
The Securities and Exchange Commission announced that TIAA-CREF Individual & Institutional Services LLC, a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), agreed to pay $97 million to settle charges of inaccurate and deceptive statements and a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement plans. The settlement was reached in cooperation with the New York Attorney General, whose office also announced the outcome (see separate entry). For more info visit https://www.sec.gov/news/press-release/2021-123