Letter to the Editor: TIAA-CREF Begs to Differ

To the Editor:

The facts in your Aug. 10 article about variable annuity sales leaders ["TIAA-CREF's Stamina as Annuity Leader in Doubt"] suggest the opposite of the headline.

Last year 245,000 people moved their money to TIAA-CREF. One possible reason: TIAA-CREF's relative performance is strong compared with other financial companies. While we are not immune from market cycles — our assets under management were down about 17% in 2008 from the prior year — other financial companies experienced much steeper declines.

If anything, the recession has prompted people to look anew at lifetime income and the role that variable annuities can play in helping to provide it.

Brian Browdie
Vice president, corporate communications, TIAA-CREF