Retirement plan yields won't return to the long-term norm of roughly 5 to 7 percent until the next decade or two, TIAA President and CEO Roger Ferguson said Tuesday.
"I think 20 years from now, and maybe even 10, we'll get back to what we thought of as the norm," he told CNBC's "Squawk Box." "I'm not a big believer in sort of the new normal. I don't think we're going into a period of incredibly low rates."
It takes a long time to return to normality following a recession triggered by a sudden change in asset values, he said. "That is exactly a process that we're going through."
Ferguson, the former Federal Reserve Board of Governors vice chairman, is running one of the nation's largest retirement providers at a time when the Fed's low interest rates have made it difficult to squeeze yield out of low-risk assets, putting pressure on savers.