Rachael Zufall
About Rachael Zufall
Rachael Zufall (born 1973) serves as Vice President and Assistant Secretary of Nuveen Core Plus Impact Fund (NPCT); her officer term is indefinite and she has served since 2022 . She is Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC, and Managing Director, Associate General Counsel and Assistant Secretary for the College Retirement Equities Fund (CREF), TIAA Separate Account VA‑1, TIAA‑CREF Funds and TIAA‑CREF Life Funds; she is also Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA‑CREF Investment Management, LLC, and a Managing Director of Nuveen, LLC and of TIAA . NPCT has no employees; officers serve without compensation from the Funds, with compensation paid by the Adviser (Nuveen/TIAA); fund‑level officer pay details are not disclosed .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Teacher Advisors, LLC; TIAA‑CREF Investment Management, LLC | Managing Director; Associate General Counsel; Assistant Secretary | Managing Director since 2017; Associate General Counsel & Assistant Secretary since 2011 | Legal, governance and assistant secretary functions across TIAA fund complexes |
| CREF; TIAA Separate Account VA‑1; TIAA‑CREF Funds; TIAA‑CREF Life Funds | Managing Director; Associate General Counsel; Assistant Secretary | Associate General Counsel & Assistant Secretary since 2014; Managing Director since 2017 | Legal and governance roles for registered funds and separate accounts |
| Nuveen, LLC | Managing Director | Since 2017 | Senior legal management within Nuveen/TIAA asset management platform |
| Nuveen Fund Advisors, LLC | Managing Director; Assistant Secretary | Not disclosed | Fund officer and assistant secretary responsibilities for Nuveen closed‑end funds |
External Roles
No public company directorships or external board committee roles are disclosed for Rachael Zufall in NPCT filings; her listed capacities are internal to Nuveen/TIAA fund complexes .
Fixed Compensation
| Item | Amount/Detail |
|---|---|
| Base salary | Not disclosed at fund level; officers receive no compensation from NPCT (paid by the Adviser) |
| Target bonus % / actual bonus | Not disclosed at fund level; any incentives would be at Adviser level and are not detailed in fund filings |
| Perquisites / tax gross‑ups | Not disclosed in NPCT filings |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Officer incentive plans | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| NPCT filings state officers receive no compensation from the Funds, and do not provide any performance metric linkages or vesting schedules for fund officers (any such plans would be at the Adviser and are not disclosed in these filings) . |
Equity Ownership & Alignment
| Metric | NPCT detail |
|---|---|
| Shares owned by Board Members and officers as a group (Common) | 0 shares in NPCT as of December 31, 2024 (group total) |
| Ownership as % of shares outstanding (group) | Less than 1% of NPCT outstanding shares (Board Members and executive officers as a group) |
| Individual ownership for Rachael Zufall | Not individually disclosed in filings (officers are not itemized for holdings) |
| Shares pledged as collateral | Not disclosed in NPCT filings |
| Stock ownership guidelines | Governance principle applies to Board Members: expected to invest at least one year of compensation in Nuveen funds; no officer guideline disclosed |
| Section 16 compliance | Filings state Board Members and officers complied with Section 16(a) filing requirements during the last fiscal year |
Employment Terms
| Term | Detail |
|---|---|
| Title | Vice President and Assistant Secretary |
| Term of office | Indefinite; officers elected annually by the Board |
| Length of time served | Since 2022 (fund officer) |
| Compensation source | No compensation from NPCT; paid by Adviser; Fund reimburses only an allocable portion of the CCO’s incentive compensation |
| Employment agreement, severance, change‑of‑control | Not disclosed in NPCT filings |
| Clawback/hedging/pledging policies for officers | Not disclosed in NPCT filings |
Investment Implications
- Pay‑for‑performance analysis is not possible at the fund level: NPCT discloses no officer compensation details (salary/bonus/equity) and states officers are paid by the Adviser, limiting visibility into incentive levers and vesting‑related selling pressure .
- Insider alignment signals are muted: Board Members and officers as a group held less than 1% of NPCT shares, with the group’s NPCT position reported as 0 shares; no pledging or hedging disclosures for officers are provided .
- Retention/contract risk appears low on disclosed facts: Rachael’s officer term is indefinite, elected annually, with multi‑entity roles across Nuveen/TIAA fund complexes; however, no severance or change‑of‑control terms are disclosed to quantify retention economics .
- Compliance/trading signals: Filings report compliance with Section 16(a) by Board Members and officers; absent Form 4 detail in fund filings, there are no transaction‑level indicators of selling pressure specific to Rachael .