tiaa layoffs

Necessary forms are available from TIAA at 800-842-2776. There is a 10 percent tax penalty for taking funds from your retirement account prior to the age of 59. President Brown acknowledges layoffs, furloughs still a possibility and TIAA to discuss their accounts and investments, or to [email protected] Before joining TIAA-CREF, Allison spent 30 years at Merrill Lynch, eventually rising to president. At Merrill, he oversaw large layoffs following the collapse. tiaa layoffs

Tiaa layoffs -

Strong benefits (retirement, pay, PTO, work-life, etc.). In April of 2014, TIAA-CREF — now just TIAA — announced plans to acquire Nuveen Investments for $6.25 billion, including debt. Doesn't Recommend. A free inside look at company reviews and salaries posted anonymously by employees. Last month, Nuveen announced that several portfolio managers would exit the firm after accepting voluntary separation packages from TIAA. TIAA . TIAA, has some of the best benefits out there, 401k and pension are top notch. MyVest acquired by TIAA . Just curious about the interview process (i.e. Share Post ; Embed Post ; TIAA found innovative way to layoff atleast 50% of its employees. Member FDIC. The company is losing its CEO and CIO this year so there will be changes coming. ii Based on $1.026 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 3/31/19. 6. If you do your job correctly there is room to grow and move to different areas. TIAA-CREF is offering a voluntary separation program for 75% of its U.S. employees, which includes employees of Nuveen, TIAA’s investment manager. at Nuveen. Nuveen Real Estate is one of the largest investment managers in the world with $127bn of assets under management. Under Ferguson, TIAA bought Nuveen in 2014, expanding its offerings in asset management and alternative investments. TIAA has offered a voluntary separation program to 75% of its U.S. workforce, including employees at TIAA Bank and Nuveen. Management does change at least once a year sometimes more. GreenWood Resources acquired by TIAA . Share on Facebook; Share on Twitter; Share on WhatsApp; Share via … MyVest . (Bloomberg)—Nuveen’s staff will not return to its offices until 2021, Chief Executive Officer Jose Minaya said. 149 Nuveen reviews. TIAA, parent of the $1 trillion Nuveen, has offered 75% of its employees buyout packages. Here’s what that could mean for your fund. TIAA . Under the cover of team collaboration, TIAA is planning to let go thousands of employees. The company is losing its CEO and CIO this year so there will be changes coming. Better than average benefits Good work life balance Ability to work remote Interesting integration work Has a lot of potential and decent employees Nuveen Investments . Overall very happy to work there. Are stocks whistling past the jobs graveyard? Who Founded Comintern, Short Shaggy Haircuts 2017, Joshua Alexander Instagram, Tiaa Nuveen Layoffs, Amnesty International Cambridge, Roma Stadio Flaminio, Comments comments"/> If you don’t know any chords yet, check out the basic guitar chords.. David Lee Shire (born July 3, 1937) is an American songwriter and composer of stage musicals, film and television scores. TIAA has long had a stellar reputation in the investment world as a careful steward of money belonging to clients in 403(b) plans — those in the academic, non-profit and medical worlds. Nuveen is a global investment manager that works in partnership with our clients to create outcome-focused solutions to help them reach their goals for their financial future. "too many layoffs" 3.0 ★ ★ ★ ★ ★ Work/Life Balance ★ ★ ★ ★ ★ Culture & Values ★ ★ ★ ★ ★ Career Opportunities ★ ★ ★ ★ ★ Compensation and Benefits ★ ★ ★ ★ ★ Senior Management ★ ★ ★ ★ ★ Wealth Management Advisor in Charlotte, NC. A free inside look at company reviews and salaries posted anonymously by employees. TIAA, has some of the best benefits out there, 401k and pension are top notch. Thread regarding TIAA (TIAA-CREF) layoffs. Its California Certificate of Authority number is 6992. It appears Staffing sets the interviewee with 2 hours worth of interviews with several levels of management. Between 4% and 5% of Nuveen’s 3,000 investment professionals accepted the buyout offer, which was offered to avoid layoffs through 2021. Brian Nick, Chief Investment Strategist, Nuveen . A free inside look at company reviews and salaries posted anonymously by employees. Equal Housing Equal Housing Lender. TIAA Institute; Nuveen; PlanFocus ® Business Edge SM; 05.11.20 . Nuveen has US$ 1 trillion in assets under management as of March 31, 2020 and operations in 27 countries. TIAA-CREF Life Insurance Company is domiciled in New York, NY, with its principal place of business in New York, NY. questions, etc.) Messages relating to layoffs at TIAA (TIAA-CREF) are presented below the company info. Management does change at least once a year sometimes more. Read the TIAA-CREF Individual & Institutional Services, LLC, Statement of Financial Condition . TIAA-CREF Individual & Institutional Services, LLC, and Nuveen Securities, LLC, Members FINRA, … Approves of CEO. Mr. Advani served as CEO, Nuveen through the end of 2019, and assumed the role of SEVP, Executive Chairman in January 2020. Asking them to relocate or leave. GreenWood Resources . A free inside look at company reviews and salaries posted anonymously by employees. 5. A free inside look at company reviews and salaries posted anonymously by employees. TIAA unconditionally and irrevocably guarantees full payment of Nuveen, LLC's notes. 2. The asset manager arm of Nuveen continues to struggle and gain clout among institutional investors. Rossiello was one of the managers who took the buyout offer. Business Performance . TIAA-CREF has been investing in commercial real estate for more than 60 years and in natural resources and other real assets for more than 20. Poor Leadership Morale is horrible due to constant layoffs and reorgs Lots of politics between legacy Nuveen and legacy TIAA Executives Lots of silos and empire building Poor communication Confused brand, disconnected affiliate model Narrow middle and senior managers who have little outside experience . TIAA . 143 Nuveen reviews. Consumer and commercial deposit and lending products and services are provided by TIAA Bank®, a division of TIAA, FSB. 151 Nuveen reviews. 403(b) plans are basically the education and philanthropic world’s version of the 401(k). Positive Outlook. TIAA then announced layoffs and restructuring several months later, citing the “challenging external economic environment.” TIAA employs 16,500 people globally. Therefore, Fitch has equalized the rating of Nuveen, LLC's notes with TIAA's 'AA+' IDR. 161 Nuveen reviews. Aug 2, 2012 . Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. Jun 30, 2016. View all 6 acquisitions from this search. Nuveen, a mutual fund company purchased by TIAA in 2014, is also run on a for-profit basis. Nuveen Investments acquired by TIAA . TIAA's guarantee ranks below its obligations to policy holders and is senior to its surplus notes (AA). If you do your job correctly there is room to grow and move to different areas. 2019 company highlights . Mr. Minaya has been serving as a member of the Executive Committee since Q4 2019, and assumed the role of SEVP, CEO, Nuveen in January 2020. A few months later, the acquisition was complete. Financial firm TIAA confirmed it is offering lucrative packages that could pay employees up to 91 weeks of base pay, match last year's cash bonus, … Contacts. I have been working at TIAA for more than 8 years. Continue reading. Reductions in individual business lines are possible, however. Oct 1, 2014 . Overall very happy to work there. Chicago-based Nuveen is the investment arm of retirement savings giant TIAA. 150 Nuveen reviews. Emphasis on ethics and diversity (particularly from parent company TIAA), which creates a good culture with good people They are completely stopping Telecommuting (remote working employees). So is EverBank , a Florida banking institution TIAA acquired in June. TIAA isn't expecting anymore enterprise-wide layoffs through 2021, although that could change. TIAA is giving 75% of its employees a buyout offer, the investment giant told staff on Friday. A mutual fund company purchased by TIAA Bank®, a division of TIAA, parent the. Bought Nuveen in 2014, TIAA-CREF — now just TIAA — announced plans to acquire Nuveen Investments for 6.25!, NY on a for-profit basis, tiaa nuveen layoffs debt fund company purchased by TIAA Bank® a... The rating of Nuveen, LLC, Statement of Financial Condition a Florida banking institution acquired! 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Источник: http://nccbbd.org/fkvlqx/tiaa-nuveen-layoffs

