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Thasunda Brown Duckett

lines on the record: 34
first: 2022-11-10
most recent: 2022-11-10
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I would tell them, we're not done yet. I would tell them, thank you. My mother is a retired educator. I would tell them that his ability to see an educator educating the world's greatest minds retire in poverty and not in dignity is exactly what we are still here to do and will do for the next 100 years. There's a quote by Andrew Carnegie that says, and I don't want to misquote, but something like You're not rich until you enrich others, the lives of others. And I would say Andrew Carnegie, you absolutely enrich the lives of others. It's our accountability and responsibility to make sure that we continue to do that.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“I am most proud of really. Getting back to the core of what we do and designing and building products that can truly meet the needs of today and helping more Americans retire with dignity. I'm very proud of earning the right. When you come in as a new CEO from the outside, you have to earn the right with your team and with your clients. And I believe I'm earning that right every single day.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to make impact, and however I can make impact, that's what I'm here to do. And if at some point in time after I'm long gone from, you know, being a CEO, if there was an opportunity to be of service in another capacity, I would always take that under advisement.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, clearly, if a president called me to serve, it's something that I would take under consideration, but not if it conflicted with being the CEO of TIAA.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, what's being great is that talking about retirement, recognizing that 40% of all Americans run the risk of running out of money. What I find is it's a bipartisan conversation. So talking to Republicans, Democrats, and independents all care about this issue. And when I think about what we're talking about, there's three areas. One, there's an access gap. We know one-third of workers, public workers, do not have access to an employer sponsored plan. And so working with government to say, how do we have policies to make it easier for small businesses and take some of the complexity out to be able to provide that benefit? There's a savings gap. We talk to policymakers about over 50% of Americans are not saving for retirement. And so how do we work with employers to have auto enrollment, auto escalation? And then lastly, we talk about a guarantee gap, which is how do we make sure that we can have implant annuities like TIA traditional as part of an investment.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Plan. And so, how do we make sure as a matter of policy, as a matter of engagement, that women can have an opportunity to catch up, that women can understand that if you exited the workforce and now you're back, that that's two years of compounding, that you are not able to take advantage of? And how do we continue to make sure that we're educating them and giving the tools that they need to get back on track?”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we launched a campaign called Retire Inequality. And we do know that women retire with 30% less. Women make 83 cents on the dollar. And so there's a couple of things that we're doing. One, it's having this conversation and making sure that we all are aware that there is a gap. By the way, women live longer than men, so longevity risk is a real factor. Secondly, it's about making sure that we are talking to women about what can you do differently. And so whether that's negotiating pay and what are some tools that are out there, making sure that you take the time to negotiate because we know women do not negotiate as much as men, which puts you at a disadvantage to start. But then also along the way, making sure that women are securing their own retirement and that as part of their retirement plan, we're having much more conversation around guaranteed income as well. And so ensuring that we understand what are the nuances for women. If you think about COVID, two million women exited the workforce. They did not continue to contribute to their 401k or 43B.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, first, we have to meet people where they are, and we know that money is emotional. And when you're a Notice Brown, you know, trying to do the best that you can, it's not enough for companies to say that we have it on our website or that we put a flyer together. I think what we all have to do as leaders is we have to go to the warehouse. We have to make sure that we're talking in a way that Otis Brown can say this is something that I need to do today. And so what we're doing at TIA, whether that's digital, whether that's through benefits and affairs, we're really working with our plant sponsors to say, how do we reach every faculty and staff at your university if it's in a different language? How do we do that? How do we make sure that if they need to bring their family, we do that? So the point is it's not just looking at the overall plan and say, yes, we have a plan. Yes, we have benefits. Yes, we provide education. We have to look at engagement. Are they engaging? And then what's happening in terms of the outcome?”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“What I'm really proud of is that at TIAA, we just don't focus on the professors. We spend a lot of time talking to universities about the people that are cleaning the ground. We meet with them and we will share data and insights to say, here's who's participating, here's who's not. We have what we call a mission metric to see, are you on track and to be able to talk to a university to say, here are those that are on track and here are those that are not, and how can we work together to provide advice, have our wealth advisors meet with them, be able to do fairs, but also advocate as a matter of policy on how do we make things easier for all Americans to be able to have access to a 41k, 43b plan in a way that's easy auto enrollment, auto escalation, in a way that can make sure that we're bringing education and insights to them as well.