TIAA Offers Annuity Product for Corporate 401(k) Retirement Plans - WSJ

American workers who crave steady retirement paychecks in the absence of old-fashioned pension plans are getting more alternatives as another money manager launches an annuity offering for corporate 401(k) retirement-savings programs.

And they will pay through the nose for the privilege. How this meets a fiduciary standard is beyond me.

Called the TIAA Secure Income Account

By which, of course, they mean TIAA’s plan to secure steady corporate income streams via market-leading high fees.

TIAA has paid more than $500 billion to millions of educators and nonprofit employees since its founding in 1918, said Colbert Narcisse, TIAA’s chief product and business development officer.

“Please don’t look at how much TIAA made in fees on those payouts,” Narcisse added, one assumes.

Shockingly, the intrepid reporter for this piece forgot to mention the investment performance or expense ratio on this fabulous product!