TIAA Offers Annuity Product for Corporate 401(k) Retirement Plans – The Wall Street Journal

American workers who crave steady retirement paychecks in the absence of old-fashioned pension plans are getting more alternatives as another money manager launches an annuity offering for corporate 401(k) retirement-savings programs.

The newest entrant is Teachers Insurance and Annuity Association of America, one of the nation’s oldest names in the retirement industry. Well-known for lifetime payouts to retirees of U.S. colleges, healthcare systems and nonprofits, TIAA is offering a guaranteed lifetime-income product in the corporate 401(k) market.