TIAA Institute and Pension Research Council Release Behavioral Finance Research Focused on Improving Retirement Outcomes

NEW YORK, June 19 -- TIAA, a provider of financial services in the academic, research, medical, cultural and governmental fields, issued the following news release:

The TIAA Institute and the Pension Research Council (PRC) of the University of Pennsylvania's Wharton School today released new research that provides insights and solutions to better retirement outcomes.

This new research, released at the TIAA Institute Fellows Symposium, focused on how behavioral factors influence financial decisions, particularly regarding the implications these factors have on an individuals' ability to save for retirement, manage their investment options, and maintain financial well-being.

"With thousands of people reaching retirement age every day, it has never been more important to understand how one's psychology, biases, and behaviors affect financial security and retirement options," said Stephanie Bell-Rose, Head of the TIAA Institute. "These studies, and today's discussion, not only provide essential information to expand our understanding; they also provide evidence-backed ways to strengthen American's retirement plans utilizing behavioral biases."

"Helping Americans save for retirement continues to be an opportunity," said Olivia S. Mitchell, Director of Wharton's Pension Research Council. "Research like this provides critical insight to help guide older persons find the path toward financial security in retirement."

The following research was released during today's Symposium:

* Decision Making under Uncertainty: An Experimental Study in Market Settings, Federico Echenique (California Institute of Technology)

* Debt Close to Retirement and Its Implications for Retirement Well-being, Annamaria Lusardi (The George Washington University, TIAA Institute Fellow)

* White-labels, Brands and Trust: How Mutual Fund Labels Affect Retirement Portfolios, Julie Agnew (William & Mary, TIAA Institute Fellow)

* The Effect of Default Target Date Funds on Retirement Savings Allocation, Robert McDonald (Northwestern University) and Thomas Rietz (University of Iowa, TIAA Fellow)

* The Effect of Government Pensions on Financial Well-Being, Bill Skimmyhorn (William & Mary)

To view the reports from the symposium in full, please click HERE (https://www.tiaainstitute.org/about/news/putting-behavioral-finance-work-insights-and-solutions-better-retirement-outcomes).

About the TIAA Institute

The TIAA Institute helps advance the ways individuals and institutions plan for financial security and organizational effectiveness. The institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. For more information about the TIAA Institute, visit www.tiaainstitute.org and follow us on Twitter @TIAAInstitute.

About the Pension Research Council

For 65 years, the Pension Research Council/Boettner Center at Wharton School of the University of Pennsylvania has sponsored research on the entire range of private pension and Social Security programs, as well as related benefit plans in the U.S. and worldwide. Learn more at www.pensionresearchcouncil.wharton.upenn.edu

1The Lipper Mixed-Assets Large Fund Award is given to the group with the lowest average decile ranking of three years' Consistent Return for eligible funds over the three-year period ended 11/30/15 (against 39 fund families), 11/30/16 (36), 11/30/17 (35) and 11/30/18 (35). Note this award pertains to mixed-assets mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, Copyright (c) 2019 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.

2 Based on $1.026 trillion of assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 3/31/19.