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know what's great? Otis and Rosie Brown are my heroes. And when they call me, it's not about my rented title. They're reminding me about my character. They're reminding me to stay humble. They're reminding me to make sure that I'm looking out for others and making impact. And then Otis Brown is just reminding me that he's very proud and he may brag a little bit about what I do and how I do it. So he's my biggest cheerleader.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the Otis and Rosie Brown Foundation, it's based in Texas, and it's giving homage to Otis and Rosie Brown, everyday people that made an extraordinary impact. So the organization is extraordinary is.org, and what we do is we provide scholarships based on character because that's how I was raised. I rent my title, I own my character. And so we want to know your story. And then we also provide micro grants to small organizations, people that may not be as connected, people that may have started their organization out of some form of loss or trauma. Basically, I want to see the unseen and I want to remind people that how they're able to make an impact are the things that reside within them.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, it is important for me to give back, and I am pretty well allocated. But I start with where can I make impact? I start with things that I care about, and I start with things that I think ultimately I can learn from. And so whether that's having my own foundation, whether that's being on the board.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, we've always been committed to ESG. And when I think about our why, I mean, clearly, we believe that it's core to long-term growth and it's core to understanding and mitigating risk. And we also understand the important role that it can play in society. And so our participants are very much curious about what we're doing in ESG. Naveen clearly has been a leader in ESG, and it's a conversation that we have on campus. It's a conversation that we have at universities and hospitals, et cetera. So it absolutely is top of mind.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we're at the very top, and it starts with the board, and I'm fortunate enough to have a board of trustees that commitment to diversity, equity, and inclusion is something that's always been a part of who we are at TIAA. Our board is very diverse. My management team is probably one of the diverse management teams of any Fortune 500 company. And when I think about our why, it's just saying I want the best talent. And if you fundamentally believe that talent is created equally, opportunity is not, you'll always ask who's not who's not at the table, who's not in the room. And I get to surround myself with people that have that same level of resolve.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“It's surprising in one sense, but not surprising in the other. It's surprising in the sense that there's so many talented African-American women that could absolutely lead a Fortune 500. It's not surprising because we know that there's only ever been three full-time, four total to run a Fortune 5. And it just says that we have a lot more work to do, not just in corporate America, but in so many other facets of our society.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Not exactly. I think it was a long interview process and clearly they were able to tell me all the wonderful things about this company. And over time, I fell in love with the company and realized that this definitely was the next best move for me in my career. I think this is the most amazing job. I get to lead a company, a Fortune 100 company that's anchored in a mission to make sure that everyone has access to retirement and can retire with dignity. So yeah, this is a phenomenal opportunity I get a privilege to lead.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know what? If it do, I say self? No. I know who to call within the team to help. So I never had my card denied. But we would do some testing. I would absolutely pop in a branch and hope they didn't know who I was and just ask them a few questions”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say he ultimately convinced me But yeah, so at that time, and really what's so interesting about this story is that about six months before that meeting, I said to myself, no matter how much I love Fannie Mae, I really believed in the mission. The mission is our business, the business is our mission. I could never get closer to the consumer being in the secondary market. And so one of my goals was to get closer to the consumer. And this opportunity allowed me to do that.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so at the time it was the CEO of the mortgage company, and I was on Fannie Mae Business in New York and presented. And then afterwards, he asked me a question. I don't know or remember what it was, but I answered it. And then he said, I hear you're highly regarded at Fannie Mae. What would it take for you to join, Chase?”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“What's interesting is that there's a program called Inroads. And En-ROADS is a program for minorities that give you exposure into corporate America. En-ROADS was my disruptor. En-ROADS is what gave me an opportunity to even know the work corporate America. And so I intern at a company called Fannie Mae. And that's how I got exposure into financial services.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“No, and if I tried to play in this day and age, I might be a water girl at that point. I mean, the skills are just incredible today.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know. My dad would say I was going to be a lawyer, I guess, because I would always debate everything in the House. I think what I knew at a younger age is whatever I would do, I would do it well and whatever I would do, I would want to make sure that I'm inspiring and making impact. And that's been true throughout my career.