AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 19, 1999
Registration File Nos. 33-480 and 811-4415
================================================================================
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
--
Post-Effective Amendment No. 30 [X]
--
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 36 [X]
--
(CHECK APPROPRIATE BOX OR BOXES.)
COLLEGE RETIREMENT EQUITIES FUND
(EXACT NAME OF REGISTRANT)
(NOT APPLICABLE)
(NAME OF INSURANCE COMPANY)
730 Third Avenue
NEW YORK, NEW YORK 10017-3206
(ADDRESS OF INSURANCE COMPANY'S PRINCIPAL EXECUTIVE OFFICES)
INSURANCE COMPANY'S TELEPHONE NUMBER, INCLUDING AREA CODE: 212-490-9000
NAME AND ADDRESS OF AGENT FOR SERVICE: COPY TO:
Peter C. Clapman, Esquire Kimberly J. Smith, Esquire
College Retirement Equities Fund Sutherland, Asbill & Brennan, L.L.P.
730 Third Avenue 1275 Pennsylvania Avenue, N.W.
New York, New York 10017-3206 Washington, D.C. 20004-2404
Securities to be Registered: Interests in an open-end management investment
company for individual and group flexible payment deferred variable annuity
contracts.
APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:
As soon as practicable after effectiveness of the Registration Statement
It is proposed that this filing will become effective (CHECK APPROPRIATE BOX)
[ ] immediately upon filing pursuant to paragraph (b)
[X] on May 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (DATE) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (DATE) pursuant to paragraph (a)(2) of Rule 485.
IF APPROPRIATE, CHECK THE FOLLOWING BOX:
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
<PAGE>
CROSS REFERENCE TO ITEMS REQUIRED BY PART A OF FORM N-3
N-3 ITEM PROSPECTUS HEADING
-------- ------------------
1. Cover Page ..................................... Cover Page
2. Definitions .................................... Special Terms
3. Synopsis ....................................... The College Retirement
Equities Fund
4. Condensed Financial
Information .................................. Condensed Financial
Information
5. General Description of
Registrant and Insurance
Company ...................................... The College Retirement
Equities Fund
6. Management ..................................... Investment Management
7. Deductions and Expenses ........................ About Expenses
8. General Description of Variable Annuity
Contracts ................................. The Annuity
Certificates
9. Annuity Period ................................. When You Are Ready to
Receive Annuity Income
10. Death Benefit .................................. About Your Death
Benefits
11. Purchases and Contract
Value ..................................... The Annuity
Certificates;
Determining The Value
of Your Account
12. Redemptions .................................... How to Transfer and
Withdraw Your Money
13. Taxes .......................................... Taxes
14. Legal Proceedings .............................. Not Applicable
15. Table of Contents for the
Statement of Additional
Information ............................... Inside Back Cover
<PAGE>
PROSPECTUS
THE COLLEGE RETIREMENT EQUITIES FUND (CREF)
INDIVIDUAL, GROUP, AND TAX-DEFERRED VARIABLE ANNUITIES
MAY 1, 1999
1
<PAGE>
(Inside cover)
ABOUT CREF
Founded in 1952, CREF is a nonprofit membership corporation established in New
York State. Its home office is at 730 Third Avenue, New York, NY 10017. There
are also regional offices across the United States including Atlanta, Boston,
Chicago, Dallas, Denver, Detroit, New York, Philadelphia, San Francisco and
Washington, D.C. as well as a service center in Denver. CREF, the first company
in the United States to issue a variable annuity, is the companion organization
of Teachers Insurance and Annuity Association of America (TIAA). TIAA was
founded in 1918 by the Carnegie Foundation and offers traditional annuities. It
also offers variable annuities including a separate account that invests in real
estate (the Real Estate Account).
Together, CREF and TIAA form the principal retirement system for the nation's
education and research communities and is the largest retirement system in the
world based on assets under management. TIAA-CREF serves approximately 2.1
million people at about 8,800 institutions. As of December 31, 1998, CREF's net
assets were approximately $146 billion and the combined net assets for CREF and
TIAA totaled approximately $249 billion.
2
<PAGE>
(Inside 1st right hand page)
THE COLLEGE RETIREMENT EQUITIES FUND (CREF)
INDIVIDUAL, GROUP, AND TAX-DEFERRED VARIABLE ANNUITIES
MAY 1, 1999
This prospectus describes the individual and group variable annuities CREF
offers. It contains information you should know before purchasing a variable
annuity and selecting your investment options. Please read it carefully before
investing and keep it for future reference.
Investment in a CREF variable annuity contract is subject to risk and you could
lose money. CREF does not guarantee the investment performance of its accounts,
and you bear the entire investment risk.
CREF provides variable annuities for retirement and tax-deferred savings plans
for employees of colleges, universities, and other educational and research
organizations. Our main purpose is to invest funds for your retirement and pay
you income based on your choice of eight investment accounts:
o The Stock Account o The Bond Market Account
o The Global Equities Account o The Inflation-Linked Bond Account
o The Growth Account o The Social Choice Account
o The Equity Index Account o The Money Market Account
You can purchase a CREF variable annuity contract in connection with certain
types of retirement plans. CREF offers the following certificates and contracts.
RA (Retirement Annuity) and GRA (Group Retirement Annuity)
SRA (Supplemental Retirement Annuity) and GSRA (Group Supplemental
Retirement Annuity)
GA (Group Annuity)
IRA (Individual Retirement Annuity)
Keogh (Available pending regulatory approval)
More information about CREF is in our Statement of Additional Information (SAI)
dated May 1, 1999. It is on file with the SEC. For a free copy, write to us at
730 Third Avenue, New York, NY 10017-3206, attn: Central Services, or call
800-842-2733, ext. 5509. The SAI's table of contents is on the last page of this
prospectus. The SEC's website (http://www.sec.gov) contains the prospectus, SAI,
material incorporated by reference, and other information about CREF.
ALTHOUGH CREF HAS REGISTERED THESE SECURITIES WITH THE SECURITIES AND EXCHANGE
COMMISSION (SEC), THE SEC HAS NOT JUDGED THEM FOR INVESTMENT MERIT AND DOES NOT
GUARANTEE THE ACCURACY OR ADEQUACY OF THE INFORMATION IN THIS PROSPECTUS. ANYONE
WHO SUGGESTS OTHERWISE IS COMMITTING A FEDERAL CRIME.
The CREF accounts are not or insured or guaranteed by the Federal Deposit
Insurance Corporation or any
3
<PAGE>
other government agency.
4
<PAGE>
TABLE OF CONTENTS
Special Terms
About Expenses
Condensed Financial Information
Your Investment Options
Equity Accounts
Stock Account
Global Equities Account
Growth Account
Equity Index Account
Other Investments in Equity Accounts
Bond Market and Inflation-Linked Bond Accounts
Bond Market Account
Inflation-Linked Bond Account
Other Investments in Bond Market and Inflation-Linked Bond
Accounts
Social Choice Account
Money Market Account
Historical Returns for CREF Accounts
Performance Information
Additional Investment Tools and Risks
Foreign Investments
Options, futures, and other derivatives
Illiquid securities
Firm commitment agreements and "when issued" securities
Securities lending
Borrowing
Investment companies
Repurchase agreements
Investment Management
Allocations among affiliated accounts
Adding, Closing, or Substituting Accounts
The Annuity Certificates
RA (Retirement Annuity) and GRA (Group Supplemental Retirement
Annuity)
SRA (Supplemental Retirement Annuity) and GSRA Group
Supplemental Retirement Annuity)
GA (Group Annuity)
Classic and Roth IRA
Keogh
Starting Out
Choosing an Account
Determining the Value of Your Account
If You Need to Cancel
How to Transfer and Withdraw Your Money
5
<PAGE>
Transfers to and from other TIAA-CREF Accounts
Transfers from other plans
Transfers to other companies
Withdrawals
When You Are Ready to Receive Your Annuity Income
The Annuity Period In General
Annuity Starting Date
Annuity Income Options
Receiving Lump Sum Payments (Retirement transition benefit)
Transfers during the Annuity Period
About Your Death Benefits
Beneficiaries
Methods of Payment of Death Benefits
Payments during the Accumulation Period
Payments during the Annuity Period
Timing of Payments
Taxes
Early distributions
Minimum Distribution Requirements
Withholdings on Distributions
Additional Information
How to Reach Us
Choices and changes
Telephone and Internet Transactions
Your Voting Rights
Electronic Prospectuses
Our Year 2000 Progress
Assigning your Contract
Errors or Omissions
Texas Optional Retirement Program Participants
Householding
Distributor
Table of Contents to the SAI
This prospectus outlines the terms under which CREF Accounts are offered. The
accounts are offered only in those jurisdictions where it is legal to do so. No
one is permitted to make any representation to you or give you any information
that is not in the prospectus. If anyone attempts to do so, you should not rely
on it.
6
<PAGE>
SPECIAL TERMS
We have defined certain terms so that you'll have a clearer understanding of
this prospectus and your investment.
ACCOUNT Any of CREF's investment funds. Each account is a separate portfolio
with its own investment objective.
ACCUMULATION The total value of your accumulation units.
ACCUMULATION UNIT A share of participation in a CREF account for someone in the
accumulation period. Each account has its own accumulation unit value, which
changes daily.
ANNUITY UNIT A measure used to calculate the amount of annuity payments. Each
account uses a separate annuity unit value.
BENEFICIARY Any person or institution named to receive benefits if you die
during the accumulation period or if you (and your annuity partner, if you have
one) die before the end of any guaranteed period.
BUSINESS DAY Any day the New York Stock Exchange (NYSE) is open for trading. A
business day ends at 4 p.m. Eastern Time or when trading closes on the NYSE, if
earlier.
CALENDAR DAY Any day of the year. Calendar days end at the same time as business
days, currently 4 p.m. Eastern Time.
COMMUTED VALUE The present value of annuity payments due under an income option
or method of payment not based on life contingencies.
ELIGIBLE INSTITUTION A public or private United States institution that is
non-proprietary and non-profit. The main purpose of an eligible institution must
be to offer instruction, conduct research, serve and support education or
research, or perform ancillary functions for such institutions.
INCOME CHANGE METHOD How you choose to have your annuity payments revalued.
Under the annual income change method, your payments are revalued once each
year. Under the monthly income change method, your payments are revalued every
month.
INCOME OPTION How your receive your CREF retirement income.
PARTICIPANT Any person who owns a CREF certificate. Sometimes an employer can be
a participant.
VALUATION DAY Any business day plus the last calendar day of each month.
Valuation days end as of the close of all U.S. national exchanges where
securities or other investments of CREF are principally traded. Valuation days
that aren't business days end at 4 p.m. Eastern Time.
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<PAGE>
ABOUT EXPENSES
CREF deducts expenses from the net assets of each account each valuation day for
investment management, administration, and distribution. Because nonprofit
subsidiaries of TIAA perform these services for CREF at cost, the deductions for
expenses are generally lower than comparable annuity contracts offered by other
companies. Investment management expenses cover investment advice, portfolio
accounting, and custodial services. Administrative expenses include
administration and operations. CREF has also adopted a plan authorizing payment
of 12b-1, or distribution fees. 12b-1 fees are for telling you about the
certificates, how you can invest, and helping employers install and manage
retirement plans. CREF also deducts a mortality and expense risk charge to
guarantee that CREF participants transferring funds to TIAA for the immediate
purchase of lifetime payout annuities will not be charged more than the rate
stipulated in the CREF certificate.
After the end of every quarter, CREF reconciles how much we deducted with the
expenses each account actually incurred. If there's a difference, we add it or
deduct it from the account in equal daily installments over the remaining days
in the quarter. Since our at-cost deductions are based on projections of overall
expenses and the assets of each CREF account, differences from our projections
in an account's actual assets or expenses will directly impact the size of these
adjusting payments. While our projections of an account's asset size (and
resulting expense fees) are based on our best esimates, the size of an account's
assets can be affected by a number of factors, including premium growth,
contractholder transfers into or out of an account, and market performance
affecting the value of an account's portfolio securities. Historically, the
adjusting payments necessary to bring expense deductions in line with actual
"at-cost" expenses have generally been small and resulted in both upward and
downward adjustments to CREF's expense deductions for the following quarter. We
revise our expense rates from time to time to keep deductions as close as
possible to actual expenses. Expense rate changes are determined by the CREF
Board of Trustees. The annual distribution expense charge will not be more than
.25% of an account's average daily net assets.
ANNUAL EXPENSE DEDUCTIONS
The following table shows the direct and indirect expense deductions for each of
the CREF accounts. Currently, there are no expenses for any transfers or cash
withdrawals. We may impose these charges in the future.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Inflation
Global Equity Bond Linked Social Money
Stock Equities Growth Index Market Bond Choice Market
----- -------- ------ ----- ------ --------- ------ ------
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Participant Transaction Expenses
Deductions from Premiums (as a
percentage of premiums) None None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
CHARGES FOR TRANSFERS AND CASH
WITHDRAWALS (AS A PERCENTAGE OF
TRANSACTION AMOUNT)
- -----------------------------------------------------------------------------------------------------------------------------
Transfers Between CREF Accounts None None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
Transfers to TIAA None None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
Transfers to Other Companies None None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
Cash Withdrawals None None None None None None None None
- -----------------------------------------------------------------------------------------------------------------------------
ANNUAL EXPENSE DEDUCTIONS FROM NET
ASSETS (AS A PERCENTAGE OF AVERAGE NET
ASSETS)
- -----------------------------------------------------------------------------------------------------------------------------
Mortality and Expense Risk Charges 0.005% 0.005% 0.005% 0.005% 0.005% 0.005% 0.005% 0.005%
- -----------------------------------------------------------------------------------------------------------------------------
Investment Advisory Expenses 0.080% 0.140% 0.110% 0.060% 0.070% 0.080% 0.060% 0.060%
- -----------------------------------------------------------------------------------------------------------------------------
Administrative Expenses 0.195% 0.195% 0.195% 0.195% 0.195% 0.195% 0.195% 0.195%
- -----------------------------------------------------------------------------------------------------------------------------
Distribution Expenses 0.030% 0.030% 0.030% 0.030% 0.030% 0.030% 0.030% 0.030%
- -----------------------------------------------------------------------------------------------------------------------------
Total Annual Expense Deductions 0.310% .0370% 0.340% 0.290% 0.300% 0.310% 0.290% 0.290%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
The following table shows you an example of the expenses you would incur on a
hypothetical investment of $1,000 in each CREF account over several periods. The
table assumes a 5% annual return on assets. Remember that these figures don't
represent actual expenses or investment performance, which may differ.
8
<PAGE>
ANNUAL EXPENSE DEDUCTIONS FROM NET ASSETS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Stock Global Growth Equity Bond Inflation- Social Money
Equities Index Market Linked Choice Market
Bond
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year $ 3 $ 4 $ 3 $ 3 $ 3 $ 3 $ 3 $ 3
- ----------------------------------------------------------------------------------------------
3 Years $10 $12 $11 $ 9 $10 $10 $ 9 $ 9
- ----------------------------------------------------------------------------------------------
5 Years $17 $21 $19 $16 $17 $17 $16 $ 16
- ----------------------------------------------------------------------------------------------
10 Years $39 $47 $43 $37 $38 $39 $37 $ 37
- ----------------------------------------------------------------------------------------------
</TABLE>
Some commissions paid by CREF to broker-dealers who buy and sell securities for
the CREF accounts have been used in the past to reduce account expenses.
However, this practice, which CREF no longer uses, didn't affect the amount of
brokerage commissions paid.
9
<PAGE>
Condensed Financial Information
Below you'll find condensed, audited financial information for the CREF accounts
for each of the periods indicated.
Stock Account
<TABLE>
<CAPTION>
For the Years Ended December 31
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 2.381 2.317 2.114 1.885 1.699 1.606 1.523 1.552 1.549 1.367
Expenses* 0.581 0.387 0.304 0.271 0.223 0.210 0.181 0.184 0.148 0.140
Investment Income B Net 1.860 1.930 1.810 1.614 1.476 1.396 1.342 1.368 1.401 1.227
Net realized and unrealized
gain(loss) on total investments 29.795 26.864 15.953 19.984 (1.557) 7.139 2.294 11.994 (4.007) 9.051
Net increase(decrease) in 31.655 28.974 17.763 21.598 (.081) 8.535 3.636 13.362 (2.606) 10.278
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 138.017 109.223 91.460 69.862 69.943 61.408 57.772 44.410 47.016 36.738
End of Period 169.672 138.017 109.223 91.460 69.862 69.943 61.408 57.772 44.410 47.016
Ratios to Average Net Assets:
Expenses 0.34% 0.31% 0.31% 0.34% 0.32% 0.32% 0.31% 0.36% 0.33% 0.33%
Investment Income B Net 1.23% 1.23% 1.55% 1.82% 2.00% 2.11% 2.14% 2.32% 2.65% 3.12% 2.87%
Portfolio Turnover Rate 34.63% 23.25% 19.57% 16.25% 18.77% 22.93% 16.29% 22.47% 20.94% 24.14%
Thousands of Accumulation
Units outstanding at end of
period 565,999 597,531 620,498 632,803 637,435 642,528 645,564 640,298 637,886 655,091
</TABLE>
10
<PAGE>
Global Equities Account
<TABLE>
<CAPTION>
For the Years Ended December 31 May 1 (date
of SEC
registration) to
December 31
1998 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 0.902 0.848 0.751 0.727 0.687 0.487 0.493
Expenses* 0.268 0.205 0.167 0.157 0.134 0.103 0.109
Investment Income B Net 0.634 0.643 0.584 0.570 0.553 0.384 0.384
Net realized and unrealized
gain(loss) on total investments 10.508 8.650 7.138 6.618 (0.719) 9.021 0.274
Net increase(decrease) in 11.142 9.293 7.722 7.188 (0.166) 9.405 0.658
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 59.973 50.680 42.958 35.770 35.936 26.531 25.873
End of Period 71.115 59.973 50.680 42.958 35.770 35.936 26.531
Ratios to Average Net Assets:
Expenses 0.41% 0.38% 0.37% 0.40% 0.41% 0.45% 0.37%
Investment Income B Net 0.97% 1.19% 1.28% 1.47% 1.71% 1.67% 1.31%
Portfolio Turnover Rate 103.31% 98.70% 88.84% 67.50% 51.63% 16.75% 11.71%
Thousands of Accumulation
Units outstanding at end of
period 81,825 84,645 80,016 70,163 70,700 36,796 8,277
</TABLE>
11
<PAGE>
Growth Account
<TABLE>
<CAPTION>
For the Years Ended December 31 April 29 (date
of SEC
registration) to
December 31
1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 0.482 0.527 0.484 0.417 0.356
Expenses* 0.244 0.155 0.119 0.114 0.077
Investment Income B Net 0.238 0.372 0.365 0.303 0.279
Net realized and unrealized
gain(loss) on total investments 18.475 12.219 8.638 8.891 0.886
Net increase(decrease) in 18.713 12.591 9.003 9.194 1.165
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 56.904 44.313 35.310 26.116 24.951
End of Period 75.617 56.904 44.313 35.310 26.116
Ratios to Average Net Assets:
Expenses 0.38% 0.34% 0.35% 0.43% 0.30%
Investment Income B Net 0.37% 0.82% 1.07% 1.13% 1.09%
Portfolio Turnover Rate 97.57% 53.27% 38.51% 24.42% 11.51%
Thousands of Accumulation
Units outstanding at end of
period 98,862 80,370 53,201 32,375 10,446
</TABLE>
12
<PAGE>
Equity Index Account
<TABLE>
<CAPTION>
For the Years Ended December 31 April 29 (date
of SEC
registration) to
December 31
1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 0.953 0.826 0.773 0.755 0.504
Expenses* 0.190 0.141 0.106 0.100 0.070
Investment Income B Net 0.763 0.685 0.667 0.655 0.434
Net realized and unrealized
gain(loss) on total investments 12.789 12.672 6.936 8.703 0.401
Net increase(decrease) in 13.552 13.357 7.603 9.358 0.835
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 56.191 42.834 35.231 25.873 25.038
End of Period 69.743 56.191 42.834 35.231 25.873
Ratios to Average Net Assets:
Expenses 0.31% 0.30% 0.30% 0.34% 0.26%
Investment Income B Net 1.24% 1.47% 1.87% 2.22% 1.65%
Portfolio Turnover Rate 3.98% 3.50% 7.85% 8.31% 1.30%
Thousands of Accumulation
Units outstanding at end of
period 47,997 35,368 20,725 10,911 2,716
</TABLE>
13
<PAGE>
Bond Market Account
<TABLE>
<CAPTION>
For the Years Ended December 31 March 1 (date
of SEC
registration) to
December 31
1998 1997 1996 1995 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 3.156 3.081 3.039 2.863 2.502 2.348 2.287 2.270 1.844
Expenses* 0.158 0.134 0.126 0.123 0.108 0.103 0.093 0.096 0.084
Investment Income B Net 2.998 2.947 2.913 2.740 2.394 2.245 2.194 2.174 1.760
Net realized and unrealized
gain(loss) on total investments 1.150 1.266 (1.600) 3.722 (3.897) 1.606 0.056 2.247 0.448
Net increase(decrease) in 4.418 4.213 1.313 6.462 (1.503) 3.851 2.250 4.421 2.208
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 48.215 44.002 42.689 36.227 37.730 33.879 31.629 27.208 25.000
End of Period 52.363 48.215 44.002 42.689 36.227 37.730 33.879 31.629 27.208
Ratios to Average Net Assets:
Expenses 0.32% 0.29% 0.30% 0.31% 0.29% 0.28% 0.29% 0.34% 0.33%
Investment Income B Net 5.96% 6.44% 6.86% 6.93% 6.54% 6.18% 6.78% 7.61% 7.05%
Portfolio Turnover Rate 525.32% 398.77% 145.27% 185.11% 161.46% 139.55% 217.89% 124.62% 50.64%
Thousands of Accumulation
Units outstanding at end of
period 57,481 31,654 22,611 19,522 14,939 14,698 13,583 10,658 4,395
</TABLE>
14
<PAGE>
Inflation-Linked Bond Account
For the Year May 1 (date of
Ended SEC registration)
December 31 to December 31
1998 1997
Per Accumulation Unit data
Investment Income $ 1.256 1.031
Expenses* 0.086 0.067
Investment Income B Net 1.170 0.964
Net realized and unrealized
gain(loss) on total investments (0.260) 0.154
Net increase(decrease) in 0.910 1.118
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 26.118 25.000
End of Period 27.028 26.118
Ratios to Average Net Assets:
Expenses 0.33% 0.25%
Investment Income B Net 4.50% 3.60%
Portfolio Turnover Rate 40.98% 63.56%
Thousands of Accumulation
Units outstanding at end of
period 5,112 3,626
15
<PAGE>
Social Choice Account
<TABLE>
<CAPTION>
For the Years Ended December 31 March 1 (date
of SEC
registration) to
December 31
1998 1997 1996 1995 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 2.679 2.396 2.068 1.832 1.621 1.452 1.363 1.432 1.224
Expenses* 0.249 0.193 0.158 0.144 0.125 0.117 0.105 0.102 0.097
Investment Income B Net 2.430 2.203 1.910 1.688 1.496 1.335 1.258 1.330 1.127
Net realized and unrealized
gain(loss) on total investments 11.159 12.223 5.968 9.863 (2.015) 2.082 2.367 5.237 (0.056)
Net increase(decrease) in 13.589 14.426 7.878 11.551 (0.519) 3.417 3.625 6.567 1.071
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 73.016 58.590 50.712 39.161 39.680 36.263 32.638 26.071 25.000
End of Period 86.805 73.016 58.590 50.712 39.161 39.680 36.263 32.638 26.071
Ratios to Average Net Assets:
Expenses 0.31% 0.30% 0.30% 0.32% 0.32% 0.31% 0.33% 0.36% 0.38%
Investment Income B Net 3.07% 3.37% 3.58% 3.75% 3.80% 3.52% 3.88% 4.69% 4.39%
Portfolio Turnover Rate 147.90% 91.87% 40.93% 52.65% 49.06% 39.85% 77.48% 46.41% 22.83%
Thousands of Accumulation
Units outstanding at end of
period 37,211 30,554 25,841 22,196 18,302 16,790 9,224 4,929 2,311
</TABLE>
16
<PAGE>
Money Market Account
<TABLE>
<CAPTION>
For the Years Ended December 31
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Accumulation Unit data
Investment Income $ 0.998 0.953 0.880 0.910 0.631 0.464 0.539 0.808 0.994 1.022
Expenses* 0.054 0.046 0.049 0.048 0.041 0.039 0.036 0.039 0.037 0.032
Investment Income B Net 0.944 0.907 0.831 0.862 0.590 0.425 0.503 0.769 0.957 0.990
Net realized and unrealized
gain(loss) on total investments 0.005 0.001 (0.003) 0.009 (0.012) (0.002) (0.009) 0.013 (0.003) --
Net increase(decrease) in 0.949 0.908 0.828 0.871 0.578 0.423 0.494 0.782 0.954 0.990
Accumulation Unit Value
Accumulation Unit Value:
Beginning of Period 17.402 16.494 15.666 14.795 14.217 13.794 13.300 12.518 11.564 10.574
End of Period 18.351 17.402 16.494 15.666 14.795 14.217 13.794 13.300 12.518 11.564
Ratios to Average Net Assets:
Expenses 0.30% 0.27% 0.30% 0.32% 0.28% 0.27% 0.26% 0.30% 0.30% 0.30%
Investment Income B Net 5.27% 5.35% 5.16% 5.64% 4.03% 3.02% 3.70% 5.95% 7.92% 8.90%
Portfolio Turnover Rate n/a n/a n/a n/a n/a n/a n/a n/a % n/a
Thousands of Accumulation
Units outstanding at end of
period 312,358 233,116 218,292 193,181 183,135 174,073 184,768 207,368 230,184 163,314
</TABLE>
*Includes all expenses charged as a deduction from investment income. As noted
above on page , same brokerage commissions paid by CREF have been used to reduce
expenses.
17
<PAGE>
Your Investment Options
CREF's goal is to provide retirement benefits to you. We have a long-term
investment perspective and try to avoid very conservative or risky investments.
Each account has its own investment objective, policies, and special risks.
Investment objectives cannot be changed without approval of a majority of
account participants. CREF can change investment policies without such approval.
There is no guarantee that any CREF account will meet its investment objective.
Investing in CREF accounts involves risks. Risks common to all accounts include:
Market risk - a change in a stock or bond's price due to changing market
conditions including changes in interest rates
Financial risk - the possibility that a company's earnings will fall or that its
overall financial soundness will decline; the possibility that a bond
issuer won't be able to pay principal and interest when due
Interest rate risk - how much and how quickly interest rate changes will affect
a bond's price
EQUITY ACCOUNTS
STOCK ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return through capital
appreciation and investment income by investing primarily in a broadly
diversified portfolio of common stocks.
INVESTMENT STRATEGY: The account is divided into three segments. Investment
percentages can vary considerably among them. One segment is designed to track
U.S. equity markets as a whole and invests in stocks in the Russell 3000(R)
Index. The account doesn't invest in all 3000 stocks in the Index. Rather, we
use a sampling approach to ensure that this segment closely matches the overall
investment characteristics (for example, yield and industry weight) of the
Index. This means that a company can remain in this segment even if it performs
poorly, unless the company is removed from the Russell 3000. This segment also
uses valuation and trading techniques to attempt to slightly outperform the
Russell 3000.
Another segment of the account contains stocks that are selected individually
for their investment potential.
The third segment invests in foreign stocks and other equity securities,
fixed-income securities, and money market instruments traded on foreign
exchanges, in other foreign securities markets, or privately placed. At the end
of 1998, this segment consisted of ____% of the account. The authorized level
may change. Foreign securities have different types and levels of risk than a
strictly domestic portfolio. Please see page ___ for additional risks related to
foreign investing.
SPECIAL RISKS: The Stock Account is the world's largest equity fund. Because of
its size, it may be buying or selling blocks of stock that are large compared to
the stock's trading volume, making it difficult to reach the positions called
for by our investment decisions, and/or affecting the stock's price. As a
result, we may not be able to adjust the portfolio as quickly as we may desire.
While one segment of the Stock Account tries to closely track the Russell 3000
Index and changes are made to
18
<PAGE>
reflect changes in the Index, there is no guarantee that the Index's performance
can be replicated.
OTHER CONSIDERATIONS: The size of the Stock Account lets us maintain
relationships with many brokers and take advantage of competition among them to
obtain good transaction terms. We often seek economies of scale by buying or
selling large amounts of securities in a single transaction to benefit from
reduced brokerage commissions and better purchase or sales prices than smaller
investors usually receive.
19
<PAGE>
[SIDEBAR]
The Russell 3000(R) Index is an unmanaged index of stocks of the 3,000 largest
publicly traded U.S. companies, based on market capitalization. Russell 3000
companies represent about 98% of the total market capitalization of the publicly
traded U.S. equity market. The market capitalization of the individual companies
in the index ranged from $__ million to $ ___ billion with an average of $___
million/billion as of December 31, 1998. The Frank Russell Company determines
the composition of the Index based only on market capitalization and can change
its composition at any time. The Russell 3000 is a trademark and servicemark of
the Frank Russell Company. No CREF account is promoted, endorsed or sponsored or
sold by or affiliated with the Frank Russell Company.
GLOBAL EQUITIES ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return through capital
appreciation and income from a broadly diversified portfolio that consists
primarily of foreign and domestic common stocks.
INVESTMENT STRATEGY: Typically, at least 40% of the account is invested in
foreign securities and at least 25% in domestic securities. The remaining 35% is
distributed between foreign and domestic securities. These percentages may vary
according to market conditions. Investments are allocated to particular
countries or regions based on several factors, including the attractiveness of
particular markets and the size of a country's or region's equity markets as
compared to the value of global markets. Normally, the account will be invested
in at least three different countries, one of which will be the U.S.
The account can invest in companies of any size, including small companies.
Investing in smaller companies entails more risk. The account may also be
divided into segments. Some segments may track foreign or domestic markets while
others may contain stocks selected individually for their investment potential.
SPECIAL RISKS: There are special risks associated with foreign investing, such
as political or social instability of foreign markets, changing exchange rates,
foreign government regulation, and market conditions different from those in the
U.S., including lower liquidity and higher volatility. Please see page ___ for
additional risks related to foreign investing.
GROWTH ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return, mainly through
capital appreciation, primarily from a diversified portfolio of common stocks
that present the opportunity for exceptional growth.
INVESTMENT STRATEGY: The account invests in companies of all sizes. Generally,
at least 80% of the account is invested in common stocks and other equity
securities. The account may also be divided into segments. Some segments may
track the growth sector of domestic markets while others may contain stocks
selected individually for their investment potential. We choose individual
stocks based on a company's growth prospects, looking for companies that have
the potential for strong earnings or sales growth or appear to be undervalued
based on current earnings, assets or growth prospects.
20
<PAGE>
The Growth Account can invest in larger, more established companies as well as
smaller, less seasoned companies with above-average growth potential. We may
also look for companies that may benefit from reorganizations, mergers or other
special situations. We can also buy foreign securities and other securities (up
to 40% of assets).
SPECIAL RISKS: There are special risks associated with investing in small
companies. These companies generally have narrow product lines, limited track
records, and thinly traded securities. The prices of small company stocks may
fluctuate more than larger company stocks. In addition, stocks of companies
involved in reorganizations or special situations may present other risks. As a
result, the Growth Account will typically be more volatile than the overall
stock market, and could significantly outperform or underperform the market
during any period.
21
<PAGE>
EQUITY INDEX ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return from a diversified
portfolio selected to track the overall market for common stocks publicly traded
in the U.S., as represented by a broad stock market index.