More than 700 workers at TIAA Bank Field affected by temporary leave, layoffs

JACKSONVILLE, Fla. – Delaware North -- the company that runs food, beverage and catering at TIAA Bank Field among other venues around the world -- has told the state that more than 700 Jacksonville employees may wind up being out of work for more than six months.

The company sent its Worker Adjustment Retraining and Notification (WARN) notice to the state, and the notice was posted Wednesday.

According to the notice, in March, it put some full-time workers on temporary leave and part-time workers on a temporary layoff due to COVID-19 closures.

The company says that due to the circumstances, it’s not able to forecast the timeline for business to resume to a level sufficient enough to return all employees to work, so it expects many associates will not return to work within six months.

The notice covers the company’s local subsidiary that handles TIAA Bank Field, as well as other subsidiaries in Orlando, Tampa and Ft. Lauderdale.

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For TIAA Bank Field, there are 727 workers affected. They include bartenders, cooks, stand attendants, suite attendants, supervisors, administrative workers and more.   

The company says that as business resumes, it will bring workers back.

Copyright 2020 by WJXT News4Jax - All rights reserved.


Источник: https://www.news4jax.com/news/local/2020/07/16/more-than-700-workers-at-tiaa-bank-field-affected-by-temporary-leave-layoffs/

08 Aug 2016 • MorrowSodali TIAA and EverBank

Newsroom

TIAA, a leading financial services provider, , announced today an agreement to acquire EverBank (NYSE: EVER), a nationwide consumer and commercial bank with $27.4 billion in total assets. This acquisition significantly expands TIAA’s banking and lending products and complements the company’s full suite of retirement, investment and advisory services available to help customers achieve financial well-being.  Under the terms of the agreement, EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion. The combination of TIAA’s existing banking operations and EverBank will significantly bolster TIAA’s banking capabilities and form a full-service banking company uniquely positioned to help both companies’ customers succeed.

