Latest news with #TIAA
Associated Press
15-05-2025
- Business
- Associated Press
Bret Hester Promoted to Chief Legal Officer of TIAA
John Douglas to Retire; Serve as Special Adviser to CEO through June 2026 NEW YORK, May 15, 2025 /PRNewswire/ -- TIAA, a leading provider of lifetime income, today promoted Bret Hester to Senior Executive Vice President, Chief Legal Officer. Hester succeeds John Douglas, who will remain at TIAA as Special Adviser to the CEO through June 2026. Effective June 2, 2025, Hester will be responsible for legal, government relations and corporate secretary functions for both TIAA and Nuveen. He will report to CEO Thasunda Brown Duckett, join TIAA's executive committee, and be based in New York. 'John's legal prowess, unwavering dedication to clients, and deep passion for our mission make him an invaluable and trusted partner and I'm delighted that he will continue to serve in an advisory role,' said Duckett. 'We are also fortunate to be able to draw from our strong internal talent pool to promote Bret, whose deep experience will help us build on this foundation as we continue to fulfill and expand TIAA's mission.' Hester currently serves as Executive Vice President, General Counsel and leads the legal team for TIAA Wealth Management and Advice Solutions, as well as the company's government relations and public policy team. 'I am grateful for Thasunda's and John's support and excited to contribute to both TIAA and Nuveen's enduring legacies and vital missions,' said Hester. 'I look forward to working alongside the enterprise leadership team and our talented and dedicated law and public policy professionals to help our clients achieve lasting financial security and investment success.' Hester joined TIAA in 2017 from Barclays, where he led the Washington, D.C. office and previously served in the U.S. Treasury Department. He was awarded the Treasury Secretary's Distinguished Service Award for his contributions. Hester has also worked as a federal prosecutor, chief counsel to a U.S. senator, and as a private attorney. He serves on the boards of the Investment Adviser Association and the Life Insurance Council of New York and is a graduate of Harvard University and Stanford Law School. About TIAA TIAA is a leading provider1 of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It shared $5 billion with participants in 2023, on top of the stated guarantees, and has $1.4 trillion in assets under management (as of 3/31/2025)2. Learn more about TIAA Read the latest TIAA news X | LinkedIn | Facebook ©2025 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 4503708 View original content to download multimedia: SOURCE TIAA
Yahoo
13-05-2025
- Business
- Yahoo
EverBank review (2025): A top-rated online bank with competitive yields and no monthly fees
Summary: EverBank (formerly TIAA) is a bank that operates primarily online. It offers personal, business, and commercial banking products, including high-yield savings accounts and certificates of deposit (CDs), checking accounts, money market accounts, and more. EverBank's performance savings account is a high-yield savings account with no monthly maintenance fees and no minimum balance requirement. Currently, account holders can earn 4.30% APY on all balances with daily compounding interest. The EverBank Performance Money Market Account offers tiered interest rates based on the account balance: $10,000 and up: 4.00% APY $9,999 and under: 2.02% APY There is no minimum opening deposit requirement and no monthly maintenance fees. This account also comes with a debit card and checks. EverBank's money market account ranks among our 10 best high-yield money market accounts available today. EverBank's Performance Checking account currently earns 0.25% APY on all balances with no monthly maintenance fees. There's a minimum opening deposit requirement of $100. CD terms range from three months to five years, with rates as high as 4.10% APY. A minimum opening deposit of $1,000 is required. Note that these CDs come with steep early withdrawal penalties that range from 28 to 900 days' worth of simple interest, depending on the term length. Even so, some of EverBank's CDs made our list of the best CD accounts and rates available today. Savers who need extra FDIC coverage can take advantage of EverBank's CDARS CD, which offers up to $50 million in federal insurance. Terms range from three months to three years and accounts require a minimum deposit of $10,000. EverBank offers investors the opportunity to diversify their portfolios through exposure to precious metals, coins, foreign currencies, and index-based CDs. EverBank offers business checking accounts, money market accounts, CDs, and more. It also offers Treasury services, merchant services, and foreign exchange services. In addition to its personal and business products, EverBank offers commercial financing and lending solutions. Here's a breakdown of the fees you might encounter as an EverBank customer: Read more: What are bank fees, and how do I avoid them? Here are some of the pros and cons to consider before becoming an EverBank customer: Pros: No monthly service fees: EverBank does not charge monthly fees for account maintenance. Competitive interest rates for CDs and savings products: EverBank offers rates as high as 4.30% APY for its savings accounts and CDs. ATM fee reimbursement: EverBank does not charge a fee for using its in-network ATMs and reimburses customers up to $15 per statement cycle for any out-of-network ATM fees incurred. Customers with account balances of $5,000 or higher get unlimited ATM fee reimbursements. Cons: Only a handful of physical branches: EverBank operates a few physical branches across the state of Florida, but otherwise, it operates primarily online. High opening deposit for CDs: EverBank requires a minimum opening deposit of $1,000 for CDs, which is higher than many similar accounts from other financial institutions. High early withdrawal penalty for CDs: EverBank's early withdrawal penalty can be as high as 900 days' (approximately 2.5 years) worth of interest for longer CD terms. EverBank customer service representatives are available at (888) 882-3837, Monday through Friday, between 8:00 a.m. and 8:00 p.m. ET, as well as Saturday, from 9:00 a.m. to 7:00 p.m. ET. For general correspondence, you can reach EverBank at the following address: EverBank PO Box 44060 Jacksonville, FL 32231 EverBank's mobile app is still listed as the TIAA App and is available for download on the App Store and Google Play. The app has a rating of 4.6 and 3.8 stars, respectively. Customers can use the app to check their account balances, transfer funds between accounts, pay bills, and more. EverBank is committed to giving back to the communities it serves through its EverBank Builds program. Through this initiative, EverBank has contributed more than $10 million to over 100 organizations in its CRA assessment areas to promote affordable housing, financial education, and community and economic development. EverBank also encourages its associates to volunteer by providing regular opportunities for involvement and 24 hours of paid time off for its associates. Yes. EverBank is an FDIC-insured financial institution. EverBank's routing number is 063092110. Early withdrawal penalties range from 28-900 days of simple interest, depending on your CD term.