INVESTMENT STRATEGY: The account is designed to track U.S. equity markets as a
whole and invests in stocks in the Russell 3000 Index. The account does not
invest in all 3000 stocks in the Index. Rather, we use a sampling approach to
ensure that this segment closely matches the overall investment characteristics
(for example, yield and industry weight) of the index. This means that a company
can remain in the portfolio even if it performs poorly, unless the company is
removed from the Index. The CREF Board of Trustees can change the index used by
this account at any time. Investors in the account will be notified if it does
so.
The account can also invest in other securities whose return depends on stock
market prices. We select these securities to attempt to match the total return
of the Russell 3000 but may not always do so.
SPECIAL RISKS: While the account attempts to closely track the Russell 3000
Index and changes are made to reflect changes in the Index, there is no
guarantee that the Index's performance can be replicated. Also, because the
Index's returns aren't reduced by operating and investment expenses, the
account's ability to match the Index will be adversely affected by the costs of
buying and selling stocks as well as other expenses. However, we expect expenses
to be low compared to actively managed accounts.
OTHER INVESTMENTS IN EQUITY ACCOUNTS
In addition to stocks, the CREF equity accounts can hold other types of
securities with some equity characteristics, such as convertible bonds,
preferred stock, warrants, and depository receipts. The accounts can also hold
the same types of money market instruments the Money Market Account invests in
(see page ___), as well as other short-term instruments.
The equity accounts can also hold fixed-income securities that they acquire
through mergers, recapitalizations or other situations. When market conditions
are favorable, the accounts can also invest in bonds or other debt instruments
similar to those investments in the Bond Market Account. The equity accounts can
also invest in debt securities whose prices or interest rates are linked to the
return of a stock market index.
The equity accounts may buy and sell options, futures contracts and options on
futures. They can also buy and sell stock index futures contracts. We intend to
use options and futures primarily as hedging techniques or for cash management,
not for speculation, but they involve special considerations and risks
nonetheless. However, we will not hedge all of our investments.
To help manage currency risk, the equity accounts can enter into forward
currency contracts, buy or sell options and futures on foreign currencies, and
buy securities indexed to foreign currencies.
The equity accounts can also invest in newly developed financial instruments,
such as equity swaps (including arrangements where the return is linked to a
stock market index) and equity-linked fixed-income securities.
22
<PAGE>
These securities and instruments pose special risks such as lack of liquidity or
credit risks of the issuer or counterparty.
23
<PAGE>
Bond Market and Inflation-Linked Bond Accounts
BOND MARKET ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return, primarily through
high current income consistent with preserving capital.
INVESTMENT STRATEGY: The account invests in:
Securities issued or guaranteed by the U.S. government or its agencies
Investment-grade corporate securities or mortgage-or asset backed securities
Mortgage-backed securities issued by U.S. government agencies or government
sponsored enterprises such as the Government National Mortgage association
(GNMA), the Federal National Mortgage Association (FNMA) and the Federal
Home Loan Mortgage Corporation (FHLMC)
Other investment quality asset- or mortgage-backed securities
Bonds, notes, commercial paper, and other securities issued by foreign
governments, agencies, corporations, and banks (up to 15% of assets)
Non-investment grade or unrated securities ("junk bonds"). We don't intend to
invest more than 20% of the account's assets in these securities. As of
December 31, 1998, they consisted of 2% of the account's portfolio.
SPECIAL RISKS: Generally, fixed-income securities are interest rate sensitive.
Their market values tend to rise when interest rates fall and fall when interest
rates rise. In addition, the market price of securities with longer maturities
tend to be more volatile.
Lower-rated bonds typically offer higher returns but have higher risks. The
issuer of lower-rated bonds may be less creditworthy or have a higher risk of
insolvency, especially during economic downturns. Small changes in the issuer's
creditworthiness can have more impact on the price of lower-rated bonds than
comparable changes would for higher rated bonds. In addition, lower-rated bonds
may be harder to trade, value or dispose of, which could disrupt their trading
market. Rising interest rates could lower the securities' value, and the prices
of lower-rated bonds can be more volatile than those of higher-quality
securities.
These risks can also apply to the lower levels of "investment grade" securities
- - for example, securities rated Baa by Moody's or BBB by S&P. Also, securities
originally rated "investment grade" are sometimes downgraded later if a ratings
service believes the issuer's business outlook or creditworthiness has
deteriorated. If that happens, we might sell these securities, depending on our
analysis of the issuer's prospects. We don't rely exclusively on credit ratings
when making investment decisions because they alone may not be an accurate
measure of the risk of lower-rated bonds. Rather, we do our own credit analysis,
paying particular attention to interest rate trends and other market events.
Investments in mortgage-related securities may be subject to pre-payment risk.
Pre-payment risk is the risk that mortgages will be paid off earlier than
their original maturity date.
24
<PAGE>
INFLATION-LINKED BOND ACCOUNT
INVESTMENT OBJECTIVE: A long-term rate of return that outpaces inflation,
primarily through investment in inflation-indexed bonds - fixed-income
securities whose returns are designed to track a specified inflation index over
the life of the bond.
[SIDEBAR]
Like conventional bonds, inflation-indexed bonds generally pay interest at fixed
intervals and return the principal at maturity. Unlike conventional bonds, an
inflation-indexed bond's principal or interest is adjusted periodically to
reflect changes in a specified inflation index. Inflation-indexed bonds are
designed to preserve purchasing power over the life of the bond while paying a
"real" rate of interest (i.e., a return over and above the inflation rate).
These bonds are generally issued at a fixed interest rate that is lower than
conventional bonds of comparable maturity and quality, but they are expected to
retain their value against inflation over time.
INVESTMENT STRATEGY: The account invests primarily in U.S. Treasury
Inflation-Indexed Securities (TIIS). It can also invest in other
inflation-indexed bonds issued or guaranteed by the U.S. government and its
agencies, inflation-indexed securities issued by corporations and foreign
governments, and money market instruments or other short-term securities.
U.S. TREASURY INFLATION-INDEXED SECURITIES (TIIS)
Beginning in January 1997, the United States Treasury Department issued
TIIS, new type of bond designed to provide returns linked to the inflation
rate.
The principal amount of a TIIS bond is adjusted periodically for inflation
using the Consumer Price Index for All Urban Consumers (CPI-U). Interest is
paid twice a year. The interest rate is fixed, but the amount of each
interest payment varies as the principal is adjusted for inflation. For an
example of how principal and interest is calculated, see the SAI.
The principal amount of a TIIS investment can go down in times of negative
inflation. However, the U.S. Treasury guarantees that the final principal
payment at maturity will not be less than the original principal amount of
the bond.
The interest and principal components of the bonds may be "stripped", or
sold separately. The account can buy or sell either component.
FOREIGN INFLATION-INDEXED SECURITIES
The account may invest in inflation-indexed bonds issued or guaranteed by
foreign governments and their agencies, as well as other foreign issuers.
We don't expect the account's investments in foreign inflation-indexed
bonds to be more than 25% of assets, although this level may change.
SPECIAL RISKS: Because the investments in the account are "marked-to-market"
daily and because market values
25
<PAGE>
will fluctuate, the value of the investments in the account may decrease. As a
result, its total return may not actually track the selected inflation index
every year.
Also, the CPI-U may not accurately reflect the true rate of inflation. If the
market perceives that the index used by TIIS does not accurately reflect
inflation, the market value of those bonds could be adversely affected.
26
<PAGE>
Participants who choose to receive annuity income through this account should be
aware that their income might not keep pace with inflation precisely, if the
average stated interest rate on the account's inflation-indexed bonds is below
about 4 percent.
OTHER INVESTMENTS IN BOND MARKET AND INFLATION-LINKED BOND ACCOUNTS
The Bond Market and Inflation-Linked Bond Accounts can hold the same kind of
money market and other short-term instruments and debt securities as the Money
Market Account, as well as other kinds of short-term instruments. The Bond
Market Account can also hold preferred stock and common stock through conversion
of bonds or exercise of warrants.
To help manage currency risk, they can also buy and sell options, futures
contracts and options on futures (including options and futures on foreign
currencies). They can also enter into forward currency contracts and buy and
sell securities indexed to foreign currencies.
The Bond Market Account can also buy and sell options, swaps, options on swaps,
futures contracts and options on futures. The account will use these instruments
as hedging techniques or for cash management and not for speculation. These
instruments do, however, involve special risks.
The Inflation-Linked Bond Account can also hold the same kind of fixed-income
securities as the Bond Market Account. These securities will usually be
investment grade. However, the Inflation-Linked Bond Account can invest up to 5%
of its assets in fixed-income instruments that are rated below investment grade,
or in unrated securities of similar quality.
27
<PAGE>
SOCIAL CHOICE ACCOUNT
INVESTMENT OBJECTIVE: A favorable long-term rate of return that reflects the
investment performance of the financial markets while giving special
consideration to certain social criteria.
INVESTMENT STRATEGY: The account invests in a diversified set of stocks and
other equity securities, bonds and other fixed-income securities, as well as
money market instruments and other short-term debt instruments. The account
invests only in companies that are suitable from a financial perspective and
whose activities are consistent with the account's social criteria.
CURRENT SOCIAL CRITERIA
The social criteria the account takes into consideration are non-fundamental
investment policies. They can change without the approval of the account's
participants. The account invests in companies and issuers that do not:
o engage in activities that result or are likely to result in significant
damage to the natural environment
o have a significant portion of its business in weapons manufacturing
o produce or market alcoholic beverages or tobacco products
o produce nuclear energy
o have operations in Northern Ireland and have not adopted the MacBride
Principles (a fair employment code for U.S. firms operating in Northern Ireland)
or have not operated consistently with such principals and in compliance with
the Fair Employment Act of 1989 (Northern Ireland)
For the second and third criteria, we assess the issuer to decide whether the
activity is a "significant" part of its business - basing our decision on, for
example, how large a part of a company's operation the activity involves or how
much revenue it brings in.
The Social Choice Account is a balanced account, with assets divided between
stocks and other equity securities (currently about 60%) and
bonds and other fixed-income securities, including money market securities
(about 40%). When market conditions or transaction needs require, the equity
portion can go as high as 70% or as low as 50%, with corresponding changes in
the fixed-income portion. We can change the percentages even further if we think
it's appropriate.
The equities portion of the account attempts to perform consistently with the
U.S. stock markets as represented by the Standard & Poor's 500 Index. The
account can also invest up to 15% of its assets in foreign securities.
The fixed-income portion of the portfolio will invest in the same kinds of
securities in the Bond Market Account. Money market instruments and short-term
debt securities will be of the same type as those held by the Money Market
Account. The account can also hold other kinds of short-term instruments. These
help us maintain liquidity, use cash balances effectively, and take advantage of
attractive investment opportunities.
The account may also buy and sell options, swaps, options on swaps, futures
contracts and options on futures. The account will use these instruments as
hedging techniques or for cash management and not for speculation.
These instruments do, however, involve special risks.
SPECIAL RISKS: Because its social criteria exclude some investments, the
account may not be able to take advantage of opportunities or market trends as
do the accounts that don't use such criteria. Because only part of the
account's assets are in stocks and other equity securities, overall returns
may not parallel the U.S. stock
28
<PAGE>
market as a whole. However, we expect that the account will have less risk than
a portfolio made up exclusively of common stocks.
[SIDEBAR] The Corporate Governance and Social Responsibility Committee of the
Board of Trustees provides guidance in deciding whether investments meet the
social criteria. It uses information from independent organizations such as the
Investor Responsibility Research Center, Inc. We'll do our best to make sure the
account's investments meet the social criteria but we can't guarantee that every
holding will always do so. Even if an investment is not excluded by social
criteria, we have the option of excluding it if we decide it is not suitable.
29
<PAGE>
MONEY MARKET ACCOUNT
INVESTMENT OBJECTIVE: High current income consistent with maintaining liquidity
and preserving capital.
INVESTMENT STRATEGY: Substantially all the account's assets will be invested in
securities or other instruments maturing in 397 days or less, though some U.S.
government securities may have maturities of up to 762 days. However, the
dollar-weighted average maturity of the account won't be more than 90 days.
The account will invest at least 95% of its assets in money market instruments
that, at the time of purchase, are "first tier" securities - securities rated
within the highest category by at least two nationally recognized statistical
rating organizations (NRSROs). The account can buy unrated securities in this
segment so long as they are of comparable quality to other first tier
securities. Up to 5% of the assets may be invested in "second tier" securities -
securities rated within the two highest categories by at least two NRSROs. The
account can also purchase unrated securities.
Subject to the standards described above, the account can also invest up to 30%
of its assets in foreign money market and debt securities denominated in U.S.
dollars, including obligations of foreign banks and foreign governments.
SPECIAL RISKS: The account will have very little financial and market risk, but
may have relatively high interest rate risk as rates move up or down.
[SIDEBAR]
Types of Money Market Account investments
Commercial paper issued by domestic or foreign companies
Variable rate, floating rate or variable amount securities of domestic or
foreign entities Bank debt including certificates of deposits, time deposits,
bankers acceptances or other short-term debt U.S. government or agency
securities Repurchase agreements
Participation interest in bank loans (these may be considered illiquid)
Asset-backed securities
Debt securities issued by foreign or domestic companies with a remaining
maturity of 397 days or less Foreign government or agency securities
International organization securities (such as the World Bank)
The above investments are in no particular order of importance.
30
<PAGE>
HISTORICAL RETURNS FOR CREF ACCOUNTS
The charts and tables below give an indication of the CREF accounts' risks and
performance. The charts show changes in an account's performance from year to
year. The tables show how the accounts' average annual returns for the periods
indicated compare to those of a broad-based market index as well as the
accounts' highest and lowest quarterly returns. Past performance and volatility
do not necessarily indicate how the accounts will perform in the future.
STOCK ACCOUNT
HIGHEST AND LOWEST RETURN
(Quarterly 1989-1998)
- ---------------------------------------------
Total Return Quarter ending
- ---------------------------------------------
Highest 21.6% December 1998
- ---------------------------------------------
Lowest -15.3% September 1990
- ---------------------------------------------
Average Annual Returns
- ---------------------------------------------
1 Year 5 Year 10 Year
- ---------------------------------------------
Stock Account 22.9% 19.4% 16.5%
- ---------------------------------------------
Benchmark
- ---------------------------------------------
GLOBAL EQUITIES ACCOUNT
Highest and Lowest Return
(Quarterly 1992-1998)
- ---------------------------------------------
Total Return Quarter ending
- ---------------------------------------------
Highest 19.9% December 1998
- ---------------------------------------------
Lowest -15.1% September 1998
- ---------------------------------------------
Average Annual Returns
- -------------------------------------------------------
1 Year 5 Year Since
inception
(5/1/92)
- -------------------------------------------------------
Global Equities Account 18.6% 14.6% 16.4%
- -------------------------------------------------------
Morgan Stanley EAFE
- -------------------------------------------------------
31
<PAGE>
GROWTH ACCOUNT
Highest and Lowest Return
(Quarterly 1994-1998)
- ---------------------------------------------
Total Return Quarter ending
- ---------------------------------------------
Highest 28.7% December 1998
- ---------------------------------------------
Lowest -12.3% September 1998
- ---------------------------------------------
Average Annual Returns
- ---------------------------------------------------
1 Year 5 Year Since
inception
(4/29/94)
- ---------------------------------------------------
Growth Account 32.9% 26.8
- ---------------------------------------------------
Russell 3000 Growth
- ---------------------------------------------------
EQUITY INDEX ACCOUNT
Highest and Lowest Return
(Quarterly 1994-1998)
- ---------------------------------------------
Total Return Quarter ending
- ---------------------------------------------
Highest 2.14% December 1998
- ---------------------------------------------
Lowest -11.1% September 1998
- ---------------------------------------------
Average Annual Returns
- ---------------------------------------------------
1 Year 5 Year Since
inception
(4/29/94)
- ---------------------------------------------------
Equity Index Account 24.1% 24.5%
- ---------------------------------------------------
Russell 3000 Index
- ---------------------------------------------------
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<PAGE>
SOCIAL CHOICE ACCOUNT
Highest and Lowest Return
(Quarterly 1990-1998)
- ------------------------------------------------
Total Return Quarter ending
- ------------------------------------------------
Highest 12.8% December 1998
- ------------------------------------------------
Lowest -5.2% September 1998
- ------------------------------------------------
Average Annual Returns
- ------------------------------------------------------
1 Year 5 Year Since
inception
(3/1/90)
- ------------------------------------------------------
SOCIAL Choice Account 18.6% 16.9% 16.4%
- ------------------------------------------------------
Benchmark
- ------------------------------------------------------
BOND MARKET ACCOUNT
Highest and Lowest Return
(Quarterly 1990-1998)
- ---------------------------------------------
Total Return Quarter ending
- ---------------------------------------------
Highest 6.2% June 1995
- ---------------------------------------------
Lowest -3.4% March 1994
- ---------------------------------------------
Average Annual Returns
- ---------------------------------------------------
1 Year 5 Year Since
inception
(3/1/90)
- ---------------------------------------------------
Bond Market Account 8.6% 6.8% 8.7%
- ---------------------------------------------------
Lehman Brothers
Aggregate Bond Index
- ---------------------------------------------------
33
<PAGE>
INFLATION-LINKED BOND ACCOUNT
Highest and Lowest Return
(Quarterly 1997-1998)
- ------------------------------------------------
Total Return Quarter ending
- ------------------------------------------------
Highest 2.5% September 1998
- ------------------------------------------------
Lowest -0.6% December 1998
- ------------------------------------------------
Average Annual Returns
- --------------------------------------------------------------
1 Year 5 Year Since
inception
(5/1/97)
- --------------------------------------------------------------
Inflation-Linked Bond
Account 3.5% 3.7%
- --------------------------------------------------------------
Salomon-Borthers U.S.
Inflation-Linked Bond
Index
- ---------------------------------------------------------------
MONEY MARKET ACCOUNT
Highest and Lowest Return
(Quarterly 1989-1998)
- -----------------------------------------------
Total Return Quarter ending
- -----------------------------------------------
Highest 2.4% June 1998
- -----------------------------------------------
Lowest 0.7% March 1994
- -----------------------------------------------
Average Annual Returns
- ---------------------------------------------------
1 Year 5 Year 10 Year
- ---------------------------------------------------
Money Market Account 5.5% 5.2% 5.8%
- ---------------------------------------------------
IBC Money Fund Report
D All Taxable Average
- ---------------------------------------------------
34
<PAGE>
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Stock 28% -5.5% 30.1% 6.3% 13.9% -0.1% 30.9% 19.4% 26.4% 22.9%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Global Equities 2.6% 35.5% -0.5% 20.1% 18% 18.3% 18.6%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Growth 4.7% 35.2% 25.5% 28.4% 32.9%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Equity Index 3.3% 36.2% 21.6% 31.2% 24.1%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Bond Market 8.8% 16.3% 7.1% 11.4% -4% 17.8% 3.1% 9.6% 8.6%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Inflation-Linked Bond 2.6% 3.5%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Social Choice 4.3% 25.2% 11.1% 9.4% -1.3% 29.5% 15.5% 24.6% 18.6%
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Money Market 9.4% 8.3% 6.3% 3.7% 3.1% 4.1% 5.9% 5.3% 5.5% 5.5%
PERFORMANCE INFORMATION
>From time to time, CREF advertises total return and average annual total return
for each of its accounts. For the Bond Market, Inflation-Linked Bond and Money
Market accounts, we also advertise yield.
TOTAL RETURNS
"Total return" is the cumulative percentage increase or decrease in the value of
an investment over standard one, five and ten-year periods. "Average annual
total return" is the annually compounded rate that would result in the same
cumulative total return over the specified period.
MONEY MARKET ACCOUNT YIELDS
For the Money Market Account, we calculate a "yield" or "current yield". This
yield is the income generated by an investment over a seven-day period (after
expenses). We then "annualize" this yield by assuming the account will earn the
same rate each week for 52 weeks, then show the total income as a percentage of
the original investment. "Effective yield" may also be advertised. We calculate
this in a similar way, but we assume that the income is reinvested in the
account. The effective yield will be higher than the current yield due to
compounding.
BOND MARKET ACCOUNT YIELDS
For the Bond Market Account, we calculate a thirty-day yield. This yield is the
income generated by an investment over a thirty-day period (after expenses). We
then assume this yield is compounded monthly for six months, then annualized.
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<PAGE>
ADDITIONAL INVESTMENT TOOLS AND RISKS
At times, the CREF accounts may use certain investment tools to enhance return
or hedge risk. This section summarizes of some of these tools and their risks.
For more information on the tools described and their risks, please see the SAI.
FOREIGN INVESTMENTS
CREF has extensive experience managing foreign investments, including
those not registered or traded in the United States. An account's
foreign portfolio may be divided into segments -- some designed to
track foreign markets as a whole, and others with stocks selected
individually for their investment potential. We invest in a wide range
of foreign securities in an effort to reduce the risks and increase the
opportunity for returns. The percentages of foreign assets in each
account CHANGE DAILY as a result of new transactions, market value
fluctuations and changes in foreign currency exchange rates.
Investing in foreign securities, especially those not issued by foreign
governments, involves special risks. These include:
Changes in foreign currency exchange rates
Possible market controls or currency exchange control
Possible withholding of taxes on dividends and interest
Possible seizure, expropriation, or nationalization of assets
More limited foreign financial information or difficulty in
interpretation due to foreign regulations and accounting standards
Lower liquidity and higher volatility in some foreign markets
The impact of political, social, or diplomatic events
The difficulty of evaluating some foreign economic trends
The possibility that a foreign government could restrict an issuer from
paying principal and interest to investors outside the country and
difficulty in using foreign legal systems to enforce financial or
legal obligations
Also, brokerage commissions and transaction costs are often higher for
foreign investments.
The accounts may use currency transactions to help protect against future
exchange rate uncertainties and to take advantage of differences in
exchange rates. Changes in exchange rates and exchange control regulations
may increase or reduce the value of a security. Currency transactions
involve special risks and may limit potential gains due to increases in a
currency's value. We do not intend to speculate in foreign currency exchange
transactions or forward currency contracts.
The accounts can invest in developing or "emerging" countries. The risks
noted above often increase in emerging countries. For example, emerging
countries may have more unstable governments than developed countries, and
their economies may be based on only a few industries. Because their
securities markets may be very small, share prices may be volatile. In
addition, foreign investors are subject to a variety of special
restrictions in many emerging countries.
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Even considering the risks, foreign investing offers the chance to improve
an account's diversification and long-term performance. Foreign investments
let CREF take part in the growth of other countries' economies and
financial markets, which sometimes offer better prospects than in the U.S.
Moreover, periods of rising or falling values often come at different times
in foreign markets than in U.S. markets, and price trends can move in
different directions. When this happens, foreign investments can reduce an
account's volatility, compared to the U.S. market as a whole, and may
enhance long-term returns.
On January 1, 1999, the European Monetary Union (EMU) implemented a new
currency unit, called the Euro. The Euro became the official currency of
the EMU and replaced individual country currencies. The implementation of
the Euro may adversely affect financial markets worldwide and may result in
changes in the relative strength of other major currencies, including the
U.S. dollar. It is not possible to accurately predict what effect, if any,
the Euro conversion will have long term on financial markets in general.
OPTIONS, FUTURES AND OTHER DERIVATIVES
The CREF accounts can buy and sell options, futures, and other derivatives.
We intend to use these securities for cash management purposes or as
hedging techniques, although we are not obligated to hedge any investments.
Generally, investing in these securities involves additional investment
risks and transaction costs. Investing in these securities also draws upon
special skills and experience that may be different from skills needed to
choose other types of securities for the accounts. Special risks of these
securities include:
The prices of certain derivatives may not correlate perfectly with the
prices of the securities, currencies, or interest rates being
hedged, and
A liquid secondary market for over-the-counter options may not be
available at particular time
ILLIQUID SECURITIES
Each account can invest up to 10% of its assets in investments that may not
be readily marketable, making it difficult to sell the securities quickly
at fair market value.
FIRM COMMITMENT AGREEMENTS AND "WHEN-ISSUED" SECURITIES
The CREF accounts can enter "firm commitment" agreements to buy securities
at a fixed price or yield on a specified date. We would do this if we
expect a decline in interest rates, believing it may be better to commit
now with a later issue or delivery date. We may also purchase securities on
a "when issued" basis, with the exact terms set at the time of the
transaction.
SECURITIES LENDING
The CREF accounts can seek extra income by lending securities to brokers,
dealers, and other financial institutions, subject to certain restrictions.
If we lend a security, we can call in the loan at any time. Although all
loans are fully collateralized, if a borrower defaults, an account could
lose money.
BORROWING
As a temporary measure for extraordinary or emergency purposes, the Stock,
Global Equities, Bond Market, Social Choice, and Money Market Accounts can
borrow money from banks, not exceeding 10% of the account's market value at
the time of borrowing. These accounts can also borrow up to 5% of their
assets' value to buy securities. Each account can pledge or otherwise
encumber up to 10% of its assets at
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the time of borrowing as collateral.
The Growth, Equity Index, and Inflation-Linked Bond Accounts can also
borrow money from banks, not exceeding 33 1/3% of the account's market
value at the time of borrowing. These accounts can borrow from other
sources temporarily, but no more than 5% of their assets' value.
If an account borrows money, it could leverage its portfolio by keeping
securities that it might otherwise have sold had it not borrowed money. The
risks of leverage include a greater possibility that an account's net asset
value may change during market fluctuations.
INVESTMENT COMPANIES
Each account can invest up to 10% of its assets in other investment
companies, including mutual funds. When an account invests in another
investment company, it bears a proportionate share of expenses charged by
the investment company in which it invests.
REPURCHASE AGREEMENTS
The CREF accounts can use repurchase agreements to help manage cash
balances. See the SAI for additional information.
INVESTMENT MANAGEMENT
A Board of Trustees governs CREF. The Board oversees CREF's administration and
investments, reviews service contracts, and evaluates each account's
performance. TIAA-CREF Investment Management, LLC, a nonprofit subsidiary of
TIAA, manages the assets in each CREF account and is registered under the
Investment Advisers Act of 1940, as amended. TIAA-CREF Investment Management
also conducts research, recommends investments, and places buy and sell orders
for the CREF accounts. It also performs portfolio accounting and related
services for each account. All services are at cost.
Employees of Investment Management and members of their household are limited in
trading for their own accounts. Certain transactions they make must be reported
and approved and duplicates of all confirmation statements and other account
reports must be sent to a special compliance unit.
ALLOCATIONS AMONG AFFILIATED ACCOUNTS
The managers of the CREF accounts may manage the assets of certain affiliated
accounts. Investment decisions for the CREF accounts and any affiliated account
will be made independently. Sometimes, however, managers may decide either to
buy or sell a security at the same time for more than one CREF account or
affiliated account. If so, investment opportunities are allocated equitably.
This can have an adverse effect on the size of the position each CREF account
buys or sells, as well as the price received or paid for it.
ADDING, CLOSING, OR SUBSTITUTING ACCOUNTS
CREF can add or close accounts, substitute one account for another, combine
accounts, discontinue accounts, and suspend the acceptance of premiums and/or
transfers into an account. Depending on the terms of an employer's retirement
plan, CREF can also restrict whether and how we offer an account. If an account
is closed or we stop accepting premiums into that account, we'll notify
participants and request that they allocate
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premiums and/or transfer accumulations to another account. If you're notified of
such a change and don't respond, we'll place any premiums, accumulations, or
annuity income affected by the change in the Money Market Account. Unless
required by law, CREF will not close, substitute for, or stop accepting premiums
and transfers to the Stock and Money Market Accounts.
THE ANNUITY CERTIFICATES
CREF offers certificates for the following types of variable annuities.
RA (RETIREMENT ANNUITY) AND GRA (GROUP RETIREMENT ANNUITY) RA and GRA
certificates are used mainly for employee retirement plans.
Depending on the terms of your employer's plan, RA premiums can be paid by your
employer, you, or both. If you're paying some of or the entire periodic premium,
your contributions can be in either pre-tax dollars by salary reduction, or
after-tax dollars by payroll deduction. You can also transfer accumulations from
another investment choice under your employer's retirement plan to your RA
certificate. For RAs only, you can make contributions directly to CREF.
GRA premiums can come from your employer only or both you and your employer.
Your GRA premiums can also be from pre-tax or after-tax contributions. You can't
pay GRA premiums directly to CREF; your employer must send them for you. As with
RAs, you can transfer accumulations from another investment choice under your
employer's retirement plan to your GRA certificate.
SRA (Supplemental Retirement Annuity) and GSRA (Group Supplemental Retirement
Annuity) These are for voluntary tax-deferred annuity (TDA) plans. SRA
certificates are issued directly to you; GSRA certificates are issued through an
agreement between your employer and CREF. Your employer pays premiums in pre-tax
dollars through salary reduction. Although you can't pay premiums directly, you
can transfer amounts from other TDA plans.
GA (Group Annuity)
GA certificates are used exclusively for employer retirement plans and are
issued directly to your employer or your plan's trustee. Your employer pays
premiums directly to CREF. Your employer or the plan's trustee controls the
allocation of contributions and transfers to and from these certificates.
CLASSIC IRA
You and your spouse can each open a Classic IRA with an annual contribution of
up to $2,000 each or by rolling over funds from another IRA or retirement plan,
if you meet our eligibility requirements.
ROTH IRA
You or your spouse can each open a Roth IRA with an annual contribution of up to
$2,000 each or by rolling over funds from another IRA or a Classic IRA issued by
CREF.
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Both Roth and Classic IRAs are issued directly to you. Joint accounts
are not permissible.
KEOGH CERTIFICATES
Pending regulatory approval, CREF has plans to offer certificates under Keogh
plans. If you own an unincorporated business, you'll be able to use our Keogh
certificates for your Keogh plan, provided you are an eligible individual.
[SIDEBAR] Eligibility for IRAs and Keogh certificates
You and your spouse can open a Classic or Roth IRA or use our Keogh
certificates if you are a current or retired employee or a trustee of an
eligible institution, or if you own a TIAA or CREF annuity contract or a TIAA
individual insurance contract. Additionally, you can set up a Classic or Roth
IRA with funds rolled over from an eligible institution's retirement plan or
from an individual retirement account that was itself set up with amounts
originally in an eligible institution-sponsored plan. There are certain income
limits on opening Roth IRAs.
STARTING OUT
We'll issue you a CREF certificate when we receive your completed application or
enrollment form. If we receive premiums from your employer before your
application or enrollment form, we'll invest the money in the Money Market
Account until we receive your form. When the completed form arrives, we'll
transfer the appropriate amounts to the accounts you've specified, crediting
them as of the end of the business day we receive the form.
If your application or enrollment form is incomplete, allocations don't total
100%, or allocations violate employer plan restrictions, we'll invest your
premiums in the Money Market Account. After we receive a complete and correct
application, we'll follow your allocation instructions for future premiums.
However, in this situation, you must request that we transfer any premiums
invested in the Money Market Account to your account choices. Such transfers
will be made as of the end of the business day we receive your request.
CREF doesn't restrict the amount or frequency of premiums to your RA, GRA, or
IRA certificates, although we reserve the right to impose restrictions. Your
employer's retirement plan may also limit your premium amounts. In addition, the
Internal Revenue Code limits the total annual premiums to plans qualified for
favorable tax treatment.
In most cases, CREF accepts premiums to a certificate during your accumulation
period. Once your first premium has been paid, your CREF certificate can't lapse
or be forfeited for nonpayment of premiums. CREF can stop accepting premiums to
GRA and GSRA certificates at any time.
CHOOSING AN ACCOUNT
After you receive your certificate, you can allocate your premiums to any CREF
account unless your employer's plan blocks some accounts. However, your employer
cannot block the Stock or Money Market Accounts. You can change your allocation
for future premiums by:
o writing to our home office
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o using our Inter/ACT Internet service at www.tiaa-cref.org, or
o or calling our Automated Telephone Service (24 hours a day) at 800-842-2252.