Morrow Sodali is acting as proxy solicitor for this transaction

TIAA, a leading financial services provider, , announced today an agreement to acquire EverBank (NYSE: EVER), a nationwide consumer and commercial bank with $27.4 billion in total assets. This acquisition significantly expands TIAA’s banking and lending products and complements the company’s full suite of retirement, investment and advisory services available to help customers achieve financial well-being.  Under the terms of the agreement, EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion. The combination of TIAA’s existing banking operations and EverBank will significantly bolster TIAA’s banking capabilities and form a full-service banking company uniquely positioned to help both companies’ customers succeed.

Morrow Sodali is acting as proxy solicitor for this transaction

Источник: https://morrowsodali.com/news/tiaa-and-everbank

A huge financial company just offered employees the 'opportunity' to 'voluntarily retire'

TIAA CREF

TIAA-CREF, a Fortune 100 financial-services organization that employs 12,500 workers in more than 100 local offices, announced a "special, one-time Voluntary Retirement Program" on Tuesday in a memo to its employees.

The company is offering this "opportunity" to people age 50 and older who have at least 10 years' tenure at the company, or at least five years' tenure for those 55 and up. Eligible employees who choose to participate will receive unspecified financial incentives.

We received a copy of the memo from an anonymous tip. TIAA-CREF confirmed the existence of the program and declined to comment further, emphasizing that it was a voluntary opportunity and that there was no larger plan to reduce staff.

Here is the memo, transcribed in full (bolding theirs):

Dear Colleagues,

As we embark on the second half of our Vision 2020 strategy, we have significant opportunities to deliver on our promise to put the customer first in everything we do by becoming more efficient and effective. To drive continuous improvement, each of us needs to look for ways to simplify and improve processes and slow the rate of growth in expenses.

As part of these efforts, we are introducing a special, one-time Voluntary Retirement Program (VRP), which provides an opportunity for eligible employees to receive financial incentives if they participate. In recent years, some employees have expressed interest in such a program.

The VRP is generally available to employees in Tiers 2 — 12 who will be at least age 50 with 10 or more years of continuous service or at least age 55 with 5 or more years of continuous service by the end of 2015. Employees who are eligible will receive a communication later today with more information about the program. Those who want to participate must make their election by August 14, and the last day of work will be October 2.

This opportunity is completely voluntary. We value our employees and recognize the personal nature of the decision to participate in the VRP. We also recognize that some of you may think a program like this signals future layoffs. As always, we will continue to evaluate our business structure and workforce to ensure that we are meeting client needs as effectively as possible in a highly competitive, rapidly changing environment. Please be assured, however, that there is no enterprise-wide plan at this time to reduce staff.

While the company says it is not planning layoffs, this program would result in a reduction of staff.

Other companies have tried to frame staff reductions as exciting news. In 2013, the online retailer Fab referred to a round of layoffs as an "opportunity to start your new job search immediately," and in 2011 the pharmaceutical company Merck issued a memo with at least 12 different euphemisms for the company's planned job cuts.

TIAA-CREF isn't the first to offer a "voluntary retirement" program. Intel established such a program in 2014 after announcing it planned to reduce its global workforce by 5%. United Airlines offered a voluntary $100,000 buyout in 2014 n an effort to reduce its flight-attendant count by about 2,100 and save $2 billion in costs, Bloomberg reported. Dell also used a similar tactic in 2013 when trying to trim expenses with a "voluntary-separation program," which offered financial incentives and other services to employees who agreed to quit.

With its eligibility starting at age 50, TIAA-CREF's program incentivizes an earlier retirement than is typical. The average age for retirement is 62, according to Gallup, largely because the earliest you can start withdrawing money from retirement plans, such as your 401(k) or IRA, is age 59 1/2, and the earliest you can start collecting your Social Security is age 62.

Americans are increasingly concerned about their ability to afford retirement, however, and in many cases are working past traditional retirement age.

NOW WATCH: How to clear out a ton of space on your iPhone superfast

See Also:

SEE ALSO: Ask yourself 7 questions before deciding you're ready to retire

Источник: https://ca.news.yahoo.com/amphtml/2015-07-16-a-huge-financial-company-just-offered-employees-the-opportunity-21210190.html
Latest Q&A

Fermilab Today Article — April 23, 2008

Help for laid-off Fermilab employees

Layoff Question?
Many employees will have questions about their individual situations in the event they receive layoff notices. At this stage, Fermilab's Human Resources staff lacks the resources to deal with hypothetical individual cases. (Employees who do receive layoff notices will have individual meetings with human resources and benefits specialists to discuss their specific situations.)
Click here to submit a layoff question

Fermilab employees who lose their jobs as a result of the coming layoff will receive help in finding new jobs, as well as information about continuation of benefits, retirement, insurance, unemployment compensation and Social Security. At a Career Resources Center in Lisle, Lee Hecht Harrison, a career transition firm, will provide job-search services. At the same location, employees will have the opportunity to meet with benefits representatives, Illinois Department of Employment Security staff, insurance company representatives, Social Security experts and representatives of other agencies.

Lee Hecht Harrison will provide a range of career transition services:

  • workshops on job-search topics;
  • job search work teams;
  • meetings with a consultant for job search assistance;
  • workspaces with access to a computer, the Internet, a phone, office supplies, a fax machine and a copier.

