announced Wednesday that an MIT professor and behavioral economist has joined CREF's independent board of trustees. James Poterba
, who is the associate head of the economics department at the Massachusetts Institute of Technology, was elected by shareholders and began his service on April 3.
TIAA-CREF spokesperson Glen Weiner said Poterba does not replace anyone, but was added to the board of the investment management operation to share his expertise. His research concerns the effect of taxation on the financial decisions of households and firms. Recently, his studies have focused on the ways in which households make savings decisions, and in particular on analyzing tax-deferred retirement plans and their utilization.
Such an area of specialty is naturally relevant to TIAA-CREF, which encompasses retirement services as well as asset management. "TIAA-CREF is dedicated to helping individuals meet their retirement savings goals, and Dr. Poterba's understanding of the effect of taxation on people's financial behavior and saving decisions make him a highly valued participant in those efforts," said TIAA-CREF chief executive Herb Allison
in a statement.
With the appointment, the CREF board has 9 members.
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