TIAA-CREF is offering a voluntary separation program for 75% of its U.S. employees, which includes employees of Nuveen, TIAA's investment manager.
The 25% of employees not eligible for the program "involve certain groups that are involved in processes and technology necessary to conduct business, and some critical client support roles," TIAA said in an emailed statement.
The program offers 45 to 91 weeks' salary, depending on length of service and salary, 100% of last year's bonus and six months of outplacement assistance, the email said.
"As we navigate through these unprecedented times, we are exploring a variety of measures to reduce costs while managing our business and continuing to serve our clients. As part of that process, we have introduced a voluntary separation program for our employees, which is designed to give our people the ability to decide what's best for them," the company said in the statement.
There was no immediate further information, including what percentage of Nuveen employees are eligible for the offer.
As of March 31, Nuveen had $1 trillion in assets under management.