DETERMINING THE VALUE OF YOUR ACCOUNT - ACCUMULATION UNITS
To determine the amount of money in your account, we use a measure called an
accumulation unit. Each payment to your certificate, which is credited at the
end of the business day in which we receive it, buys a number of accumulation
units. The accumulation unit value for each account depends on the account's
investment performance and its expenses. We calculate accumulation unit values
at the end of each business day. The number of accumulation units you own equals
your accumulation in an account divided by the accumulation unit value for that
account. To determine accumulation unit values for transfers and cash
withdrawals, we use the unit values calculated at the end of the business day
when we receive your completed request and required documents.
IF YOU NEED TO CANCEL
You may cancel a certificate up to 30 days after you receive it (unless we
already made annuity payments from it). To cancel, simply mail or deliver the
certificate with a signed Notice of Cancellation (available by contacting CREF)
to our home office. We'll cancel the certificate, then send the entire current
accumulation to whomever sent the premiums. You bear the investment risk during
this period.
[SIDEBAR] How We Value Assets
We calculate the value of the assets in each account as of the close of every
valuation day. We use market quotations or independent pricing services to value
securities. If these aren't available, we'll value the securities using "fair
value," as determined by the CREF Board of Trustees. In the Money Market
Account, we value short-term money market instruments with a remaining maturity
of 60 days or less based on their amortized cost.
HOW TO TRANSFER AND WITHDRAW YOUR MONEY
Generally, CREF allows you to move your money to and from the CREF
accounts in the following manner:
o From the CREF accounts to the TIAA Real Estate Account or the TIAA
traditional annuity
o To the CREF accounts from the TIAA Real Estate Account
o From the CREF accounts to other companies
o To the CREF accounts from other plans
o By withdrawing cash
o By setting up a program of systematic withdrawals and transfers
These options may be limited by the terms of your employer's plan or by current
tax law. Transfers and cash withdrawals are currently free. Transfers from the
TIAA Real Estate Account to CREF are limited to once per quarter. CREF can place
restrictions on transfers or charge fees for transfers and withdrawals in the
future.
Transfers and cash withdrawals are effective at the end of the
business day we receive your request and
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all required documentation. You can also choose to have transfers and
withdrawals take effect at the end of any future business day or the last
calendar day of the current or any future month, even if its not a business day.
To request a transfer or withdrawal:
o Write to CREF's home office at 730 Third Avenue, New York, NY
10017-3206
o Call us at 800-842-2252 or
o For transfers, use Inter/ACT on the Internet at www.tiaa-cref.org.
You are required to complete and return certain forms to effect cash withdrawal
transactions.
There may be tax law restrictions on certain transfers. Before you
transfer or withdraw cash, make sure you also understand the possible federal
and other income tax consequences.
TRANSFERS TO OTHER TIAA-CREF ACCOUNTS
At any time during the accumulation stage, you can, subject to your employer's
plan, transfer your money in a CREF account to another CREF account, to TIAA's
traditional annuity, or to the TIAA Real Estate Account. If you want to transfer
part of your money in a CREF account, the minimum is $1,000, or your entire
accumulation, if less.
Your employer's plan may restrict transfers, but only for money in RA, GRA, GSRA
or Keogh certificates. Transfers from the TIAA Traditional Annuity in RAs and
GRAs currently must take place in roughly equal installments over a 10-year
period through a TIAA transfer payout annuity. If you don't have a CREF
certificate when you ask to transfer money from TIAA to CREF, you must apply for
one; in that case, we'll execute the transfer when we receive your completed
application.
TRANSFERS FROM OTHER PLANS
Usually, you can transfer money from another 403(b) retirement plan to your CREF
certificate. Similarly, you can transfer money to CREF from other 401(a) and
403(a) plans. Amounts transferred to CREF may be subject to the provisions of
your original employer's retirement plan. You can also transfer funds from some
of these plans to a CREF Classic IRA. If you meet income limits, you can
transfer funds from a Classic IRA to a CREF Roth IRA.
TRANSFERS TO OTHER COMPANIES
If you have a RA, GRA, GSRA or Keogh certificate, your right to transfer your
money to a company other than CREF may depend on your employer's retirement
plan. If your employer participates in our Special Transfer Services program, we
can make automatic monthly transfers from your RA or GRA certificate to another
company. You may also be able to transfer accumulations in SRA, GSRA, IRA or
Keogh certificates to another company.
WITHDRAWALS
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Subject to the terms of your employer's plan, you can withdraw some or all of
your SRA, GSRA, IRA, or Keogh accumulation. Withdrawals must be at least $1,000
or your entire accumulation, if less. You can't withdraw money from a
certificate if you are already receiving lifetime annuity income from that
certificate.
If you have a small account value (under $4,000) when you leave your employer,
your employer's plan may allow you to have CREF cash out some or all of your RA
money.
Under current federal tax law, you can't withdraw money from salary reduction
agreements under your retirement plan that are held in your CREF certificates
unless you are age 59 1/2, leave your job, become disabled, or die. If the money
is in a 403(b) annuity, these restrictions apply to premiums and earnings
credited after December 31, 1988. The restrictions apply to all salary reduction
amounts under a 401(k) plan and funds transferred directly to CREF from a
403(b)(7) custodial account. If your employer's plan permits, you may also be
able to withdraw money for certain hardships as defined under the Internal
Revenue Code, but in that case you can withdraw only premiums, not earnings.
Special rules and restrictions apply to IRAs.
If you're married, you may be required by law or by your employer's plan to show
us advance written consent from your spouse before we make certain transactions
on your behalf. If you are married at your annuity start date, you may also be
required to choose an income option that provides survivor annuity income to
your spouse, unless your spouse waives that right in writing.
[SIDEBAR]
Vesting: Once you're fully vested under your employer's RA or GRA plan, you
can't lose the benefits you've earned. Ask your employer for your vesting
status. Benefits under SRAs, GSRAs, and IRAs are immediately vested and can't be
forfeited. You're also fully vested in contributions made by salary reduction or
deduction. If you go back to a prior employer and that employer's plan allows,
you may be able to resume participation under your original CREF certificate.
WHEN YOU ARE READY TO RECEIVE YOUR ANNUITY INCOME
THE ANNUITY PERIOD IN GENERAL
Although you can annuitize at any time, generally you must be at least age 59
1/2 to begin receiving annuity income. Otherwise, you may have to pay a 10%
penalty tax on the taxable amount, except under certain circumstances. In
addition, you cannot begin receiving income later than permitted under the
minimum distribution rules. Your employer's plan may restrict when you can begin
income payments. Also, you cannot begin a life annuity after age 90 or a joint
life annuity after either you or your annuity partner reach age 90.
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Your income payments may be paid out from the CREF accounts through a variety of
income options. You can pick a different income option for different portions of
your accumulation, but once you've started payments you usually can't change
your income option or annuity partner for that payment stream.
Usually income payments are monthly. You can choose quarterly,
semi-annual, and annual payments as well. (CREF has the right to not make
payments at any interval that would cause the initial payment to be less than
$100.) We'll send your payments by mail to your home address or, on your
request, by mail or electronic funds transfer to your bank.
Your initial income payments are based on the value of your
accumulation on the last valuation day before the annuity starting date. We
calculate initial income at the end of the last valuation day before the annuity
starting date based on:
o the amount of money you have accumulated in an account,
o the income option or options you choose, and
o an assumed annual investment return of 4%, and for life annuities,
mortality assumptions for you and your annuity partner, if you
have one.
Your payments change after the initial payment based on an account's investment
experience and the income change method you choose.
There are two income change methods for annuity payments: annual and monthly.
Under the annual income change method, payments change each May 1, based on the
net investment results of an account during the prior year (April 1 through
March 31). Under the monthly income change method, payments change every month,
based on the net investment results during the previous month. The total value
of your annuity payments may be more or less than your total premiums.
ANNUITY STARTING DATE
Generally, you pick an annuity starting date when you first apply for a
CREF contract but you can change this date at any time prior to the day before
that annuity starting date. Ordinarily, annuity payments begin on your annuity
starting date, provided we have received all documentation necessary for the
income option you've picked. If something's missing, we'll defer your annuity
starting date until we receive it. Your first annuity check may be delayed while
we process your choice of income options and calculate the amount of your
initial payment. Any premiums received within 70 days after payments begin may
be used to provide additional annuity income. Premiums received after 70 days
will remain in your accumulating annuity contract until you give us further
instructions. Ordinarily, your first annuity payment will begin on any business
day between the first and twentieth of any month.
ANNUITY INCOME OPTIONS
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Both the number of annuity units you purchase and the amount of your income
payments will depend on which income option you pick. Your employer's plan, tax
law and ERISA may limit which income options you can use to receive income from
an RA or GRA. Ordinarily you'll choose your income options shortly before you
want payments to begin; but, you can make or change your choice any time before
your annuity starting date.
All CREF income options provide variable payments, and the amount of income
you receive depends in part on the investment experience of your chosen
accounts. The current options are:
o ONE-LIFE ANNUITY WITH OR WITHOUT GUARANTEED PERIOD. Pays income as
long as you live. If you opt for a guaranteed period (10, 15 or 20 years)
and you die before it's over, income payments will continue to your
beneficiary until the end of the period. If you don't opt for a guaranteed
period, all payments end at your death -- so that it's possible for you to
receive only one payment if you die less than a month after payments start.
o ANNUITY FOR A FIXED PERIOD. Pays income for any period you choose
from 5 to 30 years (2 to 30 years for Ras, GRAs and SRAs).
o TWO-LIFE ANNUITIES. Pays income to you as long as you live, then
continues at either the same or a reduced level for the life of your
annuity partner. There are three types of two-life annuity options, all
available with or without a guaranteed period -- Full Benefit to Survivor,
Two-Thirds Benefit to Survivor, and a Half-Benefit to Annuity Partner.
o MINIMUM DISTRIBUTION OPTION ("MDO") ANNUITY. Generally available
only if you must begin annuity payments under the Internal Revenue Code
minimum distribution requirements. (Some employer plans allow you to elect
this option earlier -- contact CREF for more information.) The option pays
an amount designed to fulfill the distribution requirements under federal
tax law. You must apply your entire accumulation under a contract if you
want to use the MDO annuity; however, it's possible you won't receive
income for life under an MDO. Up to age 90, you can apply any remaining
part of an accumulation applied to the MDO annuity to any other income
option for which you're eligible. Using an MDO won't affect your right to
take a cash withdrawal of any accumulation not yet distributed.
For any of the income options described above, under current federal tax
law, your guaranteed period can't exceed the joint life expectancy of you and
your beneficiary or annuity partner.
Other income options may become available in the future, subject to the
terms of your retirement plan and relevant federal and state laws. For more
information about any annuity option, please contact us.
RECEIVING LUMP SUM PAYMENTS (RETIREMENT TRANSITION BENEFIT). If your
employer's plan allows, you may be able to receive a single sum payment of up to
10% of the value of any part of an RA or GRA accumulation being converted to
annuity income on the annuity starting date. Of course, if your employer's plan
allows cash withdrawals, you can take a larger amount (up to 100%) of your
accumulation in any CREF account as a cash payment. The retirement transition
benefit will be subject to current federal income tax requirements and possible
early distribution penalties.
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If you haven't picked an income option when the annuity starting date
arrives, CREF usually will assume you want the ONE-LIFE ANNUITY WITH 10-YEAR
GUARANTEED PERIOD if you're unmarried. If you're married, we may assume for you
a TWO-LIFE ANNUITY WITH HALF-BENEFIT TO ANNUITY PARTNER WITH 10-YEAR GUARANTEED
PERIOD, with your spouse as your annuity partner. If you haven't picked an
income option when the annuity starting date arrives for your IRA, we may assume
you want the MINIMUM DISTRIBUTION OPTION annuity.
[SIDEBAR]
Other income choices may be available subject to your plan and federal
laws. Current federal law sets the latest distribution date and says that
your guaranteed or fixed period can't exceed the joint life expectancy of
you and your beneficiary or you and your annuity partner (if you have one).
TRANSFERS DURING THE ANNUITY PERIOD
Once each calendar quarter, you can transfer income payable from one CREF
account to a comparable annuity (see sidebar) from another CREF account,
the TIAA traditional annuity, or the TIAA Real Estate Account. Beginning in
late 1999, annuitants receiving income from TIAA lifetime annuities may
transfer some or all of their income to comparable lifetime annuities
funded in the Stock, Global Equities, Equity Index or Social Choice
accounts. Such transfers are limited to 20% of annuity income in any year.
A program transferring all income in five equal annual installments may
also be chosen. Once income has been transferred, subsequent transfers may
be made only among those accounts listed above. Transfers to other CREF
accounts or back to TIAA will not be permitted. We'll process the transfer
on the business day we receive your request unless you've asked that the
transfer take effect on another business day or the last day of a calendar
month.
[SIDEBAR: A comparable annuity is an annuity that is payable under the same
income option and has the same annuitant(s) and remaining guaranteed
period, if any.]
Tranfers under the annual income payment method will affect your annuity
payments beginning on the May 1 following the March 31 which is on or after
the effective date of the transfer. Transfers under the monthly income
payment method and all transfers into TIAA's traditional annuity will
affect your annuity payments beginning with the first payment due after the
monthly payment valuation day that is on or after the transfer date. You
can switch between the annual and monthly income change methods, and the
switch will go into effect on the following March 31.
METHODS OF PAYMENT OF DEATH BENEFITS
Generally, you can choose the method by which we'll pay the death
benefit. You can block your beneficiaries from changing the method you've chosen
or you can leave the choice to them. We can block any choice of method that
provides an initial payment of less than $25. If your beneficiary doesn't
specifically request to start receiving death benefits within a year of your
death, we have the option to start making payments to them over five years using
the fixed-period annuity method of payment.
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PAYMENTS DURING ACCUMULATION PERIOD. Currently, the available methods
of payment for death benefits from funds in the accumulation period are:
o SINGLE-SUM PAYMENT, in which the entire death benefit is
paid to your beneficiary at once;
o ONE-LIFE ANNUITY WITH OR WITHOUT GUARANTEED PERIOD, in
which the death benefit is paid monthly for the life of the beneficiary
or through the guaranteed period;
o ANNUITY FOR A FIXED PERIOD OF 2 TO 30 YEARS;
o ACCUMULATION-UNIT DEPOSIT OPTION, which pays a lump sum at
the end of a fixed period, ordinarily two to five years, during which
period the accumulation units deposited participate in the Account's
investment experience (generally $5,000 minimum death benefit value);
and
o THE MINIMUM DISTRIBUTION OPTION, which is available only
to beneficiaries who must receive income under the IRC's minimum
distribution requirements, and operates in much the same way as the MDO
annuity. It's possible, under this method, that your beneficiary won't
receive income for life.
Death benefits are usually paid monthly (unless you chose a
single-sum method of payment), but your beneficiary can switch them to
quarterly, semi-annual, or annual payments instead.
PAYMENTS DURING THE ANNUITY PERIOD. If you and your annuity partner die
during the annuity period, your beneficiary can choose to receive the remaining
guaranteed periodic payments due under your contract. Alternatively, your
beneficiary can choose to receive the commuted value of those payments in a
single sum unless you have indicated otherwise. The amount of the commuted value
will be different than the total of the periodic payments that would otherwise
be paid.
Ordinarily, death benefits are subject to federal estate tax. For more
detailed information on death benefits, please contact CREF.
TIMING OF PAYMENTS
In general, we will make the following types of payments within seven calendar
days after we've received the information we need to process a request:
o cash withdrawals
o transfers to TIAA or to other companies
o payments under a fixed-period annuity
o death benefits
The seven-day period may be extended in certain circumstances, such as an
SEC-recognized emergency.
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TAXES
This section offers general information. It does not cover every situation.
Check with your tax advisor for more information.
During the accumulation period, CREF earnings are generally not taxed until
they're withdrawn. When you transfer money, there may be tax consequences.
Annuity payments, single-sum withdrawals, systematic withdrawals, and death
benefits are usually taxed as ordinary income. Premiums that were paid in
after-tax dollars aren't taxable when withdrawn, but earnings are taxable. Death
benefits are usually also subject to federal estate and state inheritance
taxation. Generally, transfers between qualified retirement plans are not taxed.
Transfers among the CREF accounts also aren't taxed.
Generally, contributions you can make under an employer's plan are limited by
federal tax law. Employee salary reduction contributions to 403(b) and 401(k)
plans are limited to $10,000 per year. Certain long-term employees may be able
defer up to $13,000 per year in a 403(b) plan. Contributions to IRAs and Roth
IRAs, other than rollover contributions, cannot generally exceed $2,000 per
year.
EARLY DISTRIBUTIONS
If you want to withdraw funds or begin income from any 401(a), 403(a), or 403(b)
retirement plan or an IRA before you reach age 59 1/2, you may have to pay a 10
percent early distribution tax on the taxable amount. You won't have to pay this
tax in certain circumstances. See the SAI or consult your tax advisor for more
information.
MINIMUM DISTRIBUTION REQUIREMENTS
In most cases, payments have to begin by April of the year after the year you
reach age 70 1/2, or if later, retirement. Under the terms of certain retirement
plans, the plan administrator may direct us to make the minimum distributions
required by law even if you do not elect to receive them. In addition, if you
don't begin distributions on time, you may be subject to a 50% excise tax on the
amount you should have received but did not. Roth IRAs are generally not subject
to these rules.
WITHHOLDING ON DISTRIBUTIONS
If we send an "eligible rollover" distribution directly to you, federal law
requires us to withhold 20% from the taxable portion. If we rollover such a
distribution directly to an IRA or similar employer qualified plan, we do not
withhold any federal tax. The 20% withholding also does not apply to certain
"non-eligible" rollover distributions such as payments from IRAs, lifetime
annuity payments, or minimum distribution payments.
For the taxable portion of non-eligible rollover distributions, we will usually
withhold federal taxes unless you tell us not to. Nonresident aliens who pay
U.S. taxes are subject to different withholding rules. Contact CREF for more
information.
ADDITIONAL INFORMATION
HOW TO REACH US
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Our home office address is 730 Third Avenue, New York, NY, 10017. Our toll-free
number is 800-842-2776 and is available Monday through Friday, 8 am-11 pm ET.
You can also call our Automated Telephone Service 24 hours a day at
800-842-2252.
CHOICES AND CHANGES
As long as your CREF certificate permits, you (or your annuity partner,
beneficiary, or any other payee) can choose or change any of the following:
o an annuity starting date,
o an income option,
o a transfer,
o an income change method,
o a method of payment for death benefits,
o an annuity partner, beneficiary, or other person named to receive
payments, or
o a cash withdrawal or other distribution.
You have to make your choices or changes through a written notice that is
satisfactory to us and received at our home office. When we receive a notice of
a change in beneficiary or other person named to receive payments, we'll make
the change as of the date it was signed, even if the signer has died in the
meantime. We make all other changes as of the date received.
TELEPHONE AND INTERNET TRANSACTIONS
You can use our Automated Telephone Service (ATS) or Inter/ACT over the Internet
to check your account balances, transfer between accounts or to TIAA, and
allocate future premiums among TIAA and the CREF accounts. You will be asked to
enter your Personal Identification Number (PIN) and Social Security number for
both systems. (You can establish a PIN by calling us.) Both will lead you
through the transaction process and we will use reasonable procedures to confirm
that instructions given are genuine. If we use such procedures, we are not
responsible for incorrect or fraudulent transactions. All transactions made over
the ATS and Inter/ACT are electronically recorded.
We can suspend or terminate your right to transact by Internet or telephone at
any time.
YOUR VOTING RIGHTS
As a participant in CREF accounts, you can generally vote to elect CREF
trustees, to ratify the selection of an independent auditor, on any change in
investment objective and fundamental investment policies, and on any other
matter requiring a participant vote.
ELECTRONIC PROSPECTUSES
If you received this prospectus electronically and would like a paper copy,
please call us at 800-842-2733 and we will send it to you.
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OUR YEAR 2000 PROGRESS
Like all financial service providers, CREF and TIAA-CREF Investment Management,
LLC use computer and information systems that may be affected by Year 2000
problems. The computers may read the Year 2000 as if it were 1900. CREF and
TIAA-CREF Investment Management have implemented a Year 2000 transition plan. If
the systems of CREF or TIAA-CREF Investment Management or their service
providers are not available or cannot process data correctly, then the accounts
could experience delays in performing certain transactions, such as purchase and
sales transactions pricing. Neither CREF nor TIAA-CREF Investment Management
currently anticipates that they will be unable to perform these transactions or
be unable to conduct regular business.
ASSIGNING YOUR CONTRACT
Generally, neither you nor your beneficiaries can assign ownership of a CREF
contract to someone else.
ERRORS OR OMISSIONS
We reserve the right to correct any errors or omissions on any form, report, or
statement that we send you.
TEXAS OPTIONAL RETIREMENT PROGRAM PARTICIPANTS
If you're in the Texas Optional Retirement Program, you (or your beneficiary)
can redeem some or all of your accumulation only if you retire, die, or leave
your job in the state's public institutions of higher education.
HOUSEHOLDING
To lower expenses and eliminate duplicate documents sent to your home, we may
mail only one copy of the CREF prospectus and other required documents to your
household, even if more than one participant lives there. If you would prefer to
continue to receive your own copy of any document, write or call us at 800-842-
2733.
DISTRIBUTOR
The distributor of CREF certificates is TIAA-CREF Individual & Institutional
Services, Inc. (Services). Services is registered with the SEC and is a member
of the National Association of Securities Dealers, Inc. (NASD). Teachers
Personal Investors Service, Inc. (TPIS), also registered with the SEC and a
member of the NASD, may also distribute CREF certificates on a limited basis.
Services and TPIS are subsidiaries of TIAA. Anyone distributing CREF
certificates must be a registered representative of Services or TPIS. Their
address is 730 Third Avenue, New York, NY 10017. No commissions are paid for
distribution of CREF certificates.
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TABLE OF CONTENTS FOR STATEMENT OF ADDITIONAL INFORMATION
PAGE IN THE
STATEMENT OF
ADDITIONAL
ITEM INFORMATION
CREF and its Operations ...
Investment
Restrictions.............
Description of Corporate
Bond Ratings.............
Description of
Fixed-Income
Instruments..............
Investment Policies and
Risk Considerations......
Options and Futures......
Firm Commitment
Agreements and
Purchase of "When
Issued" Securities.....
Pass-Through Securities..
Lending of Securities....
Repurchase Agreements....
Currency Transactions....
Swap Transactions........
Segregated Accounts......
Special Considerations
Affecting Foreign
Investments............
Other Investment
Techniques and
Opportunities..........
Portfolio Turnover.........
Valuation of Assets........
Management.................
CREF Overseers,
Trustees and Officers
Compensation of CREF
Trustees...............
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Investment Advisory and
Related Services.........
Custody of Portfolio.....
Auditors.................
Brokerage Allocation.......
Performance Information....
Total Return Information
for the Accounts.......
Yield Information for
the Bond Market and
Inflation-Linked Bond
Accounts...............
Yield Information for the
Money Market Account
Inflation-Adjusted Return
and Yield Information for
for the Inflation-Linked
Bond Account...........
Performance Comparisons
Illustrating Compounding,
Tax Deferral and
Expense Deductions.....
Accumulation Unit Values ..
Annuity Payments...........
Death Benefits.............
Periodic Reports...........
Voting Rights..............
General Matters............
State Regulation...........
Legal Matters..............
Experts....................
Considerations Concerning
CREF's New Accounts
and Options..............
Additional Information.....
Financial Statements.......
52
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[INSIDE BACK COVER]
HOW TO REACH US
OUR ADDRESS
CREF
730 Third Avenue
New York, New York 10017-3206
Send all notices, forms, requests, or payments to this address only.
INTERNET
www.tiaa-cref.org
24 HOURS A DAY/SEVEN DAYS A WEEK
Obtain general information about TIAA-CREF, use Inter/ACT to view personal
account information, reallocate premiums and transfer funds among TIAA and CREF
investments options, or to ask us questions.
AUTOMATED TELEPHONE SERVICE
800 842-2252
24 HOURS A DAY/SEVEN DAYS A WEEK
Change your allocation; transfer accumulations; get your accumulation unit
values; get TIAA and CREF performance; confirm last premium paid.
TELEPHONE COUNSELING CENTER
800 842-2776
8 A.M. TO 11 P.M. ET MONDAY-FRIDAY
Speak to a consultant about: retirement savings and planning; quarterly and
annuity benefits reports; receiving annuity payments and annuity options; tax
reports.
IRA ENROLLMENT HOTLINE
800 842-2888
Speak with a service representative about IRAs.
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INDIVIDUAL, GROUP, AND TAX-DEFERRED
VARIABLE ANNUITIES
ISSUED BY
COLLEGE RETIREMENT EQUITIES FUND
STATEMENT OF ADDITIONAL INFORMATION
May 1, 1999
The current prospectus dated May 1, 1999 (the "Prospectus") with respect to the
Variable Annuity Certificates is available without charge upon written or oral
request to: College Retirement Equities Fund, 730 Third Avenue, New York, New
York 10017, Attention: Central Services; telephone 1 800 842-2733, extension
5509. Terms used in the Prospectus are incorporated in this Statement.
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROS
PECTUS AND
SHOULD BE READ ONLY IN CONJUNCTION WITH THE PROSPECTUS FOR THE
CERTIFICATES DATED MAY 1, 1999.
<PAGE>
TABLE OF CONTENTS
LOCATION OF
PAGE IN THE ADDITIONAL
STATEMENT OF INFORMATION IN
ADDITIONAL PROSPECTUS, IF
ITEM INFORMATION APPLICABLE
---- ----------- ----------
CREF and its Operations
Investment
Restrictions.............
Description of Corporate
Bond Ratings.............
Description of
Fixed-Income
Instruments..............
Investment Policies and
Risk Considerations......
Options and Futures......
Firm Commitment
Agreements and
Purchase of "When
Issued" Securities.....
Pass-Through Securities..
Lending of Securities....
Repurchase Agreements
Currency Transactions....
Swap Transactions........
Segregated Accounts......
Special Considerations
Affecting Foreign
Investments............
Other Investment
Techniques and
Opportunities..........
Portfolio Turnover.........
Valuation of Assets........
Management.................
CREF Overseers,
Trustees and Officers..
Compensation of CREF
Trustees...............
Investment Advisory and
Related Services.........
Custody of Portfolio.....
Auditors.................
Brokerage Allocation.......
Performance Information....
Total Return Information
for the Accounts.......
Yield Information for
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the Bond Market and
Inflation-Linked Bond
Accounts...............
Yield Information for the
Money Market Account
Inflation-Adjusted Return
and Yield Information for
for the Inflation-Linked
Bond Account...........
Performance Comparisons..
Illustrating Compounding,
Tax Deferral and
Expense Deductions.....
Accumulation Unit Values ..
Annuity Payments...........
Death Benefits.............
Periodic Reports...........
Voting Rights..............
General Matters............
State Regulation...........
Legal Matters..............
Experts....................
Considerations Concerning
CREF's New Accounts
and Options..............
Additional Information.....
Financial Statements.......
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CREF AND ITS OPERATIONS
CREF is unlike most other companies that offer variable annuities. Usually
variable annuities are issued by insurance companies through segregated asset
accounts called "separate accounts." The insurance company performs
administration and other services for the separate account and, for a fee,
assumes certain mortality and expense risks. In contrast, CREF is legally
independent from TIAA. Investment advisory, distribution, and administrative
services are provided for CREF under agreements with two nonprofit subsidiaries
of TIAA. A separate account of TIAA also issues a variable annuity that accepts
after-tax dollars.
CREF is an "open-end" diversified management investment company which issues
variable annuity certificates to residents of all fifty states, the District of
Columbia, Puerto Rico, U.S. territories, and foreign countries. CREF is
registered with the SEC under the Investment Company Act of 1940, as amended
(the 1940 Act), although registration doesn't entail SEC supervision of our
management and investment practices. CREF is also subject to the Not-For-Profit
Corporation Law of New York State and to regulation of the New York State
Insurance Department and insurance departments in several other jurisdictions.
INVESTMENT RESTRICTIONS
Pursuant to CREF's Charter, none of the Accounts will invest in any common
stocks or shares of any corporation, joint stock association, or business trust
an amount in excess of such percentage, not to exceed 10% (except with the
approval of the New York State Insurance Department), of voting shares of such
institution which would cause any such institution to be controlled by, or
become a subsidiary of, CREF, as defined in the Insurance Law, although this
restriction will not apply to investment in an entity formed or acquired by CREF
for a lawful business purpose. This restriction cannot be changed without an
amendment to the Charter. (The Charter may be amended only by the action of
CREF's Overseers and only if the New York State Superintendent of Insurance
certifies the amendment as lawful and equitable.)
The following restrictions, not set forth in CREF's Charter, are fundamental
policies with respect to the Accounts and may not be changed without the
approval of a majority of the outstanding voting securities, as that term is
defined under the 1940 Act, in the affected Account:
1. None of the Accounts will issue senior securities (the
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issuance and sales of options and futures not being
considered the issuance of senior securities);
2. Neither the Stock nor the Money Market Account will make short
sales, except when the Account has, by reason of ownership of other
securities, the right to obtain securities of equivalent kind and
amount that will be held so long as the Account is in a short position;
3. The Stock, Global Equities, Bond Market, Social Choice, and Money
Market Accounts, will not borrow money, except: (a) they may purchase
securities on margin, as described in restriction 12 below; and (b)
from banks as a temporary measure for extraordinary or emergency
purposes, and then only in amounts not in excess of 10% of the value of
the Account's total assets, taken at market value at the time of
borrowing.
The Growth, Equity Index, and Inflation-Linked Bond Accounts will not
borrow money, except: (a) they may purchase securities on margin, as
described in restriction 12 below; and (b) (i) from banks only in
amounts not in excess of 33 1/3% of the Account's total assets taken at
market value at the time of borrowing, or (ii) for temporary purposes
in an amount not exceeding 5% of the Account's total assets taken at
market value at the time of borrowing.