Yahoo
07-05-2025
- Business
- Yahoo
Chevron plans to lay off 125 people in Denver beginning July 1
DENVER (KDVR) — Oil and gas giant Chevron is reducing its workforce in Denver, according to a notice filed with the state on May 2. The jobs are based out of the company's regional headquarters in Denver, which are in Granite Tower, a skyscraper on 18th Street. Finance giant TIAA cutting dozens of Denver jobs, closing skyscraper office location Last August, Chevron announced that it was relocating the company's headquarters to Houston from California, and several leadership changes were instituted at about the same time. The WARN notice filed with the state of Colorado and city of Denver says that 125 employees with various job duties will be impacted, but did not share further details of the positions impacted. The layoffs have not yet begun but are planned to begin on July 1. 'Employees leaving Chevron as a part of the layoff will be offered severance as well as supplemental assistance for medical continuation coverage. All employees will receive at least 60 days' advance notice of the final day of employment,' the company's WARN notice reads. The WARN notice was filed on the same day as the company's first quarter earnings call, where company leaders reported $3.5 billion in earnings during the first quarter of 2025, compared with $5.5 billion in the first quarter of 2024. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to FOX31 Denver.
Yahoo
21-04-2025
- Business
- Yahoo
SCOTUS holds ERISA complainants need not provide extra proof to show prohibited conduct
This story was originally published on HR Dive. To receive daily news and insights, subscribe to our free daily HR Dive newsletter. The U.S. Supreme Court on Thursday ruled that plaintiffs filing claims that involve the Employee Retirement Income Security Act's prohibited transactions provision need only plausibly allege the elements contained in the provision itself, not additionally that the transaction was 'unnecessary or involved unreasonable compensation.' Representing a unanimous court, Justice Sotomayor found that the extra requirement applied by the 2nd U.S. Circuit Court of Appeals came from an exemptions section of ERISA laid out by Congress as 'affirmative defenses,' or arguments a defendant may use to counter a claim. The plaintiff is only responsible for alleging violation of the provision itself at the pleading stage, she said. Justice Alito, along with Justices Thomas and Kavanaugh, authored a concurring opinion, in which they agreed with the affirmative defense interpretation but acknowledged practical issues for defendants given the decision. The plaintiffs in Cunningham v. Cornell University were a group of current and former Cornell University employees who participated in two defined-contribution retirement plans from 2010 to 2016. In 2017, they sued the university, along with other plan fiduciaries, for allegedly engaging in prohibited transactions for recordkeeping services with the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA) and Fidelity Investments Inc. The workers alleged that TIAA and Fidelity were service providers and therefore parties of interest, qualifying their services as prohibited transactions. They also alleged the providers were paid 'substantially more than reasonable recordkeeping fees.' The 2nd Circuit found that if read in isolation, the provision 'would appear to prohibit payments by a plan to any entity providing it with any services,' which it said would produce 'absurd results.' It therefore applied additional pleading requirements and dismissed the workers' case. The employees requested SCOTUS' review of the 2nd Circuit's decision in March 2024, noting that the 8th and 9th Circuits did not lay out such requirements. In their concurring opinion, Justices Alito, Thomas and Kavanaugh addressed the potential issues with the decision for employers. The administrator of an ERISA plan 'will almost always find it necessary to employ outside firms to provide services that the plan needs,' they acknowledged, making those firms parties of interest. Under ERISA, their provision of services then becomes illegal unless an exemption applies, they said, allowing them to survive summary judgment. 'Getting by a motion to dismiss is often the whole ball game because of the cost of discovery,' the justices wrote. 'Defendants facing those costs often calculate that it is efficient to settle a case even though they are convinced that they would win if the litigation continued.' To get by this, a court 'may insist that a plaintiff file a reply to an answer that raises one of the [...] exemptions as an affirmative defense,' the justices suggested. 'It does not appear that this is a commonly used procedure, but the Court has endorsed its use in the past.' Sign in to access your portfolio
CBS News
17-03-2025
- Business
- CBS News
Worried how the stock market could impact your retirement? Here are 3 questions from experts.