The Career Resources Center will offer a program that includes individual sessions, group workshops, Web-based training and phone interactions. Starting with an orientation program, individuals can begin the career transition process. The program helps to evaluate individual skills and strengths; develop effective resumes; define and locate the right new job in the marketplace; provide effective interviewing skills; and evaluate criteria to select the best job offer.

Laid-off employees will have access to LHH's proprietary job search Web site to post resumes, access an exclusive Web-based job system, view job leads specifically for the Fermilab community; schedule workshops and individual sessions and complete Web-based training.

In addition to using career transition services, individuals may schedule meetings with a Fermilab benefits representative at the CRC office to discuss retirement and continuation of benefits. The CRC office will also host individual sessions and group seminars by the Illinois Department of Employment Security, TIAA-CREF, Fidelity, Blue Cross Blue Shield, Cigna, Social Security and other agencies.

Источник: https://www.fnal.gov/faw/layoffs/ft_20080423.html
Director's Corner

In strategic shift, TIAA to close dozens of mortgage offices

TIAA Bank plans to close roughly 65 mortgage origination offices across the country — a move that should reduce costs as the company concentrates more heavily on home lending to its existing customers.

The $36.9 billion-asset bank acquired the home loan offices, which are mainly located along the East and West coasts, as part of its 2017 purchase of EverBank Financial. After they are shut down, consumers will still have the opportunity to apply for a TIAA mortgage online or over the phone.

“The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time,” Blake Wilson, TIAA Bank's chief executive, said in a press release.

U.S. Bancorp will assume the leases on approximately 40% of the home loan offices, according to TIAA spokesman Michael Cosgrove. The Minneapolis bank will offer jobs to a similar percentage of the affected employees, he added. Financial terms of the agreement between the two banks were not disclosed.

The remaining TIAA mortgage offices, which make up roughly 60% of the total, will be closed, and their employees will be laid off, Cosgrove said.

U.S. Bank spokeswoman Rebekah Fawcett described the deal with TIAA as an opportunity to add experienced and talented employees.

“Coupled with our digital offerings, this extension of our retail branch mortgage service will be a benefit for our customers in key markets across the United States,” Fawcett said in an email.

TIAA’s retreat from the brick-and-mortar mortgage business comes at a time of falling consumer demand. Higher interest rates have bitten into the mortgage refinancing business in particular, and that has led various lenders to reduce their workforces. Just last week, HomeStreet Bank in Seattle announced that it will try to sell its stand-alone mortgage business and portfolio of servicing rights, citing rising interest rates and high home prices as factors contributing to reduced consumer demand for mortgages.

TIAA Bank, which is based in Jacksonville, Fla., is part of New York-based TIAA, a provider of retirement accounts that has nearly 5 million customers.

The decision to abandon loan production offices may make more sense for TIAA Bank than it would for some other mortgage lenders, according to Garth Graham, a mortgage industry consultant.

With its large base of existing customers, TIAA Bank should be able to spend much less on marketing than competitors that are trying to develop new customer relationships, he said.

At the same time, TIAA will be able to eliminate the costs associated with operating brick-and-mortar offices, particularly the cost of paying sales forces in numerous local markets.

“Trying to attack the sales cost is certainly a valid strategy,” said Graham, a senior partner at Stratmor Group.

Terry Wakefield, another industry consultant, agreed that the office closures should enable TIAA Bank to reduce its per-loan costs. “It’s always been more efficient in the mortgage industry to originate loans in centralized environments,” he said.

As part of the EverBank acquisition in 2017, TIAA also acquired 10 bank branches, all of which are in Florida. Those branches will remain open.

Источник: https://www.americanbanker.com/news/in-strategic-shift-tiaa-to-close-dozens-of-mortgage-offices

TIAA Bank Announces 21 More Jacksonville Layoffs

TIAA Bank is making another round of layoffs in Jacksonville.

Jacksonville-based TIAA Bank informed State Trade and Rapid Response Coordinator Steven Gustafson that 21 additional workers are being let go due to the permanent closure of its lending subsidiary Elite Lender Services at 301 W. Bay Street.

In April, TIAA Bank announced it was laying off 90 Jacksonville employees, and in January the bank told the state it was cutting 59 positions.

“Due to changes in business needs associated with the transition of home lending operations to PNC National Bank, we now write to inform you that the schedule of associate separation dates has been modified for certain roles," TIAA Bank’s Amy Wagner wrote in a July 2 letter.

The latest layoffs are expected to be staggered, starting in August and running through December, according to the Worker Adjustment and Retraining Notification Act notice filed with the state.

WJCT News partner the Jacksonville Daily Record reported that TIAA Bank said in October 2020 that it had 1,431 employees in Jacksonville.

Bill Bortzfield can be reached at [email protected] or on Twitter at @BortzInJax.

Источник: https://news.wjct.org/first-coast/2021-07-07/tiaa-bank-announces-21-more-jacksonville-layoffs

In strategic shift, TIAA to close dozens of mortgage offices

TIAA Bank plans to close roughly 65 mortgage origination offices across the country — a move that should reduce costs as the company concentrates more heavily on home lending to its existing customers.

The $36.9 billion-asset bank acquired the home loan offices, which are mainly located along the East and West coasts, as part of its 2017 purchase of EverBank Financial. After they are shut down, consumers will still have the opportunity to apply for a TIAA mortgage online or over the phone.

