Teachers play a vital role in society by taking the minds of the young into their hands and prepping them for the future. Others in fields of medicine, research, and social responsibility also go to great lengths with a shared vision and a united goal-to make the world a better place for everyone.
But who endeavors to ensure that these individuals are financially secure and able to retire and enjoy the world they’ve strived to better? There are many options when it comes to retirement planning, but the TIAA-CREF (Teachers Insurance and Annuity Association–College Retirement Equities Fund) caters to teachers, medical professionals, researchers, offering a wide array of services designed to secure their futures financially.
TIAA-CREF services were established nearly 100 years ago with the aim to take care of those teachers and other instrumental individuals as they near retirement age, and protect their futures as well.
What is TIAA-CREF?
TIAA-CREF is a Fortune 100 Company that specializes in retirement, TIAA-CREF life insurance, and financial security options and services. They now provide services to over 5 million individuals.
TIAA-CREF was founded in 1918 by Andrew Carnegie, a renowned businessman and philanthropist wanting to make some positive changes and add financial security to the lives of teachers. He’s accomplished that and much more with this innovative and solution-oriented organization designed to improve the lives of people who make the world a better place.
History has been shaped and changed by this organization in these ways:
- TIAA-CREF was one of the first companies to begin leveraging portfolios with a social responsibility.
- In 1952, in response to the inflation spike which occurred for most of the ‘40s, TIAA-CREF introduced the very first variable annuity, which is now commonly referred to as the CREF Stock Account.
- TIAA-CREF began international expansion in 1973 with a small amount of Japanese stocks and evolved into global investment management experts.
- In celebration and support of diversity, TIAA-CREF was the first Fortune 500 Company to have an African-American CEO, Dr. Clifton R. Wharton, Jr.
Who works with this fund?
Today, people working in medical, education, research, and cultural fields all enjoy the benefits of using TIAA-CREF life insurance and retirement planning services.
How is the fund administered?
TIAA-CREF seeks to help people with whatever unique financial planning objectives they have for their life, financial security, and support of loved ones. They offer a variety of plans and services meant to accommodate any situation a person would want to plan ahead for, such as:
- Retirement plans
- After-bank annuities
- Education savings
- Mutual funds
- Life Insurance
What kind of record keeping is involved?
Retirement readiness is a major focus of retirement planning, and TIAA-CREF record-keeping is a pertinent part of the process.
TIAA-CREF record-keeping is so important because it facilitates retirement readiness by streamlining administrative tasks, and it also encourages more involvement and interaction in the plan from the employee. The more involved they are, the more success they’ll likely achieve at setting up consistent savings contributions and ensuring they’re ready and able to retire.
Importance of Secure Financial Records
Individual retirement accounts, mutual funds, Roth IRAs, and life insurance policies all help people prepare, invest in their future, and make preparations for themselves and their families. However, with this voyage of planning ahead comes an immense of amount of documentation and paperwork that must be properly organized and stored in a safe and secure manner.
The security of personal financial records is absolutely necessary to protect important, sensitive information from being lost, damaged, or jeopardized in its integrity.
This is more difficult to accomplish with physical paper records, as they’re more likely to be misplaced, lost, or damaged. Additionally, keeping paper copies scattered among multiple folders, desk drawers or file cabinets increases the risk that personal information can obtained by others who should not be privy to its contents.
For these reasons, it’s becoming increasingly necessary for cutting edge financial organizations such as TIAA-CREF to invest in electronic document storage and management systems to protect the information of the very people they are helping plan financial futures.
eFileCabinet Offers Document Management Software
eFileCabinet is an industry leader offering some of the most powerful and secure software to store, organize, manage, and protect important records and paperwork. Their electronic document management systems boast many benefits that increase efficiency while maintaining and protecting confidentiality.
eFileCabinet is an ideal option for protecting all the extensive, personal, and private information stored with the TIAA-CREF. Security is a prime focus of their services, and they have strong measures available and in place to protect stored data, including role-based securities and 256-bit encryption.
Also, such features as automated retention, audit trails, and frequent backups to multiple locations within their document management system makes sure that all information is stored, organized and protected from loss.
If you’re looking for a compliant, secure document management system to protect the personal information and important documentation for their retirement planning, get an eFileCabinet demo today and begin securing and organizing the future.