WEBVTT - TIAA CEO Thasunda Brown Duckett Talks Retirement Investing

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. The CEO of TIAA

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<v Speaker 1>is sitting down with Bloomberg's speaky jabber inflation and get

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<v Speaker 1>exposure to markets. So we have been in the business

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<v Speaker 1>of guaranteed income for over one hundred years, and I

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<v Speaker 1>can tell you that not a day goes by that

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<v Speaker 1>I hear from either a participant or a family member.

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<v Speaker 2>That says thank you.

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<v Speaker 1>My dad is now ninety years old and he's still

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<v Speaker 1>getting that check. You know, my mother is eighty, her

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<v Speaker 1>husband passed away, and she's still able to get that

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<v Speaker 1>check from tia So the point is that that guaranteed

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<v Speaker 1>income was an annuity.

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<v Speaker 2>It was in their retirement planned.

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<v Speaker 1>And so when I think about where we are today,

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<v Speaker 1>you're right, there's so many permutations around annuities, so many

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<v Speaker 1>different flavors, and so we as an industry have to

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<v Speaker 1>make sure that we can simplify it or that people

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<v Speaker 1>are clear on what it is that they have than

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<v Speaker 1>what it means.

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<v Speaker 2>So there is work that we are doing.

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<v Speaker 1>But when I think about annuities within your allocation, it

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<v Speaker 1>is not complicated. It is you have exposure to the

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<v Speaker 1>stock market, you have exposure to bonds, and then you

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<v Speaker 1>have exposure to insurance. It's simple, It's part of your

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<v Speaker 1>retirement allocation. It's different than a retail annuity. I think

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<v Speaker 1>the most important thing is to understand what it is

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<v Speaker 1>and what it's not.

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<v Speaker 2>An annuity is not exposure to equities.

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<v Speaker 1>In alpha, annuities give you longevity protection, it gives you consistency,

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<v Speaker 1>and it gives you the confidence that you can have

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<v Speaker 1>income that you won't outlive. And I think that in

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<v Speaker 1>this environment is so important that we talk more about annuities,

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<v Speaker 1>make sure people understand it, continue to do our job

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<v Speaker 1>to simplify and make sure people are educated around it.

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<v Speaker 1>But providing access and retirement vehicles is what we've done

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<v Speaker 1>for over one hundred years in the four to three

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<v Speaker 1>B market, and we most recently have rolled it out

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<v Speaker 1>in the four to one K market.

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<v Speaker 3>So going back to nineteen eighteen and that initial million

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<v Speaker 3>dollar contribution from Heady Carnegie to where we are today,

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<v Speaker 3>the company has grown tremendously overseas one point three one

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<v Speaker 3>point four trillion dollars worth of assets. Can you just

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<v Speaker 3>talk a bit about that investing strategy you're alluding to

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<v Speaker 3>it just a moment ago. It strikes me as it's

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<v Speaker 3>kind of very lowercase C conservative. There's not a lot

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<v Speaker 3>exotic about these main portfolios. Could you just talk about

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<v Speaker 3>the company's approach to investing.

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<v Speaker 2>Well for us at TIA and Novene.

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<v Speaker 1>You know, we are a liability driven We want to

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<v Speaker 1>make sure that we are investing in a way that

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<v Speaker 1>our participants can feel confident that twenty thirty, forty fifty

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<v Speaker 1>years from now that the money will be there, it

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<v Speaker 1>will be well invested, and they will be able to

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<v Speaker 1>have income that they cannot outlive. And so when we

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<v Speaker 1>look at what we're doing, we have our general account.

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<v Speaker 1>We also with Navine have third party assets and what's

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<v Speaker 1>important there is whatever returns that we're getting from nav

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<v Speaker 1>that ultimately goes back to our participants. We return all

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<v Speaker 1>of our earnings back to our participants and so that

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<v Speaker 1>allows them to get outside performance over time. And so

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<v Speaker 1>within our company, we serve the four to three B market.

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<v Speaker 1>We've done that that's a not to our heritage. We

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<v Speaker 1>will continue to do that. We see that there's tremendous

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<v Speaker 1>opportunity to make sure the people that are helping and

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<v Speaker 1>serving so many millions of Americans, whether it's higher ed

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<v Speaker 1>and healthcare, can feel comfortable and confident about their retirement plan.

