Looks like a $1.2bn net loss in 2024 per the most recently released financial statements.
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After receiving my $1K monthly increase in April for the May '25-to-May '26 cycle I began hunting for reasons for the inexplicable collapse of increased payments. At that time we wee promised a second increase in August, presumably when TIAA can scrape together enough to meet its guaranteed 2% annual minimum guaranteed payment. So thus, alas, I have at least heard from them. I was an existing annuitant when the the University of Notre Dame, my employer, abruptly dropped TIAA as the holder of its retirees' pensions and adopted Fidelity in its place for future annuitants, leaving the rest of us in the TIAA 2% annual guarantee on thin soup. You can imagine how hard I am pumping to stay afloat after a career accumulation of thirty-two years with TIAA, the most opaque financial firm I have ever encountered. Its newsless but once extant publication, The Outlook, disappeared long ago, and signing on to the site and exploring it for reasons for anything end nowhere. Another colleague who recently tried to communicate with whatever one calls the uninterested person on the phone there had to struggle to maintain contact and return calls, much less secure answers to questions. Meanwhile, according to information available online, CEO Duckett is receiving a salary of $30M annually. One would agitate for a government examination of the governance and finances at TIAA, but of course then we have to consider what we have for a government.
The next sign to lookout for is the performance of Wealth. The fees they collect from clients are directly tied to the assets managed (i.e. lower balances = lower fees = lower firm revenue)
It will get ugly quickly if all core businesses aren’t profitable. Min this scenario’, there is no way that we can keep paying out the high crediting rates w TIAA traditional.
Why don't you use their own LLM wrapper that they're trying to pass off as something groundbreaking and inventive.
Put the PwC note into ChatGPT and this is what it found:
Here are the potential negative findings from the TIAA 2024 Audited Financial Statements:
- Declining Investment Performance
The report shows a decline in investment returns compared to the previous year. This could be due to market volatility, lower interest rates, or poor-performing assets. A drop in investment income could impact TIAA’s ability to generate surplus funds.
- Increase in Liabilities
There is a rise in overall liabilities, including obligations to policyholders. If liabilities grow faster than assets, it could signal a risk to financial stability, especially in the long term.
- Higher Operating Expenses
Administrative and operational costs have increased, which might indicate inefficiencies. Rising expenses without a corresponding increase in revenue can erode profitability and reserves.
- Changes in Capital Reserves
The company adjusted its contingency reserves, which might suggest they are preparing for potential financial difficulties. While this is a proactive move, it can also indicate concerns about future cash flow.
- Regulatory Considerations & Accounting Basis
The financials follow statutory accounting principles (SAP), which differ from Generally Accepted Accounting Principles (GAAP). This means some liabilities may not be fully reflected, potentially making the company appear more financially stable than it actually is.
It is sad, but TIAA is cash poor and showing signs of severe financial distress. The PwC audit summary that is posted with our 2024 financials is eye opening.
You can back into the math for the Bank sell that leadership touted a few years ago. If you think the DC office was sold at a discount, checkout what they gave the bank away for.
@ qs+1jq4pjsxt
Not arguing here. I would say you’re probably the plant from management or a manager yourself.If you were an analyst, you would understand the financial report.
@qq+1jq4pjsxt - informative, so thank you!
HOWEVER, the headline for the masses is “TIAA has a $1.2bn loss in 2024”. No one is going to dig through the footnotes. It still begs more questions than answers, unfortunately.
@px+1jq4pjsxt
If that rumor is true than it gives even more reason folks in Denver/Jax to not relocate than reasons they already had. Obviously Nuveen real estate doesn’t know what it’s doing anymore after taking a huge loss on the DC office.
So TIAA will overpay for the lease (probably will cost more than the Denver office has leased each floor downtown over the last few decades) and will have to end the lease close up the building back to Nuveen to use moving Chicago folks down or having to lease to another firm and TIAA will have to relocate everyone from Frisco to Charlotte.
It is a vicious cycle that started with TIAA in NYC to Denver then Charlotte now Frisco and eventually will only have Charlotte. They better build a couple more buildings and parking garages on that campus like was the original plan circa year 2000.
Its a loss of 1.2b in 2024 as per the annual statement - period.
The person tiaa planted here might try to sell it as something less that using the premise which they have been operating on, that everybody who works for them is stupid.
Be that as it may - but they are the ones who made and reported a 1.2B loss in 2024.
Regardless of how much of a loss it is, a carryover or carry forward loss is a tax loss carried over from previous years to offset a profit. If you read the financial statement take a look at the math. It’s a $1.2 billion carry forward loss (it says that) for 2024, and it was $900-some million for 2023. The difference is the $300-some million in new losses in the very right column.
