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Description
In 1918 the Carnegie Foundation established Teachers Insurance and Annuity Association (TIAA), a fully-funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York — including an initial gift of $1 million — and ongoing contributions from participating institutions and individuals. Incorporated as a life insurance company in the state of New York, TIAA began operation under the leadership of Henry S. Pritchett, a former president of the Massachusetts Institute of Technology. By the end of its first year, 30 public and private institutions had signed on.
Abbreviation
Teachers Insurance and Annuity Association
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