Watching your 401(k) plan savings recede as stocks slide can be gut-wrenching, sparking anxiety about whether you'll ever be able to retire — a particularly loaded issue for Gen Xers, given the oldest members of the generation are hitting 60 this year. But financial experts say it's important not to panic in the face of plunging markets or rising recession risks because that can lead to rash decisions that cost you money. Instead, it's important to focus on some key investment questions before taking action, they say. Since his Jan. 20 inauguration, President Trump's tariff barrage has spooked investors and soured consumers on the economy, with many fearing that his trade policies will trigger inflation and slam economic growth. The S&P 500 last week briefly moved into so-called "correction" territory , meaning the index had tumbled 10% from its most recent high, although it regained some ground on Friday. The downdraft in stocks is causing angst among people saving for retirement, experts say. "First of all, you aren't alone — a lot of people are panicking," TIAA wealth management director Doug Ornstein told CBS MoneyWatch. "Don't overreact, but it might be appropriate to take some action." The market turmoil comes as many employees already feel behind the curve, with 7 in 10 workers saying they believe they could work until they retire and still not have enough money to fund their golden years, according to a new Transamerica Center for Retirement Studies report . "Everyone is navigating difficult waters right now and trying to understand what the effects of market volatility will be on their overall retirement savings," noted Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies. "One thing they should be doing, but many aren't, is engaging in the basics." Here are some key questions that experts recommend you consider making changes to your retirement account. It's easy to think you've got a high tolerance for risk when stocks are in a bull market, as they've been for the last few years. But the current market turmoil may be a sign that that you're more cautious than you thought, experts say. Risk tolerance is sometimes assessed in a quiz (such as this one from Vanguard) that asks hypothetical questions about your approach towards investing, such as whether you might sell a bond if it lost money in a short period of time. "How do I think about risk, and how do I feel about risk emotionally and psychologically — all of that is completely valid to consider," TIAA's Ornstein said. But it's also important to consider your risk capacity, which involves a more complicated calculation including data such as your age and your retirement horizon. That offers a more objective way to assess risk than your emotional reaction to losing money on investment. "Both things are really important: How you feel about risk, and what resources do you have" to manage that risk, he noted. Workers often think about their investment horizon as the number of years they have left in the workforce, which might seem daunting to a Gen Xer who is getting closer to retirement. But the truth, which might not be intuitive to some workers, is that this timeframe is likely much longer than you expect, Ornstein said. "Let's say someone is 60 and plans to retire at 67 — they don't have a lot of time for the market to recover" before they retire, he noted. "But if you retire at 67 and live to 95, most of your money will probably remain invested for next 20, 25, 30 years." He added, "We'll see a lot of ups and downs, bull and bear markets, presidential administrations, and economic cycles over the next 20 to 30 years, so what is happening right now shouldn't dictate a massive change." In other words, someone whose retirement is just a few years away might have an actual investment time horizon of 30 years, which means sticking to their financial plan. More generally, trying to time the market, or trading individual stocks in an effort to capture gains and avoid losses, is almost impossible and typically leads to financial losses and lost opportunities, considerable research has found . Although it's important not to overreact when markets are rocky, rebalancing your investments can be a good idea is such periods, Ornstein said. "Buy and hold works well when the market is just going up and up," he said. When markets head south, "It may be a good time to consider rebalancing into a more diversified mix of investments." For instance, that means not only checking your mix of equities and fixed income, but also your mix of sub-asset classes within those categories. Adding international stocks, for instance, on top of your S&P 500 index fund could help spread the risk, as well as considering different types of fixed income investments aside from Treasuries. And don't forget to tend to your emergency savings, given that having a cash buffer can help in times of financial stress and keep you from raiding your retirement account, noted Transamerica's Collinson. Her group's research found that 37% of workers have tapped their retirement accounts, suggesting that many people use their 401(k)s as an emergency fund. Workers can ask their employers to set aside a portion of their paycheck in another bank account that they earmark for emergency savings. Some employers also are starting to enroll workers in accounts specifically designed for emergencies , a change that was enabled by the Secure 2.0 retirement law. "The research indicates many workers lack adequate emergency savings," she said. "Now is the time to find out how to build that up."
