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TIAA Loan Practices

This lawsuit seeks to recover money that TIAA accepted from retirement accounts similarly situated in the Washington University Retirement Savings Plan and across its U.S. business. The lead plaintiff contends that of the four loans she has taken from the plan on separate occasions, TIAA did not credit the full amount of interest paid to her account, but rather credited a smaller amount of interest and pocketed the remainder. Allegations suggest that the conduct is systematic across TIAA’s client base, with the estimated amount of damages exceeding $50 million annually.

www.planadviser.com; February 7, 2017.