TIAA-CREF said that it is laying off about 500 workers, or 8% of its workforce, Reuters reports. Most of the cuts came in the computer systems areas, largely from the New York office.

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.

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