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<v Speaker 2>But we're also in.

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<v Speaker 1>Partnership with Navine taking that benefit into the four to

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<v Speaker 1>one K market so that companies can add insurance into

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<v Speaker 1>their allocation.

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<v Speaker 2>And we're very excited about that.

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<v Speaker 1>And of course with respect to Navine and their investment strategy,

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<v Speaker 1>we do a lot in alternatives. So think about it

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<v Speaker 1>as eighty five percent of our general account is fixed income,

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<v Speaker 1>fifteen percent can be alternatives, and so that allows everyday

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<v Speaker 1>participants through our general account to have access to alternatives,

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<v Speaker 1>to have access to real estate, infrastructure, farm land, etc.

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<v Speaker 1>Pe In a very safe way to generate more alpha

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<v Speaker 1>for them. But the most important thing is that for us,

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<v Speaker 1>it is liability driven. We want to make sure that

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<v Speaker 1>we're investing in a way that will give them the

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<v Speaker 1>performance and accumulation, but give them the confidence and dq

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<v Speaker 1>that they will have income, that they won't outlive, and

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<v Speaker 1>that we will be there for them.

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<v Speaker 3>Going back to the crisis, something that you proposed in

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<v Speaker 3>an op ed you wrote a couple of weeks ago

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<v Speaker 3>for The New York Times is more of a public

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<v Speaker 3>private partnership, more engagement with policymakers in the face of

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<v Speaker 3>this crisis. Here we are a few weeks into a

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<v Speaker 3>new administration, a new Congress. How optimistic are you both

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<v Speaker 3>about the appetite for that by the new president, by

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<v Speaker 3>that Congress, and the level of engagement that we've seen

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<v Speaker 3>such so far on in retirement issues.

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<v Speaker 2>Yeah.

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<v Speaker 1>The good news is when you're talking about retirement, it

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<v Speaker 1>doesn't matter if you are in rural America, urban, suburban.

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<v Speaker 1>It's not a blue state, it's not a red state issue.

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<v Speaker 1>It absolutely is an American issue that we can all

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<v Speaker 1>relate to. And so I am optimistic. And the reason

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<v Speaker 1>why I'm optimistic is that the policy that we have

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<v Speaker 1>been able to achieve over many years as an industry

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<v Speaker 1>have been bipartisan.

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<v Speaker 2>It did not matter who was in office, It did not.

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<v Speaker 1>Matter what the ratios were between Democrats and Republicans. It

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<v Speaker 1>was an issue that everyone came together on. And so

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<v Speaker 1>I'm looking forward to us continuing to tell the story

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<v Speaker 1>about how important retirement security is. I'm excited about some

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<v Speaker 1>of the progress we've made with the Secure Act to

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<v Speaker 1>make it easier for people to have access to retirement,

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<v Speaker 1>and so that conversation will continue. We're looking forward to

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<v Speaker 1>engaging with the new administration and talking about how do

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<v Speaker 1>we continue to make sure that more Americans can have

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<v Speaker 1>access to a secure retirement and how do we make

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<v Speaker 1>sure that by doing that that can put less burden

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<v Speaker 1>on sale security. By doing that that puts more money

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<v Speaker 1>to work so that the caregivers children are not having

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<v Speaker 1>to carry that burden. And so I do think that

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<v Speaker 1>it will continue to be a bipartisan issue, and it

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<v Speaker 1>is so important.

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<v Speaker 2>We cannot close this.

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<v Speaker 1>Retirement gap without private public partnership. We have to have

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<v Speaker 1>good power and we have to make sure that we

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<v Speaker 1>in the private sector are doing our part to educate

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<v Speaker 1>our employees to make sure that the plans are designed

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<v Speaker 1>so that people can have accessed no matter where they

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<v Speaker 1>are within their employee base, whether they're seeingior executives or

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<v Speaker 1>the people that are on the front line are working

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<v Speaker 1>in the mailroom. Having plans that are designed in a

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<v Speaker 1>way where you have education, in a way that it

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<v Speaker 1>has exposure to equities, bonds, and insurance, and having great

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<v Speaker 1>policy so that more people can have access to me

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<v Speaker 1>is the job to be done, and it is something

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<v Speaker 1>that has to be done in both private and public sector.