Money may be temporarily obtained through bank borrowing, rather than
through the sale of portfolio securities, when such borrowing appears
more attractive for an Account; nevertheless, any bank borrowings by an
Account may, depending on market conditions, affect investment returns;
4. None of the Accounts will underwrite the securities of other
companies, except as it may be deemed to do so in a sale of restricted
portfolio securities;
5. None of the Accounts will, with respect to at least 75% of the value
of its total assets, invest more than 5% of its total assets in the
securities of any one issuer (including repurchase agreements with any
one primary dealer) other than securities issued or guaranteed by the
United States Government, or its agencies or instrumentalities;
6. None of the Accounts will, with respect to at least 75% of the value
of its total assets, purchase more than 10% of the outstanding voting
securities of an issuer, except that such restriction shall not apply
to securities issued or guaranteed by the United States Government, its
agencies or instrumentalities;
7. None of the Accounts will make an investment in an
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<PAGE>
industry if after giving effect to that investment the Account's
holding in that industry would exceed 25% of the Account's total
assets--this restriction, however, does not apply to investments in
obligations issued or guaranteed by the United States Government, its
agencies or instrumentalities, and, with respect to the Money Market
Account, to certificates of deposit, or securities issued or guaranteed
by domestic banks and branches of domestic banks and savings and loan
associations and savings banks; utilities will be divided according to
their services (so that, for example, gas distribution and
transmission, electric, and telephone each will be considered a
separate industry);
8. Neither the Stock, the Global Equities, the Growth, the Equity
Index, nor the Money Market Accounts will purchase real estate or
mortgages directly, although the Bond Market, Inflation-Linked Bond and
Social Choice Accounts may purchase or hold real estate or mortgages
directly, subject to investment restriction 14 on page B- (relating to
illiquid investments); the Stock, Global Equities, Growth and Social
Choice Accounts may, however, buy shares of real estate investment
trusts listed on stock exchanges or reported on the NASDAQ system, and
the Accounts may buy pass-through mortgage securities and securities
collateralized by mortgages;
9. None of the Accounts will purchase commodities or commodities
contracts, except to the extent futures are purchased as described
herein;
10. None of the Accounts will invest more than 5% of its total assets
in the securities of any one investment company; an Account may not own
more than 3% of an investment company's outstanding voting securities,
and total holdings of investment company securities may not exceed 10%
of the value of an Account's total assets (the SEC staff takes the
position that although certain issuers of collateralized mortgage
obligations may be investment companies, an Account's ability to
acquire collateralized mortgage obligations of such issuers would not
be subject to these restrictions);
11. None of the Accounts will make loans, except: (a) that the Stock
and Money Market Accounts may make loans of portfolio securities (not
exceeding 20% of the value of their total assets), and the Global
Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, and
Social Choice Accounts may make loans of portfolio securities not
exceeding 33 1/3% of the value of their total assets, which are
collateralized by either cash, United States Government securities, or
other means permitted by applicable law,
B-6
<PAGE>
equal to at least 102% of the market value of the loaned securities, or
such lesser percentage as may be permitted by the New York State
Insurance Department (not to fall below 100% of the market value of the
loaned securities), as reviewed daily; (b) loans through entry into
repurchase agreements (the purchase of publicly-traded debt obligations
not being considered the making of a loan); (c) to the extent
authorized under the certificates, loans to Participants in amounts not
greater than the value of their accumulations, to the extent permitted
by law; (d) privately-placed debt securities may be purchased; or (e)
participation interests in loans, and similar investments, may be
purchased;
12. None of the Accounts will purchase any security on margin (except
that an Account may obtain such short-term credit as may be necessary
for the clearance of purchases and sales of portfolio securities);
13. Neither the Stock nor the Money Market Account will purchase or
sell options or futures except those listed on a domestic or foreign
securities, options or commodities exchange; however, the Global
Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond and
Social Choice Accounts may purchase or sell options or futures which
are not listed on an exchange; or
14. None of the Accounts will invest more than 10% of its total assets
in repurchase agreements maturing in more than seven days, and other
illiquid investments, except that the Global Equities, Growth, Equity
Index, Bond Market, Inflation-Linked Bond, or Social Choice Accounts
may invest to a greater extent in such investments if, and to the
extent, permitted by law.
If a percentage restriction is adhered to at the time of investment, a later
increase or decrease in percentage beyond the specified limit resulting from a
change of values in portfolio securities will not be considered a violation.
DESCRIPTION OF CORPORATE BOND RATINGS
DESCRIPTION OF CORPORATE BOND RATINGS OF MOODY'S INVESTORS
SERVICE, INC.:
Aaa-Bonds which are rated Aaa are judged to be of the best quality. They carry
the smallest degree of investment risk and are generally referred to as "gilt
edge." Interest payments are protected by a large or by an exceptionally stable
margin and principal is secure. While the various protective elements are likely
to change, such changes as can be visualized are most
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<PAGE>
unlikely to impair the fundamentally strong position of such issues.
Aa-Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as high grade
bonds. They are rated lower than the best bonds because margins of protection
may not be as large as in Aaa securities or fluctuation of protective elements
may be of greater amplitude or there may be other elements present which make
the long term risks appear somewhat larger than in Aaa securities.
A-Bonds which are rated A possess many favorable investment attributes and are
to be considered as upper medium grade obligations. Factors giving security to
principal and interest are considered adequate but elements may be present which
suggest a susceptibility to impairment sometime in the future.
Baa-Bonds which are rated Baa are considered as medium grade obligations, i.e.,
they are neither highly protected nor poorly secured. Interest payments and
principal security appear adequate for the present but certain protective
elements may be lacking or may be characteristically unreliable over any great
length of time. Such bonds lack outstanding investment characteristics and in
fact have speculative characteristics as well.
Ba-Bonds which are rated Ba are judged to have speculative elements; their
future cannot be considered as well assured. Often the protection of interest
and principal payments may be very moderate and thereby not well safeguarded
during both good and bad times over the future. Uncertainty of position
characterizes bonds in this class.
B-Bonds which are rated B generally lack characteristics of desirable
investments. Assurance of interest and principal payments or of maintenance of
other terms of the contract over any long period of time may be small.
Caa-Bonds which are rated Caa are of poor standing. Such issues may be in
default or there may be present elements of danger with respect to principal or
interest.
Ca-Bonds which are rated Ca represent obligations which are speculative in a
high degree. Such issues are often in default or have other marked shortcomings.
C-Bonds which are rated C are the lowest rated class of bonds and issues so
rated can be regarded as having extremely poor prospects of ever attaining any
real investment standing.
Moody's applies numerical modifiers 1, 2 and 3 in each generic
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<PAGE>
rating classification from Aa through B in its corporate bond rating system. The
modifier 1 indicates that the security ranks in the higher end of its generic
rating category; the modifier 2 indicates a mid-range ranking; and the modifier
3 indicates that the issue ranks in the lower end of its generic rating
category.
DESCRIPTION OF CORPORATE BOND RATINGS OF STANDARD & POOR'S RATINGS GROUP:
AAA-Debt rated 'AAA' has the highest rating assigned by Standard & Poor's.
Capacity to pay interest and repay principal is very strong.
AA-Debt rated 'AA' has a very strong capacity to pay interest and repay
principal and differs from the higher rated issues only in small degree.
A-Debt rated 'A' has a strong capacity to pay interest and repay principal,
although it is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than debt in higher rated categories.
BBB-Debt rated 'BBB' is regarded as having an adequate capacity to pay interest
and repay principal. Whereas it normally exhibits adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal for
debt in this category than in higher rated categories.
BB-B-CCC-CC-C-Debt rated 'BB', 'B', 'CCC', 'CC', and 'C' is regarded as having
predominantly speculative characteristics with respect to capacity to pay
interest and repay principal. 'BB' indicates the least degree of speculation and
'C' the highest. While such debt will likely have some quality and protective
characteristics, these are outweighed by large uncertainties or major exposures
to adverse conditions.
BB-Debt rated 'BB' has less near-term vulnerability to default than other
speculative issues. However, it faces major ongoing uncertainties or exposure to
adverse business, financial, or economic conditions which could lead to
inadequate capacity to meet timely interest and principal payments. The 'BB'
rating category is also used for debt subordinated to senior debt that is
assigned an actual or implied 'BBB-' rating.
B-Debt rated 'B' has a greater vulnerability to default but currently has the
capacity to meet interest payments and principal repayments. Adverse business,
financial, or economic conditions will likely impair capacity or willingness to
pay interest and repay principal. The 'B' rating category is also used for debt
subordinated to senior debt that is assigned an actual or implied 'BB' or 'BB-'
rating.
B-9
<PAGE>
CCC-Debt rated 'CCC' has currently identifiable vulnerability to default, and is
dependent upon favorable business, financial, and economic conditions to meet
timely payment of interest and repayment of principal. In the event of adverse
business, financial, or economic conditions, it is not likely to have the
capacity to pay interest and repay principal. The 'CCC' rating category is also
used for debt subordinated to senior debt that is assigned an actual or implied
'B' or 'B-' rating.
CC-The rating 'CC' typically is applied to debt subordinated to senior debt that
is assigned an actual or implied 'CCC' rating.
C-The rating 'C' typically is applied to debt subordinated to senior debt which
is assigned an actual or implied 'CCC-' debt rating. The 'C' rating may be used
to cover a situation where a bankruptcy petition has been filed, but debt
service payments are continued.
CI-The rating 'CI' is reserved for income bonds on which no interest is being
paid.
D-Debt rated 'D' is in payment default. The 'D' rating category is used when
interest payments or principal payments are not made on the date due even if the
applicable grace period has not expired, unless Standard & Poor's believes that
such payments will be made during such grace period. The 'D' rating also will be
used upon the filing of a bankruptcy petition if debt service payments are
jeopardized.
Plus (+) or Minus (--): The ratings from 'AA' to 'CCC' may be modified by the
addition of a plus or minus sign to show relative standing within the major
rating categories.
Generally, investment-grade debt securities are those rated 'Baa3' or higher by
Moody's or 'BBB--' or higher by Standard & Poor's.
DESCRIPTION OF FIXED-INCOME INSTRUMENTS
U.S. GOVERNMENT OBLIGATIONS. Securities issued or guaranteed as to principal and
interest by the United States Government include a variety of Treasury
securities, which differ in their interest rates, maturities and times of
issuance. Treasury bills have a maturity of one year or less; Treasury notes
have maturities of one to ten years; and Treasury bonds can be issued with any
maturity period but generally have a maturity of greater than ten years.
Agencies of the United States Government which issue or guarantee obligations
include, among others, the Export-Import Bank of the United States, Farmers Home
Administration, Federal Housing Administration, Government National Mortgage
Association, Maritime Administration, Small Business Administration and The
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Tennessee Valley Authority. Obligations of instrumentalities of the United
States Government include securities issued or guaranteed by, among others,
banks of the Farm Credit System, the Federal National Mortgage Association,
Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Student Loan
Marketing Association, Federal Intermediate Credit Banks, Federal Land Banks,
Banks for Cooperatives, and the U.S. Postal Service. Some of these securities
are supported by the full faith and credit of the U.S. Treasury; others are
supported by the right of the issuer to borrow from the Treasury, while still
others are supported only by the credit of the instrumentality.
CERTIFICATES OF DEPOSIT. Certificates of deposit are generally short-term,
interest-bearing negotiable certificates issued by banks or savings and loan
associations and savings banks against funds deposited in the issuing
institution.
TIME DEPOSITS. Time deposits are deposits in a bank or other financial
institution for a specified period of time at a fixed interest rate for which a
negotiable certificate is not received. Certain time deposits may be considered
illiquid.
BANKERS' ACCEPTANCES. A bankers' acceptance is a draft drawn on a commercial
bank by a borrower usually in connection with an international commercial
transaction (to finance the import, export, transfer or storage of goods). The
borrower is liable for payment as well as the bank, which unconditionally
guarantees to pay the draft at its face amount on the maturity date. Most
acceptances have maturities of six months or less and are traded in secondary
markets prior to maturity.
COMMERCIAL PAPER. Commercial paper refers to short-term, unsecured promissory
notes issued by corporations to finance short-term credit needs. Commercial
paper is usually sold on a discount basis and has a maturity at the time of
issuance not exceeding 270 days.
VARIABLE RATE, FLOATING RATE, OR VARIABLE AMOUNT SECURITIES. Variable rate,
floating rate, or variable amount securities are short-term unsecured promissory
notes issued by corporations to finance short-term credit needs. These are
interest-bearing notes on which the interest rate generally fluctuates on a
scheduled basis.
CORPORATE DEBT SECURITIES. Debt issued by a corporation that
pays interest and principal to the holders at specified times.
ASSET-BACKED SECURITIES. Asset-backed securities are securities which represent
an undivided fractional interest in a trust whose assets generally consist of
mortgages, motor vehicle retail installment sales contracts, or other
consumer-based loans.
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PARTICIPATION INTERESTS IN LOANS. A participation interest in a loan entitles
the purchaser to receive a portion of principal and interest payments due on a
commercial loan extended by a bank to a specified company. The purchaser of such
an interest has no recourse against the bank if payments of principal and
interest are not made by the borrower and generally relies on the bank to
administer and enforce the loan's terms.
INTERNATIONAL ORGANIZATION OBLIGATIONS. International organization obligations
include obligations of those organizations designated or supported by U.S. or
foreign government agencies to promote economic reconstruction and development
or international banking, and related government agencies. Examples include the
International Bank for Reconstruction and Development (the World Bank), the
European Coal and Steel Community, the Asian Development Bank, and the
InterAmerican Development Bank.
INFLATION-INDEXED SECURITIES. Fixed-income instruments of varying structures and
maturities whose returns are designed to track a specified inflation index over
the life of the instrument, by periodically adjusting the principal and/or
interest paid on the instrument to reflect changes in the specified inflation
index.
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INVESTMENT POLICIES AND RISK CONSIDERATIONS
OPTIONS AND FUTURES
The Accounts may engage in options and futures strategies to the extent
permitted by the New York State Insurance Department and subject to SEC and
Commodity Futures Trading Commission ("CFTC") requirements. It is not the
intention of the Accounts to use options and futures strategies in a speculative
manner but rather to use them primarily as hedging techniques or for cash
management purposes.
OPTIONS. Option-related activities could include (1) the sale of covered call
option contracts, and the purchase of call option contracts for the purpose of a
closing purchase transaction; (2) the buying of covered put option contracts,
and the selling of put option contracts to close out a position acquired through
the purchase of such options; and (3) the selling of call option contracts or
the buying of put option contracts on groups of securities and on futures on
groups of securities and the buying of similar call option contracts or the
selling of put option contracts to close out a position acquired through a sale
of such options. This list of options-related activities is not intended to be
exclusive, and an Account may engage in other types of options transactions
consistent with its investment objective and policies and applicable law.
A call option is a short-term contract (generally having a duration of nine
months or less) which gives the purchaser of the option the right to purchase
the underlying security at a fixed exercise price at any time prior to the
expiration of the option regardless of the market price of the security during
the option period. As consideration for the call option, the purchaser pays the
seller a premium, which the seller retains whether or not the option is
exercised. As the seller of a call option, an Account has the obligation, upon
the exercise of the option by the purchaser, to sell the underlying security at
the exercise price at any time during the option period. The selling of a call
option benefits an Account if over the option period the underlying security
declines in value or does not appreciate above the aggregate of the exercise
price and the premium. However, the Account risks an "opportunity loss" of
profits if the underlying security appreciates above the aggregate value of the
exercise price and the premium.
An Account may close out a position acquired through selling a call option by
buying a call option on the same security with the same exercise price and
expiration date as the call option which it had previously sold on that
security. Depending on the premium for the call option purchased by the Account,
the Account will realize a profit or loss on the transaction. A put option
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is a similar short-term contract that gives the purchaser of the option the
right to sell the underlying security at a fixed exercise price at any time
prior to the expiration of the option regardless of the market price of the
security during the option period. As consideration for the put option an
Account, as purchaser, pays the seller a premium, which the seller retains
whether or not the option is exercised. The seller of a put option has the
obligation, upon the exercise of the option by an Account, to purchase the
underlying security at the exercise price at any time during the option period.
The buying of a covered put contract limits the downside exposure for the
investment in the underlying security to the combination of the exercise price
less the premium paid. The risk of purchasing a put is that the market price of
the underlying stock prevailing on the expiration date may be above the option's
exercise price. In that case the option would expire worthless and the entire
premium would be lost.
An Account may close out a position acquired through buying a put option by
selling a put option on the same security with the same exercise price and
expiration date as the put option which it had previously bought on the
security. Depending on the premium of the put option sold by the Account, the
Account would realize a profit or loss on the transaction.
In addition to options (both calls and puts) on individual securities, there are
also options on groups of securities, such as the Standard & Poor's 100 Index
traded on the Chicago Board Options Exchange. There are also options on the
futures of groups of securities such as the Standard & Poor's 500 Stock Index
and the New York Stock Exchange Composite Index. The selling of such calls can
be used in anticipation of, or in, a general market or market sector decline
that may adversely affect the market value of an Account's portfolio of
securities. To the extent that an Account's portfolio of securities changes in
value in correlation with a given stock index, the sale of call options on the
futures of that index would substantially reduce the risk to the portfolio of a
market decline, and, by so doing, provides an alternative to the liquidation of
securities positions in the portfolio with resultant transaction costs. A risk
in all options, particularly the relatively new options on groups of securities
and on the futures on groups of securities, is a possible lack of liquidity.
This will be a major consideration before an Account deals in any option.
There is another risk in connection with selling a call option on a group of
securities or on the futures of groups of securities. This arises because of the
imperfect correlation between movements in the price of the call option on a
particular group of securities and the price of the underlying securities held
in the portfolio. Unlike a covered call on an individual security, where a large
movement on the upside for the call option will be
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offset by a similar move on the underlying stock, a move in the price of a call
option on a group of securities may not be offset by a similar move in the price
of securities held due to the difference in the composition of the particular
group and the portfolio itself.
FUTURES. To the extent permitted by applicable regulatory authorities, an
Account may purchase and sell futures contracts on securities or other
instruments, or on groups or indexes of securities or other instruments. The
purpose of hedging techniques using financial futures is to protect the
principal value of an Account against adverse changes in the market value of
securities or instruments in its portfolio, and to obtain better returns on
future investments than actually may be available at the future time. Since
these are hedging techniques, the gains or losses on the futures contract
normally will be offset by losses or gains respectively on the hedged
investment. Futures contracts also may be offset prior to the future date by
executing an opposite futures contract transaction.
A futures contract on an investment is a binding contractual commitment which,
if held to maturity, will result in an obligation to make or accept delivery,
during a particular future month, of the securities or instrument underlying the
contract. By purchasing a futures contract--assuming a "long" position--an
Account legally will obligate itself to accept the future delivery of the
underlying security or instrument and pay the agreed price. By selling a futures
contract assuming a "short" position it legally will obligate itself to make the
future delivery of the security or instrument against payment of the agreed
price.
Positions taken in the futures markets are not normally held to maturity, but
are instead liquidated through offsetting transactions which may result in a
profit or a loss. While futures positions taken by an Account usually will be
liquidated in this manner, an Account may instead make or take delivery of the
underlying securities or instruments whenever it appears economically
advantageous to the Account to do so. A clearing corporation associated with the
exchange on which futures are traded assumes responsibility for closing-out
positions and guarantees that the sale and purchase obligations will be
performed with regard to all positions that remain open at the termination of
the contract.
A stock index futures contract, unlike a contract on a specific security, does
not provide for the physical delivery of securities, but merely provides for
profits and losses resulting from changes in the market value of the contract to
be credited or debited at the close of each trading day to the respective
accounts of the parties to the contract. On the contract's expiration date, a
final cash settlement occurs and the futures
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positions simply are closed out. Changes in the market value of a particular
stock index futures contract reflect changes in the specified index of equity
securities on which the future is based.
Stock index futures may be used to hedge the equity investments of the Stock,
Global Equities, Growth, Equity Index, or Social Choice Accounts with regard to
market (systematic) risk (involving the market's assessment of overall economic
prospects), as distinguished from stock-specific risk (involving the market's
evaluation of the merits of the issuer of a particular security). By
establishing an appropriate "short" position in stock index futures, the Stock,
Global Equities, Growth, Equity Index or Social Choice Account may seek to
protect the value of its securities portfolio against an overall decline in the
market for equity securities. Alternatively, in anticipation of a generally
rising market, these Accounts can seek to avoid losing the benefit of apparently
low current prices by establishing a "long" position in stock index futures and
later liquidating that position as particular equity securities are in fact
acquired. To the extent that these hedging strategies are successful, these
Accounts will be affected to a lesser degree by adverse overall market price
movements, unrelated to the merits of specific portfolio equity securities, than
would otherwise be the case.
Unlike the purchase or sale of a security, no price is paid or received by an
Account upon the purchase or sale of a futures contract. Initially, the Account
will be required to deposit in a custodial account an amount of cash, United
States Treasury securities, or other permissible assets equal to approximately
5% of the contract amount. This amount is known as "initial margin." The nature
of initial margin in futures transactions is different from that of margin in
security transactions in that futures contract margin does not involve the
borrowing of funds by the customer to finance the transactions. Rather, the
initial margin is in the nature of a performance bond or good faith deposit on
the contract which is returned to the Account upon termination of the futures
contract assuming all contractual obligations have been satisfied. Subsequent
payments to and from the broker, called variation margin, will be made on a
daily basis as the price of the underlying stock index fluctuates making the
long and short positions in the futures contract more or less valuable, a
process known as "marking to the market." For example, when the Stock Account
has purchased a stock index futures contract and the price of the underlying
stock index has risen, that position will have increased in value, and the
Account will receive from the broker a variation margin payment equal to that
increase in value. Conversely, where the Stock Account has purchased a stock
index futures contract and the price of the underlying stock index has declined,
the position would be less valuable and the Stock Account would be required to
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make a variation margin payment to the broker. At any time prior to expiration
of the futures contract, the Account may elect to close the position by taking
an opposite position which will operate to terminate the Account's position in
the futures contract. A final determination of variation margin is then made,
additional cash is required to be paid by or released to the Stock Account, and
the Account realizes a loss or a gain. All margin payments will be made to a
custodian in the broker's name.
The risks inherent in the purchase or sale of stock index futures are, in a
general sense, similar to the risks inherent in the purchase or sale of bond
index futures. A bond index assigns relative values to the bonds included in the
index. The index fluctuates with changes in the market values of those bonds
included, and the parties to the bond index futures contract agree to take or
make delivery of an amount of cash equal to a specified dollar amount times the
difference between the index value at the close of the last trading day of the
contract and the price at which the index future was originally written. No
physical delivery of the underlying bonds in the index is made.
There are several risks in connection with the use by an Account of a futures
contract as a hedging device. One risk arises because of the imperfect
correlation between movements in the prices of the futures contracts and
movements in the securities or instruments which are the subject of the hedge.
CREF will attempt to reduce this risk by engaging in futures transactions, to
the extent possible, where, in its judgment, there is a significant correlation
between changes in the prices of the futures contracts and the prices of an
Account's portfolio securities or instruments sought to be hedged.
Successful use of futures contracts by an Account for hedging purposes also is
subject to the user's ability to predict correctly movements in the direction of
the market. For example, it is possible that, where an Account has sold futures
to hedge its portfolio against declines in the market, the index on which the
futures are written may advance and the values of securities or instruments held
in the Account's portfolio may decline. If this occurred, the Account would lose
money on the futures and also experience a decline in value in its portfolio
investments. However, CREF believes that over time the value of the Account's
portfolio will tend to move in the same direction as the market indices which
are intended to correlate to the price movements of the portfolio securities or
instruments sought to be hedged. It also is possible that, for example, if the
Account has hedged against the possibility of the decline in the market
adversely affecting stocks held in its portfolio and stock prices increased
instead, the Account will lose part or all of the benefit of increased value of
those stocks that it has hedged because it will have offsetting losses in its
futures positions. In
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addition, in such situations, if the Account has insufficient cash, it may have
to sell securities or instruments to meet daily variation margin requirements.
Such sales may be, but will not necessarily be, at increased prices which
reflect the rising market. The Account may have to sell securities or
instruments at a time when it may be disadvantageous to do so.
In addition to the possibility that there may be an imperfect correlation, or no
correlation at all, between movements in the futures contracts and the portion
of the portfolio being hedged, the prices of futures contracts may not correlate
perfectly with movements in the underlying security or instrument due to certain
market distortions. First, all transactions in the futures market are subject to
margin deposit and maintenance requirements. Rather than meeting additional
margin deposit requirements, investors may close futures contracts through
offsetting transactions which could distort the normal relationship between the
index and futures markets. Second, the margin requirements in the futures market
are less onerous than margin requirements in the securities market, and as a
result the futures market may attract more speculators than the securities
market does. Increased participation by speculators in the futures market also
may cause temporary price distortions. Due to the possibility of price
distortion in the futures market and also because of the imperfect correlation
between movements in the futures contracts and the portion of the portfolio
being hedged, even a correct forecast of general market trends by Investment
Management still may not result in a successful hedging transaction over a very
short time period.
The Accounts may also use futures contracts and options on futures contracts to
manage their cash flow more effectively. To the extent that an Account enters
into non-hedging positions, it will do so only in accordance with certain CFTC
exemptive provisions. Thus, pursuant to CFTC Rule 4.5, the aggregate initial
margin and premiums required to establish non-hedging positions in commodity
futures or commodity options contracts may not exceed five percent of the
liquidation value of each Account's portfolio, after taking into account
unrealized profits and unrealized losses on any such contracts it has entered
into (provided that the in-the-money amount of an option that is in-the-money
when purchased may be excluded in computing such five percent).
Options and futures transactions may increase an Account's transaction costs and
portfolio turnover rate and will be initiated only when consistent with its
investment objectives.
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FIRM COMMITMENT AGREEMENTS AND PURCHASE OF "WHEN ISSUED" SECURITIES
The Accounts may enter into firm commitment agreements for the purchase of
securities on a specified future date. Thus, the Accounts may purchase, for
example, new issues of fixed-income instruments on a "when issued" basis,
whereby the payment obligation, or yield to maturity, or coupon rate on the
instruments may not be fixed at the time of the transaction. In addition, the
Accounts may invest in asset-backed securities on a delayed delivery basis. This
reduces the Accounts' risk of early repayment of principal, but exposes the
Accounts to some additional risk that the transaction will not be consummated.
When the Accounts enter into firm commitment agreements, liability for the
purchase price and the rights and risks of ownership of the securities accrue to
the Accounts at the time they become obligated to purchase such securities,
although delivery and payment occur at a later date. Accordingly, if the market
price of the security should decline, the effect of the agreement would be to
obligate the Accounts to purchase the security at a price above the current
market price on the date of delivery and payment. During the time the Accounts
are obligated to purchase such securities they will be required to segregate
assets (see "Segregated Accounts," page ).
PASS-THROUGH SECURITIES
The Accounts may invest in mortgage pass-through securities such as GNMA
certificates or FNMA and FHLMC mortgage-backed obligations, or modified
pass-through securities such as collateralized mortgage obligations issued by
various financial institutions. In connection with these investments, early
repayment of principal arising from prepayments of principal on the underlying
mortgage loans due to the sale of the underlying property, the refinancing of
the loan, or foreclosure may expose the Account to a lower rate of return upon
reinvestment of the principal. Prepayment rates vary widely and may be affected
by changes in market interest rates. In periods of falling interest rates, the
rate of prepayment tends to increase, thereby shortening the actual average life
of the mortgage-related security. Conversely, when interest rates are rising,
the rate of prepayment tends to decrease, thereby lengthening the actual average
life of the mortgage-related security. Accordingly, it is not possible to
accurately predict the average life of a particular pool. Reinvestment of
prepayments may occur at higher or lower rates than the original yield on the
certificates. Therefore, the actual maturity and realized yield on pass-through
or modified pass-through mortgage-related securities will vary based upon the
prepayment experience of the underlying pool of mortgages. For purposes of
calculating the average life of the assets of the relevant Account, the maturity
of each of these securities will be the average life of such securities based on
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the most recent or estimated annual prepayment rate.
LENDING OF SECURITIES
Subject to investment restriction 11(a) on page B- (relating to loans of
portfolio securities), an Account may lend its securities to brokers and dealers
that are not affiliated with CREF, are registered with the Commission and are
members of the NASD, and also to certain other financial institutions. All loans
will be fully collateralized. In connection with the lending of its securities,
an Account will receive as collateral cash, securities issued or guaranteed by
the United States Government (i.e., Treasury securities), or other collateral
permitted by applicable law, which at all times while the loan is outstanding
will be maintained in amounts equal to at least 102% of the current market value
of the loaned securities, or such lesser percentage as may be permitted by the
New York State Insurance Department (not to fall below 100% of the market value
of the loaned securities), as reviewed daily. The Account lending its securities
will receive amounts equal to the interest or dividends paid on the securities
loaned and in addition will expect to receive a portion of the income generated
by the short-term investment of cash received as collateral or, alternatively,
where securities or a letter of credit are used as collateral, a lending fee
paid directly to the Account by the borrower of the securities. Such loans will
be terminable by the Account at any time and will not be made to affiliates of
CREF. CREF may terminate a loan of securities in order to regain record
ownership of, and to exercise beneficial rights related to, the loaned
securities, including but not necessarily limited to voting or subscription
rights, and may, in the exercise of its fiduciary duties, terminate a loan in
the event that a vote of holders of those securities is required on a material
matter. An Account may pay reasonable fees to persons unaffiliated with the
Account for services or for arranging such loans. Loans of securities will be
made only to firms deemed creditworthy. As with any extension of credit,
however, there are risks of delay in recovering the loaned securities, should
the borrower of securities default, become the subject of bankruptcy
proceedings, or otherwise be unable to fulfill its obligations or fail
financially.
REPURCHASE AGREEMENTS
Repurchase agreements have the characteristics of loans by an Account, and will
be fully collateralized (either with physical securities or evidence of book
entry transfer to the account of the custodian bank) at all times. During the
term of the repurchase agreement the Account retains the security subject to the
repurchase agreement as collateral securing the seller's repurchase obligation,
continually monitors the market value of the security subject to the agreement,
and requires the Account's
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seller to deposit with the Account additional collateral equal to any amount by
which the market value of the security subject to the repurchase agreement falls
below the resale amount provided under the repurchase agreement. The Accounts
will enter into repurchase agreements only with member banks of the Federal
Reserve System, and with primary dealers in United States Government securities
or their wholly-owned subsidiaries whose creditworthiness has been reviewed and
found satisfactory by CREF and who have, therefore, been determined to present
minimal credit risk.
Securities underlying repurchase agreements will be limited to certificates of
deposit, commercial paper, bankers' acceptances, or obligations issued or
guaranteed by the United States Government or its agencies or instrumentalities,
in which the Account may otherwise invest.
If a seller of a repurchase agreement defaults and does not repurchase the
security subject to the agreement, the Account would look to the collateral
security underlying the seller's repurchase agreement, including the securities
subject to the repurchase agreement, for satisfaction of the seller's obligation
to the Account; in such event the Account might incur disposition costs in
liquidating the collateral and might suffer a loss if the value of the
collateral declines. In addition, if bankruptcy proceedings are instituted
against a seller of a repurchase agreement, realization upon the collateral may
be delayed or limited.
CURRENCY TRANSACTIONS
The value of the Accounts' assets as measured in United States dollars may be
affected favorably or unfavorably by changes in foreign currency exchange rates
and exchange control regulations, and the Accounts may incur costs in connection
with conversions between various currencies. To minimize the impact of such
factors on net asset values, the Accounts may engage in foreign currency
transactions in connection with their investments in foreign securities. These
transactions may also let us "lock in" exchange rates when buying or selling
foreign securities. The Accounts will not speculate in foreign currency
exchange, and will enter into foreign currency transactions only to "hedge" the
currency risk associated with investing in foreign securities. Although such
transactions tend to minimize the risk of loss due to a decline in the value of
the hedged currency, they also may limit any potential gain which might result
should the value of such currency increase.
The Accounts will conduct their currency exchange transactions either on a spot
(i.e., cash) basis at the rate prevailing in the currency exchange market, or
through forward contracts to purchase or sell foreign currencies. A forward
currency contract
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involves an obligation to purchase or sell a specific currency at a future date,
which may be any fixed number of days from the date of the contract agreed upon
by the parties, at a price set at the time of the contract. These contracts are
entered into with large commercial banks or other currency traders who are
participants in the interbank market.
By entering into a forward contract for the purchase or sale of foreign currency
involved in an underlying security transaction, the Account is able to protect
itself against possible loss between trade and settlement dates for that
purchase or sale resulting from an adverse change in the relationship between
the U.S. dollar and such foreign currency. This practice is sometimes referred
to as "transaction hedging." In addition, when it appears that a particular
foreign currency may suffer a substantial decline against the U.S. dollar, an
Account may enter into a forward contract to sell an amount of foreign currency
approximating the value of some or all of its portfolio securities denominated
in such foreign currency. This practice is sometimes referred to as "portfolio
hedging." Similarly, when it appears that the U.S. dollar may suffer a
substantial decline against a foreign currency, an Account may enter into a
forward contract to buy that foreign currency for a fixed dollar amount. The
Accounts may also hedge their foreign currency exchange rate risk by engaging in
currency financial futures, options and "cross-hedge" transactions. In
"cross-hedge" transactions, an Account holding securities denominated in one
foreign currency will enter into a forward currency contract to buy or sell a
different foreign currency (one that generally tracks the currency being hedged
with regard to price movements). Such cross-hedges are expected to help protect
an Account against an increase or decrease in the value of the U.S. dollar
against certain foreign currencies.
