IT Issues Resurface at TIAA-CREFBy Renee Boucher Ferguson | Posted 10-23-2006
Increasing problems with TIAA-CREF forwarded to eWEEK from disgruntled customers, coupled with a seemingly large number of complaints filed with TIAA-CREF's New York oversight board, point to still unresolved issues at one of the nation's largest pension fund holders.
Andrew Mais, a spokesperson for the New York State Insurance Department, confirmed Oct. 20 that consumers have filed 21 individual complaints against TIAA-CREF since the beginning of 2006. Of those, nine are still pending.
The Securities and Exchange Commission, another oversight board for TIAA-CREF, said in an earlier interview that it does not comment on individual companies, though customers have confirmed they've filed complaints with the SEC as well.
Nearly a year ago, just before Thanksgiving 2005, TIAA-CREF customers noticed something was amiss with their pension funds.
Over the following several months, the situation escalated to the point where thousands of pensioners were denied access to their retirement funds with customer accounting nightmares not far behind.
Once-devoted customers felt forced to lodge formal complaints with regulatory authorities to get some relief. And customers started talking to the media.
The venerable company, fast losing cachet, was forced to admit serious IT problems.
In April of this year, TIAA-CREF officials sat down with eWEEK to explain their side of the story.
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