TIAA-CREF unit settles rollover conflict charges brought by SEC

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.