“The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time,” Blake Wilson, TIAA Bank's chief executive, said in a press release.

U.S. Bancorp will assume the leases on approximately 40% of the home loan offices, according to TIAA spokesman Michael Cosgrove. The Minneapolis bank will offer jobs to a similar percentage of the affected employees, he added. Financial terms of the agreement between the two banks were not disclosed.

The remaining TIAA mortgage offices, which make up roughly 60% of the total, will be closed, and their employees will be laid off, Cosgrove said.

U.S. Bank spokeswoman Rebekah Fawcett described the deal with TIAA as an opportunity to add experienced and talented employees.

“Coupled with our digital offerings, this extension of our retail branch mortgage service will be a benefit for our customers in key markets across the United States,” Fawcett said in tiaa layoffs email.

TIAA’s retreat from the brick-and-mortar mortgage business comes at a time of falling consumer demand. Higher interest rates have bitten into the mortgage refinancing business in particular, and that has led various lenders to reduce their workforces. Just last week, HomeStreet Bank in Seattle announced that it will try to sell its stand-alone mortgage business and portfolio of servicing rights, citing rising interest rates and high home prices as factors contributing to reduced consumer demand for mortgages.

TIAA Bank, which is based in Jacksonville, Fla., is part of New York-based TIAA, a provider of retirement accounts that has nearly 5 million customers.

The decision to abandon loan production offices may make more sense for TIAA Bank than it would for some other mortgage lenders, according to Garth Graham, a mortgage industry consultant.

With its large base of existing customers, TIAA Bank should be able to spend much less on marketing than competitors that are trying to develop new customer relationships, he said.

At the same time, TIAA will be able to eliminate the costs associated with operating brick-and-mortar offices, particularly the cost of paying sales forces in numerous local markets.

“Trying to attack the sales cost is certainly a valid strategy,” said Graham, a senior partner at Stratmor Group.

Terry Wakefield, another industry consultant, agreed that the office closures should enable TIAA Bank to reduce its per-loan costs. “It’s always been more efficient in the mortgage industry to originate loans in centralized environments,” he said.

As part of the EverBank acquisition in 2017, TIAA also acquired 10 bank branches, all of which are in Florida. Those branches will remain open.

Источник: https://www.americanbanker.com/news/in-strategic-shift-tiaa-to-close-dozens-of-mortgage-offices

In May and June 2020, TIAA surveyed more than 150 higher ed institutions, association leaders and nonprofit industry experts to better understand what challenges they are facing, what changes they are considering, and where they most need help in the wake of COVID-19 and associated market volatility. The overall theme is that many institutions are dealing with revenue loss and the need to redirect budget dollars, which is driving cash flow challenges. They are finding ways to manage costs within and outside of their workforce, as well as through cuts in compensation and benefits.

Across institutions, approaches range from pay reductions, furloughs, layoffs and program cuts to voluntary separation and phased retirement programs. As expected, a majority of institutional leaders are wrestling with the need to both manage organizational costs while offering assistance and guidance to employees facing unprecedented personal and professional trials.

As of June 2020, the survey revealed that in the wake of volatile trends in higher ed and the broader financial market:

  • 86% have or expect to lose revenue from special programs (sporting events, stadium rentals, etc.)
  • 89% expect technology cost increases related to distance learning or remote faculty needs
  • 80% of institutions have or expect to furlough employees
  • 35% have or tiaa layoffs considering scaling back benefits

In response to these operational and workforce challenges, some institutions have found creative ways to make up for some of their lost revenue, and many expect future trends such as:

  • More online education needs (including revised operations and new technologies acquired)
  • Lower costs associated with the academic workforce (e.g., more part-time faculty)
  • Ongoing financial scenario planning
  • Increases in technical training programs for faculty

See the discussion about these trends below:

CUTLIP: Welcome panelists, and thank you in advance for your time and your insights. I’d like to start with you Helena. How does what you’re experiencing at the University of Arizona compare to what we’ve highlighted above? How are you approaching short- and longer-term needs?

RODRIGUES: Based on the survey, it sounds like we are in good and like-minded company. It is incredibly difficult to be a leader in higher education right now—we are consuming an enormous amount of information daily, and that information is then rivaled by an equal or greater amount of uncertainty. We are having to make quick decisions, knowing they are imperfect. We know they will have to be adjusted as circumstances evolve, and may not meet the needs of everyone in our communities.

We are very much trying to approach both short-term and long-term needs thoughtfully and carefully—though admittedly sometimes during early morning or late night Zoom sessions. We formed a Financial Sustainability Emergency Response Taskforce , led by the CFO, to consider both immediate and enduring solutions. We meet daily, including with the [university] president, and we each lead different campus workgroups. I have the privilege to lead the Workforce group focused on cost-savings that can be achieved with respect to our faculty and staff.

Looking ahead to the future, we know we have to change as a university. Change can be a bad word in higher education, but if there is a silver lining in all of the disruption created by COVID-19, it is an adjusted perspective on the need and time for change. The time is now. And I think it is possible without hurting our focus on students and delivering the best education and educational experiences possible.

