Teachers Insurance and Annuity Association agreed to pay $5 million to settle a proposed class action by employees challenging the excessive administrative fees and in-house investment funds in their retirement plans (Richards-Donald v. Teachers Ins. & Annuity Assn. of Am., S.D.N.Y., 1:15-cv-08040, motion for preliminary approval of class settlement filed 5/10/17).
In addition to the $5 million payment, TIAA for the first time will open its two retirement plans to independent investment managers and offer the opportunity for plan assets to be moved from its in-house mutual funds into non-TIAA managed funds, according to the participants’ motion for ...
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