. Known as Teachers, the nonprofit TIAA-CREF serves more than 6000 education and research institutions, making it the largest private retirement system in the world. TIAA-CREF represents the union of TIAA, the Teachers Insurance and Annuity Association founded in 1918 by Andrew Carnegie to provide retirement services for teachers, with CREF, the College Retirement Equities Fund established in 1952. The firm currently invests more than $230 billion for employees of higher education institutions and their families. Headquartered in New York, TIAA-CREF has regional offices in 11 cities staffed by institutional and individual consultants. Working with school officials to design, install, and maintain TIAA-CREF retirement plans, tax-deferred annuity programs, and group insurance coverage, institutional consultants also provide information through staff seminars. Individual consultants provide information directly to participants through group and one-to-one counseling. Teachers professionals invest in nearly every economic sector, with assets diversified among private placements, publicly traded bonds, commercial mortgages, and real estate. However, the firm is known primarily for its investments in stock, and is led by its flagship CREF Stock Account. Teachers has about 40 in-house equity (stock) analysts. Opening it up For most of its history, TIAA-CREF's investment services were only available within the education community. In 1997, however, Teachers launched six mutual funds that are open to the general public. The funds are structured much like Teachers' pension plan operations, with super-low expenses in the mold of fast-growing Vanguard Group. (The funds' expense ratios are about a third of the average). The funds have a portion that is designed to mimic an index like the S&P 500, and a portion that is picked by Teachers' analysts (for example, one fund may be 65 percent benchmarked to an index, and 35 percent picks). Not only is the firm opening up its investment expertise to the general public, it is inviting small investors in a way that few other funds do: The minimum investment for the funds is only $250, compared to the thousands required by other companies.
Send or fax resumes to TIAA-CREF's human resources department at its New York headquarters. Qualifications and requirements vary by position.
A nice place to work Employees describe a friendly work environment and great communication between employees at all levels. The organization's claims to support diversity are echoed by employees, who describe a "very diverse and women/minority friendly" environment, with "equal opportunity for everybody based on merit." Says one insider: "They are very good at honoring and respecting all people." Excellent hours for finance For employees in finance, the organization offers a "more laid-back atmosphere and more job security" than on Wall Street." Dress is business formal, and work hours tend to be 9 to 5. Says one insider: "Work hours are moderate. Many work 9 to 5 without any problems. Long hours are not needed." Employees say they are treated well, with excellent pay and benefits, with "great educational opportunities, which is appropriate given their market." Early responsibility, conservative culture "TIAA will give you a lot of responsibility fairly quickly, but will do it in such a way that you can't cause too much damage to the policyholders or yourself if you are wrong," reports one insider. That contact explains how the company ensures this safety: "All investments go through a thorough screening process, so everyone has 'signed on' when the money goes out the door." There is a downside to this emphasis on safety, of course. Says one investment officer: "overall, the corporate culture is pretty conservative and bureaucratic. It is more important to not make a mistake than to miss an opportunity."
Human Resources
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