TIAA has offered a voluntary separation program to 75% of its U.S. workforce, including employees at TIAA Bank and Nuveen.
The program includes 45 to 91 weeks’ salary, depending on the employee’s length of service and current compensation, according to a TIAA spokesperson. Employees who participate will also receive 100% of last year’s cash bonus, up to 18 months of employer-subsidized medical coverage under COBRA and six months of outplacement assistance.
The 25% of employees not eligible to participate are those involved in processes and technology deemed necessary to conduct business, as well as some in critical client support roles.
“As we navigate through these unprecedented times, we are exploring a variety of measures to reduce costs while managing our business and continuing to serve our clients,” the TIAA spokesperson said in an emailed statement. “As part of that process, we have introduced a voluntary separation program for our employees, which is designed to give our people the ability to decide what's best for them."
