TIAA Statement on Department of Labor Fiduciary Rule

WASHINGTON–(BUSINESS WIRE)–Roger W. Ferguson, Jr., president and CEO of TIAA, released the
following statement regarding the U.S. Department of Labor’s final
fiduciary investment advice rule, which significantly expands ERISA’s
definition of fiduciary investment advice:

“Putting the customer first is a core TIAA value, and we believe
adhering to a best interest standard under the Department’s new
regulation is an important way to help more people build financial
well-being.

“IRAs are a key part of creating retirement security, so we agree with
the requirement that distribution advice be subject to the same
fiduciary standard as all other investment advice. This will ensure that
rollover discussions, including whether to roll over from an
employer-sponsored plan to an IRA, are always in employees’ and
retirees’ best interest.

“Based on our preliminary analysis, it appears the Department has gone a
long way toward making the best interest standard the industry standard.
TIAA supports this direction, and we look forward to reviewing the full
rule.”

About TIAA

TIAA (TIAA.org)
is a unique financial partner. With an award-winning track record for
consistent investment performance, TIAA is the leading provider of
financial services in the academic, research, medical, cultural and
government fields. TIAA has $854 billion in assets under management (as
of 12/31/2015) and offers a wide range of financial solutions, including
investing, banking, advice and guidance, and retirement services.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal
Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and
SIPC, distribute securities products. Annuity contracts and certificates
are issued by Teachers Insurance and Annuity Association of America
(TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each
is solely responsible for its own financial condition and contractual
obligations.

©2016 Teachers Insurance and Annuity Association of America-College
Retirement Equities Fund, New York, NY 10017

C30805

Contacts

TIAA
Michael Tetuan, 888-200-4062
media@tiaa.org