, has reduced the expense fees on several of the variable annuity investment options available through its nationwide pension system for education and research employees.
Effective May 1, the following total annual expense charge reductions went into effect on CREF Accounts: Global Equities, 0.37% to 0.34%; Growth, 0.34% to 0.32%; Stock, 0.31% to 0.30%; and Equity Index, 0.29% to 0.28%. The TIAA Real Estate Account decreased from 0.625% to 0.565%.
TIAA-CREF chairman, CEO, and president John Biggs
said, "Our low fees are largely due to the fact that we are able to achieve economies of scale through sound investment management that is conducted 100% internally and as a result of the excellent asset growth that we've enjoyed."
Annual expenses for the other four investment options of the TIAA-CREF pension system remain the same. CREF Money Market
and Social Choice Accounts
, at 0.29%; CREF Bond Market
, at 0.30%; and the CREF Inflation-Linked Bond Account
, at 0.31%. There are no sales or transaction fees, and no maintenance charges on any TIAA-CREF investment option.
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