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<v Speaker 3>I just want to turn to how you're navigating this

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<v Speaker 3>moment and you and I last spoke. It was a

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<v Speaker 3>few years back during COVID I did a piece on

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<v Speaker 3>Black Wall Street and the Tulsa Rays massacre, and I

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<v Speaker 3>asked you just about the long legacy of that, and

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<v Speaker 3>we got to talking about DEI got to talking about

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<v Speaker 3>how you prioritize that within the company. Like you said,

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<v Speaker 3>it was a cornerstone of what TIA has done. You,

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<v Speaker 3>I'm sure, have paid attention to the recent conversation about that.

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<v Speaker 3>Has it changed notionally the way that your company approaches

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<v Speaker 3>these issues. What do you make of companies that have,

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<v Speaker 3>in light of this increased scrutiny, step back from some

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<v Speaker 3>of the commitments they've made before.

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<v Speaker 1>Yeah, I mean, I'll speak to it through the lens

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<v Speaker 1>of TIA and through the lens of me being a CEO.

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<v Speaker 2>I think that for us.

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<v Speaker 1>Our values are very clear, you know, and our values

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<v Speaker 1>go back well over one hundred years, and that will

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<v Speaker 1>continue to remain. I've always said that talent is created equally,

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<v Speaker 1>opportunity is not. And so if the objective is to

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<v Speaker 1>continue a pursuit towards meritocracy, knowing that we started with

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<v Speaker 1>exclusionary practices and not having everyone have access to entering

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<v Speaker 1>corporate America. If the objective is excellent, If the objective

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<v Speaker 1>is to make sure that we can cast the widest

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<v Speaker 1>net across our country, to attract the very best talent,

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<v Speaker 1>to develop that talent, and to make sure that that

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<v Speaker 1>talent stays, then the outcome will continue to be a

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<v Speaker 1>diverse workforce because I do believe that talent is there,

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<v Speaker 1>and so for us, we will absolutely comply with every law,

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<v Speaker 1>every regulation to the highest standard. And we also realize

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<v Speaker 1>that there is a need for more talent.

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<v Speaker 2>We also recognize that there are jobs.

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<v Speaker 1>To be done across our workplace to make sure that

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<v Speaker 1>everyone feels that they can have access.

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<v Speaker 2>And when I say everyone, I mean everyone.

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<v Speaker 1>And so when I think about the opportunity for us,

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<v Speaker 1>I think the opportunity is stay focused on our values,

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<v Speaker 1>to stay focused on making sure that we can cast

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<v Speaker 1>the widest net across our country, and that when people

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<v Speaker 1>enter the workplace a TIA, they wear one jersey that's

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<v Speaker 1>a TIA jersey and they're very aligned with our mission.

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<v Speaker 1>And our mission is to ensure that millions of Americans

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<v Speaker 1>can have a secure retirement. And I believe that if

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<v Speaker 1>we stay focused on that, navigate whatever the environment is

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<v Speaker 1>always complying to the highest standard.

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<v Speaker 2>The outcome of talent will be a diverse workforce.

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<v Speaker 3>So, just to be clear, when the President says last night,

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<v Speaker 3>with the sweep of a pen, he's ended DEI and

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<v Speaker 3>government and in the private sector, nothing has changed.

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<v Speaker 1>I mean, we're always going to understand what the President

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<v Speaker 1>of the United States is requiring for companies and will comply.

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<v Speaker 1>But what has not changed is our commitment to talent.

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<v Speaker 1>What has not changed is making sure that we cast

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<v Speaker 1>a wider net.

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<v Speaker 2>And if the President is very.

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<v Speaker 1>Much focused on excellence, then we are well positioned at

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<v Speaker 1>TIA to continue to make sure that we do just

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<v Speaker 1>that while making sure that we comply to any standards,

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<v Speaker 1>any law, in any regulation, and we will absolutely do that.

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<v Speaker 3>You're in this kind of rareified position, I think like

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<v Speaker 3>the head of counselors is probably in a similar one

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<v Speaker 3>where you're able to exert influence on the companies on

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<v Speaker 3>whom you invest. You can make your opinions known about

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<v Speaker 3>corporate board composition, for instance. Is that something that you

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<v Speaker 3>continue to do, continue to prioritize and does that stand

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<v Speaker 3>to change with what's happened over these last few weeks.

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<v Speaker 1>Yeah, I mean, I think you know clearly, you know,

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<v Speaker 1>making sure that we're navigating the environment and what executive actions,

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<v Speaker 1>executive orders.