The Accounts may hold a portion of their respective assets in bank deposits
denominated in foreign currencies, so as to facilitate investment in foreign
securities as well as protect against currency fluctuations and the need to
convert such assets into U.S. dollars (thereby also reducing transaction costs).
To the extent these monies are converted back into U.S. dollars, the value of
the assets so maintained will be affected favorably or unfavorably by changes in
foreign currency exchange rates and exchange control regulations.
The forecasting of short-term currency market movement is extremely difficult
and whether a short-term hedging strategy will be successful is highly
uncertain. Moreover, it is impossible to forecast with absolute precision the
market value of portfolio securities at the expiration of a foreign currency
forward contract. Accordingly, an Account may be required to buy or sell
additional currency on the spot market (and bear the expense of such
transaction) if its predictions regarding the
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movement of foreign currency or securities markets prove inaccurate. In
addition, the use of cross-hedging transactions may involve special risks, and
may leave an Account in a less advantageous position than if such a hedge had
not been established. Because foreign currency forward contracts are privately
negotiated transactions, there can be no assurance that CREF will have
flexibility to roll-over the foreign currency forward contract upon its
expiration if it desires to do so. Additionally, there can be no assurance that
the other party to the contract will perform its obligations thereunder. There
is no express limitation on the percentage of an Account's assets that may be
committed to foreign currency exchange contracts. The Accounts will not enter
into foreign currency forward contracts or maintain a net exposure in such
contracts where the Account would be obligated to deliver an amount of foreign
currency in excess of the value of the Account's portfolio securities or other
assets denominated in that currency or, in the case of a cross-hedge
transaction, denominated in a currency or currencies that the Account's
investment adviser believes will correlate closely to the currency's price
movements. The Accounts generally will not enter into forward contracts with
terms longer than one year.
SWAP TRANSACTIONS
The Accounts may, to the extent permitted by the New York State Insurance
Department and the SEC, enter into privately negotiated "swap" transactions with
other financial institutions in order to take advantage of investment
opportunities generally not available in public markets. In general, these
transactions involve "swapping" a return based on certain securities,
instruments, or financial indices with another party, such as a commercial bank,
in exchange for a return based on different securities, instruments, or
financial indices.
By entering into swap transactions, an Account may be able to protect the value
of a portion of its portfolio against declines in market value. An Account may
also enter into swap transactions to facilitate implementation of allocation
strategies between different market segments or countries or to take advantage
of market opportunities which may arise from time to time. An Account may be
able to enhance its overall performance if the return offered by the other party
to the swap transaction exceeds the return swapped by the Account. However,
there can be no assurance that the return an Account receives from the
counterparty to the swap transaction will exceed the return it swaps to that
party.
While an Account will only enter into swap transactions with counterparties it
considers creditworthy (and will monitor the creditworthiness of parties with
which it enters into swap transactions), a risk inherent in swap transactions is
that the
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other party to the transaction may default on its obligations under the swap
agreement. If the other party to the swap transaction defaults on its
obligations, CREF would be limited to contractual remedies under the swap
agreement. There can be no assurance that CREF will succeed when pursuing its
contractual remedies. To minimize an Account's exposure in the event of default,
the Accounts will usually enter into swap transactions on a net basis (i.e., the
parties to the transaction will net the payments payable to each other before
such payments are made). When an Account enters into swap transactions on a net
basis, the net amount of the excess, if any, of the Account's obligations over
its entitlements with respect to each such swap agreement will be accrued on a
daily basis and an amount of liquid assets having an aggregate market value at
least equal to the accrued excess will be segregated by the Account's custodian.
To the extent an Account enters into swap transactions other than on a net
basis, the amount segregated will be the full amount of the Account's
obligations, if any, with respect to each such swap agreement, accrued on a
daily basis. (See "Segregated Accounts" below.)
Swap agreements are considered to be illiquid by the SEC staff and will be
subject to the limitations on illiquid investments described on page B- .
To the extent that there is an imperfect correlation between the return an
Account is obligated to swap and the securities or instruments representing such
return, the value of the swap transaction may be adversely affected. An Account
therefore will not enter into a swap transaction unless it owns or has the right
to acquire the securities or instruments representative of the return it is
obligated to swap with the counterparty to the swap transaction. It is not the
intention of the Accounts to engage in swap transactions in a speculative manner
but rather primarily to hedge or manage the risks associated with assets held
in, or to facilitate the implementation of portfolio strategies of purchasing
and selling assets for, an Account's portfolio.
SEGREGATED ACCOUNTS
In connection with when-issued securities, firm commitment agreements, forward
purchases of foreign currencies and certain other transactions in which CREF
incurs an obligation to make payments in the future, CREF may be required to
segregate assets with its custodian bank in amounts sufficient to settle the
transaction. To the extent required, such segregated assets will consist of
liquid assets such as cash, United States Government securities or other
appropriate high grade debt obligations as may be permitted by law.
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SPECIAL CONSIDERATIONS AFFECTING FOREIGN INVESTMENTS
As described more fully in the Prospectus, certain CREF Accounts may invest in
foreign securities including those in emerging markets. In addition to the
general risk factors discussed in the Prospectus, there are a number of country-
or region-specific risks and other considerations that may affect these
investments.
INVESTMENT IN EUROPE
The total European market (consisting of the European Union, the European Free
Trade Association and Eastern European countries) contains over 450 million
consumers, a market larger than either the United States or Japan. European
business compete both intra-regionally and globally in a wide range of
industries, and recent political and economic changes throughout Europe are
likely further to expand the role of Europe in the global economy. As a result,
a great deal of interest and activity has been generated aimed at understanding
and benefiting from the "new" Europe that may result. The incipient aspects of
major developments in Europe as well as other considerations means that
there can be no guarantee that outcomes will be as anticipated or will have
results that investors would regard as favorable.
THE EUROPEAN UNION. The European Union ("EU") consists of Austria, Belgium,
Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, Portugal, Spain, Sweden, and the United Kingdom (the "EU Nations"),
with a total population exceeding 370 million. The EU Nations have undertaken to
establish, among themselves, a single market that is largely free of internal
barriers and hindrances to the free movement of goods, persons, services and
capital. Although it is difficult to predict when this goal will be fully
realized, macro and micro-economic adjustments already in train are indicative
of significant increases in efficiency and the ability of the EU Nations to
compete globally by simplifying product distribution networks, promoting
economies of scale, and increasing labor mobility, among other effects. The
establishment of the eleven country European Monetary Union, a subset of the
European Union countries, with its own central bank, the European Central Bank;
and its own currency, the Euro; and a single interest rate structure represents
a new economic entity, the Euro-area. While authority for monetary policy thus
shifts from national hands to an independent supranational body, sovereignty
elsewhere remains at the national level. Uncertainties with regard to balancing
of monetary policy against national fiscal and other political issues and their
extensive ramifications represent important risk considerations for investors in
these countries.
B-25
<PAGE>
INVESTMENT IN THE PACIFIC BASIN
The economies of the Pacific Basin vary widely in their stages of economic
development. Some (such as Japan, Australia, Singapore, and Hong Kong) are
considered advanced by Western standards; others (such as Thailand, Indonesia,
and Malaysia are considered "emerging" -- rapidly shifting from natural resource
and agriculture based systems to more technologically advanced systems oriented
toward manufacturing and services. The major reform of China's economy and
polity continues to be an important stimulus to economic growth internally, and,
through trade, across the region. Intra-regional trade has become increasingly
important to a number of these economies. Japan, the second largest economy in
the world, is the dominant economy in the Pacific Basin, with one of the highest
per capita incomes in the world. Its extensive trade relationships also
contribute to expectations for regional and global economic growth. Economic
growth has historically been relatively strong in the region, but recent
economic turmoil among the emerging economies, and unmitigated recessionary
impulses in Japan in the recent past have raised important questions with regard
to prospective longer-term outcomes. Potential policy miscalculations or other
events could pose important risks to equity investors in any of these economies.
INVESTMENT IN CANADA
Canada, a country rich in natural resources and a leading industrial country of
the world, is by far the most important trading partner of the United States.
The U.S. and Canada have entered into the U.S.-Canada Free Trade Agreement
which, over a 10-year period from 1989, will remove trade barriers affecting all
important sectors of each country's economy. In addition, the U.S., Canada, and
Mexico have established the North American Free Trade Agreement ("NAFTA"), which
is expected to significantly benefit the economies of each of the countries
through the more rational allocation of resources and production over the
region. Uncertainty regarding the longer - run political structure of Canada is
an added risk to investors, along with weak commodity prices.
INVESTMENT IN LATIN AMERICA
Latin America (including Mexico and Central America) has a population of
approximately 455 million and is rich in natural resources. Important gains in
the manufacturing sector have developed in several of the major countries in the
region. A number of countries in the region have taken steps to reduce
impediments to trade, most notably through the NAFTA agreement, between the
U.S., Canada and Mexico and the Mercosur agreement between Argentina, Brazil,
Paraguay and Uruguay, with Chile as an associate member. Restrictions on
international capital
B-26
<PAGE>
flows, intermittent problems with capital flight, and some potential
difficulties in the repayment of external debt, however, remain important
concerns in the region -- exacerbating the risks in these equity markets. As a
result Latin American equity markets have been extremely volatile. Efforts to
restructure these economies through privatization, and fiscal and monetary
reform have been met with some success with gains in output growth, and slowing
rates of inflation. These efforts may result in attractive investment
opportunities. However, recent events have shown that large shifts in sentiment
in markets elsewhere on the globe may very quickly reverberate among these
markets, adding greater risk to already volatile markets. There can be no
assurance that attempted reforms will ultimately be successful or will bring
about results investors would regard as favorable.
OTHER REGIONS
There are developments in other regions and countries around the world which
could lead to additional investment opportunities. CREF will monitor these
developments and may invest when appropriate. The Stock Account already invests
in other regions.
OTHER INVESTMENT TECHNIQUES AND OPPORTUNITIES
CREF has been an industry leader in devising investment strategies for
retirement investing, including developing sophisticated research methods and
dividing a portfolio into segments, some designed to track the U.S. markets as a
whole and others that are actively managed and selected for their investment
potential.
The Accounts may take certain actions with respect to merger proposals, tender
offers, conversion of equity-related securities and other investment
opportunities with the objective of enhancing the portfolio's overall return,
irrespective of how these actions may affect the weight of the particular
securities in an Account's portfolio.
PORTFOLIO TURNOVER
The transactions engaged in by the Accounts are reflected in the Accounts'
portfolio turnover rates. The rate of portfolio turnover for each Account is
calculated by dividing the lesser of the amount of purchases or sales of
portfolio securities during the fiscal year by the monthly average of the value
of the Account's portfolio securities (excluding from the computation all
securities, including options, with maturities at the time of acquisition of one
year or less). A high rate of portfolio turnover generally involves
correspondingly greater brokerage commission expenses, which must be borne
directly by the Account
B-27
<PAGE>
and ultimately by the Account's Participants. However, because portfolio
turnover is not a limiting factor in determining whether or not to sell
portfolio securities, a particular investment may be sold at any time if
investment judgment or account operations make a sale advisable.
The Stock Account has no fixed policy with respect to portfolio turnover. In
general, however, this Account historically has maintained a portfolio turnover
rate that is low in comparison to most equity mutual funds. However, to the
extent that investment experience, changing economic conditions, or the
availability of transferability and cash distributions so require, this Account
may, consistent with its stated investment objective and policies, experience a
higher portfolio turnover rate. The Stock Account's portfolio turnover rates for
1998 and 1997 were ____% and ____%, respectively.
The Global Equities Account has no fixed policy on portfolio turnover. The
portfolio turnover rates for that Account for 1998 and 1997 were % and %,
respectively.
The Growth Account has no fixed policy on portfolio turnover. The portfolio
turnover rates for that Account for 1998 and 1997 were ____% and ____%,
respectively.
The Equity Index Account has no fixed policy on portfolio turnover. The
portfolio turnover rates for that Account for 1998 and 1997 were ____% and
____%, respectively.
The Bond Market Account is expected to experience a higher portfolio turnover
rate when interest rates are volatile and CREF restructures the portfolio to
conserve capital or to secure higher returns. Turnover level could be relatively
low during periods when interest rates are stable. The portfolio turnover rates
for the Bond Market Account in 1998 and 1997 were ____% and _____%,
respectively. These rates result in part from using a technique called "mortgage
rolls", which involves the purchase and sale of delayed-delivery mortgage
securities.
The Inflation-Linked Bond Account has no fixed policy on portfolio turnover. The
portfolio turnover rates for the Account in 1998 and 1997 (from May 1 to
December 31) were _____% and ______%, respectively.
The Social Choice Account has no fixed policy on portfolio turnover. The
portfolio turnover rates for that Account in 1998 and 1997 were ____% and ____%,
respectively.
No portfolio turnover rate is calculated for the Money Market Account due to the
short maturities of the instruments purchased.
Because a higher portfolio turnover rate will increase brokerage
B-28
<PAGE>
costs to the Accounts, each Account will carefully weigh the added costs of
short-term investment against the gains anticipated from such transactions.
VALUATION OF ASSETS
The assets of each Account are valued as of the close of each valuation day.
THE STOCK ACCOUNT
Investments for which market quotations are readily available are valued at the
market value of such investments, which is determined as follows:
Equity securities listed or traded on the New York Stock Exchange or
the American Stock Exchange are valued based on their last sale price
on such exchange on the date of valuation, or at the mean of the
closing bid and asked prices if no sale is reported. Equity securities
which are listed or traded on any other exchange are valued in a
comparable manner on the principal exchange where traded.
Equity securities traded in the United States over-the-counter market
are valued based on the last sale price on the date of valuation for
NASDAQ National Market System securities, or at the mean of the closing
bid and asked prices if no sale is reported. Other U.S.
over-the-counter equity securities are valued at the mean of the
closing bid and asked prices.
Investments traded on a foreign exchange or in foreign markets are
valued at the closing values of such securities as of the date of
valuation under the generally accepted valuation method in the country
where traded, converted to U.S. dollars at the prevailing rates of
exchange on the date of valuation. Since the trading of investments on
a foreign exchange or in foreign markets is normally completed before
the end of a valuation day, such valuation does not take place
contemporaneously with the determination of the valuation of certain
other investments held by these Accounts. If events materially
affecting the value of foreign investments (as determined in our sole
discretion) occur between the time when their price is determined and
the time the Account's net asset value is calculated, such investments
will be valued at fair value as determined in good faith by the Finance
Committee of the Board and in accordance with the responsibilities of
the Board as a whole.
Equity securities traded in the United States may also be
B-29
<PAGE>
valued at fair value as determined in good faith by the Finance
Committee of the Board if events materially affecting the value of a
domestic investment (as determined in our sole discretion) occur
between the time when its price is determined and the time the
Account's net asset value is calculated.
To the extent the Stock Account owns debt instruments (including money market
instruments), they will be valued in accordance with the procedures set forth
for such instruments for the Bond Market Account (described below).
THE GLOBAL EQUITIES, GROWTH AND EQUITY INDEX ACCOUNTS
Equity securities for the Global Equities, Growth and Equity Index Accounts are
valued in accordance with the procedures followed by the Stock Account for those
securities. To the extent the Global Equities, Growth and Equity Index Accounts
own
debt instruments (including money market instruments), they will be valued in
accordance with the procedures set forth for such instruments for the Bond
Market Account (described below).
THE BOND MARKET ACCOUNT
For the Bond Market Account, fixed-income securities (including money market
instruments) for which market quotations are readily available are valued based
on the most recent bid price or the equivalent quoted yield for such securities
(or those of comparable maturity, quality and type). Values for money market
instruments with maturities of one year or less will be obtained from either one
or more of the major market makers or from one or more of the financial
information services for the securities to be valued. For securities with
maturities longer than one year, these values will be derived utilizing an
independent pricing service when such prices are believed to reflect the fair
value of these securities. To the extent the Bond Market Account owns any equity
or foreign securities, they will be valued in accordance with the procedures
followed by the Stock Account for those securities, as described on page B- . We
use an independent pricing service to value securities with maturities longer
than one year, except when we believe prices don't accurately reflect the
security's fair value.
THE INFLATION-LINKED BOND ACCOUNT
For the Inflation-Linked Bond Account, debt instruments (including money market
instruments) are valued in accordance with the procedures set forth for the Bond
Market Account (described above). To the extent the Inflation-Linked Bond
Account owns any equity or foreign securities, they will be valued in accordance
with the procedures followed by the Stock
B-30
<PAGE>
Account for those securities, as described on page B- . We use an independent
pricing service to value securities with maturities longer than one year, except
when we believe prices don't accurately reflect the security's fair value.
THE SOCIAL CHOICE ACCOUNT
For the Social Choice Account, equity securities are valued in accordance with
the procedures followed by the Stock Account for those securities. Those
procedures are described on page B- . Debt instruments (including money market
instruments) are valued in accordance with the procedures set forth for the Bond
Market Account (described above).
THE MONEY MARKET ACCOUNT
Except as set forth above, money market instruments for which market quotations
are readily available are valued based on the most recent bid price or the
equivalent quoted yield for such securities (or those of comparable maturity,
quality, and type) obtained from either one or more of the major market-makers
or from one or more of the financial information services for the securities to
be valued. Short-term money market instruments with a remaining maturity of 60
days or less are valued on an amortized cost basis; provided, however, that if
the valuation determined using the amortized cost method for such securities is
materially different from the actual market value, then such short-term money
market instruments will be valued at market value. Under the amortized cost
method of valuation, the security is initially valued at cost on the date of
purchase (or, in the case of securities purchased with more than 60 days
remaining to maturity, the market value on the 61st day prior to maturity), and
thereafter a constant proportionate amortization in value until maturity of the
discount or premium is assumed.
INVESTMENTS FOR WHICH MARKET QUOTATIONS ARE NOT READILY AVAILABLE
Portfolio securities or other assets for which market quotations are not readily
available will be valued at fair value as determined in good faith under the
direction of the Finance Committee of the Board and in accordance with the
responsibilities of the Board as a whole. (see "Management," page B- .
OPTIONS
Portfolio investments underlying options are valued as described above. Stock
options written by the Stock, Global Equities, Growth, Equity Index, and Social
Choice Accounts are valued at the last quoted sale price, or at the closing bid
price if no sale is reported for the day of valuation as determined on the
principal exchange on which the option is traded. The value of
B-31
<PAGE>
the Stock, Global Equities, Growth, Equity Index, and Social Choice Accounts'
net assets will be increased or decreased by the difference between the premiums
received on writing options and the costs of liquidating such positions measured
by the closing price of the options on the date of valuation.
For example, when an Account writes a call option, the amount of the premium is
included in the Account's assets and an equal amount is included in its
liabilities. The liability thereafter is adjusted to the current market value of
the call. Thus, if the current market value of the call exceeds the premium
received, the excess would be unrealized depreciation; conversely, if the
premium exceeds the current market value, such excess would be unrealized
appreciation. If a call expires or if the Account enters into a closing purchase
transaction it realizes a gain (or a loss if the cost of the transaction exceeds
the premium received when the call was written) without regard to any unrealized
appreciation or depreciation in the underlying securities, and the liability
related to such call is extinguished. If a call is exercised, the Account
realizes a gain or loss from the sale of the underlying securities and the
proceeds of the sale increased by the premium originally received.
A premium paid on the purchase of a put will be deducted from an Account's
assets and an equal amount will be included as an investment and subsequently
adjusted to the current market value of the put. For example, if the current
market value of the put exceeds the premium paid, the excess would be unrealized
appreciation; conversely, if the premium exceeds the current market value, such
excess would be unrealized depreciation. Stock and bond index futures, and
options thereon, which are traded on commodities exchanges, are valued at their
last sale prices as of the close of such commodities exchanges.
B-32
<PAGE>
MANAGEMENT
CREF OVERSEERS, TRUSTEES AND OFFICERS
The names of the Overseers, Trustees and certain officers of CREF and
information about their positions with CREF and their principal occupations
during the past five years are shown below.
<TABLE>
<CAPTION>
CREF BOARD OF OVERSEERS* AGE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ------------------------ --- -----------------------------------------
<S> <C> <C>
Lucius J. Barker 70 William Bennett Munro Professor of
Department of Political Science Political Science, Stanford University.
Stanford University Chairperson, Department of Political
Stanford, California 94305 Science, Stanford University, from 1993
to 1996.
William G. Bowen 65 President, The Andrew W. Mellon
The Andrew W. Mellon Foundation Foundation.
140 East 62nd Street
New York, New York 10021
Stanley O. Ikenberry 63 President, American Council on Education,
American Council on Education since 1996. Regent Professor and
One Dupont Circle President Emeritus, University of Illinois
Washington, D.C. 20036 since 1995. Formerly, President,
University of Illinois.
Gertrude G. Michelson 73 Retired since 1992. Formerly, Senior
R.H. Macy & Co., Inc. Vice President, R.H. Macy & Co., Inc.,
151 West 34th Street Senior Advisor, R.H. Macy & Co., Inc.,
New York, New York 10001-2124 from 1992 to 1994.
Paul A. Volcker 71 Frederick H. Schultz Professor Emeritus
610 Fifth Avenue of International Economic Policy,
Suite 420 Princeton University, since 1997. Henry
New York, New York 10020 Kaufman Visiting Professor, Leonard N.
Stern School of Business, New York
University, since 1998. Formerly,
Chairman, Federal Reserve Board.
Clifton R. Wharton, Jr. 72 Formerly, Chairman and Chief Executive
TIAA-CREF Officer of TIAA and CREF. Former U.S.
730 Third Avenue Deputy Secretary of State.
New York, New York 10017-3206
</TABLE>
- -------------
*Also members of TIAA Board of Overseers.
B-33
<PAGE>
<TABLE>
<CAPTION>
TRUSTEES OF CREF AGE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---------------- --- -----------------------------------------
<S> <C> <C>
Robert H. Atwell 68 President Emeritus, American Council on
447 Bird Key Drive Education and Senior Consultant to A.T.
Sarasota, Florida 34236 Kearney, since 1996. Formerly, President,
American Council on Education.
Elizabeth E. Bailey (1) 60 John C. Hower Professor of Public Policy
The Wharton School and Management, The Wharton School,
University of Pennsylvania University of Pennsylvania.
Suite 3100
Steinberg-Dietrich Hall
Philadelphia, Pennsylvania
19104-6372
Joyce A. Fecske (1) 52 Vice President Emerita, DePaul University,
4800 South Karlov Avenue since 1994. Formerly, Vice President for
Chicago, Illinois 60632-4124 Human Resources, DePaul University.
Edes P. Gilbert 67 Consultant, Independent Education
Independent Education Services Services since 1998. Previously, Head,
49 East 78th Street, Suite 4A The Spence School.
New York, New York 10021
Stuart Tse Kong Ho (3) 63 Chairman and President, Capital Investment
Capital Investment of Hawaii, of Hawaii, Inc. Chairman, Gannett
Inc. Pacific Corporation.
Suite 1700
733 Bishop Street
Honolulu, Hawaii 96813
Nancy L. Jacob (2) 56 President and Managing Partner,
Windermere Investment Associates Windermere Investment Associates, since
Suite 925 January 1997. Formerly, Chairman and
121 S.W. Morrison Street Chief Executive Officer, CTC Consulting,
Portland, Oregon 97204 Inc., and Executive Vice President, U.S.
Trust of the Pacific Northwest.
</TABLE>
- ------------
(1) Member of Executive Committee
(2) Member of Finance Committee
(3) Member of Executive and Finance Committees
B-34
<PAGE>
<TABLE>
<CAPTION>
TRUSTEES OF CREF AGE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---------------- --- -----------------------------------------
<S> <C> <C>
Marjorie Fine Knowles (2) 59 Professor of Law, Georgia State
College of Law University College of Law.
Georgia State University
P.O. Box 4037
Atlanta, Georgia 30303-4037
Jay O. Light (2) 57 Professor of Business Administration,
Harvard Business School Harvard University Graduate School of
Harvard University Business Administration.
Morgan Hall 489
Soldiers Field
Boston, Massachusetts 02163
Bevis Longstreth (2) 65 Of Counsel, Debevoise & Plimpton, since
Debevoise & Plimpton 1998. Formerly, Partner, Debevoise &
875 Third Avenue Plimpton. Adjunct Professor of Law,
New York, New York 10022-6225 Columbia University.
Robert M. Lovell, Jr. (2) 68 Founding Partner, First Quadrant L.P.
First Quadrant Corp. Formerly, Chairman and Chief Executive
100 Campus Drive, Suite 230 Officer, First Quadrant Corp.
P.O. Box 939
Florham Park, New Jersey 07932-0939
Stephen A. Ross (2) 55 Franco Modigliani Professor of Finance
Sloan School of Management and Management, Sloan School of
Massachusetts Institute Management, Massachusetts Institute
of Technology of Technology. Co-Chairman, Roll & Ross
77 Massachusetts Avenue Asset Management Corp.
Cambridge, Massachusetts 02139
Eugene C. Sit (3) 60 Chairman, Chief Executive, and Chief
Sit Investment Associates, Inc. Investment Officer, Sit Investment
4600 Norwest Center Associates, Inc., and Sit-Kim
90 South Seventh Street International Investment Associates, Inc.
Minneapolis, Minnesota 55402-4130
Maceo K. Sloan (2) 49 Chairman, President, and Chief Executive
NCM Capital Management Group, Inc. Officer, Sloan Financial Group, Inc., and
Suite 400 NCM Capital Management Group, Inc.
103 West Main Street
Durham, North Carolina 27701-3638
</TABLE>
- ------------
(1) Member of Executive Committee
(2) Member of Finance Committee
(3) Member of Executive and Finance Committees
B-35
<PAGE>
<TABLE>
<CAPTION>
TRUSTEES OF CREF AGE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---------------- --- -----------------------------------------
<S> <C> <C>
David K. Storrs (2) 54 President and Chief Executive Officer,
Alternative Investment Alternative Investment Group, L.L.C.,
Group, L.L.C. since August 1996. Adviser to the
65 South Gate Lane President, The Common Fund, from January
Southport, Connecticut 06490 1996 to October 1996. President and Chief
Executive Officer, The Common Fund, from
1993 to 1996. Formerly, Executive Vice
President, The Common Fund.
Robert W. Vishny (3) 40 Eric J. Gleacher Professor of Finance,
University of Chicago University of Chicago, Graduate School
Graduate School of Business of Business, since 1993. Founding
1101 East 58th Street Partner, LSV Asset Management.
Chicago, Illinois 60637
OVERSEER-OFFICER-TRUSTEE**
John H. Biggs (3) 62 Chairman and Chief Executive Officer, CREF
and TIAA, since 1993. President, CREF and
TIAA, since 1997. President and Chief
Operating Officer, CREF and TIAA, 1989 to
1993. Trustee, TIAA-CREF
Mutual Funds, since 1997.
OFFICER-TRUSTEE**
Martin L. Leibowitz (3) 62 Vice Chairman and Chief Investment
Officer, CREF and TIAA, since 1995.
Trustee, President and Chief Executive
Officer, TIAA-CREF Investment Management,
LLC ("Investment Management"), Director,
President and Chief Executive Officer,
Teachers Advisors, Inc. ("Advisors") and
Executive Vice President, Chief Investment
Officer, TIAA Separate Account VA-1, since
1995. Trustee and Chief Investment
Officer, TIAA-CREF Mutual Funds, since
1997. Executive Vice President, CREF and
TIAA, from June 1995 to November 1995.
Formerly, Managing Director-Director of
Research and a Member of the Executive
Committee, Salomon Brothers, Inc.
</TABLE>
Messrs. Biggs, Leibowitz and Longstreth are deemed "interested persons" of
CREF within the meaning of the Investment Company Act of 1940.
- ------------
** The address for all CREF Officers is 730 Third Avenue, New York, New York
10017-3206.
(1) Member of Executive Committee
(2) Member of Finance Committee
(3) Member of Executive and Finance Committees
B-36
<PAGE>
<TABLE>
<CAPTION>
OTHER OFFICERS** AGE PRINCIPAL OCCUPATIONS DURING PAST 5 YEARS
- ---------------- --- -----------------------------------------
<S> <C> <C>
Richard J. Adamski 57 Vice President and Treasurer, CREF and
TIAA, since 1991. Vice President and
Treasurer, Investment Management, TIAA-
CREF Individual & Institutional Services,
Inc. ("Services"), since 1992, Teachers
Personal Investors Services, Inc. ("TPIS")
and Advisors, since 1994, and TIAA-CREF
Mutual Funds since 1997, Vice President
and Treasurer, TIAA-CREF Life Insurance
Company ("TIAA-CREF Life"), since 1998.
Richard L. Gibbs 52 Executive Vice President, CREF, TIAA,
Investment Management and Services, since
1993, Advisors since 1994 and TIAA-CREF
Mutual Funds since 1997. Vice President,
Investment Management and Services, from
1992 to 1993. Director, Executive Vice
President, and Chief Financial Officer,
TIAA-CREF Life, since 1998. Formerly,
Vice President, Finance, CREF and TIAA.
E. Laverne Jones 50 Vice President and Corporate Secretary,
CREF and TIAA.
</TABLE>
- ------------
** The address for all CREF Officers is 730 Third Avenue, New York, New York
10017-3206
COMPENSATION OF CREF TRUSTEES
In 1998, the basic annual stipend for trustees who are not officers of CREF
("non-officer trustees") was $25,000; non-officer trustees were also paid $1,500
for each board and committee meeting attended. In addition, non-officer trustees
who serve as chairpersons of committees receive an additional annual stipend of
$3,000. Trustees who are active officers of CREF or TIAA do not receive any
additional compensation for their services as trustees.
CREF has a long-term performance deferred compensation plan for non-employee
trustees. Under this unfunded plan, annual contributions equal to half the
amount of the basic annual trustee stipend are allocated to notional CREF and
TIAA accounts, in predetermined percentages. Benefits will normally be paid in a
lump sum after the trustee leaves the board. Pursuant to a separate deferred
compensation plan, non-employee trustees also have the option to defer payment
of their basic stipend and allocate it to notional TIAA and CREF accounts chosen
by the individual trustee. Benefits under that plan are also normally paid in a
lump sum after the trustee leaves the board.
The following table discloses the aggregate compensation received from CREF and
the TIAA-CREF fund complex for each non-officer trustee for the year ended
December 31, 1998. The TIAA-CREF fund complex consists of four investment
companies: CREF, TIAA Separate Account VA-1, TIAA-CREF Life Funds, and TIAA-CREF
Mutual Funds.
B-37
<PAGE>
<TABLE>
<CAPTION>
LONG TERM PERFORMANCE
AGGREGATE DEFERRED COMPENSATION TOTAL COMPENSATION
COMPENSATION FROM CONTRIBUTION FROM TIAA-CREF
NAME CREF AS PART OF CREF EXPENSES FUND COMPLEX
<S> <C> <C> <C>
Robert H. Atwell $48,700 $12,423 $49,000
Elizabeth E. Bailey $51,713 $12,431 $52,000
Gary P. Brinson $38,260 $12,422 $38,500
Joyce A. Fecske $48,708 $12,425 $49,000
Edes P. Gilbert $45,753 $12,433 $46,000
Stuart Tse Kong Ho $42,746 $12,426 $43,000
Nancy L. Jacob $39,773 $12,429 $40,000
Marjorie Fine Knowles(1) $48,722 $12,429 $49,000
Jay O. Light $39,749 $12,421 $40,000
Bevis Longstreth $42,744 $12,425 $43,000
Robert M. Lovell, Jr.(1) $45,737 $12,428 $46,000
Stephen A. Ross(1) $41,245 $12,423 $41,500
Eugene C. Sit $48,706 $12,425 $49,000
Maceo K. Sloan $45,737 $12,428 $46,000
David K. Storrs $47,230 $12,429 $47,500
Robert W. Vishny $47,219 $12,426 $47,500
</TABLE>
(1) This compensation, or a portion of it, was not actually paid based on
prior election of trustee to defer receipt of payment in accordance
with the provisions of deferred compensation plans for non-officer
trustees. Excluding this year's deferral, a total of $2,315,377 has
been deferred for prior years' service, including interest
through-year-end 1997 for all current trustees who had elected to defer
their compensation.
