MODIFICATION OF TIAA-CREF RETIREMENT POLICY — July 11, 1971
o4 MODIFICATION OF TIAA-CREF RETIREMENT POLICY (Board of Trustees Meeting, July 11, 1971) The President asked for approval by the Board of Trustees of a modification of our TIAA-CREF retirement policy provisions +o include 100 percent participation by faculty members in CREF (compared to the existing policy of requiring at least 25 percent of retirement funds paid by a faculty member be placed with TIAA). The a@ifference between TIAA and CREF is that funds placed with TIAA are invested much more conservatively in bonds and senior securities. Funds placed with CREF are invested in a comprehen— sively large number of common stocks, This request to the Board arose out of a recent change in the policies of the Teachers Insurance and Annuities Association which made the division of funds on a 100 percent basis into either TIAA or CREF possible for faculty members. After discussion, the Board of Trustees approved of this modification in policy, allowing a faculty member to exercise an option to invest all of his retirement funds in TIAA or CREF as he wishes.
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o4 MODIFICATION OF TIAA-CREF RETIREMENT POLICY (Board of Trustees Meeting, July 11, 1971) The President asked for approval by the Board of Trustees of a modification of our TIAA-CREF retirement policy provisions +o include 100 percent participation by faculty members in CREF (compared to the existing policy of requiring at least 25 percent of retirement funds paid by a faculty member be placed with TIAA). The a@ifference between TIAA and CREF is that funds placed with TIAA are invested much more conservatively in bonds and senior securities. Funds placed with CREF are invested in a comprehen— sively large number of common stocks, This request to the Board arose out of a recent change in the policies of the Teachers Insurance and Annuities Association which made the division of funds on a 100 percent basis into either TIAA or CREF possible for faculty members. After discussion, the Board of Trustees approved of this modification in policy, allowing a faculty member to exercise an option to invest all of his retirement funds in TIAA or CREF as he wishes.