For those of us in Denver and Jacksonville, I’m curious what the relocation packages offered will look like. Does anyone who has relocated while at TIAA have any insight what has been offered historically?
*Disclaimer: I know past offers don’t affect potential future offers.
TIAA is trying to rearrange the deck chairs on the Titanic. How many initiatives have failed? Tried to create a bank, that didn't work, so they bought a bank and that didn't work. Rollovers out continue to bleed, the University and non profit market is limited and the company can't compete beyond that arena. The big boys Fidelity, Vanguard, Schwab.....etc run circles around us. Beware of the Kool Aid, accept relocation, eyes wide open.
Caveat Emptor! My business unit just had a call and we were told that Jacksonville associates have 60 days to decide if they want to relocate or take severance and Denver associates “have a little longer” to decide.
So while the enterprise wide email gave some degree of time it appears that individual BU’s have their own timelines.
“Think twice before relocating to a state that doesn’t promote diversity or inclusion.”
DEI is the reason why are in this mess. T is not a good CEO. Only reason she has this job is because of her skin color and gender. I remember not long ago, people would label you a racist if you criticized T.
After the announcement I have observed few step forward and vocalize their intent to relocate. Their announcement was met with gratitude from their upline management. They were informed that this information will greatly help them to go back to make their assessment and plans on how to move forward.
In the FAQ it states “Our Denver location will remain open until July 2026. As business leaders continue to assess their organizations based on business needs and strategic priorities, they will keep associates informed of how their roles are impacted.”
Please prepare yourself and do not anticipate or assume your role will be in tact until the office physically closes. Anticipate by year end or July 2025 that a determination of what skeleton crew will remain in Denver until the doors shut on July of 2026.
@1pnb+1tSoEpoC Pepperidge Farm remembers.
No seriously I remember that and agree it will likely happen again.
I doubt many will choose to relocate with this toxic leadership if the board doesn’t do anything to try and fix what these inept people broke in 3 years to a century+ old company.
Most will see the severance option as a blessing and will take it over relocating (which has its own downsides financially). Especially those closer to retirement or anyone who has been with the company for more than 5 years. Some won’t want to wait for it and will leave before.
I would love to see the statistics for Jacksonville and Denver. While there are probably 10 times the associates in Denver the end percentages will probably the same and probably far less than those from NYC to Charlotte back in the day.
Thanks to the Tax Cuts and Jobs Act (TCJA) being passed in 2017, most people do not qualify for tax deductions on moving expenses.
Remember when TIAA relocated staff from NY to Charlotte years ago and then laid off a huge number of those people. Transplanted northerners in a southern city dumped by TIAA. Remember history repeats itself. Think twice before relocating to a state that doesn’t promote diversity or inclusion.
Think long and hard about relocating. Today’s announcement is just the beginning. These things sooner happen in isolation.
Relocated years ago under a different administration. That sentence is key to this answer.
Everything was charged to a corporate card, then reimbursed back, grossed up so after taxes net met the expense.
1 week out to look for a place
moving costs
help selling home
Just be careful, the gross up on amount to net expenses impacts your tax filing. Treated like extra income. And with movings expenses reimbursed, they are not deductible if you pay yourself. Again, that was several years ago.
Also, depending where you live, people who lived near the Lewisville office, now commuting to Frisco, are paying $6.00 a day toll and have added 45 minutes to commute.
Do you research on the benefits of relocating there - taxes, lifestyle, cost of living, cost of goods, impact on insurance for auto, if buying make sure you can get coverage - insurance companies are declining new coverage in Florida, Texas, Colorado, California, etc due to weather.
Good Luck!
I would not relocate unless I were single. This company will think nothing of having you move your family and your whole life to a new city and then laying you off in that new city a year or two later when more cuts are needed. Really, this company is not heading in the right direction and does not care about customers OR employees. I would NOT hitch my wagon to them any more that is 100 percent necessary.
The only "relocation" that needs to happen is T being relocated to the Unemployment line.