Coordinates

28°36′50″N77°12′32″N

{{infobox company| company name

Teachers Insurance and Annuity Association – College Retirement Equities Fund | company_logo 200px | company_type Not-for-profit| company_slogan Financial Services For The Greater Good| foundation 1918| location New York City, New York, United States| key_people Roger W. Ferguson, Jr., President & CEO| revenue US$ 32.22 billion (2010)| net_income US$ 1.405 billion (2010)| assets US$ $453 billion (2010)| num_employees 7,200| products Financial services| homepage tiaa-cref.org }}

Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA–CREF) is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAA–CREF serves 3.7 million active and retired employees participating at more than 15,000 institutions and has $453 billion in combined assets under management (as of 12/31/10).

Much of TIAA–CREF operates on a nonprofit basis, with surplus returned to participants. TIAA–CREF is headquartered in New York City and has major offices in Denver, Colorado; Charlotte, North Carolina; and Dallas, Texas; as well as seventy local offices throughout the United States. In 2011 TIAA–CREF ranks 87th on Fortune's list of the 500 largest corporations in America.

Profile

TIAA–CREF was created to replace the system of free pensions provided by Carnegie Corporation for professors. When the original fund proved inadequate, TIAA was created in an Act of the New York State Legislature in 1918 as a stock life insurance company for the purpose of providing retirement income for professors through fixed premium guaranteed deferred annuity contracts. Later in 1952, CREF was created to allow professors to invest in the stock market through the nation's first variable annuity. Its core business continues to be retirement plan administration and annuity products. It is by far the largest manager of so-called employer-sponsored 403(b) tax-sheltered annuity plans, a defined contribution retirement plan for employees of 501(c)(3) educational, religious, and charitable organizations. The company also offers 401(k) and 457 plans, Keogh plans, and Supplemental Retirement Plans. Contributions from these plans are typically invested in the company's traditional or variable annuities or its line of mutual funds.

In recent years the company has greatly expanded its capabilities and advisory services and broadened clients' investment choices. Internally it has focused on developing customer support IT infrastructure and leadership development.

At the retail level, TIAA–CREF offers Traditional and Rollover Individual Retirement Accounts, Roth IRAs, mutual funds, after-tax annuities and life insurance (through TIAA–CREF Life), 529 college savings plans, Coverdell Education Savings Accounts, financial planning, and trust and investment management (through TIAA–CREF Trust Company, FSB). These investments are offered to the general public, and TIAA–CREF is no longer limited to the academic community.

On the institutional side, TIAA–CREF Asset Management serves institutional investors and intermediaries, including registered investment advisors, investment-only defined contribution platforms and broker/dealers.

History

In 1918, Andrew Carnegie and his Carnegie Foundation for the Advancement of Teaching, under the leadership of Henry S. Pritchett, created the Teachers Insurance and Annuity Association of America (TIAA), a fully-funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals.

In 1921, the policyholders voted to nominate Professor Samuel M. Lindsay of Columbia University to represent them on the TIAA board of trustees. Policyholder representation on the TIAA board was consistent with the Carnegie Foundation desire that educators assume a role in running the organization.

Conservative investing allowed TIAA to survive the 1929 stock market crash and the Great Depression.

After World War II, in reaction to rising inflation and lengthening life expectancies, and a dramatic expansion of the education sector with the G.I. Bill, TIAA recognized the need for its participants to invest in equities in order to diversify their retirement funds. In 1952, TIAA created the College Retirement Equities Fund ("CREF"), a variable annuity, for that purpose.

On June 15, 2007, TIAA became one of the first U.S. companies to voluntarily adopt, and the first to implement, a policyholder advisory vote on executive compensation policy.

On June 28, 2007, the California State Teachers' Retirement System (CalSTRS) announced its selection of TIAA–CREF as the sole investment provider for its supplemental retirement savings programs. CalSTRS is the second-largest public pension plan and the largest teachers' retirement fund in the United States.

On August 12, 2008, TIAA–CREF announced the opening of a new office in London. The office will be staffed by local investment professionals who will extend TIAA–CREF Global Real Estate's activities in the United Kingdom and Europe.

On September 7, 2008, Herb Allison, the former chairman and CEO of TIAA–CREF, was tapped to lead beleaguered home mortgage backer Fannie Mae, as part of a government bailout engineered by U.S. Treasury Secretary Henry Paulson. On November 16, 2009, TIAA–CREF signed an agreement with a third-party to sublet the 17th, 18th, and 27th floors of the New York headquarters building at 730 Third Avenue to a third-party company that offers NY conference space and services.

