TIAA has reached a settlement agreement in lawsuit claim from its own employees, which accused the company of self-dealing within the company’s retirement plan. The settlement will apply to participants in the TIAA Retirement Plan from October 14, 2009 – April 30, 2017. Monetary amounts approximating $5 million and non-monetary settlement terms were reached. TIAA settled to “avoid the significant time, cost and distraction of ongoing litigation.”
www.planadviser.com; May 12, 2017.