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Employee Benefits

TIAA-CREF unit settles rollover conflict charges brought by SEC

July 14, 2021 Reprints

TIAA-CREF Individual & Institutional Services LLC agreed to pay $97 million to settle conflict of interest charges brought by the Securities and Exchange Commission stemming from rollover recommendations to participants in TIAA record-kept employer-sponsored retirement plans, reports the National Assn. of Plan Advisors. According to the SEC, TIAA-CREF and its Wealth Management Advisers allegedly recommended rollovers to a managed account program called “Portfolio Advisor” because of financial incentives, not because it met the client’s investment needs.

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TIAA-CREF unit settles rollover conflict charges brought by SEC

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