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“My dad needed to keep a job. That's what happened. No, at the time, being a blue collar worker office or a plant was shut down, you would have another option. And at that time, one of the options was moving to Texas. And so my parents, my mom and my father, me and my two brothers in everything that we owned in a car. And we drove to Texas. And so we started our lives with just the five of us and not much else in an apartment.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so my father worked for a company for many years, blue collar worker drove trucks, worked in the warehouse. And he had access to his pension plan, but he could have also participated with his 401k. And it wasn't until I graduated from college and was talking to my father, Otis Brown, and realized that he at that time had never contributed to his 401k. And so to have the daughter look at your father and say, Dad, this is not sufficient is something that stayed with me because there's so many Otis Browns out here that have access to a retirement plan, but that plan may not have communicated in a way that Otis Brown would say, this is something I need to take advantage of. And as a result, there were a lot of dollars that were left on the table.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Have. I mean, what's been great about the acquisition? I want to say in 2014 is exactly they were known as a top muni shop and we still are, but through acquisitions and partnerships like Churchill and others, we now have a general account that provides exposure to not just traditional investments, but also alternatives, which has been terrific for us.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we're able to do that because we have a great investment manager that's here, but our general account primarily has exposure to fixed income, but we also do have exposure to private equity and alternatives that allows us to have a high AAA rated type insurance company with exposure to equity, which gives us the opportunity over the long haul to outperform and return or share those profits back to participants.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we guarantee a percentage, and then depending on the performance of the company and in our investments, we can credit you at higher amount, depending on how we're performing.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“No, we are private. And so we're not a public company, we're private. But the good news is if you are a participant, you get to share our profits. And so if you worked at a university or a healthcare with TIA, you get the benefit in sharing our profits.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, we just recently announced our ability to have access to lifetime income solutions, guaranteed income move into the 401k market. And so very soon, the answer will be yes, that within your plan, you will have an opportunity if we negotiate that with your plan sponsor, to have exposure to TIA traditional light product that we call the secure income product.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, that's the beauty of TIA traditional. That's what we've been here to do for over 100 years. And so the people who are thinking about retirement or in retirement that have access to guaranteed income, they're able to draw on their Social Security and they're also able to draw on their guaranteed income while they're navigating the volatile markets and hopefully not having to sell too early in the market. And so I think more than ever, this is why it's so important to talk about access to guaranteed income, access to implanned annuities.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, when I think about how we invest, we're pretty well positioned to navigate any environment. But if I just think about the broader economy, clearly inflation is top of mind for the Fed. Clearly, I worry about the war in Ukraine. And I also worry about the geopolitical environment. I think when it comes to our participants, inflation is top of mind because these are individuals that are thinking about retirement or in retirement in the everyday cost is what's on top of what's top of mind for them. And so that's what's top of mind for me.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“We're clearly our participants have choice, and depending on the plan, depends on the university or the organization. But what makes TIA special is that within their in-plan portfolio, they can have exposure to guaranteed income. And that means that in addition to stocks and bonds, you have an implant annuity that provides you that guarantee, that insurance that you can feel confident that regardless of the markets, it won't go negative, that you won't outlive it. And that ultimately it can complement your overall financial allocation as you think about your retirement.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so over time, we started with professors, but over time our mission expanded to not just the professors on campus, but also the janitors, the staff, K through 12, hospitals, other nonprofits, and most recently having our product travel into the 401k market. And really, when you think about our mission to make sure that people can retire with dignity, we think having access to guaranteed income as part of one's retirement portfolio is absolutely critical.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so it's great to be here. So, TIAA stands for teachers, insurance, annuity association. But given that we're that and so much more, we're simply TIA. And when you think about what we do, we exist to ensure that millions of Americans can have a secure retirement. We were founded by Andrew Carnegie over 100 years ago who saw a professor retire in poverty and not with dignity. And so from that moment, our company was founded and we are a Fortune 100 company. We return all of our profits, share our profits with our participants, and we're very much anchored on fulfilling our mission even as we stand here today.”
2022-11-10 · The David Rubenstein Show · Thasunda Brown Duckett · IDENTIFIED FROM THE TRANSCRIPT · source