The $1.1 trillion investment manager TIAA is offering a voluntary-separation package for employees, the company said Friday morning on an all-staff call. The package includes salary, last year’s bonus, and health-insurance coverage.The voluntary-separation package will be offered to employees deemed nonessential, two sources with direct knowledge of the offer said.TIAA has more than 16,500 employees. For more BI Prime stories, click here.
TIAA is giving 75% of its employees a buyout offer, the investment giant told staff on Friday.The voluntary-separation package will be offered to employees deemed nonessential, said two sources with direct knowledge of the offer who spoke on condition of anonymity because they were not authorized to talk to the media. Staff will find out next week if they’re considered essential or not, one of the sources said.According to a TIAA spokesperson, the package includes:45 to 91 weeks’ salary, depending on tenure.100% of last year’s cash bonus.Up to 18 months of health insurance.Six months of outplacement assistance.
“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,” the sp
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