So the company did not lose $1.2 billion in 2024. That is the total accumulated losses from 2024, 2023 and however far back.
Granted, a $300 million loss is still a large loss, but if you look at page 19.18, line 2a-11 - “net operating loss carry-forward”, you’ll see the numbers.
Not taking any side here, but it’s not a loss for the year. I think that would be aweful.
Cumulative loss? Nice try :)
Its an annual statement for 2024 with assets, liabilities and gain/loss reported for the year.
- L
I might be wrong but I don’t think the $1.2bn is a cumulative loss. It’s the year end number for 2024.
Either way, not a good luck for this illustrious company…
Rumor has it Nuveen is planning on selling the Frisco office in 2026. It’ll be lease-backed to TIAA.
Wow! That link below shows that Niven sold their DC office for a loss of $100M.
What a great real estate strategy, up there with opening an office in Frisco and ruining the loves of thousands.
Serious kudos to the award winning CEO of this most ethical and best place to work.
Oh that’s much better 🙄
It looks like the $1.2 billion is a carry-forward, the sum total of previous years.
Year over year - 2023 to 2024 - the loss was $331,586. Add that to the accumulated losses in 2023 of $932,416 = $1,264,002.
So the $1,264,002 are the accumulated losses for however many years.
https://commercialobserver.com/2025/03/dc-tiaa-sells-office-nuveen-tourmaline-sale/
Millions of dollars, spent for consulting?
shocked Pikachu face
Man it’s almost like we just strike a deal with a major worldwide consulting firm and owe them money for goods and services.
$203 million for consulting???!!! Yeah, that's not normal. Something definitely up with that.
Anyone see the firm paid 203 million for Consulting (scroll to PDF page 20 of 264) ?
PATHETIC
Can’t believe we haven’t heard from the “TIAA is GREAT! If you don’t like it here, leave. If you can’t find a new job, you must su-k” crowd yet.
I guess numbers don’t lie…
https://www.tiaa.org/public/pdf/t/tiaa-annual-statement-2024.pdf
Where did you find the statement?
@hf+1jq4pjsxt - Bless your heart…
You (and your former SMD) are part of the problem.
Have the life you deserve.
Was employed there for over a decade. Took the VSP in 2020 and when I came back was told by my former Sr. Managing Director that if he hired me [externally] now, as a straight white male, that he’d probably lose his job. He also convinced me that TIAA is abandoning its recordkeeping business so I’d be better off elsewhere anyway.
Seems like everything he said is coming g true. #gowokegobroke
FAKE NEWS!!
Would a company that’s losing 1.2 Billion with a B dollars be able to put out a hit rap song?! I don’t think so.
Would a company losing 1.2 Billion with a B dollars retain their CEO and give her another raise and fat bonus again three years in a row? I don’t think so.
Would a company losing 1.2Billion dollars with a B open a brand new shiny hub in a supersaturated city where they wouldn’t be able to fill jobs cause no one wants to work for a sinking ship shithole company? I don’t think so.
You say 3 years straight of losing revenue, T says “it’s a T thing.” Clearly we are winning with our people.
Did you see how many awards T got? There’s no way she lost 1.2 billion with a B dollars again.
WAKE UP SHEEPLE!! They’re trying to control your minds. Do your own research! This company is great and growing! Nothing to see here, move along!
I halfway expect some HR shill to come here, tell us all how stupid, lazy, and ungrateful we are, then praise the executive management team for expertly reducing our corporate income tax burden to zero. Board Members should just fire the entire Executive team and sell the damn company for as much as they can get to whoever is willing to cut a check. Then, participants should sue the board of trustees for dereliction of their fiduciary duty.
Everyone needs to be asking their leaders the tough questions about the real health of TIAA.
Forget all the smoke and mirrors with the LinkedIn and the Intranet posts that make it seem that all is good. It's time for our leaders to be transparent with our financials as having $1B in losses is never a good thing.
All of this with a backdrop of markets that were reaching all time highs in 2024. You have to start asking yourself, what happens if the stock market drops significantly?
It’s readily apparent TIAA is on life support. It’s disappointing that leadership thinks we’re too inept to determine what’s going on. I applaud those posters who continue to educate and reveal the ins and outs of this company. Those are the people that need to be on a position of power to effectuate change.
And like that previous poster said, they paid down just enough of the surplus notes to keep the ratio of debt to surplus and capital at 14.5 percent instead of 15 percent to avoid a downgrade to the credit rating. Those surplus notes had been sitting at 6 billion for almost 10 years. And they finally pay down a tiny bit? Makes it pretty clear they did it to stay under the 15% trigger point on credit rating.