TIAA-CREF Individual & Institutional Services LLC, a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), agreed Tuesday to pay the Securities and Exchange Commission $97 million in restitution to settle charges of inaccurate and misleading statements related to rollovers.
TIAA was also charged with a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement plans (ESPs).
Financial firms, specially those that handle retirement accounts should have proper oversight on all of their processes to ensure they are indeed working the Best interest of their clients.
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