Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAACREF) is a Fortune 100 financial services organization

n that is the leading retirement provider for people who work in the academic, research, medical and cultural fields. TIAACREF serves 3.7 million active and retired employees participating at more than 15,000 institutions and has $487 billion in combined assets under management Shame on the TIAA-CREF for contributing to the erosion of area standards for New York City Carpenters. TIAA-CREF is providing funds for construction at 5-11 47th Avenue , LIC NY. Contractors at that site do not meet area labor standards, including providing or fully paying for family healthcare and pension for all of its carpenter craft employees. The New York City District Council of Carpenters objects to employers working in the community that do not pay area standard wages and benefits to their craftsmen.In our opinion the community ends up paying the tab for employee health care and low wages tend to lower general community standards, thereby encouraging crime and other social ills. TIAA-CREF's entire fortunes have been built on the funds of employees that recieve pensions and benefits. It is a slap in the face to all labor that they use these same hard earned funds to promote contractors that refuse to pay Area Standard wages and benefits to workers. In their own words: "TIAA-CREF has a long-standing commitment to socially responsible investing (SRI) that is consistent with our nonprofit heritage and unwavering mission to serve those who serve the greater good." The New York City District Council of Carpenters believes that the TIAA-CREF has an obligation to the community to see that area labor standards are met for construction work performed on their current and future project funding. They should not be allowed to insulate themselves behind greedy corporate money shell games.

PLEASE CONTACT TIAA-CREF @ (212) 490-9000 AND TELL THEM THAT YOU WANT TIAA-CREF TO DO ALL THEY CAN TO CHANGE THIS SITUATION AND SEE THAT AREA LABOR STANDARDS ARE MET ON ALL TIAA-CREF FUNDED PROJECTS.
We are not promoting any work stoppages or refusal to deliver any goods or services. New York City District Council of Carpenters