See also

List of companies of the United States

References

External links

tiaa-cref.org, company's official website

Category:Andrew Carnegie Category:Companies based in Manhattan Category:Companies established in 1918 Category:Financial services companies based in New York City Category:Insurance companies based in New York City Category:Mutual fund families Category:Non-profit organizations based in New York

fr:TIAA-CREF

Coordinates	28°36′50″N77°12′32″N
Name	Doug Ellis
Birth name	Herbert Doug Ellis
Birth date	January 03, 1924
Birth place	Hooton, Cheshire, England
Nationality	British
Other names	Deadly Doug
Occupation	President Emeritus (Life President) of Aston Villa
Title	Chairman of Aston Villa (1968-1975 & 1982-2006)
Predecessor	Sir William Dugdale (1982)
Successor	Sir William Dugdale (1975)Randy Lerner (2006)
Spouse	Heidi Marie
Children	3
Footnotes	}}

Herbert Douglas Ellis, OBE (born 3 January 1924), is an entrepreneur, best known as the former chairman of Aston Villa Football Club.

Early life

Ellis began life in a poor family with a widowed mother. Ellis had brief glimpses of a football career at Tranmere Rovers, he spent two years as a schoolboy with the club. Before he was 40, he had become a millionaire by pioneering package holidays to Spain.

Aston Villa

Ellis was a controversial chairman and major shareholder of Aston Villa for two separate spells; the first being from 1968 to 1975. Ellis was replaced as chairman and finally ousted from the board in 1979. During his absence Aston Villa enjoyed its greatest period of success in modern times, winning the Football League title in 1981 and the European Cup in 1982.

Ellis returned as chairman in 1982 and remained there until selling to Randy Lerner in 2006. Most fans blame him for the decline of the club after the European Cup victory in 1981/2. Within five years the club was relegated from the top flight, with many of the European Cup-winning team being sold to other teams, although it can be argued that this was due to large debts built up during the previous regime. In 1996 Doug Ellis owned 47 percent of Aston Villa. In May 1997 the club floated on the stock market with a valuation of £126m. Ellis sold a number of his shares at flotation, reducing his shareholding to around one-third of the total shares. It is reported that Ellis made £4m from this deal, although the flotation also raised funds to pay for the construction of the new Trinity Road Stand and for the £7m transfer of Stan Collymore from Liverpool, among others. Since the flotation, the club's share price had fallen by almost 90%.

Some Villa fans were disappointed with the destruction of the 1920s Trinity Road stand ("the St Pancras of football", as a Sunday Times reporter called it in 1960), which many believe should have been a listed building. The replacement, although state of the art, never had the grandeur of the original.

Ellis was reported to be the first football club director to pay himself a salary (in 2005 it was £290,000 after a 12% increase from the previous year) when it was made legal by The Football Association in the early 1980s. Along with this, his professed love of Aston Villa Football Club has been questioned in light of the fact that he has served on the Boards of Villa's arch-rivals Birmingham City, Derby County and Wolverhampton Wanderers (as Chairman). In addition to his 'director's salary, being the majority shareholder through his time at the helm of Aston Villa, there where three instances when the dividend paid out was less than £1,000,000; in all other years figures as high as £12,000,000 were paid out, some of the largest dividends ever paid out by any British Football Club.

In 2004, at the age of 80 and suffering from prostate cancer, Ellis agreed to relinquish some of his control of the club by appointing Bruce Langham as chief executive. Langham resigned in May 2005, reportedly after a disagreement with Ellis.

In 2005 he was awarded an OBE in the New Year Honours List. Later that year he underwent a heart bypass operation and, after a three-month absence, returned to his role at Villa Park soon after the start of the 2005/2006 season.

On 14 August 2006, it was announced that Ellis had agreed to sell the club to American billionaire, Randy Lerner in a deal worth £63 million. Ellis stood aside when the takeover was completed on 19 September 2006, becoming a President Emeritus (Life President) of the club. Doug received an honorary degree from Aston University in July 2007 (the campus of which is located 2 miles south of Villa Park in the centre of Birmingham)

Criticisms

Supporters and former club managers criticised Ellis's alleged lack of ambition, noting that the club often struggled to bring in top players. Ellis responded that his approach had always been one of financial prudence, helping to avoid the fate of big-borrowing clubs. Under John Gregory the club had been one of the biggest spenders in the Premier League, but Gregory always wanted 2-3 more players.

There were several supporter-led campaigns for Ellis to stand down from his position, and in his final years at the club a number of interested parties made unsuccessful attempts to buy his stake in the club.

Family life

He has three sons and has been married to Heidi Marie since 1963. He is reportedly worth around £10,000,000, much of it arising from selling off his Aston Villa shares.

References

Category:1924 births Category:Living people Category:Derby County F.C. directors Category:Aston Villa F.C. directors and chairmen Category:Birmingham City F.C. directors and chairmen Category:Wolverhampton Wanderers F.C. directors and chairmen Category:People from Chester Category:Officers of the Order of the British Empire Category:Tranmere Rovers F.C. players

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