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LETTER FROM TIAA-CREF PROVES NO BDS SUCCESS
We received this letter:
 
I have some retirement funds in Tiaa-Cref- this is what they wrote to me

 

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I am writing you regarding your June 21 phone conversation with *******of our National Contact Center .  During your conversation, you requested an explanation as to why Caterpillar (CAT) was removed from all TIAA-CREF Social Choice portfolios.

TIAA-CREF continues to stand by our original position on the Jewish Voice for Peace request for divestment.  While we acknowledge participants’ varying views on Israeli and Palestinian policies and the Gaza Strip and West Bank , we are unable to alter our investment policy in accordance with those views. Our responsibility to earn a competitive financial return on the retirement savings entrusted to us by 3.7 million participants obliges us to invest in a diverse line-up of companies across all sectors of the global economy.

Our decision to end our investment in Caterpillar within our Social Choice portfolios is due instead to other factors.  These include its ESG (Environmental, Social, and Governance) rating downgrade resulting from employee health and safety, labor relations, and toxic releases. 

 

The removal of Caterpillar from our Social Choice funds does not impact any other TIAA-CREF funds.

 

If you have any questions or need additional information, you may contact me by replying to this e-mail and putting “Attn:   ***” in the first line of your response.  You may also phone me directly at (800) 842-2638 ext. 24-5541.   My hours are 10 a.m. to 4 p.m. (ET), Monday through Friday.

 

For extended hours of service, you may contact our National Contact Center at (800) 842-2776.  Consultants are available Monday through Friday 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).

Sincerely,

 

TIAA-CREF | Financial Services