TIAA Touts In-Plan Annuity Growth Even as Retail Sales Hits New Record

August 1, 2023 by Alex Ortolani

TIAA announced that its in-retirement plan annuity offering is now being used by more than 250,000 participant accounts, as retail annuity sales continue to boom.

TIAA, which has been providing annuity-backed retirement income products in 403(b) plans for more than 100 years, introduced a custom default product in 2014, and then rolled the offering out more broadly in 2018 with RetirePlus. On Monday, the New York-based firm announced the milestone of a quarter-of-a-million participants are using the service designed to provide for the purchase of a guaranteed income option during the retirement-saving phase, along with institutional pricing.

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Originally Posted at PlanSponsor on July 25, 2023 by Alex Ortolani.