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<v Speaker 2>Laws, et cetera.

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<v Speaker 1>And like I said, we'll make sure we do all

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<v Speaker 1>of that. But you know, we're investing in thou of

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<v Speaker 1>companies and it is important for us to understand who

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<v Speaker 1>the company is, what they're about, what is their philosophy,

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<v Speaker 1>what is their strategy, understanding their leadership, and so that

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<v Speaker 1>won't change. If there's things that we have to edit,

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<v Speaker 1>we'll navigate that. But as an institutional investor, it is

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<v Speaker 1>very important where we're deploying our participants' money.

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<v Speaker 2>We want to make sure that we're doing it well and.

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<v Speaker 1>That we understand the companies that we're investing in, so

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<v Speaker 1>that our portfolio managers can have as much information as

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<v Speaker 1>they can to make very sound decisions about the overall

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<v Speaker 1>investment strategy.

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<v Speaker 3>You oversee this huge company that has it's handled so

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<v Speaker 3>many things, and obviously you have to interface with regulators

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<v Speaker 3>as well. Are you worried about the state of regulation

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<v Speaker 3>in this country that you have to interact with them

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<v Speaker 3>at the.

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<v Speaker 2>State level the federal level.

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<v Speaker 3>Do you worry about the cuts that we're seeing in

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<v Speaker 3>terms of the products that you offer. This broader conversation

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<v Speaker 3>about what people have when they retire.

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<v Speaker 1>Well, the good news is we have a range of

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<v Speaker 1>solutions and that hasn't changed, so we haven't seen any

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<v Speaker 1>impact there terms of our investment strategy, in terms of

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<v Speaker 1>what we're here to do. You know, as I think

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<v Speaker 1>about regulation, you know, I think clearly the President's been

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<v Speaker 1>clear in wanting to have some deregulation and that will

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<v Speaker 1>be a positive thing for companies.

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<v Speaker 2>But regulation is good.

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<v Speaker 1>You know, you want to make sure that you know,

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<v Speaker 1>we're in a regulated industry.

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<v Speaker 2>We need to have sound regulation.

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<v Speaker 1>Clearly, if there's opportunities to improve, the President's been clear

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<v Speaker 1>about wanting to do that and what that can leash

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<v Speaker 1>in terms of companies and their earnings. But I think

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<v Speaker 1>the most important thing is one for us making sure

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<v Speaker 1>that we're clear on what we're here to do, which

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<v Speaker 1>is provide a secure retirement for millions of Americans. Understanding

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<v Speaker 1>the regulatory landscape and whatever laws that gets passed with

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<v Speaker 1>the President and the new administration, and adhere to that,

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<v Speaker 1>but never lose sight of the main thing, which is

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<v Speaker 1>to make sure that we have sound investment practices, making

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<v Speaker 1>sure we continue to attract the best talent and make

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<v Speaker 1>sure that we deliver on our retirees. Whatever the regulatory

0:11:57.240 --> 0:11:59.600
<v Speaker 1>environment will be, we will navigate that. You know, we've

0:11:59.600 --> 0:12:01.520
<v Speaker 1>been around for one hundred years. We've seen the highs,

0:12:01.559 --> 0:12:04.200
<v Speaker 1>the lows, and everything in between. But what hasn't changed

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<v Speaker 1>regardless of the environment, is delivering for our participants and

0:12:06.760 --> 0:12:11.000
<v Speaker 1>that won't change regardless of any shifts in the overall environment.

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<v Speaker 3>So the last question, I'm curious how you were thinking

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<v Speaker 3>about the economy, thinking about markets today. We lived through

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<v Speaker 3>a lot just for the last twenty four hours with

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<v Speaker 3>the imposition of this grade war. How are you thinking

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<v Speaker 3>about that?

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<v Speaker 2>All right? That was the CEO of TIA with Bloomberg's

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<v Speaker 2>David Gerra. We got to get her on our show.

0:12:29.640 --> 0:12:33.880
<v Speaker 2>Yeah she was great, Yes, she was fantastic. He's okay,

0:12:34.120 --> 0:12:35.280
<v Speaker 2>he knows what he's talking about.

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<v Speaker 3>Host of the Big Take There You Go podcast, which

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<v Speaker 3>I love.