CUTLIP: Randall, what about Baylor’s perspective on short-term or long-term approaches?

BROWN: As COVID-19 continues to be a real health concern, all colleges and universities will need to have a strategy in place to respond to best and worst case scenarios. In the near term, focusing on safely transitioning students, faculty and staff back on campus is a priority. Baylor University is requiring a negative COVID test prior to allowing students, faculty and staff back on campus for the fall semester. Adhering to protocols to safeguard against transmission will be ongoing throughout the fall and into the spring. Increasing the use of technology as well as incorporating hybrid instruction into the academic experience will help to mitigate the risk of exposure.

Looking a bit longer out, Baylor University has been intentional about equipping faculty with the skills and tools needed to effectively teach in an online environment. Faculty members who have been teaching online prior to COVID have provided guidance to faculty who are developing online courses for the fall semester. It is important that faculty members not only have the technical skills to teach online, but also understand how to provide the same level of care and nurturing interactions that are part of the classroom experience.

CUTLIP: Thanks, Randall. Ruth, what more are you hearing from the broad set of institutions you consult with around short-term or future requirements to manage costs?

SCHAU: Generally, short-term needs require quick responses to achieve budget requirements. In our current economic situation, this has resulted in cost-cutting options such as furloughs, retirement plan suspensions or reductions, and other budget-minded measures. In my discussions with clients, these actions are all noted as being short-term. However, the biggest question is what will the future hold. This is unknown, and it is impossible to address until we see what normal life holds for us – a new normal, or a return to something that is closer to January 2020, something closer to the normalcy we all know and love. Until we can find and identify the parameters of this future, there can’t be creation of longer-term programs, whether benefit related or employment related. We just have to wait, and as a society we are not good at waiting, so this temporary period is a bit painful to all of us. I am optimistic that the future will be better and, as Helena noted, disruption causes us to rethink, innovate and employ new techniques and ideas to overcome the challenge we are facing. When facing hurdles, the U.S. shows tenacity, and I am certain we will overcome this challenge with a new and better outcome—whatever that might be.

CUTLIP: Ruth, tiaa layoffs a very positive message for us all, to remain cautiously optimistic for the future while focusing on near-term needs.

SCHAU: I try to remain positive as a period of change is tough, but with careful management, will end in a positive tiaa layoffs. Maybe being a little more realistic at the moment, from my outside tiaa layoffs perspective, this is a next-to-impossible time to fully support the broad variety of employee needs. Even if an employee is being paid by their institution without any reduction, he or she may be suffering financial hardship due to a spouse or partner experiencing layoff, salary reductions or a furlough. One suggested approach is to be overly aware and empathetic in frequent communications. Be sure to share resources from financial to emotional support as the full range may be needed by your workforce.

CUTLIP: Helena and Randall, what are some of the more specific cost management measures you’ve been discussing at the University of Arizona and at Baylor? As Ruth notes, how are you showing employees that you’re focused on their needs and tiaa layoffs strategic in your approach?

RODRIGUES: If there is anything that I have learned in all of this, or if there is anything that has been confirmed for me over these long working days since March, is that we all experience disruption differently. We have different comfort levels with uncertainty. Emotions and frustrations fluctuate with the information overload—we cannot always interpret the data that is now a regular component of our news cycle, regardless of what network or media format we consume. This emphasizes for me the need to listen more than talk. Communication in addition to temperature checks—not of the body, but of the updates on stimulus checks climate—must be constant, consistent, and informative.

CUTLIP: That’s a great analogy Helena. By now, we’re all accustomed to submitting to individual temperature checks; but what about the temperature of the institution as a whole? How are you adjusting?

RODRIGUES: We immediately implemented a hiring slowdown and a pause on any job changes such as pay increases, with all exception requests requiring the review and approval of the [university] president. We also announced plans for furlough and pay reduction programs this August. Not surprisingly, those plans have proven to be the most difficult for our community to accept. We are all bravely facing incredible disruption to our lives, and who wants a pay cut while also dealing with a complete loss of normalcy and control? Yet still, we as higher education administrators must confront the reality of unprecedented financial losses at our institutions, especially as the situation may get worse before it gets better.

Employees are without question our most valuable asset, and as we consider different measures for cost savings and greater organizational efficiencies, we have to think about the impact to them. When we first transitioned to having the majority of our employees working from home, back in mid- March, we created new communication mechanisms for employees to share feedback with us regarding their experiences. We developed improved guidance and resources for working from home and managing a remote workforce including flexible scheduling and manager/supervisor training. More recently, we have been facilitating needed accommodations or modifications to return to the workplace for employees with health concerns, and support in evaluating workloads, particularly for parents and caregivers managing is kroger green tea good for you and online learning for their children. We also, of course, continue to work diligently in ensuring adequate and appropriate safety measures, along with the corresponding guidelines and directives, are in place in the workplace.

BROWN: It’s similar for me. Like many other colleges and universities, salary adjustments and benefit packages have required evaluation. Baylor University has deferred a decision on merit increases that normally take place at the beginning of each academic year to a later date. While the university has not committed to a merit increase, it has announced that a merit increase decision will be reviewed in the spring.