B-38
<PAGE>
INVESTMENT ADVISORY AND RELATED SERVICES
Investment advisory services and related services for the Accounts are provided
on an at-cost basis by personnel of TIAA-CREF Investment Management, LLC
("Investment Management"). Investment Management is a nonprofit subsidiary of
TIAA, CREF's companion organization, and is registered as an investment adviser
under the Investment Advisers Act of 1940. Investment Management manages the
investment and reinvestment of the assets of each Account, subject to the
direction and control of the Finance Committee of the Board of Trustees and in
accordance with the responsibilities of the Board as a whole. The advisory
personnel of Investment Management perform all research, make recommendations,
and place orders for the purchase and sale of securities. Investment Management
also provides for all portfolio accounting, custodial and related services for
the assets of each Account.
As described in the Prospectus, a daily deduction from the net assets of each
Account is made at an annual rate of .__% for the Stock Account, .__% for the
Global Equities Account, .__% for the Growth Account, .__% for the Equity Index
Account, .__% for the Bond Market Account, .__% for the Inflation-Linked Bond
Account, .__% for the Social Choice Account, and .__% for the Money Market
Account, for expenses related to the management of the assets of the Accounts.
The total dollar amounts of expenses for the Stock Account attributable to these
services during 1998, 1997, and 1996 were $111,037,875, $78,247,519, and
$61,960,030, respectively. During 1998, 1997 and 1996, the total dollar amounts
of expenses for the Global Equities Account were $9,600,739, $7,653,693 and
$5,168,905, respectively. During 1998, 1997, and 1996, the total dollar amounts
of expenses for the Growth Account were $8,434,363, $4,314,919, and $2,134,334,
respectively. During 1998, 1997 and 1996, the total dollar amounts of expenses
for the Equity Index Account were $1,920,671, $1,120,769, and $495,305,
respectively. During 1998, 1997 and 1996, the total dollar amounts of expenses
for the Bond Market Account were $1,726,863, $797,515, and $656,539,
respectively. During 1998 and 1997 (May 1 to December 31), the total dollar
amount of expenses for the Inflation-Linked Bond Account were $116,806 and
$56,096. During 1998, 1997 and 1996, the total dollar amounts of expenses for
the Social Choice Account were $2,085,591, $1,379,951 and $976,893,
respectively. During 1998, 1997 and 1996, the total dollar amounts of expenses
for the Money Market Account were $3,085,591, $1,883,711 and $2,597,014,
respectively.
CREF also deducts a mortality and expense risk charge totalling .005% from the
net assets of each account for guaranteeing that CREF participants transferring
funds to TIAA for the immediate
B-39
<PAGE>
purchase of lifetime payout annuities will not be charged more than the rate
stipulated in the CREF Certificate.
CUSTODY OF PORTFOLIO
The custodians for the assets of the Accounts are as follows:
STOCK, GLOBAL EQUITIES, GROWTH, AND EQUITY INDEX ACCOUNTS. Bankers Trust
Company, 130 Liberty Street, New York, New York 10006, acts as the custodian for
all of these accounts' domestic assets. It also acts as custodian for certain
Japanese securities through subcustodial arrangements. The Chase Manhattan Bank,
4 Chase MetroTech Center, Brooklyn, New York 11245 is responsible for the
custody of all foreign securities and other foreign assets, other than those
held by Bankers Trust. These securities are held in foreign branches of The
Chase Manhattan Bank or in the sub-custody of either foreign banks or trust
companies that are members of The Chase Manhattan Bank's global custody network
or foreign depositories used by such members.
BOND MARKET ACCOUNT. The Bank of New York, One Wall Street, New York, New York
10286 acts as the custodian for all assets of the Bond Market Account.
INFLATION-LINKED BOND ACCOUNT. The Bank of New York, One Wall Street, New York,
New York 10286 acts as the custodian for all assets of the Inflation-Linked Bond
Account.
SOCIAL CHOICE ACCOUNT. The Bank of New York, One Wall Street, New York, New York
10286 acts as the custodian for the bonds and money market instruments held by
the Social Choice Account. Bankers Trust Company, 130 Liberty Street, New York,
New York 10006, acts as the custodian for the equities held by the Social
Choice Account.
MONEY MARKET ACCOUNT. Bank of New York, One Wall Street, New York, New York
10286 acts as the custodian for all assets of the Money Market Account.
AUDITORS
Ernst & Young LLP, 787 Seventh Avenue, New York, New York 10019 serves as CREF's
independent auditors and, in that regard, provides general auditing services for
CREF.
BROKERAGE ALLOCATION
Investment Management is responsible for decisions to buy and sell securities
for the Accounts as well as for selecting brokers and, where applicable,
negotiating the amount of the commission rate paid. It is Investment
Management's intention to place
B-40
<PAGE>
brokerage orders with the objective of obtaining the best price, execution and
available data. When purchasing or selling securities traded on the
over-the-counter market, Investment Management generally will execute the
transaction with a broker engaged in making a market for such securities. When
Investment Management deems the purchase or sale of a security to be in the best
interests of more than one Account, it may, consistent with its fiduciary
obligations, aggregate the securities to be sold or purchased. When Investment
Management deems the purchase or sale of a security to be in the best interests
of an account, its personnel also may, consistent with their fiduciary
obligations, decide to buy or sell a security for that account at the same time
as for (i) TIAA Separate Account VA-1 or TIAA-CREF Mutual Funds which they may
also be managing on behalf of Teachers Advisors, Inc., an investment adviser
also affiliated with TIAA, or (ii) any other investment company whose assets
Investment Management may be managing. In those events, allocation of the
securities purchased or sold, as well as the expenses incurred in the
transaction, will be made in an equitable manner.
Domestic brokerage commissions are negotiated, as there are no standard rates.
All brokerage firms provide the service of execution of the order made; some
brokerage firms also provide research and statistical data, and research reports
on particular companies and industries are customarily provided by brokerage
firms to large investors. In negotiating commissions, consideration is given by
Investment Management to the quality of execution provided and to the use and
value of the data. The valuation of such data may be judged with reference to a
particular order or, alternatively, may be judged in terms of its value to the
overall management of the Accounts. Currently, some foreign brokerage
commissions are fixed under the local law and practice. There is, however, an
ongoing trend to adopt a new system of negotiated commissions in many countries.
Transactions in fixed-income instruments with dealers generally involve spreads
rather than commissions. That is, the dealer generally functions as a principal,
generating income from the spread between the dealer's purchase and sales
prices, rather than as a broker, charging a proportional or fixed fee.
Investment Management will place orders with brokers providing useful research
and statistical data services if reasonable commissions can be negotiated for
the total services furnished even though lower commissions may be available from
brokers not providing such services. Investment Management follows guidelines
established by CREF for the placing of orders with brokers providing such
services.
B-41
<PAGE>
In 1998, the aggregate amount of brokerage commissions paid by the Stock, the
Global Equities, and the Growth Accounts to such brokers as a result of such
allocations was $32,801,071, $8,628,280 and $3,185,444, respectively. Research
or services obtained for one Account may be used by Investment Management in
managing the other Accounts. In such circumstances, the expenses incurred will
be allocated in an equitable manner consistent with Investment Management's
fiduciary obligations to the other Accounts.
Research or services obtained for TIAA Separate Account VA-1 or TIAA-CREF Mutual
Funds may be used by personnel of Teachers Advisors, Inc. who also manage the
CREF Accounts for Investment Management. In such circumstances, the expenses
incurred will be allocated in an equitable manner consistent with the fiduciary
obligations of personnel of Teachers Advisors, Inc.
The aggregate amount of brokerage commissions paid by the Stock Account during
1998, 1997, and 1996 was $62.1 million, $40.5 million and $40.9 million,
respectively. The aggregate amount of brokerage commissions paid by the Global
Equities Account in 1998, 1997 and 1996 was $12.5 million, $10.5 million and
$7.9 million, respectively. The aggregate amount of brokerage commissions paid
by the Growth Account in 1998, 1997 and 1996 was $6.9 million, $2.9 million and
$1.4, respectively. The aggregate amount of brokerage commissions paid by
the Equity Index Account in 1998, 1997, and 1996 was $244,823, $179,756, and
$172,127, respectively. The aggregate amount of brokerage commissions paid by
the Social Choice Account in 1998, 1997 and 1996 was $112,476 $25,648 and
$61,844, respectively. No brokerage commissions were paid by the Money Market
Account, the Bond Market Account, or the Inflation-Linked Bond Account during
1998, 1997 or 1996.
During 1998 the CREF Accounts acquired securities of certain of their regular
brokers or dealers or their parents, where the parent derives more than 15% of
its total income from securities related activities. These entities and the
securities held by the Accounts as of December 31, 1998 are set forth below:
B-42
<PAGE>
STOCK ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
Bankers Trust Co.
(Parent--Bankers Trust Corp.) $ 81,141,531.63
Credit Suisse First Boston
(Parent--Credit Suisse Group) $ 109,016,507.95
Jefferies & Co., Inc.
(Parent--Jefferies Group, Inc.) $ 6,456,212.50
Merrill Lynch, Pierce, Fenner & Smith
(Parent--Merrill Lynch & Co., Inc.) $ 110,444,016.00
Morgan Stanley, & Co., Inc.
(Parent--Morgan Stanley, Dean Witter, & Co.) $ 275,470,983.00
Warburg Dillion Read Llc
(Parent--Union Bank of Switzerland) $ 267,648,475.44
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
Bank America Securities
(Parent-BankAmerica Corp.) $1,044,086,077.14
Chase Securities, Inc.
(Parent-Chase Manhattan Corp.) $ 528,307,046.44
Citicorp Securities, Inc.
(Parent-Citigroup, Inc.) $ 893,209,036.50
Credit Suisse First Boston
(Parent-Credit Suisse Group) $ 109,016,507.95
Dean Witter Reynolds, Inc.
(Parent-Morgan Stanley, Dean Witter, & Co.) $ 275,470,983.00
Lehman Brothers Inc.
(Parent-Lehman Brothers Holdings, Inc.) $ 58,045,249.69
Morgan (J.P.) Securities Corp.
(Parent-Morgan (J.P.) & Co., Inc.) $ 133,978,536.69
Morgan Stanley & Co., Inc.
(Parent-Morgan Stanley, Dean Witter, & Co.) $ 275,470,983.00
B-43
<PAGE>
GLOBAL EQUITIES ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
ABN Amro Chicago Corp.
(Parent--ABN Amro Holdings NV) $ 3,512,715.30
Bankers Trust Co.
(Parent--Bankers Trust Corp.) $ 2,084,675.00
CS First Boston Corp.
(Parent--Credit Suisse Group) $ 4,867,124.25
Merrill Lynch, Pierce,
Fenner & Smith
(Parent--Merrill Lynch & Co., Inc.) $ 501,559.50
Warburg Dillion Read Llc
(Parent--Union Bank of Switzerland) $ 55,971,918.37
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
BankAmerica Securities
(Parent-BankAmerica Corp.) $ 36,347,967.50
Citicorp. Securities, Inc.
(Parent-Citigroup, Inc.) $ 40,445,955.00
Credit Suisse First Boston
(Parent-Credit Suisse Group) $ 4,867,124.25
Morgan (J.P.) Securities Corp.
(Parent-Morgan (J.P.) & Co., Inc.) $ 750,566.50
Nations Banc Capital Markets, Inc.
(Parent-BankAmerica Corp.) $ 36,347,967.50
B-44
<PAGE>
GROWTH ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON COMMISSIONS PAID
Jefferies & Co., Inc.
(Parent--Jefferies Group, Inc.) $ 853,550.00
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS
PRINCIPAL
EQUITY INDEX ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON COMMISSIONS PAID
Jefferies & Co., Inc.
(Parent--Jefferies Group, Inc.) $ 238,200.00
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
Chase Securities, Inc.
(Parent-Chase Manhattan Corp.) $17,426,586.38
Key Capital Markets, Inc.
(Parent-Key Corp.) $ 4,321,248.00
Lehman Commercial Paper Inc.
(Parent-Lehman Brothers Holdings, Inc.) $ 1,503,412.50
Morgan (J.P.) Securities Corp.
(Parent-Morgan (J.P.) & Co., Inc.) $ 5,585,647.81
Morgan Stanley & Co., Inc.
(Parent-Morgan Stanley, Dean Witter, & Co.) $12,412,646.00
B-45
<PAGE>
BOND MARKET ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
NONE
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
NONE
INFLATION-LINKED BOND ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
NONE
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
NONE
SOCIAL CHOICE ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
NONE
B-46
<PAGE>
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
Bank America Securities
(Parent-BankAmerica Corp.) $32,734,936.00
Chase Securities, Inc.
(Parent-Chase Manhattan Corp.) $17,116,085.25
Salomon Brothers, Inc.
(Parent-Citigroup,Inc.) $31,479,624.00
MONEY MARKET ACCOUNT
A. REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID
NONE
B. REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPAL
NONE
PERFORMANCE INFORMATION
TOTAL RETURN INFORMATION FOR THE ACCOUNTS
Total return quotations for the Accounts may be advertised. Total return
quotations will reflect all aspects of an Account's return. Average annual total
returns are determined by finding the average annual compounded rates of return
over the 1, 5, and 10 year periods that reflect the growth (or decline) in value
of a hypothetical $1,000 investment made at the beginning of the 1, 5, or 10
year period through the end of that period, according to the following formula:
P(1+T)n = EV
where: P = hypothetical initial payment of $1,000
T = average annual total return
n = number of years in the period
EV = ending value of the hypothetical investment
at the end of the 1, 5, or 10 year period.
B-47
<PAGE>
To derive the total return quotations from this formula, the percentage net
change in the value of the $1,000 investment from the beginning of the 1, 5, or
10 year period to the end of such period ("cumulative total return") is
determined. Cumulative total returns simply reflect the change in value of an
investment over a stated period. Since the accumulation unit value is a "total
return" unit value that reflects the investment experience of the Account and
all expense deductions made against the assets of the Account, the ending value,
or EV, of the $1,000 hypothetical investment is determined by applying the
percentage change in the accumulation unit value over the period to the
hypothetical initial payment of $1,000 less the current deductions from premiums
(0%). CREF then solves the equation for T to derive the average annual
compounded rate of return for the Accounts over the span of 1, 5, or 10 years,
and the resulting "total return" quotation is carried out to the nearest
hundredth of one percent.
YIELD INFORMATION FOR THE BOND MARKET AND INFLATION-LINKED BOND ACCOUNTS
Yield quotations for the Bond Market and Inflation-Linked Bond Accounts may be
made available, including yield quotations based upon the thirty day (or one
month) period ended on the date of calculation, computed by dividing the net
investment income attributable to the accumulation fund for the Account by the
value of a hypothetical accumulation on the last day of the period, according to
the following formula:
YIELD = 2[( a-b +1) 6 -1]
-----
cd
where: a = interest and dividends attributable to the accumulation
fund earned during the period
b = expense deductions incurred during the period
c = average daily number of accumulation units outstanding
during the period
d = accumulation unit value on the last day of the period
Any yield quoted should not be considered a representation of the yield of the
Bond Market or Inflation-Linked Bond Account in the future.
B-48
<PAGE>
YIELD INFORMATION FOR THE MONEY MARKET ACCOUNT
Yield quotations for the Money Market Account, including yield quotations based
upon the seven-day period ended on the date of calculation, may also be made
available. These yield quotations are based on a hypothetical pre-existing
account with a balance of one accumulation unit. In arriving at any such yield
quotations, the net change during the period in the value of that hypothetical
account is first determined. Such net change includes net investment income
attributable to portfolio securities but excludes realized gains and losses from
the sale of securities and unrealized appreciation and depreciation and income
other than investment income (which are included in the calculation of
accumulation and annuity unit values). For this purpose, net investment income
includes accrued interest on portfolio securities, plus or minus amortized
premiums or purchase discount (including original issue discount), less all
accrued expenses. Such net change is then divided by the value of that
hypothetical account at the beginning of the period to obtain the base period
return, and then the base period return is multiplied by 365/7 to annualize the
current yield figure which is carried to at least the nearest hundredth of one
percent.
The effective yield of the Money Market Account for the same seven-day period
may also be disclosed. The effective yield is obtained by adjusting the current
yield to give effect to the compounding nature of the Account's investments, and
is calculated by the use of the following formula:
Effective Yield = (Base Period Return + 1)365/7 -1
The Money Market Account's yield fluctuates, unlike many bank deposits or other
investments which pay a fixed yield for a stated period of time. The
annualization of one period's income is not necessarily indicative of future
actual yields. Actual yields will depend on such variables as portfolio quality,
average portfolio maturity, the type of instruments held in the
portfolio, changes in interest rates on money market instruments, portfolio
expenses, and other factors. In addition, the values of accumulation and annuity
units will fluctuate.
INFLATION-ADJUSTED RETURN AND YIELD INFORMATION FOR THE INFLATION-LINKED BOND
ACCOUNT
In addition to making available the "nominal" return and yield
B-49
<PAGE>
information described above for the Inflation-Linked Bond Account, we may also
make available inflation-adjusted or "real" return and yield information for the
Account. This inflation-adjusted or "real" return and yield information will
help Participants track the performance of the Account vis a vis inflation by
separating out the return or yield for the Account over and above the inflation
rate. For example, if you buy a bond paying a 7% nominal rate and inflation over
the next year is 5%, your "real" rate of return would be 2%. We would calculate
the "real" yield for the Account by using the 30-day yield formula that we use
for the Bond Market Account set forth on page B- and adapting it as follows:
a - b
YIELD real = 2[( real +1) 6 -1]
---------
cd
where a (real) = the sum of the total nominal cash flows for all bonds,
discounted for inflation over a thirty day period in accordance with the
following formula:
a (real) = a - a (/\U.S. CPI - U)
where U.S. CPI - U = percentage change in the U.S. inflation rate over a thirty
day period as measured by the change in the Consumer Price Index For Urban
Consumers during that period.
We would calculate "real" return information for the Account by using the
formula that we currently use to calculate total return for the CREF accounts
set forth on page B- . In order to calculate real return, however, we would need
to calculate the accumulation unit value in real terms by discounting the
nominal accumulation unit value (AUV) by the change in the U.S. inflation rate
during the applicable period. To do this, we would use the following formula:
/\AUV (real) = /\AUV - /\U.S. CPI - U
where U.S. CPI - U = percentage change in the U.S. inflation rate over a thirty
day period as measured by the change in the Consumer Price Index for Urban
Consumers during that period.
B-50
<PAGE>
Set forth below is total return information for the Accounts, which reflects all
deductions made from the assets in the Accounts, applied to a hypothetical
investment of $1,000 in each of the Accounts:
<TABLE>
<CAPTION>
STOCK ACCOUNT
-------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (January 1, 1998 to December 31, 1998) % %
5 years (January 1, 1994 to December 31, 1998) % %
10 years (January 1, 1989 to December 31, 1998) % %
GLOBAL EQUITIES ACCOUNT
-----------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1997) % %
5 years (from January 1, 1994 to December 31, 1998) % %
B-51
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROWTH ACCOUNT
--------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1998) % %
4 years and 8 months (from April 29, 1994 date of
SEC registration to December 31, 1998) % %
EQUITY INDEX ACCOUNT
--------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1998) % %
4 years and 8 months (from April 29, 1994 date of
SEC registration to December 31, 1998) % %
BOND MARKET ACCOUNT
-------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1998) % %
5 years (from January 1, 1994 to December 31, 1998) % %
8 years and 10 months (from March 1, 1990
commencement of operations to December 31, 1998) % %
</TABLE>
B-52
<PAGE>
<TABLE>
<CAPTION>
INFLATION-LINKED BOND ACCOUNT
-----------------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year and 8 months (from May 1, 1997 date
of SEC registration to December 31, 1998) % %
SOCIAL CHOICE ACCOUNT
---------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1998) % %
5 years (from January 1, 1994 to December 31, 1998) % %
8 years and 10 months (from March 1, 1990
commencement of operations to December 31, 1998) % %
MONEY MARKET ACCOUNT
--------------------
AVERAGE ANNUAL
COMPOUND RATES CUMULATIVE RATES
PERIOD OF TOTAL RETURN OF TOTAL RETURN
- ------ --------------- ---------------
<S> <C> <C>
1 year (from January 1, 1998 to December 31, 1998) % %
5 years (from January 1, 1994 to December 31, 1998) % %
10 years (from January 1, 1988 commencement of
operations to December 31, 1997) % %
</TABLE>
B-53
<PAGE>
PERFORMANCE COMPARISONS
Performance information for any of the Accounts may be compared, in
advertisements, sales literature, and reports to Participants and employers, to
the performance information reported by other investments and to various indices
and averages. Such comparisons may be made with, but are not limited to (1) the
S&P 500, (2) the Dow Jones Industrial Average ("DJIA"), (3) Lipper Analytical
Services, Inc. Mutual Fund Performance Analysis Reports and the Lipper General
Equity Funds Average, (4) Money Magazine Fund Watch, (5) Business Week's Mutual
Fund Scoreboard, (6) SEI Funds Evaluation Services Equity Fund Report, (7) CDA
Mutual Funds Performance Review and CDA Growth Mutual Fund Performance Index,
(8) Value Line Composite Average (geometric), (9) Wilshire 5000 Equity Index,
(10) Russell 1000, 2000, and 3000 indices, (11) IBC's Money Fund Report
Averages, (12) Salomon Brothers Broad Investment Grade Index, (13) Merrill Lynch
Corporate Government Master Index, (14) Lehman Brothers Government/Corporate
Bond Index, (15) Lehman Brothers Aggregate Bond Index, (16) the Consumer Price
Index, published by the U.S. Bureau of Labor Statistics (measurement of
inflation), (17) a Composite Index, comprised of the Standard & Poor's 500 Stock
Index (60%) and the Lehman Brothers Aggregate Bond Index (40%), which measures
the investment performance of a balanced portfolio of stocks and bonds, (18) the
Morgan Stanley Capital International World Index, (19) the Morgan Stanley EAFE
Index, (20) VARDS, (21) Salomon Brothers Inflation-Linked Securities Index, and
(22) Morningstar, Inc. We may also include the performance of these indices in
advertisements, and discuss their comments about us. The Accounts' expenses may
also be compared with those of other investments.
We may also advertise ratings that CREF receives from various rating services
and organizations, including but not limited to any organization listed above.
We may also advertise ratings received by TIAA. The performance of the Accounts
also may be compared to other indices or averages that measure performance of a
pertinent group of securities. Participants should keep in mind that the
composition of the investments in the reported averages will not be identical to
that of the Accounts and that certain formula calculations (i.e., yield) may
differ from index to index. In addition, there can be no assurance that the
Accounts will continue their performance as compared to such indices.
The Stock Account and the Equity Index Account are not promoted, sponsored,
endorsed or sold by, nor affiliated with Frank Russell Company. Frank Russell
Company is not responsible for and has not reviewed the Stock Account or Equity
Index Account literature
B-54
<PAGE>
or publications and makes no representation or warranty, express or implied, as
to their accuracy, completeness, or otherwise. Frank Russell Company reserves
the right, at any time and without notice, to change or terminate the Russell
3000 index. Frank Russell Company has no obligation to take the needs of the
Stock Account or its Participants into consideration in determining the index.
Frank Russell Company's publication of the Russell 3000 index in no way suggests
or implies an opinion by Frank Russell Company as to the attractiveness or
appropriateness of investment in any or all of the securities upon which the
index is based. Frank Russell Company makes no representation, warranty, or
guarantee as to the accuracy, completeness or reliability of the index or any
data included in the index. Frank Russell Company makes no representation or
warranty regarding the use, or the results of use, of the index or any
securities comprising the index. Frank Russell makes no express or implied
warranties of any kind or nature, including without limitation, warranties of
merchantability or of fitness for a particular purpose with respect to the index
or any data or securities included therein.
ILLUSTRATING COMPOUNDING, TAX DEFERRAL AND EXPENSE DEDUCTIONS
CREF may illustrate in advertisements, sales literature and reports to
Participants the effects of tax deferral and/or compounding of earnings on an
investment in CREF. We may do this using a hypothetical investment earning a
specified rate of return. To illustrate the effects of compounding, we would
show how the total return from an investment of the same dollar amount, earning
the same or different interest rate, vary depending on when the investment was
made. To illustrate the effects of tax deferral, we will show how the total
return from an investment of the same dollar amount, earning the same or
different interest rates, for individuals in the same tax bracket, would vary
between tax-deferred and taxable investments.
CREF may also illustrate in advertisements, sales literature and reports to
Participants the effect of an investment fund's expenses on total return over
time. We may do this using a hypothetical investment earning a specified rate of
return. We would show how the total return, net of expenses, from an investment
of the same dollar amount in funds with the same investment results but
different expense deductions varies increasingly over time.
B-55
<PAGE>
ACCUMULATION UNIT VALUES
For each CREF Account, accumulation unit values are calculated at the end of
each valuation day by multiplying the previous day's values by the unit change
factor for each Account. The unit change factor is calculated as A divided by B,
where A and B are defined as:
A. The value of the Account's net assets at the close of the current
valuation period, less premiums received during the current period.
B. The value of the Account's net assets at the end of the previous
valuation period, plus the net effect of transactions made by the start
of the current period.
ANNUITY PAYMENTS
The amount of the annuity payments to be paid to a Participant or beneficiary
("annuitant") will depend upon the number and the value of the annuity units
payable. The number of annuity units is first determined on the annuity starting
date. The amount of the annuity payments will change according to the income
change method chosen. Separate annuity units will be maintained in each annuity
fund for payments being made under each of the two income change methods.
Under the annual income change method, the value of an annuity unit for payments
is redetermined on March 31 of each year -- the payment valuation date. Annuity
payments change beginning May 1. The change reflects the net investment
experience of the chosen Account(s) as well as the past and anticipated
mortality experience of those individuals receiving annuity payments from the
Accounts' annually revalued annuity fund. (The net investment and mortality
experience for the twelve months following the annual revaluation of an
Account's annuity unit value will be reflected in the following year's value.)
All Accounts provide annuity payments.
Under the monthly income change method, the value of an annuity unit for
payments is redetermined on the 20th of each month or on the preceding business
day if the 20th is not a business day. Annuity payments change on the following
payment due date. This monthly change reflects the net investment experience of
the chosen Account(s). The value of the annuity unit is also
B-56
<PAGE>
redetermined at the end of each calendar quarter to reflect the past and
anticipated mortality experience of those individuals receiving annuity payments
from the Accounts' monthly revalued annuity fund.
Annuitants can be said to bear the mortality risk under the certificate. How
much you or your beneficiary receive in annuity payments from any account
depends partly on the mortality experience of the annuity fund from which the
payments are made. For example, if the people receiving income from an account's
annually revalued annuity fund, as a group, live longer than expected, the
amount payable to each will be less than if, as a group, they die sooner than
expected. So the "mortality risk" of each CREF account's annuity funds falls on
those who receive income from it.
The formulas for calculating the number and value of annuity units payable are
set forth below.
CALCULATION OF THE NUMBER OF ANNUITY UNITS PAYABLE
When a Participant or a beneficiary converts the value of all or a portion of
his or her accumulation into an income option or method of payment, the number
of annuity units payable from an Account is determined by dividing the value of
the accumulation in the Account to be applied to provide the annuity payments by
the product of the annuity unit value and an annuity factor. The annuity factor
is the value as of the annuity starting date of an annuity in the amount of
$1.00 per month beginning on the first day such annuity units are payable and
continuing for as long as such annuity units are payable. When, in accordance,
with his or her TIAA traditional payout annuity contract, a participant (or
beneficiary) transfers the value of annuity payments under that contract to an
income option or method of payment payable from CREF, the number of annuity
units payable from the account to which the transfer is made is determined in
the same manner.
When the chosen income option or method of payment involves life contingencies,
the annuity factor will reflect interest assumed at the effective annual rate of
4% and mortality assumptions for the person(s) on whose life (lives) the
annuity payments will be based. In these instances, mortality will be based on
the then current CREF settlement mortality schedules. In these instances,
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CREF reserves the right to change the mortality assumptions from time to time to
conform with changes in the mortality experience of CREF annuitants. When the
income option or method of payment does not involve life contingencies, the
annuity factor is calculated with interest assumed at the effective annual rate
of 4%.
VALUE OF ANNUITY UNITS
The value of an annuity unit is defined in terms of a "basic annuity unit" which
is established each year, as of March 31, for each income change method in each
Account then providing annuity payments.
The value of the basic annuity unit is determined for each income change method
in each Account as A divided by B, where A and B are defined as follows:
A. The Account's annuity fund for the income change method as of
March 31, reduced by the dollar amount of benefits payable
under the income change method on April 1 under pay-out
certificates in the Account as of March 31.
B. The actuarial present value, expressed in units, of all
future payments due on or after the next following May
1 under the income change method under pay-out
certificates in the Account as of March 31. This
liability is calculated on the basis of interest at an
effective annual rate of 4% and a mortality table
designed to approximate the current mortality rates of
CREF annuitants.
For Participants beginning annuity income, the initial value of the annuity unit
is the interim annuity unit value as of the annuity starting date. A separate
interim annuity unit value is calculated daily for each annuity fund in each
Account as of each valuation day. The interim annuity unit value reflects the
actual investment and payment experience of the annuity fund to the current
date, relative to the 4% assumed investment return. The interim annuity unit
value also includes any changes expected to occur in the future because payments
are revalued once a year or once a month, assuming the annuity fund earns the 4%
assumed investment return in the future. At the end of each calendar quarter,
the interim annuity unit value is also adjusted for
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mortality experience during the prior quarter.
For Participants under the annual income change method, the value of the annuity
unit will remain the same until the following May 1. For those who have already
begun receiving annuity income as of March 31, the value of the annuity unit for
payments due on and after the next succeeding May 1 is equal to the basic
annuity unit value determined as of such March 31. For Participants under the
monthly income change method, the value of the annuity unit is redetermined each
month on the payment valuation date for the payment due on the first of the
following month.
When a Participant or beneficiary receiving annuity income transfers annuity
units under a particular income change method from one CREF Account to another,
the number of annuity units added to the CREF Account(s) to which units are
being transferred will be determined by multiplying the number of annuity units
to be transferred by the interim annuity unit value for that income change
method for the Account from which the annuity units are being transferred, and
dividing by the interim annuity unit value for that income change method for the
Account to which the annuity units are being transferred. For transfers on days
other than March 31, under the annual payment income change method, the amount
of annuity payments will not change following a transfer, until the basic
annuity unit values are redetermined on the following March 31. Under the
monthly income change method and for all transfers to or from the TIAA
traditional annuity, your payments will change with the payment due after the
first payment valuation date following the transfer date. Switches between the
monthly and the annual income change methods will be effective only on March 31.
The value of annuity units transferred from a CREF Account under the annual
income change method to TIAA is equal to A plus B, where A and B are defined as
follows:
A. The present value of the payments due after the first payment
valuation date following the transfer date continuing to the
following April 1, but not longer than such annuity units are
payable.
B. The present value of one interim annuity unit under the annual
income change method multiplied by the number of annuity
units, payable beginning on the following May 1 (or the May 1
of the following calendar year if the transfer is effective in
April) continuing for as long as such annuity units are
payable.
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The value of annuity units transferred from a CREF Account under the monthly
income change method to TIAA will be equal to the number of annuity units
multiplied by the present value of one interim annuity unit under the monthly
income change method payable beginning with the payment due after the first
payment valuation date following the transfer date continuing for as long as
such annuity units are payable.
The present values will be calculated assuming interest at an effective annual
rate of 4%, and the same mortality assumptions then in use for Participants or
beneficiaries converting an accumulation to an income option or method of
payment at the age(s) as of the transfer date of the person(s) on whose life
(lives) the annuity payments are based.
