The pension plan manager, also known as the Teachers Insurance and Annuity Association and College Retirement Equities Fund, is a nonprofit and also manages mutual funds for the general public. The group manages about $290 billion in assets and is the largest provider of individual pension plans for U.S. colleges and universities.
The cuts were the result of a six-month review of firm costs. No investment professionals were among those let go. The firm said the move was made to trim expenses and that 29% of its expenses have been on computer systems and other information technology. This is well above the 15% to 20% seen by other financial services firms, TIAA-CREF said.