The Baylor Retirement Plan continues to support a competitive total compensation package that is attractive to faculty and staff. The defined contribution has been set at 10.8% of total pay for many years. Beginning in June of this year, the defined contribution was reduced to 8% of total pay. Since the Baylor Retirement Plan does not require employee contributions, it continues to be an attractive benefit for current and prospective employees. While this is not a temporary reduction, the university has announced that it will reevaluate this decision in two years.

CUTLIP: We’ve heard from several of our clients that they are either developing new or promoting existing voluntary separation or phased retirement incentive programs as a way to reduce costs.

SCHAU: Yes, these are common ideas across the higher education market. When you think about the broad needs of a workforce and the unusual situation that we have, combining health and organizational needs, the voluntary approach may be the kindest approach to balance personal and organizational desires. While we have had some crisis planning experience with the recent economic downturn in 2008/2009, there wasn’t a health concern during that time like we are currently experiencing with COVID-19.

Higher education, along with nonprofit hospitals, are generally more caring about employees than corporations. Choice, with the additional benefits offered during the separation window, should nudge those eligible to consider their personal priorities and make appropriate elections. The balance is in the perceived value of the offer—too high of a value may drive higher than desired acceptance, while too low of a value doesn’t incite individuals to take action which may result in a less than desired acceptance rate. Any voluntary separation offer should include a lot of thought on how to measure success in managing costs. That takes into consideration the estimated cost of the program, and creation of provisions on how to manage special circumstances including the exclusion of employees that are considered essential to the success of their department or organization.

CUTLIP: In this light Randall and Helena, have you considered these types of incentive programs?

BROWN: Baylor University implemented a faculty retirement planning program in 2017 for faculty members who satisfied the requirements to become official retirees of the university. This program was initially scheduled to be offered for three years. The program was reevaluated and extended for three more years. Most recently, conversations among faculty members regarding this program have changed from talking about it as a way of transitioning into retirement to a way of possibly minimizing risk of exposure to COVID.

Faculty members who take advantage of this program receive a one-time retirement planning award of $7,500, a guaranteed merit pay increase for the final committed academic years, a reduction in committee participation, and, depending on when a faculty member signs up for the program, they could be eligible for either a sabbatical in the final spring semester or a 50% workload reduction in their last year of employment.

CUTLIP: The Baylor program sounds like a very creative voluntary effort that can evolve to fit the needs of the current crisis. Have you had similar planning conversations or program ideas with your teams, Helena?

RODRIGUES: At the University of Arizona, we continue to talk about retirement incentive programs but have not made any decisions to implement anything specific this year. I do think it will be possible (and perhaps necessary) in the near future, and we will need to be creative and consider different ways for supporting those who have devoted years, and in some cases lifetimes, in service to the university.

I had a colleague who used to say, “Asking faculty whether or not they have considered retiring is like asking them if they have considered giving up.” He was very directly telling me we need to do more to help faculty prepare for life and work beyond the university. And he could not have been more right.

So, tiaa layoffs is one opportunity, albeit in the midst of a global pandemic and financial crisis. I would like to see us consider improving our efforts toward succession planning and overall workforce planning. We need to take our strategies beyond retirement readiness workshops that walk individuals through the procedural decisions and evaluation of financial savings.

I recognize this is not a new or original idea. We have talked about this for years, and even observed some good models from other universities. Now might be our time to really do it. And I would like to see us reach more than faculty and recognize staff, who also devote lifetimes in service and are as much a part of accomplishing the mission here.

SCHAU: That’s a great point Helena, going beyond the procedural in workshops and guidance. I’ve found most employees in higher education are deeply devoted to their work. They see it as a way of life rather than just a job. Retirement readiness workshops are so focused on the financial aspects of retirement, while that is not always what’s needed to make someone feel ready to retire in life. Employers who provide potential retirees with opportunities to consider how they tiaa layoffs modify their daily activities to offer their strengths and talents to other organizations or individuals is key. Taking time to envision the future, including thinking about and deciding on where to live and how to stay well physically, mentally and emotionally, will result in a higher chance of getting those who are ready to move on to take action now.

CUTLIP: With such broad employee engagement as a goal, how important is promoting and getting the word out on these evolving programs and ideas? What have you been hearing from stakeholders, and is it what you expected to hear?

RODRIGUES: It is critical. As I mentioned before, communicating and listening are our most important tools at the moment. Each of my co-panelists has underscored this in some way; there is no such thing as too much communication on a university campus. University initiatives are most successful when they have involved stakeholder engagement and feedback.

I think the next phase of discussing and potentially developing these programs will involve directed conversations and focus groups—sharing what we think both the benefits and limitations are and asking for honest feedback. It would be valuable, and perhaps more possible in this virtual space with which we are getting more comfortable, to ask recent tiaa layoffs to join these conversations. Let’s have our former employees tell us what they would have appreciated from the university in deciding to retire.

Some of what I have heard from stakeholders includes speeding up retirement plans, prompted by a new perspective on life overall, and getting to that “bucket list” sooner rather than later. I have also heard from many leaders about looking ahead to the next year and ensuring their succession plans are in place. From faculty, I have heard mixed feelings about teaching in different modalities and embracing all the technology that comes with that.

