October 3, 2003
TIAA-CREF Cuts 500 Jobs
TIAA-CREF, the largest administrator of individual pension plans for college and university employees, announced last week that it was cutting 8 percent of its work force as part of a restructuring plan.
Most of the 500 layoffs were information-technology positions and other "back-office jobs," according to Stephanie Cohen Glass, a spokeswoman for the nonprofit organization, whose formal name is the Teachers Insurance and Annuity Association-College Retirement Equities Fund. A majority
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