MODIFICATION
CREF reserves the right, subject to approval by the Board of Trustees, to modify
the manner in which the number and/or value of annuity units is calculated in
the future. Any such modification, however, must be approved by the New York
State Superintendent of Insurance.
INFORMATION ON CHANGES IN THE VALUE OF ANNUITY UNITS
Information with respect to the percentage changes in the value of a basic
annuity unit over stated periods for each Account providing annuity payments may
be provided. This information provides the average annual percentage changes and
cumulative percentage changes in the basic annuity unit value of an Account over
1, 5 and 10 year periods commencing on May 1. For Participants who have already
begun receiving annuity income as of the March 31 immediately preceding the
start of each period, this reflects the growth (or decline) in the value of the
basic annuity unit from May 1 as of the start of the stated period to May 1 as
of the end of the stated period. The average annual percentage change in the
basic annuity unit value is determined according to the following formula:
A(1+K)n =B
where: A = basic annuity unit value determined as of
March 31 for payments due during
the twelve month period commencing on
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May 1 at the start of the period
K = average annual percentage change
n = number of years in the period
B = basic annuity unit value determined as of
March 31 for payments due
during the twelve month period
commencing on May 1 at the end of the
period.
The equation is then solved for K to derive the average annual percentage change
in the basic annuity unit value over the span of 1, 5 or 10 years. The
cumulative percentage change simply reflects the percentage change in the basic
annuity unit value, B divided by A minus 1, over such period.
Information on changes in the value of a basic annuity unit is set forth below:
<TABLE>
<CAPTION>
AVERAGE ANNUAL CHANGES IN BASIC ANNUITY UNIT VALUE
=====================================================================================================================
STOCK GLOBAL GROWTH EQUITY BOND INFLATION- SOCIAL MONEY
EQUITIES INDEX MARKET LINKED BOND CHOICE MARKET
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended May 1, 1999 % % % % % % % %
- ---------------------------------------------------------------------------------------------------------------------
5 Years ended May 1, 1999 % % % %
- ---------------------------------------------------------------------------------------------------------------------
10 Years ended May 1, 1999 % %
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CUMULATIVE CHANGE IN BASIC ANNUITY UNIT VALUE
=====================================================================================================================
STOCK GLOBAL GROWTH EQUITY BOND INFLATION- SOCIAL MONEY
EQUITIES INDEX MARKET LINKED BOND CHOICE MARKET
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended May 1, 1999 % % % % % % % %
- ---------------------------------------------------------------------------------------------------------------------
5 Years ended May 1, 1999 % % % %
- ---------------------------------------------------------------------------------------------------------------------
10 Years ended May 1, 1999 % %
=====================================================================================================================
</TABLE>
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The average annual and cumulative changes in the basic annuity unit value of the
Global Equities Account since inception in 1992 were ____% and ____%,
respectively. The average annual and cumulative changes in the basic annuity
unit value for the Growth and Equity Index Accounts since inception in 1994 were
___% and ___%, and ____% and ___%, respectively. The average annual and
cumulative changes in the basic annuity unit value of the Bond Market Account
since it became a pay-out option on April 1, 1996 were ___% and ___%,
respectively. The average annual and cumulative changes in the basic annuity
unit value of the Inflation-Linked Bond Account since May 1, 1997 were ____% and
___%, respectively. The average annual and cumulative changes in the basic
annuity unit value of the Social Choice Account since inception in 1991 were
___% and ___%, respectively.
It is assumed in calculating the annuity unit values that the assets in the
annuity funds will increase at a 4% rate of return. Therefore, the above figures
reflect the difference between CREF's net earnings rate and the assumed 4% rate.
The above figures also reflect all deductions made from the assets of the
relevant Account, as well as the annuity fund's mortality experience. CREF's
past experience should not be considered a prediction of future changes in
annuity unit values. The basic annuity unit value for each annuity fund in each
Account is determined as of March 31 of each year, and changes every year on May
1. For current annuity unit values, please contact CREF.
DEATH BENEFITS
We pay death benefits in the accumulation period using the following methods.
Under the unit deposit method of payment, we'll pay a lump-sum to your
beneficiary at the end of a 2 - 5- year period during which the accumulation
units participate in the experience of the relevant CREF accounts. For this
method to be chosen the value of your death benefit must be at least $5,000,
unless your CREF certificate specifies a lower minimum. Special rules apply if
your spouse is the beneficiary.
The minimum distribution annuity method is similar to the minimum distribution
annuity income option. The minimum distribution annuity method of payment is
available only to beneficiaries who must receive income under the IRC's minimum
distribution requirements.
Normally, if a beneficiary doesn't start receiving death benefits within a year
of your death, we have the option to use the fixed-
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period annuity method of payment with a fixed period of five years.
PERIODIC REPORTS
Prior to the time an entire accumulation has been applied to provide annuity
payments, a Participant will be sent a statement each quarter which sets forth
the following:
(1) Premiums paid during the quarter; (2) the number and dollar value of
accumulation units credited to the Participant during the quarter and in total
in each Account; (3) cash withdrawals from each Account during the quarter; (4)
any repurchase or transfer to a funding vehicle other than TIAA or CREF during
the quarter, if an amount remains in the Participant's accumulation after those
transactions; (5) any transfers between Accounts or between CREF and TIAA during
the quarter; and (6) the amount from each Account applied to begin annuity
payments during the quarter.
CREF also will transmit to Participants, at least semi-annually, reports showing
the financial condition of CREF, and a schedule of investments held in each
Account in which they have accumulations.
VOTING RIGHTS
How many votes a Participant can cast on matters that require a vote of
Participants will be determined separately for each CREF Account. On the record
date, you'll have one vote per dollar of your assets in each Account's
accumulation fund, and/or one vote per dollar of the assets underlying your
annuity in each Account's annuity fund.
Issues that affect all the CREF Accounts in substantially the same way will be
voted on by all Participants, without regard to the individual CREF Accounts.
Issues that don't affect an Account won't be voted on by the Account. Issues
that affect all Accounts, but in which their interests aren't substantially the
same, will be voted on separately by each Account.
When we use the phrase "majority of outstanding voting securities" in the
Prospectus and in this Statement of Additional Information, we mean the lesser
of (a) 67 percent of the voting
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securities present, as long as the holders of at least half the voting
securities are present or represented by proxy; or (b) 50 percent of the
outstanding voting securities. Depending on what's being decided, the
percentages may apply to CREF as a whole or to any Account(s). If a majority of
outstanding voting securities isn't required to decide a question, we'll
generally require a quorum of 10 percent of those securities, with a simple
majority required to decide the issue. If laws, regulations, or legal
interpretations make it unnecessary to submit any issue to a vote, or otherwise
restrict Participant voting rights, we reserve the right to act as permitted.
GENERAL MATTERS
NO ASSIGNMENT OF CERTIFICATES
No assignment, pledge, or transfer of a certificate, or of any of the rights or
benefits conferred thereunder, may be made and any such action will be void and
of no effect, except that spousal transfers on separation or divorce, and the
transfer of rights and benefits under an RA certificate to a Participant by an
employer under a delayed vesting arrangement, may be permitted.
PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC.
CREF reserves the right to pay in one sum the commuted value of any benefits due
an estate, corporation, partnership, trustee or other entity not a natural
person. CREF will not be responsible for the conduct of any executor, trustee,
guardian, or other third party to whom payment is made.
CLAIMS OF CREDITORS
Pursuant to CREF's Charter, as enacted by the New York State Legislature, the
rights and benefits accruing to Participants or other persons under the
certificates generally are exempt from the claims of creditors, subject to any
contrary requirements of law.
BENEFITS BASED ON INCORRECT INFORMATION
If the amounts of benefits provided under a certificate were
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based on information that is incorrect, benefits will be recalculated on the
basis of the correct data. If any overpayments or underpayments have been made
by CREF, appropriate adjustments will be made.
PROOF OF SURVIVAL
CREF reserves the right to require satisfactory proof that anyone named to
receive benefits under a certificate is living on the date payment is due. If
this proof is not received after a request in writing, CREF will have the right
to make reduced payments or to withhold payments entirely until such proof is
received. CREF maintains audit procedures designed to assure that annuity
benefits will be paid to living persons entitled to receive those benefits. If,
however, under a survivor annuity option CREF has overpaid benefits because of a
death of which it was not notified, subsequent payments will be reduced or
withheld until the overpayment has been recovered. CREF reserves the right to
pursue any other remedies available to it.
STATE REGULATION
CREF is subject to regulation by the New York State Superintendent of Insurance
("Superintendent") as well as by the insurance regulatory authorities of certain
other states and jurisdictions.
CREF must file with the Superintendent both quarterly and annual statements on
forms promulgated by the New York State Insurance Department. CREF's books and
assets are subject to review and examination by the Superintendent and the
Superintendent's agents at all times, and a full examination into the affairs of
CREF is made at least every five years. In addition, a full examination of
CREF's operations is usually conducted periodically by some other states.
CREF is also subject to the requirements of the New York State Not-For-Profit
Corporation Law.
LEGAL MATTERS
All matters of applicable state law pertaining to the certificates, including
CREF's right to issue the certificates thereunder, have been passed upon by
Charles H. Stamm, Executive
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Vice President and General Counsel. Sutherland, Asbill & Brennan LLP,
Washington, D.C., has provided advice on certain matters relating to the Federal
Securities laws.
EXPERTS
The financial statements for the year ended December 31, 1998 of CREF
incorporated in this Statement of Additional Information by reference have been
audited by Ernst & Young LLP, independent auditors, as stated in their reports,
which are incorporated herein by reference, and have been so incorporated in
reliance upon the reports of such firm, given upon their authority as experts in
accounting and auditing.
CONSIDERATIONS CONCERNING CREF'S NEW ACCOUNTS AND OPTIONS
CONSIDERATIONS FOR EMPLOYERS
Over the past several years CREF has added many new Accounts and options that
employers should consider adding to their plans. In doing so, employers should
keep in mind that the overwhelming majority of Participants and employers view
TIAA-CREF very favorably. Ninety-six percent of the Participants who responded
to a survey conducted in 1995 by an independent organization expressed overall
satisfaction with TIAA-CREF and said that they would recommend TIAA-CREF to a
colleague. Ninety-four percent of these Participants said that given the choice
between TIAA-CREF and other companies, they would choose TIAA-CREF again (63%
would definitely choose TIAA-CREF and 31% would probably do so.) Employer
satisfaction is evidenced by the fact that, based on the best available data, a
majority of the employers with TIAA-CREF retirement plans had not found it
necessary to add other funding vehicles to their plans as of January 1, 1997.
The new demands placed on administrators by CREF's new options make the support
and services received by administrators from the company funding their plans
essential. Along with the new options, CREF offers employers the pension
expertise and high level of services they have come to rely on, and to find new
ways to help plan administrators do their jobs in an increasingly complex
environment. Services currently provided by TIAA-CREF Individual & Institutional
Services, Inc. include: (1) counseling on retirement plans and planning
including recommendations regarding allocation of assets (for administrators,
Participants
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and retirees) by professional counselors rather than by commissioned
salespeople; (2) services for Participants such as annual Annuity Benefit
Reports, quarterly transaction reports, newsletters and other publications about
retirement planning, pre-retirement seminars, individual counseling, a
Participant Information Center, and 24-hour toll-free numbers for Participant
transactions and inquiries; and (3) services for plan administrators such as
assistance in plan design and operation, branch offices throughout the country,
publications, staff meetings, videos, tax-deferred annuity software to help
administrators calculate the maximum amount of salary a Participant may
tax-defer, and non-discrimination software to help administrators evaluate their
plans.
CONSIDERATIONS FOR PARTICIPANTS
Variety of Investment Accounts. The growing family of CREF Accounts is designed
to provide additional investment options for Participants who want to diversify
their accumulations. Most experts recommend diversification as a good strategy
for retirement investing, both because a diversified portfolio offers a degree
of safety from the volatility of specific markets, and because it allows the
investor to benefit from the potential for growth in several different types of
investments. Since the Bond Market, Inflation-Linked Bond, and Social Choice
Accounts invest at least some of their portfolios in fixed-income securities,
Participants should be aware that statistics compiled by Ibbotson Associates,
Inc. confirm that historically bonds have experienced less volatility than
common stocks and greater returns than money market instruments. However, these
relationships may differ, based on market conditions or other factors, over the
short-term or even over the long-term. Fluctuations in interest rates can have a
significant effect on the Bond Market and Inflation-Linked Bond Accounts'
performance. Furthermore, although past performance is no guarantee of future
results, stocks have outperformed bonds over the long-term. Many experts
recommend taking a long-term view with retirement investments.
The Stock Account may be appropriate for people who have a longer time until
retirement and think that stocks will perform well over time. The Stock Account
can also be a good choice for anyone who wants to complement other holdings in
guaranteed products. Many Participants choose only the Stock Account for their
equity investments. The Account is the largest singly managed stock account in
the world based on assets under management.
The Global Equities Account may be appropriate for Participants who are
interested in the opportunities offered by overseas
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markets and the potential growth of foreign economies. We recommend that those
who already have substantial allocations to the Stock Account consider putting
some of their accumulations in the Global Equities Account to diversify and
enhance growth potential. Over the long-term, the international component of the
Stock Account has added additional diversification, helped reduce volatility and
helped the Account generate high long-term returns. (Past performance is no
guarantee of future results.)
Studies by Morgan Stanley Capital International show that during recent years,
many of the top performing equity markets were overseas. During the period from
1984 to 1995, the non-U.S. share of the world's total equity market
capitalization has risen significantly. Many people feel that a great deal of
the world's economic expansion over the next several decades will be
overseas-particularly as less developed nations come into their own. The Global
Equities Account will be especially attractive to those who agree, and who plan
to hold investments in the Account for long periods.
Foreign capital markets have grown rapidly in the past two decades, with Japan,
Germany and others increasing their share of the world's equity investments.
Emerging markets can also provide important investment opportunities. However,
many overseas markets have only recently begun to attract international
investment, so less is known about their long-term patterns than about domestic
markets and there has been extreme recent volatility in certain Asian markets.
Like the other Accounts, the Global Equities Account offers the advantages of
diversification. In particular, since domestic and foreign markets sometimes
move in different cycles, overseas investments can help offset declines in
American markets, and vice versa. In addition, because the Global Equities
Account's investments are spread throughout the world, the Account is less
dependent on the economic situation in any single country than the Stock Account
is.
The Global Equities Account may interest investors who are willing to assume
more risk to seek faster growth, since generally the Account will have a larger
percentage of its portfolio actively managed than the Stock Account does. Some
may believe that the Global Equities Account can help them keep pace with or
exceed inflation. Although the Account may invest in bonds and money market
instruments, we expect that the percentage of debt securities generally will be
low.
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The Global Equities Account is managed by the same people that manage the Stock
Account--TIAA-CREF Investment Management, LLC. They have acquired expertise in
international investment through careful research and cultivating local
contacts. The Account's investment staff are experts in analyzing economic
trends and evaluating corporate performance. They are fully conversant with the
policies and practices of many nations, including their investor demographics
and risk tolerance. There are extra costs to doing business overseas, which are
reflected in the Global Equities Account's expense charges.
The Growth Account might be appropriate for people who believe that there are
significant value or growth opportunities in the stock market over the long-term
if one is willing to take some additional risk. People who have a longer time
until retirement, or want to balance a portfolio of more conservative
investments, should consider this Account.
The Equity Index Account might be attractive to Participants who believe that
the U.S. stock market overall will perform as well as or better over time than
active selection of stocks or a combination of U.S. and foreign stocks (like the
Stock or Global Equities Account) with less variability and risk.
The Equity Index Account invests substantially all of its assets in stocks
included in the Russell 3000 Index. A stock's presence in the Russell 3000
doesn't mean that Frank Russell Company believes that it's an attractive
investment. The Frank Russell Company isn't responsible for any literature about
any CREF account, and makes no representations or warranties about its content.
The Bond Market Account may be appropriate for Participants who want to
diversify their retirement savings beyond stock and money market instruments,
and for those who think that bonds and other fixed-income securities are a good
investment for the accumulation of retirement savings. It is expected that the
Bond Market Account's total return will be relatively stable when interest rates
are stable and will experience variability when interest rates rise or fall.
The Inflation-Linked Bond Account may be appropriate for Participants who want
their retirement investments to keep pace with inflation and are less concerned
with earning a high real rate of return over and above the rate of inflation.
Anyone who wants to invest conservatively and preserve his or her capital,
perhaps because he or she is close to retirement age or in the
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pay-out phase of retirement investing, should consider this Account. During the
accumulation phase, the Account can serve as a useful tool for diversifying
assets, since the performance of the Account's underlying investments most
likely will not directly correlate with movements in stocks and will not highly
correlate with movements in conventional bonds. Inflation-linked bonds may also
be an appropriate complement to a portfolio consisting of both stocks and
conventional bonds in certain economic conditions such as when movements in
stocks and conventional bonds are correlated. Since individual inflation-linked
bonds pay a predictable interest rate over the Consumer Price Index, moreover,
they may also track inflation more directly year by year than investments in
real estate.
The Account may also serve as an effective annuity pay-out vehicle, by helping
annuitants preserve the spending power of their income under a variety of
economic conditions. Ideally, this Account should be viewed as another
relatively stable component in a diversified retirement portfolio that includes
both stock and other investments that can help combat the effects of inflation
and provide growth in assets. It should be noted, however, that the price of
inflation-indexed bonds are influenced by competition from other investment
opportunities available at any given time and that inflation-linked bonds would
have underperformed stocks by a wide margin over the last twenty years.
The threat of inflation is of particular concern to retirees who may have
limited sources of income, leaving them particularly vulnerable if the cost of
living rises sharply. For example, a person retiring at the end of 1978 would
have experienced an almost 40% decline in the dollar's purchasing power over the
next three years (based on changes in the Consumer Price Index). Although we
haven't experienced periods of high inflation recently, we could again. And even
low to moderate inflation over long periods will affect the value of one's
accumulation or pay-out amounts.
U.S. Treasury Inflation-Indexed Securities (TIIS) were modeled after
inflation-indexed securities issued by the Canadian Government in 1991. TIIS are
generally more immediately responsive to inflation than most foreign
inflation-linked bonds since typically the indexation lag period is longer
(e.g., eight months) for foreign bonds than it is for TIIS (e.g., three months).
Inflation-indexed bonds have been available in the United Kingdom (Indexed
Gilts) since 1981 and in Canada (Real-Return Bonds) since 1991. They are also
available in other countries including Argentina, Australia, Brazil, Israel,
Mexico, and Sweden. These
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bonds, which are varied in structure, are designed to track the inflation rate
in the issuing country. Since that inflation rate may be higher or lower than
the U.S. rate and may affect the value of the country's foreign currency
relative to the U.S. dollar, we will invest in these foreign issues only when we
believe they provide the potential for additional returns without diluting the
account's overall inflation protection feature.
The principal amount of a TIIS bond is periodically adjusted for inflation using
the Consumer Price Index for all Urban Consumers (CPI-U) and interest is paid
twice a year. To use a simplified example, if an investor purchased a $1,000
TIIS bond with a fixed annual interest of 3% (payable 1.5% semi-annually), and
inflation over the first six months of the bond were 1%, the bond's principal at
mid-year would be adjusted to $1,010 and the first semi-annual interest payment
would be $15.15 ($1,010 x 1.5%). If inflation during the second half of the year
reached 3%, the principal at the end of the year would be $1,030 and the second
semi-annual interest payment would be $15.45 ($1,030 x 1.5%). The method we use
to determine the inflation-adjusted principal is somewhat more complex than the
example illustrates.
Participants who want to invest in an Account with socially conscious investment
criteria could consider the Social Choice Account. This Account could also be
suitable for people who want an Account that is balanced among stocks, bonds and
money market investments, and which might be less volatile than a bond or stock
account alone.
The Money Market Account may be appropriate for Participants who want to keep up
with inflation but are not looking for a high real rate of return (i.e., returns
greater than inflation). The Money Market Account may also help diversify stock
and bond portfolios. Anyone who is averse to market risk, perhaps because he or
she is close to retirement age, should consider this Account.
Classic IRAs
Since 1976, IRAs have helped millions of people save for retirement on a
tax-deferred basis. They are best for people who are eligible to make
tax-deductible contributions, and those who feel they will be in a lower tax
bracket during retirement. Tax-deductible IRA contributions may be limited or
may not be available to an individual who is an active participant in an
employer-sponsored retirement plan, unless their modified adjusted gross income
falls below certain levels. An individual who is not an active participant may
still not be eligible to make a deductible contribution if his or her spouse
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is an active participant. Anyone can make after-tax contributions of up to
$2,000 per year regardless of income or retirement plan participation.
The Classic IRA enables you to rollover funds from almost any kind of retirement
plan and consolidate your long term savings with TIAA-CREF, without having to
pay taxes on the move. Once you've consolidated your funds with TIAA-CREF, we
can help you set up a coordinated program for your retirement resources.
Roth IRAs
Roth IRAs were introduced in 1998. Subject to income limitations, you can
rollover, or convert, funds from a Classic IRA directly to a Roth IRA. Subject
to income limits, you can also rollover funds from eligible tax-deferred
retirement plans, but the funds must first be rolled over to a Classic IRA, and
subsequently rolled over again, or converted to, a Roth IRA. To roll money into
a Roth IRA, you must first pay taxes on earnings and on tax-deductible
contributions. Such a move may be beneficial to individuals seeking tax-free
investment earnings and/or freedom from minimum distribution requirements, but
the decision hinges on your tax situation, investment orientation and other
factors. We can provide information to help you decide whether this is the best
course of action, and in general, to help you select the investment and savings
products best suited to your goals.
The deadline for making annual contributions to a Classic IRA or a Roth IRA for
1998 is April 15, 1999. You can also rollover money to the CREF Classic IRA and
decide whether you want to contribute to a Roth IRA at a later date.
You are only eligible to rollover amounts from a Classic IRA to a Roth IRA if,
for the year of the rollover, your adjusted gross income is $100,000 or less.
The same limit applies to married individuals filing jointly and to single
taxpayers, and the limit is not indexed to cost-of-living adjustments. Other
restrictions may apply as well.
In its advertisements, CREF may compare the Classic and Roth IRAs and discuss
which individuals can best benefit from each product. It may also discuss the
advantages and disadvantages of converting into Roth IRAs from a traditional
IRA.
CREF may also use charts to illustrate possible allocations of investments among
the CREF Accounts for Participants in different
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financial situations. We may also use certain testimonials and list
participating institutions.
EMPLOYER PLANS. Participants should take into account the particular terms of
the retirement plan at their employing institution. Our advertisements and other
sales materials may provide information about these plans and discuss the
specific terms of an institution's plan.
INDEPENDENT SURVEYS. Customer service may be an important consideration for
Participants. In its advertisements CREF may report the results of surveys
conducted by independent agencies regarding customer service.
MARKET TIMING. Participants should be aware of the risk which arises whenever
Participants engage in market timing. Market timing is an investment technique
whereby amounts are transferred from one category of investment to another based
upon a perception of how each of those categories of investments will perform
relative to the others at a particular time. Participants who engage in market
timing either between CREF Accounts or between an Account and another company
run the risk that they may transfer out of a type of investment with a rising
market value or transfer into a type of investment with a falling market value.
CREF does not endorse the practice of market timing in general or any particular
provider of such services.
ECONOMIC CONDITIONS. We may also discuss in advertisements and sales literature
general economic and/or market conditions which may impact investments in
variable annuities.
TAXES AND ECONOMIC TRENDS. Participants should consider the effects of changes
in federal income tax rates on their investment decisions. Investments with
tax-deferred earnings, or that accept pre-tax contributions, might be more
attractive when tax rates rise. Overall economic trends can also affect an
investment decision; for example, when interest rates are low, Participants may
prefer investments in equities that offer greater growth potential.
FEDERAL INCOME TAXES
As a result of recent legislation, as of January 1, 1998, CREF is no longer
exempt from federal income tax. CREF believes, however, that this change should
not cause CREF to incur any material federal income tax liability.
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With limited exceptions, the CREF certificates and contracts are designed as
annuity contracts under section 72 of the Internal Revenue Code.
403(b) PLANS
CREF certificates and contracts may be used as funding vehicles for retirement
plans set up under section 403(b) of the IRC, under which total annual
contributions to section 403(b) annuities can't exceed the lesser of (a)
$30,000; (b) 25 percent of your compensation; or (c) your "maximum exclusion
allowance." Your maximum exclusion allowance is generally 20 percent of your
compensation multiplied by your years of service with your employer, less
certain prior tax- deferred retirement plan contributions. You usually can
exclude salary reduction contributions of up to $10,000 from your gross taxable
income and certain employees may exclude up to $13,000. Contact your tax advisor
for more information.
401(a), 403(a) AND 401(k) PLANS
CREF RA and GRA, certificates and contracts are also used as funding vehicles
for 401(a) and 403(a) retirement plans. CREF GRA and GSRA certificates are
available for 401(k) plans. Employer contributions to all current defined
contribution plans of the employer meeting the requirements of IRC section
401(a) and 403(a) can't exceed an annual contribution limit of $30,000 or 25
percent of compensation, whichever is less.
INDIVIDUAL RETIREMENT ANNUITIES
IRC sections 408 and 408A permit eligible individuals to make direct
contributions to Classic and Roth IRAs, respectively. The amount you can
contribute to an IRA (other than an Education IRA) is currently limited to
$2,000 per year. If you contribute to both a Classic IRA and a Roth IRA in the
same year, your aggregate limit is $2,000 for the year. The IRC doesn't limit
the amount you can rollover to the Classic or the Roth IRA.
IRC section 408 permits funds from certain qualified retirement plans or IRAs to
be rolled over to the Classic IRA without losing their tax-deferred status. IRC
section 408A, however, only permits rollovers to a Roth IRA from another IRA.
This means that in order to move funds held in a retirement plan to a Roth IRA,
they must first be rolled over to a Classic IRA, and then to a Roth IRA.
Although funds rolled over to a Roth IRA from another IRA are subject to
taxation, they may grow on a tax-
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deferred basis. CREF IRAs can accept only cash transfers. All noncash assets
must therefore be liquidated prior to being transferred to us.
You also must meet certain income level requirements to make contributions to
the Roth IRA or, if you or your spouse is an active participant in an employer
sponsored retirement plan, tax-deductible contributions to the Classic IRA. If
you are married and file a joint tax return with your spouse and make a combined
adjusted gross income of $150,000 or less a year, you can make annual
contributions of up to $2,000 to a Roth IRA. If you are single and make an
adjusted gross income of $95,000 or less a year, you are also eligible to make
contributions of up to $2,000 to a Roth IRA. You can contribute a lower amount
if you are married and file jointly and your combined adjusted gross income is
between $150,000 and $160,000 a year, or if you are single and your adjusted
gross income is between $95,000 and $110,000 a year. You can convert an existing
IRA to a Roth IRA if your adjusted gross income is $100,000 or less.
If you are married and file a joint tax return with your spouse and make a
combined adjusted gross income of $51,000 or less a year, or you are single and
make an adjusted gross income of $31,000 or less a year, you can make
tax-deductible contributions of up to $2,000 a year to a Classic IRA for 1999.
You can contribute a lesser amount if your adjusted gross income is between
$51,000 and $61,000 if you are married and file jointly or if your adjusted
gross income is between $31,000 and $41,000 if you are single. Different income
based eligibility rules apply if you are not an active participant in an
employer sponsored retirement plan but you have a spouse who is an active
participant in an employer sponsored retirement plan.
You can revoke an IRA up to 7 days after you establish it. Contact your tax
advisor for more tax information on IRAs.
EARLY DISTRIBUTIONS
If you want to withdraw funds or begin income from any 401(a), 403(a) or, 403(b)
retirement plan or an IRA before you reach age 59 1/2, you may have to pay an
extra 10 percent "early distribution" tax on the taxable amount. However, you
won't have to pay an early distribution tax on any part of a withdrawal if:
(1) the distribution is because you are disabled;
(2) you separated from your job at or after age 55 and take your withdrawal
after that (not applicable to IRAs);
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(3) you begin annuity income consisting of a series of regular
substantially equal payments (at least annually) over your lifetime or
life expectancy or the joint lives or life expectancies of you and your
beneficiary;
(4) you have medical expenses in excess of 7 1/2 percent of your adjusted
gross income and the withdrawal is less than or equal to your expenses;
(5) you are required to make a payment to someone besides yourself under a
Qualified Domestic Relations Order (not applicable to IRAs);
(6) for IRAs only, you are unemployed (as defined in the IRC) and you use
the distribution to pay certain health insurance premiums for yourself,
your spouse or your dependents;
(7) for IRAs only, distributions that do not exceed certain qualified
higher education expenses of the individual, the individual's spouse,
or the child or grandchild of the individual or individual's spouse;
or
(8) for IRAs only, distributions to an individual (up to $10,000) for
qualified first time purchases of a principal residence.
If you die before age 59 1/2, your beneficiary(ies) won't have to pay the early
distribution penalty.
Current federal tax law restricts the availability of cash withdrawals and
annuity payments from any part of your accumulation under salary reduction
agreements (including earnings, if any). These restrictions apply only to
amounts (and earnings, if any) credited after December 31, 1988. These
withdrawals and annuity payments are available only if you reach age 59 1/2,
leave your job, become disabled, or die. If your employer's plan permits, you
may also be able to take a cash withdrawal if you encounter hardship, as defined
by the IRS, but hardship withdrawals can be from contributions only, generally
not investment earnings. In addition, certain 401(k) plans permit distributions
of elective deferral amounts upon termination of the plan provided the employer
does not establish or maintain another defined contribution plan. These
restrictions don't apply to withdrawals from an IRA.
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ADDITIONAL INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission, under the 1933 Act, with respect to the certificates discussed in
the Prospectus and in this Statement of Additional Information. Not all of the
information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the Prospectus or this Statement of Additional
Information. Statements contained herein concerning the contents of the
certificates and other legal instruments are intended to be summaries. For a
complete statement of the terms of these documents, reference should be made to
the instruments filed with the Commission.
FINANCIAL STATEMENTS
The audited financial statements for all of the CREF accounts are incorporated
by reference from the Annual Report to Participants. CREF will furnish you,
without charge, another copy of the report on request. Write to College
Retirement Equities Fund, 730 Third Avenue, New York, N.Y. 10017, Attention:
Central Services, or call 1 800 842-2733, extension 5509.
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PART C - OTHER INFORMATION
Item 28. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS
The following Financial Statements for the Stock Account of
the College Retirement Equities Fund ("CREF") are incorporated into Part B of
this Registration Statement by reference from pages through of the Annual Report
to Participants in the Stock Account dated December 31, 1998, as filed with the
Commission pursuant to Rule 30b2-1 under the Investment Company Act of 1940 on
February , 1999 (Accession No. ):
Page
Report of Management Reponsibility...........................................
Report of Independent Auditors...............................................
Audited Financial Statements:
Statement of Assets and Liabilities.................................
Statement of Operations.............................................
Statement of Changes in Net Assets..................................
Notes to Financial Statements.......................................
Statement of Investments............................................
The following Financial Statements for the Money Market, Bond
Market, Inflation-Linked Bond, Social Choice, Global Equities, Growth, and
Equity Index Accounts of CREF are incorporated into Part B of this Registration
Statement by reference from pages through of the Annual Report to Participants
in the Money Market, Bond Market, Inflation-Linked Bond, Social Choice, Global
Equities, Growth, and Equity Index Accounts dated December 31, 1998, as filed
with the Commission pursuant to Rule 30b2-1 under the Investment Company Act of
1940 on February , 1999 (Accession No. ):
Page
Report of Management Responsibility..........................................
Report of Independent Auditors...............................................
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Audited Financial Statements:
Statements of Assets and Liabilities................................
Statements of Operations............................................