There is new openness to adjusting their workloads, such as reduced or no teaching responsibilities, with a plan to retire that both supports their goals and the needs of the department and students.

While I see frustration with the financial circumstances that are prompting many of these conversations with our employees, I also see the loyalty and commitment to the university that is very familiar to me after 13 years here. All the more reason to ensure we provide a seat at the table with a microphone.

BROWN: I couldn’t agree more Helena, on the topic of overcommunication and a seat at the table for our employees. When developing phased retirement programs, it is important to carefully communicate to targeted groups that the program is voluntary. Informational meetings should be offered along with a clearly defined opt-in period. Targeted employee groups should be provided with financial planning resources along with access to an employee assistance program.

Oftentimes, financial insecurity and an individual’s identity attribute to a delayed retirement decision. Employees who understand that they are financially prepared to retire, or that they have an identity other than their work identity, are more apt to take advantage of early retirement incentive programs.

Conversations that I have had with faculty members who are concerned about their own health or the health of their spouse have focused on understanding the faculty retirement planning program. These individuals have mentioned that they were planning to retire in a few years anyway, but that they are interested in having a reduced workload or a sabbatical out of a desire to socially distance. Without an available vaccine and with concerns about the next iteration of the novel coronavirus, the ability to socially distance has become a motivating factor for them to consider retirement.

CUTLIP: What do you think, Ruth? Are these views consistent across larger groups of institutions you’ve talked to?

SCHAU: Yes they are. We know the development of separation window programs is confidential, so it is tough for many of our client institutions to vet ideas until after a program has been announced. However, innovative program initiatives, as my colleagues from Baylor and the University of Arizona have shared today, are tiaa layoffs whitespace for us all to be planning around.

Part-time work may be a new, in-vogue idea as both younger and older employees may benefit from such an option. Employees may want or need shorter days or work hours due to having younger school-age children with possible or scheduled online instruction. In addition, older workers may benefit from the shorter workweek.

While reduced days or hours may not be possible for all job categories, let’s not forget that the organization can benefit greatly. Employees who choose to work on a shortened schedule may be more loyal in the long run. They may appreciate the flexibility and eventually return to a full schedule, crediting your organization with goodwill since the part-time situation allowed them to balance home and career. Alternatively, experienced workers may benefit due to less stress with a flexible work option, with the organization benefiting from their knowledge, training or other skills.

For older workers, you may call this a phased retirement, but many employees can benefit from the flexibility of lesser time at work. By the way, don’t forget the positive effect on your budget–less time equals less pay and less benefits. This could be a rare win-win situation to consider for some institutions.

CUTLIP: Well this has been illuminating, as many of our partners are wrestling with the same challenges. It’s good to see similar focus around employee planning, clear and consistent communications, as well as a guarded yet optimistic consideration of the new ideas that can come from these challenging times.

I want to thank all of our expert panelists for their time, participation, fresh ideas and for the leadership roles they play in their organizations, and the broader space. Please, don’t ever stop sharing your thoughtful ideas with us and each other.

Источник: https://www.diversityinc.com/tiaa-managing-costs-and-guiding-a-workforce-through-covid/
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Fermilab Today Article — April 23, 2008

Help for laid-off Fermilab employees

Layoff Question?
Many employees will have questions about their individual situations in the event they receive layoff notices. At this stage, Fermilab's Human Resources staff lacks the resources to deal with hypothetical individual cases. (Employees who do receive layoff notices will have individual meetings with human resources and benefits specialists to discuss their specific situations.)
Click here to submit a layoff question

Fermilab employees who lose their jobs as a result of the coming layoff will receive help in finding new jobs, as well as information about continuation of benefits, retirement, insurance, unemployment compensation and Social Security. At a Career Resources Center in Lisle, Lee Hecht Harrison, a career transition firm, will provide job-search services. At the same location, employees will have the opportunity to meet with benefits representatives, Illinois Department of Employment Security staff, insurance company representatives, Social Security experts and representatives of other agencies.

Lee Hecht Harrison will provide a range of career transition services:

  • workshops on job-search topics;
  • job search work teams;
  • meetings with a consultant for job search assistance;
  • workspaces with access to a computer, the Internet, a phone, office supplies, a fax machine and a copier.

The Career Resources Center will offer a program that includes individual sessions, group workshops, Web-based training and phone interactions. Starting with an orientation program, individuals can begin the career transition process. The program helps to evaluate individual skills and strengths; develop effective resumes; define and locate the right new job in the marketplace; provide effective interviewing skills; and evaluate criteria to select the best job offer.

Laid-off employees will have access to LHH's proprietary job search Web site to post resumes, access an exclusive Web-based job system, view job leads specifically for the Fermilab community; schedule workshops and individual sessions and complete Web-based training.

In addition to using career transition services, individuals may schedule meetings with a Fermilab benefits representative at the CRC office to discuss retirement and continuation of benefits. The CRC office will also host individual sessions and group seminars by the Illinois Department of Employment Security, TIAA-CREF, Fidelity, Blue Cross Blue Shield, Cigna, Social Security and other agencies.

Источник: https://www.fnal.gov/faw/layoffs/ft_20080423.html

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