The parent company of a $1-trillion-AUM asset manager is making the vast majority of its employees an offer.

Roger Ferguson TIAA President and CEO

Business Insider, CityWire, P&I, and SWIFI all report that management is TIAA is offering buyout packages to 75 percent of its U.S. employees. TIAA is the parent of Nuveen [profile], and it's not clear how many Nuveen employees are being offered packages.

The offers reportedly include: between 45 and 91 weeks of the employee's salary (depending on tenure), 100 percent of the employee's 2019 bonus, half a year of "outplacement assistance," and up to 18 months of TIAA-subsidized medical coverage under COBRA. Employees have until mid-July to decide.

"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," a company spokesperson told several of the publications. "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." 

Edited by: Neil Anderson, Managing Editor


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