109 TIAA and Empower join forces to address the retirement income gap by offering TIAA’s Secure Income Account (SIA) within Empower’s defined contribution (DC) plans. This collaboration aims to provide millions of Americans with access to guaranteed lifetime income solutions, enhancing retirement security in an era marked by financial uncertainty. The TIAA SIA fixed annuity will be integrated into new target date collective investment trust (TD/CIT) offerings exclusively on the Empower platform. Leveraging Nuveen’s expertise as the investment manager of the TIAA General Account, SIA ensures principal protection, guaranteed growth, and the option of receiving a lifelong monthly paycheck without additional costs to retirement plans. Tina Wilson, Chief Product Officer for Empower, underscores the growing demand for retirement income solutions and the transformative potential of product innovation in meeting investors’ needs. Empower is committed to exploring opportunities to enhance retirement outcomes for millions of individuals through strategic partnerships and innovative offerings. Colbert Narcisse, TIAA’s Chief Product and Business Development Officer, emphasizes the shift from retirement savings to retirement income as the focal point of retirement planning. Narcisse stresses the importance of plan design in providing individuals with the flexibility to convert their assets into a reliable income stream, reflecting TIAA’s commitment to improving financial outcomes for diverse communities. You Might Be Interested In India’s Central Bank Expected to Maintain Rates Until at Least July UAE Removed from Financial Crime Watch List, Signifying Victory for the Nation Strategic Move: M&T Bank Corp Bolsters Investment in Coca-Cola Europacific Partners Walmart Drone Shot Down in Florida Amidst Privacy Concerns Vijay Shekhar Sharma Aims to Elevate Paytm to Asia Leadership Following RBI’s Action on Paytm Payments Bank Commonwealth and African Union Lead Call for Global Financial System Reform
