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  • TIAA, WNBA, and NCAA Elite Join Forces to Spotlight Retirement Inequality and Close the 30% Retirement Income Gap Between Women and Men

    March 8, 2022 by TIAA

    NEW YORKMarch 1, 2022 /PRNewswire/ — TIAA, a leading provider of secure retirements, is shining a light on the staggering 30% retirement income gap between men and women through its new #retireinequality movement.

    Women still earn less—just 82 cents on the dollar compared to men1. Their unpaid work raising children and caring for elderly family members has widened the gap. And the pandemic has made matters worse, as nearly two million women have left the workforce since 2020. Women also retire about two years earlier than men, but typically live five years longer2. The net result of all these factors is that women’s retirement savings and investments generate about 30% less income than men’s once they stop working3, and women also face a greater risk of running out of money in retirement, an inequality that must be retired.

    Together with some of the most influential players and coaches in the NCAA and WNBA—women who have played pivotal roles stamping out inequities in the sports arena—TIAA is working to level the playing field in retirement and beyond.

    “While women have made tremendous progress attending college, competing in sports and rising through the ranks of Corporate America, significant gaps in equality remain,” said Thasunda Brown Duckett, President and CEO of TIAA. “TIAA is committed to creating a more secure and inclusive financial future for everyone. Through our work with the Women’s Sports Foundation and by joining forces with these incredible players and coaches, we aim to raise awareness of the 30% gap in women’s retirement security and ignite a conversation that inspires, educates and challenges everyone to work together to close it.”

    To help spread the word on the fight to #retireinequality, TIAA has linked arms with NCAA women’s basketball players and WNBA leaders, including:

    These prominent players and coaches are bringing awareness to the retirement income gap and educating others—especially younger women—by sharing their personal stories of why the fight to retire inequality matters. The conversations they are sparking are particularly timely and relevant this March in honor of Women’s History Month, International Women’s Day, and Equal Pay Day.

    This year is also the 50th anniversary of Title IX, the landmark law that drove equity in education and opened the doors of college sports for women. Title IX’s legislative history stems from the persistent earnings gap between women and men in the workforce and subsequent focus on inequities in education.

    TIAA is marking this moment and this movement—literally—with a custom-designed symbol to signify the progress made so far and the work that’s still left to do. The mark represents passion, power and pride in standing alongside the millions of women fighting to be the change so the U.S. can finally realize the full promise of gender equality.

    “The visible disparity between the men and women’s NCAA basketball tournaments last year spurred a much-needed conversation around the lack of gender equality in athletics – and although there is still much to be done, there is momentum and progress,” said Sedona Prince. “Alongside this group of powerhouse women athlete Ambassadors, I am excited about the opportunity to raise awareness on a related issue, the 30% gap in retirement income between men and women – with the goal of impressing upon young women the importance of, and the path to proper retirement preparedness.”

    As part of its commitment, TIAA is now the signature partner of The Equity Project™, an initiative powered by the Women’s Sports Foundation (WSF), and will donate a total of $1.5 million to the organization over the course of the next three years. The Equity Project is a movement with the goal of positively impacting participation, policy, representation and leadership for girls and women in sustainable and measurable ways. Through this donation and partnership, TIAA is focusing on pay equity, ultimately helping to eliminate the retirement income gap between women and men.

    Founded by Billie Jean King, WSF funds groundbreaking research, provides financial assistance to aspiring champion athletes, and educates and advocates on behalf of female athletes across the country and around the world.

    “The Women’s Sports Foundation exists to enable girls and women to reach their potential in sport and life,” said Meghan Duggan, President of WSF. “At the heart of our mission is reaching true gender equity in many areas – from equal access and opportunity to Title IX compliance, pay equity and advancement of women in leadership positions; the success of our advocacy efforts requires commitment and collaboration. We are grateful for corporate partners such as TIAA who understand the importance of equity, representation, diversity and inclusion, and are excited to advance the work of The Equity Project together.”

    To hear inspirational stories, join the conversation, and learn how you can help, please visit: https://retireinequality.com/

    About TIAA

    TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.  It is the #1 not-for-profit retirement market provider4, paid more than $3.6 billion to retired clients in 2020 and has $1.4 trillion in assets under management (as of 12/31/2021)5.

    TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

    Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. (Please use a bold font for this disclosure)

    ©2022 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

    2056010

    1 Women earn roughly 82 cents for every $1 men earn on average. U.S. Bureau of Labor Statistics, Labor Force Statistics from the Current Population Survey, 2021. U.S. Bureau of Labor Statistics

    2 Women retire approximately two years earlier than men and live roughly 5 years longer. Living Longer: Historical and Projected Life Expectancy in the United States, 1960 to 2060, 2020. https://www.census.gov/content/dam/Census/library/publications/2020/demo/p25-1145.pdf

    3 The Mercer 2021 Global Pension Index estimates a 33.7% pension gap for women in the US – that is women have 33.7% less pension income than men. Global Pension Index Report, 2021. https://www.mercer.com/our-thinking/global-pension-index-2021.html

    As of Dec. 31, 2020. Based on data in PLANSPONSOR’s 403(b) Market Survey, which published in August 2021.

    5 As of December 31, 2021 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,375 trillion.

     

    SOURCE TIAA

    Originally Posted at CISION PR Newswire on March 1, 2022 by TIAA.

    Categories: Industry Articles
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