Statements of Changes in Net Assets.................................
Notes to Financial Statements.......................................
Statements of Investments--
Money Market Account.......................................
Bond Market Account........................................
Inflation-Linked Bond Account..............................
Social Choice Account......................................
Global Equities Account....................................
Growth Account.............................................
Equity Index Account.......................................
(b) EXHIBITS
(1) Not Applicable
(2) (a) Charter of CREF (as amended)
(b) Constitution of CREF (as amended) 2
(c) Bylaws of CREF (as amended)
(3) (a) Custodial Services Agreement with
The Chase Manhattan Bank, N.A.
(b) Custodian Services Agreement with
Bankers Trust Company (as amended)
(c) Indenture Agreement Between CREF and
Canada Permanent Trust Company
(d) Custodial Services Agreement Between
CREF and Morgan Guaranty Trust
Company (as assigned to Bank of New
York)
(e) Custodial Services Agreement Between
CREF and Morgan Guaranty Trust
Company (as assigned to Bank of New
York) (Bond Market Account)
(f) Custodial Services Agreement Between
CREF and Morgan Guaranty Trust
Company (as assigned to Bank of New
York) (Social Choice Account)
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(g) Custodial Services Agreement Between
CREF and Bank of New York
(Inflation- Linked Bond Account) 1
(4) Not applicable
(5) Principal Underwriting and Administrative
Services Agreement Between CREF and
TIAA-CREF Individual & Institutional
Services, Inc. (as amended) *
(6) (a) Retirement Unit-Annuity Certificate
(b) Supplemental Retirement Unit-Annuity
Certificate
(c) (i) Group Supplemental Retirement
Unit- Annuity Contract
(ii) Group Supplemental Retirement
Unit- Annuity Certificate
(d) (i) Group Retirement Annuity
Contract (including Specimen
of Group Retirement
Unit-Annuity Certificate and
Agreement with Trustee)
(ii) Form of Election Agreement
between CREF and Employer (for
Group Retirement Annuity
Contract)
(iii) Group Retirement Unit-Annuity
Contract (for use in Oregon)
(iv) Group Retirement Unit-Annuity
Certificate (for use in
Oregon)
(e) Rollover Individual Retirement Unit-
Annuity Certificate
(f) The Following Certificates
representing CREF Income Options:
(i) Life Unit-Annuity
(ii) Life Unit-Annuity with Minimum
Guaranteed Period
(iii) Last Survivor Life
Unit-Annuity
(iv) Joint and Survivor Life Unit-
Annuity
(v) Last Survivor Life
Unit-Annuity with Minimum
Guaranteed Period
(vi) Joint and Survivor Life Unit-
Annuity with Minimum
Guaranteed Period
(vii) Unit-Annuity Certain
(viii)Minimum Distribution Option
(g) Accumulation-Unit Deposit
Certificate (payable as a death
benefit only)
(h) (i) Endorsement to in-force
Supplemental Retirement Unit-
Annuity Certificates
(reflecting addition of Global
Equities Account
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<PAGE>
and IRC Withdrawal
Restrictions)
(ii) Endorsement to in-force
Supplemental Retirement Unit-
Annuity Certificates
(reflecting addition of
Minimum Distribution Annuity)
(iii) Endorsement to new issues of
the Supplemental Retirement
Unit- Annuity Certificate
(reflecting addition of Money
Market, Bond Market, Social
Choice, and Global Equities
Accounts, Deletion of a CREF
Account or Unit-Annuity,
transfers to CREF or TIAA,
addition of Minimum
Distribution Annuity, addition
of Spouse's Rights to
Benefits, and IRC Withdrawal
Restrictions)
(i) (i) Endorsement to in-force
Retirement Unit-Annuity
Certificates (reflecting
addition of Global Equities
Account and IRC Withdrawal
Restrictions)
(ii) Endorsement to in-force
Retirement Unit-Annuity
Certificates (reflecting
addition of Minimum
Distribution Annuity and
availability of Unit-Annuity
for a Fixed Period)
(iii) Endorsement to new issues of
the Retirement Unit-Annuity
Certificate (reflecting
addition of Money Market, Bond
Market, Social Choice and
Global Equities Accounts,
deletion of CREF Account or
Unit- Annuity, availability of
transfers to Approved Funding
Vehicles, Cash Withdrawals,
availability of Unit- Annuity
for a Fixed Period, Right to
Split Certificate, addition of
Minimum Distribution Annuity,
addition of Spouse's Rights to
Benefits, and IRC Withdrawal
Restrictions)
(j) (i) Endorsement to in-force Group
Supplemental Retirement Unit-
Annuity Certificates
(reflecting addition of the
Global Equities Account)
(ii) Endorsement to in-force and
some new issues of the Group
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Supplemental Retirement Unit-
Annuity Certificate
(reflecting addition of
Minimum Distribution Annuity)
(iii) Endorsement to new issues of
the Group Supplemental
Retirement Unit- Annuity
Certificate (reflecting
addition of the Global
Equities Account, and deletion
of a CREF Account or
Unit-Annuity and addition of
the Minimum Distribution
Annuity)
(iv) Endorsement to Group
Supplemental Retirement
Unit-Annuity certificates for
401(k) retirement plans
(reflecting annuity starting
date, availability of lump-sum
benefits and IRC Withdrawal
Restrictions)
(k) (i) Endorsement to in-force Group
Retirement Unit-Annuity
Certificates Issued on or
After 3/1/91 (reflecting
addition of the Global
Equities Account)
(ii) Endorsement to in-force Group
Retirement Unit-Annuity
Certificates Issued Before
3/1/91 (reflecting addition of
the Global Equities Account
and IRC Withdrawal
Restrictions)
(iii) Endorsement to in-force Group
Retirement Unit-Annuity
Certificate (reflecting
addition of Minimum
Distribution Annuity and
availability of Annuity for a
Fixed Period)
(iv) Endorsement to in-force Group
Retirement Unit-Annuity
Certificate (reflecting
addition of Minimum
Distribution Annuity,
availability of Annuity for a
Fixed Period and IRC
Withdrawal Restrictions)
(l) Endorsement to new issues of
Retirement Unit-Annuity Certificates
and Supplemental Retirement
Unit-Annuity Certificates
(reflecting restatement of
accumulation unit value on 12/21/86
and inclusion of net dividend income
in value of accumulation unit
beginning 1/1/87)
(m) Endorsement to new and in-force
issues
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of CREF Retirement Unit-Annuity
Certificates, Supplemental
Retirement Unit-Annuity
Certificates, Group Retirement
Unit-Annuity Certificates, Group
Supplemental Retirement Unit-Annuity
Certificates, Rollover IRA
Certificates, Minimum Distribution
Annuity Certificates and
Accumulation-Unit Deposit
Certificates (reflecting addition of
the Growth Account and the Equity
Index Account)
(n) Endorsement to Group Retirement
Unit- Annuity Certificates
(reflecting addition of Social
Choice Account payout option)
(o) Endorsement to CREF Certificates
(reflecting yearly transfer to
Minimum Distribution Annuity
Certificate)
(p) Endorsement to CREF Certificates
(reflecting allocation and transfer
options, CREF's right to split
certificate, and CREF's right to
delete Bond Market or Social Choice
Account or to stop providing
Unit-Annuities thereunder)
(q) (i) Endorsement to in-force
Minimum Distribution Annuity
Certificates (non-cashable)
(reflecting addition of the
Global Equities Account)
(ii) Endorsement to new issues of
the Minimum Distribution
Annuity Certificate
(non-cashable) (reflecting
addition of the Global
Equities Account, definition
of Annuity Unit, and deletion
of a CREF account or
Unit-Annuity)
(r) (i) Endorsement to in-force
Minimum Distribution Annuity
Certificates (cashable)
(reflecting addition of the
Global Equities Account)
(ii) Endorsement of new issues of
Minimum Distribution Annuity
Certificates
(cashable)(reflecting addition
of the Global Equities
Account, definition of Annuity
Unit, and deletion of a CREF
Account or Unit-Annuity)
(s) Endorsement to new issues of
Unit-Annuity Certificates
(reflecting addition of the Global
Equities Account and deletion of a
Unity-Annuity)
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(t) (i) Endorsement to Retirement
Unit- Annuity Certificate
(reflecting addition of the
Inflation-Linked Bond Account
and Right to a Tax- Free
Rollover) 1
(ii) Endorsement to Supplemental
Retirement Unit-Annuity
Certificate (reflecting
addition of the
Inflation-Linked Bond Account
and Right to a Tax-Free
Rollover)
(iii) Endorsement to Rollover
Individual Retirement
Unit-Annuity Certificate
(reflecting addition of the
Inflation-Linked Bond Account
and Right to a Tax-Free
Rollover) 1
(iv) Endorsement to Group
Retirement Unit-Annuity
Certificate (reflecting
addition of the
Inflation-Linked Bond Account
and Right to a Tax-Free
Rollover) 1
(v) Endorsement to Group
Supplemental Retirement
Unit-Annuity Certificate
(reflecting addition of the
Inflation-Linked Bond Account
and Right to a Tax-Free
Rollover) 1
(vi) Endorsement to Minimum
Distribution Annuity
Certificate (reflecting
addition of the
Inflation-Linked Bond Account)
1
(vii) Endorsement to CREF
Unit-Annuity Certificates
(reflecting addition of the
Inflation-Linked Bond Account)
1
(viii)Endorsement to CREF
Accumulation-Unit Deposit
Certificate (reflecting
addition of the
Inflation-Linked Bond Account)
1
(ix) Endorsement to Group
Supplemental Retirement
Annuity Certificate (for
participants in the
Alternative Plan to Social
Security) 1
(7) (a) (i) Application for Retirement
Unit- Annuity Contracts
(ii) Application for Retirement
Unit- Annuity Contracts (for
retirement plans not covered
by ERISA)
(b) (i) Application for Supplemental
Retirement Annuity Contracts
(ii) Application for Supplemental
Retirement Annuity Contracts
(for
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retirement plans not covered
by ERISA)
(c) (i) Application for
Institutionally Owned
Retirement Annuity Contracts
(ii) Applications for
Institutionally Owned
Retirement Annuity Contracts
with Delayed Vesting
(iii) Application for
Institutionally Owned
Retirement Annuity Contracts
with Delayed Vesting (for
retirement plans not covered
by ERISA)
(iv) Application for Group
Retirement Unit-Annuity
Contract in Oregon
(d) (i) Enrollment Form for Group
Retirement Annuity
Certificates
(ii) Enrollment Form for Group
Retirement Annuity
Certificates (for retirement
plans not covered by ERISA)
(e) Application for Rollover Individual
Retirement Annuity Contracts
(f) Application for Retirement Annuity
Contracts Under a Registered Pension
Plan (RPP)
(ii) Application for Retirement
Annuity Contracts under a
Registered Retirement Savings
Plan (RRSP) in Canada
(g) Applications for Annuity Benefits
(h) (i) Enrollment Form for Group
Supplemental Retirement
Annuity Certificates
(ii) Enrollment Form for Group
Supplemental Retirement
Annuity Certificates (for
retirement plans not covered
by ERISA)
(i) (i) Enrollment Form for
Institutionally Owned Group
Retirement Annuity
Certificates with Delayed
Vesting
(ii) Enrollment Form for
Institutionally Owned Group
Retirement Annuity
Certificates with Delayed
Vesting (for retirement plans
not covered by ERISA)
(j) (i) Enrollment Form for Two Sets
of Group Retirement Annuity
Certificates -- One Set
Providing for Delayed Vesting
(ii) Enrollment Form for Two Sets
of
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Group Retirement Annuity
Certificates -- One Set
Providing for Delayed Vesting
(for retirement plans not
covered by ERISA)
(k) (i) Enrollment Form for Two Sets
of Group Retirement Annuity
Certificates
(ii) Enrollment Form for Two Sets
of Group Retirement Annuity
Certificates (for retirement
plans not covered by ERISA)
(8) Not Applicable
(9) None
(10) (a) CREF Deferred Compensation Plan for
Non- Officer Trustees
(b) TIAA-CREF Non-Employee Trustee and
Member Deferred Compensation Plan
(11) Investment Management Services Agreement
Between CREF and TIAA-CREF Investment
Management, LLC (as amended) *
(12) (a) Consent of Charles H. Stamm, Esquire
*
(b) Consent of Sutherland, Asbill &
Brennan, L.L.P. *
(13) (a) Consent of Ernst & Young LLP *
(14) None
(15) (a) Contribution Agreement between CREF
and TIAA (for Money Market Account)
(b) Seed Money Agreement between CREF
and TIAA (for Global Equities
Account)
(c) Seed Money Agreement between CREF
and TIAA (for Equity Index and
Growth Accounts)
(d) Seed Money Agreement between CREF
and TIAA (for Inflation-Linked Bond
Account) 1
(16) Schedules for Computation of Performance
Quotations *
(17) Financial Data Schedules *
- ----------------------------
* To be filed by subsequent post-effective amendment.
1 Previously filed in Post-Effective Amendment No. 26 to Form N-3 dated
February 11, 1997 (File No. 33-480) and incorporated herein by
reference.
2 Previously filed in Post-Effective Amendment No. 29 to Form N-3 dated
April 24, 1998 (File No. 33-480) and incorporated
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<PAGE>
herein by reference.
Item 29. DIRECTORS AND OFFICERS OF THE INSURANCE COMPANY
Not Applicable.
Item 30. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE
INSURANCE COMPANY OR REGISTRANT
Not Applicable.
Item 31. NUMBER OF CONTRACTOWNERS
As noted above, CREF is a membership corporation, consisting
of seven members (known as CREF's Board of Overseers). As of December 31, 1998,
there were approximately individuals and institutions holding CREF
certificates, including approximately individuals receiving annuity
benefits.
Item 32. INDEMNIFICATION
Overseers, trustees, officers and employees of CREF may be
indemnified against liabilities and expenses incurred in such capacity pursuant
to Article Five of CREF's bylaws (see Exhibit (2)(b)). Article Five provides
that, to the extent permitted by laws, CREF will indemnify any person made or
threatened to be made a party to any action, suit or proceeding by reason of the
fact that such person is or was an overseer, trustee, officer or employee of
CREF or, while an overseer, trustee, officer or employee of CREF, served any
other organization in any capacity at CREF's request. Article Five also
provides, however, that no person shall be indemnified for any liabilities or
expenses arising by reason of willful misfeasance, bad faith, gross negligence,
or reckless disregard of the duties involved in the conduct of office. In
addition, it provides that no person shall be indemnified unless such person
acted in good faith and in the reasonable belief that such action was in the
best interests of CREF and, with respect to any criminal action or proceeding,
such person had no reasonable cause to believe the conduct was unlawful. Article
Five provides reasonable and fair means for determining whether any person is
entitled to indemnification. If certain conditions are met, CREF may pay
liabilities or expenses in advance of the final disposition of the action, suit
or proceeding. No indemnification payment may be made unless a notice concerning
the payment has been filed with the New York State Superintendent of Insurance.
CREF has in effect an insurance policy that will indemnify its overseers,
trustees, officers and employees for liabilities arising from certain forms of
conduct.
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Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to overseers, trustees, and officers of
CREF, pursuant to the foregoing provision or otherwise, CREF has been advised
that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in that Act and is
therefore unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment of expenses incurred or paid by an
overseer, trustee, or officer in the successful defense of any action, suit or
proceeding) is asserted by an overseer, trustee, or officer in connection with
the securities being registered, CREF will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in that Act and will be governed by the final
adjudication of such issue.
Item 33. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
Investment advisory services for CREF's investment accounts
are provided by TIAA-CREF Investment Management, LLC ("Investment Management").
In this connection, Investment Management is registered as an investment adviser
under the
Investment Advisers Act of 1940.
The business and other connections of Investment Management's
officers are listed in Schedules A and D of Form ADV as currently on file with
the Commission (File No. 801-38029), the text of which is hereby incorporated by
reference.
Item 34. PRINCIPAL UNDERWRITER
(a) Not Applicable.
(b) TIAA-CREF Individual & Institutional Services, Inc.
("Services") may be considered the principal underwriter for the CREF Accounts.
The officers of Services and their positions and offices with Services and the
Registrant are listed in Schedule A of Form BD as currently on file with the
Commission (File No. 8-44454), text of which is hereby incorporated by
reference.
Item 35. LOCATION OF ACCOUNTS AND RECORDS
All accounts, books and other documents required to be
maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder
will be maintained at CREF's home office, 730 Third Avenue, New York, New York
10017, and at other CREF offices located at 750 Third Avenue and 485 Lexington
Avenue, both in New York, New York 10017. In addition, certain
C-11
<PAGE>
duplicated records are maintained at Pierce Leahy Archives, 64 Leone Lane,
Chester, New York 10918.
Item 36. MANAGEMENT SERVICES
Not Applicable.
Item 37. UNDERTAKING
(a) CREF undertakes that it will file a post-effective amendment to
this Registration Statement as frequently as is necessary to ensure that the
audited financial statements in the Registration Statement are never more than
16 months old for so long as payments under the variable annuity contracts may
be accepted.
(b) CREF undertakes that it will include either (1) as part of
any application to purchase a contract offered by the Prospectus, a space that
an applicant can check to request a Statement of Additional Information, or (2)
a postcard or similar written communication affixed to or included in the
Prospectus that the applicant can remove to send for a Statement of Additional
Information.
(c) CREF undertakes to deliver any Statement of Additional
Information and any financial statements required to be made available under
Form N-3 promptly upon written or oral request.
REPRESENTATION UNDER RULE 6C-7
The undersigned registrant hereby represents that Rule 6c-7
under the Investment Company Act of 1940 is being relied on and that the
provisions of paragraphs (a)-(d) of Rule 6c-7 are being complied with.
REPRESENTATION CONCERNING
NO-ACTION LETTER ISSUED TO ACLI
CREF represents that the No-Action Letter issued by the Staff
of the Division of Investment Management on November 28, 1988 to the American
Council of Life Insurance is being relied upon, and that the requirements for
entities relying on that no-action position, itemized (1) through (4) in that
Letter have been complied with.
Representation regarding reasonableness of fees CREF
represents that the fees and charges deducted under the Certificates, in the
aggregate, are reasonable in relation to the services rendered the expenses
expected to be incurred, and the risks assumed by CREF.
C-12
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment
Company Act of 1940, College Retirement Equities Fund has caused this
Registration Statement to be signed on its behalf, in the City of New York and
State of New York on the 19th
day of February, 1999.
COLLEGE RETIREMENT EQUITIES FUND
By: /s/ PETER C. CLAPMAN
------------------------------
Peter C. Clapman
Senior Vice President and
Chief Counsel, Investments
As required by the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the capacities and on the
dates indicated.
SIGNATURE TITLE DATE
/s/ JOHN H. BIGGS Chairman of the Board, 2/19/99
- ----------------------- President, and Chief Executive
John H. Biggs Officer (Principal Executive
Officer)
/s/ MARTIN L. LEIBOWITZ Vice Chairman, Chief Investment 2/19/99
- ----------------------- Officer, and Trustee (Principal
Martin L. Leibowitz Investment Officer)
/s/ RICHARD L. GIBBS Executive Vice President 2/19/99
- ----------------------- (Principal Financial and
Richard L. Gibbs Accounting Officer)
C-13
<PAGE>
<TABLE>
<CAPTION>
SIGNATURE OF TRUSTEE DATE SIGNATURE OF TRUSTEE DATE
<S> <C> <C> <C>
/s/ Robert H. Atwell 2/19/99 /s/ Bevis Longstreth 2/19/99
- -------------------------- ---------------------------
Robert H. Atwell Bevis Longstreth
/s/ Elizabeth E. Bailey 2/19/99 /s/ Robert M. Lovell, Jr. 2/19/99
- -------------------------- ---------------------------
Elizabeth E. Bailey Robert M. Lovell, Jr.
/s/ Joyce A. Fecske 2/19/99
- -------------------------- ---------------------------
Joyce A. Fecske Stephen A. Ross
/s/ Edes P. Gilbert 2/19/99 /s/ Eugene C. Sit 2/19/99
- -------------------------- ---------------------------
Edes P. Gilbert Eugene C. Sit
/s/ Stuart Tse Kong Ho 2/19/99 /s/ Maceo K. Sloan 2/19/99
- -------------------------- ---------------------------
Stuart Tse Kong Ho Maceo K. Sloan
/s/ Nancy L. Jacob 2/19/99 /s/ David K. Storrs 2/19/99
- -------------------------- ---------------------------
Nancy L. Jacob David K. Storrs
/s/ Majorie Fine Knowles 2/19/99 /s/ Robert W. Vishny 2/19/99
- -------------------------- ---------------------------
Marjorie Fine Knowles Robert W. Vishny
/s/ Jay O. Light 2/19/99
- --------------------------
Jay O. Light
</TABLE>
C-14
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
2 (a) Charter of CREF (as amended)
(b) Constitution of CREF (as amended)
(c) By Laws of CREF (as amended)
3 (a) Custodial Services Agreement with The Chase Manhattan
Bank, N.A.
(b) Custodian Services Agreement with Bankers Trust
Company (as amended)
(d) Custodial Services Agreement Between CREF and Morgan
Guaranty Trust Company (as assigned to Bank of New
York)
(e) Custodial Services Agreement Between CREF and Morgan
Guaranty Trust Company (as assigned to Bank of New
York) (Bond Market Account)
(f) Custodial Services Agreement Between CREF and Morgan
Guaranty Trust Company (as assigned to Bank of New
York) (Social Choice Account)
5 Principal Undewriting and Administrative Services
Agreeement Between CREF and TIAA-CREF Individual &
Institutional Services, Inc. (as amended)
6 (a) Retirement Unit-Annuity Certificate
(b) Supplemental Retirement Unit-Annuity Certificate
(c) (i) Group Supplemental Retirement Unit-Annuity Contract
(ii) Group Supplemental Retirement Unit-Annuity
Certificate
(d) (i) Group Retirement Annuity Contract (including Specimen
of Group Retirement Unit-Annuity Certificate and
Agreement with Trustee)
(ii) Form of Election Agreement between CREF and Employer
(for Group Retirement Annuity Contract)
(iii) Group Retirement Unit-Annuity Contract (for use in
Oregon)
(iv) Group Retirement Unit-Annuity Certificate (for use in
Oregon)
(e) Rollover Individual Retirement Unit-Annuity
Certificate
(f) The Following Certificates representing CREF Income
Options:
(i) Life Unit-Annuity
(ii) Life Unit-Annuity with Minimum Guaranteed Period
(iii) Last Survivor Life Unit-Annuity
(iv) Joint and Survivor Life Unit-Annuity
(v) Last Survivor Life Unit-Annuity with Minimum
Guaranteed Period
(vi) Joint and Survivor Life Unit-Annuity with Minimum
Guaranteed Period
(vii) Unit-Annuity Certain
(viii) Minimum Distribution Option
(g) Accumulation-Unit Deposit Certificate (payable as a
death benefit only)
(h) (i) Endorsement to in-force Supplemental Retirement
Unit-Annuity Certificates (reflecting addition of
Global Equities Account and IRC Withdrawal
Restrictions)
C-15
<PAGE>
(ii) Endorsement to in-force Supplemental Retirement
Unit-Annuity Certificates (reflecting addition of
Minimum Distribution Annuity)
(iii) Endorsement to new issues of the Supplemental
Retirement Unit-Annuity Certificate (reflecting
addition of Money Market, Bond Market, Social Choice,
and Global Equities Accounts, Deletion of a CREF
Account or Unit-Annuity, transfers to CREF or TIAA,
addition of Minimum Distribution Annuity, addition of
Spouse's Rights to Benefits, and IRC Withdrawal
Restrictions)
(i) (i) Endorsement to in-force Retirement Unit-Annuity
Certificates (reflecting addition of Global Equities
Account and IRC Withdrawal Restrictions)
(ii) Endorsement to in-force Retirement Unit-Annuity
Certificates (reflecting addition of Minimum
Distribution Annuity and availability of Unit-Annuity
for a Fixed Period)
(iii) Endorsement to new issues of the Retirement
Unit-Annuity Certificate (reflecting addition of
Money Market, Bond Market, Social Choice and Global
Equities Accounts, deletion of CREF Account or
Unit-Annuity, availability of transfers to Approved
Funding Vehicles, Cash Withdrawals, availability of
Unit-Annuity for a Fixed Period, Right to Split
Certificate, addition of Minimum Distribution
Annuity, addition of Spouse's Rights to Benefits, and
IRC Withdrawal Restrictions)
(j) (i) Endorsement to in-force Group Supplemental Retirement
Unit- Annuity Certificates (reflecting addition of
the Global Equities Account)
(ii) Endorsement to in-force and some new issues of the
Group Supplemental Retirement Unit-Annuity
Certificate (reflecting addition of Minimum
Distribution Annuity)
(iii) Endorsement to new issues of the Group Supplemental
Retirement Unit-Annuity Certificate (reflecting
addition of the Global Equities Account, and deletion
of a CREF Account or Unit-Annuity and addition of the
Minimum Distribution Annuity)
(iv) Endorsement to Group Supplemental Retirement
Unit-Annuity certificates for 401(k) retirement plans
(reflecting annuity starting date, availability of
lump-sum benefits and IRC Withdrawal Restrictions)
(k) (i) Endorsement to in-force Group Retirement Unit-Annuity
Certificates Issued on or After 3/1/91 (reflecting
addition of the Global Equities Account)
(ii) Endorsement to in-force Group Retirement Unit-Annuity
Certificates Issued Before 3/1/91 (reflecting
addition of the Global Equities Account and IRC
Withdrawal Restrictions)
(iii) Endorsement to in-force Group Retirement Unit-Annuity
Certificate (reflecting addition of Minimum
Distribution Annuity and availability of Annuity for
a Fixed Period)
(iv) Endorsement to in-force Group Retirement Unit-Annuity
Certificate (reflecting addition of Minimum
Distribution
C-16
<PAGE>
Annuity, availability of Annuity for a Fixed Period
and IRC Withdrawal Restrictions)
(l) Endorsement to new issues of Retirement Unit-Annuity
Certificates and Supplemental Retirement Unit-Annuity
Certificates (reflecting restatement of accumulation
unit value on 12/21/86 and inclusion of net dividend
income in value of accumulation unit beginning
1/1/87)
(m) Endorsement to new and in-force issues of CREF
Retirement Unit-Annuity Certificates, Supplemental
Retirement Unit- Annuity Certificates, Group
Retirement Unit-Annuity Certificates, Group
Supplemental Retirement Unit-Annuity Certificates,
Rollover IRA Certificates, Minimum Distribution
Annuity Certificates and Accumulation-Unit Deposit
Certificates (reflecting addition of the Growth
Account and the Equity Index Account)
(n) Endorsement to Group Retirement Unit-Annuity
Certificates (reflecting addition of Social Choice
Account payout option)
(o) Endorsement to CREF Certificates (reflecting yearly
transfer to Minimum Distribution Annuity Certificate)
(p) Endorsement to CREF Certificates (reflecting
allocation and transfer options, CREF's right to
split certificate, and CREF's right to delete Bond
Market or Social Choice Account or to stop providing
Unit-Annuities thereunder)
(q) (i) Endorsement to in-force Minimum Distribution Annuity
Certificates (non-cashable) (reflecting addition of
the Global Equities Account)
(ii) Endorsement to new issues of the Minimum Distribution
Annuity Certificate (non-cashable) (reflecting
addition of the Global Equities Account, definition
of Annuity Unit, and deletion of a CREF account or
Unit-Annuity)
(r) (i) Endorsement to in-force Minimum Distribution Annuity
Certificates (cashable) (reflecting addition of the
Global Equities Account)
(ii) Endorsement of new issues of Minimum Distribution
Annuity Certificates (cashable)(reflecting addition
of the Global Equities Account, definition of Annuity
Unit, and deletion of a CREF Account or Unit-Annuity)
(s) Endorsement to new issues of Unit-Annuity
Certificates (reflecting addition of the Global
Equities Account and deletion of a Unity-Annuity)
7 (a) (i) Application for Retirement Unit-Annuity Contracts
(ii) Application for Retirement Unit-Annuity Contracts
(for retirement plans not covered by ERISA)
(b) (i) Application for Supplemental Retirement Annuity
Contracts
(ii) Application for Supplemental Retirement Annuity
Contracts (for retirement plans not covered by ERISA)
(c) (i) Application for Institutionally Owned Retirement
Annuity Contracts
(ii) Applications for Institutionally Owned Retirement
Annuity Contracts with Delayed Vesting
(iii) Application for Institutionally Owned Retirement
Annuity
C-17
<PAGE>
Contracts with Delayed Vesting (for retirement plans
not covered by ERISA)
(iv) Application for Group Retirement Unit-Annuity
Contract in Oregon
(d) (i) Enrollment Form for Group Retirement Annuity
Certificates
(ii) Enrollment Form for Group Retirement Annuity
Certificates (for retirement plans not covered by
ERISA)
(e) Application for Rollover Individual Retirement
(f) Annuity Contracts
(g) Authorization to Begin Retirement Income From
Retirement Annuities or Group Retirement Annuities
(h) (i) Enrollment Form for Group Supplemental Retirement
Annuity Certificates
(ii) Enrollment Form for Group Supplemental Retirement
Annuity Certificates (for retirement plans not
covered by ERISA)
(i) (i) Enrollment Form for Institutionally Owned Group
Retirement Annuity Certificates with Delayed Vesting
(ii) Enrollment Form for Institutionally Owned Group
Retirement Annuity Certificates with Delayed Vesting
(for retirement plans not covered by ERISA)
(j) (i) Enrollment Form for Two Sets of Group Retirement
Annuity Certificates -- One Set Providing for Delayed
Vesting
(ii) Enrollment Form for Two Sets of Group Retirement
Annuity Certificates -- One Set Providing for Delayed
Vesting (for retirement plans not covered by ERISA)
(k) (i) Enrollment Form for Two Sets of Group Retirement
Annuity Certificates
(ii) Enrollment Form for Two Sets of Group Retirement
Annuity Certificates (for retirement plans not
covered by ERISA)
10 (a) TIAA-CREF Retirement Plan
(b) CREF Deferred Compensation Plan for Non-Officer
Trustees
(c) TIAA-CREF Non-Employee Trustee and Member Deferred
Compensation Plan
11 Investment Management Services Agreement
15 (a) Contribution Agreement between CREF and TIAA (for
Money Market Account)
(b) Seed Money Agreement between CREF and TIAA (for
Global Equities Account)
(c) Seed Money Agreement between CREF and TIAA (for
Equity Index and Growth Accounts)
C-18
CERTIFICATE OF AMENDMENT
OF THE CHARTER
OF
COLLEGE RETIREMENT EQUITIES FUND
(PURSUANT TO SECTION 803 OF THE NOT-FOR-PROFIT CORPORATION LAW)
We, JOHN H. BIGGS and ALBERT J. WILSON, being, respectively,
the Chairman, President, and Chief Executive Officer and Secretary of COLLEGE
RETIREMENT EQUITIES FUND, hereby certify and set forth:
1. The name of the corporation is COLLEGE RETIREMENT EQUITIES
FUND.
2. The charter of said corporation became effective pursuant
to Chapter 124 of the Laws of New York of 1952, on the 18th
day of March, 1952.
3. COLLEGE RETIREMENT EQUITIES FUND is a corporation as
defined by Section 102(a)(5) of the Not-For-Profit
Corporation; it is a Type B corporation under Section 201 of
said Law; and it shall remain a Type B corporation under
Section 201 of said Law.
4. Section 7 of the charter of said corporation which reads as
follows:
"The corporation hereby formed (a) shall not issue any
certificates or contracts providing for the payment of
predetermined dollar benefits; (b) shall not issue any
certificate or contract to any person by reason of his
being an employee in the public school system of the State
of New York; (c) shall not invest in any common stocks or
shares of any corporation, joint-stock association, or
business trust an amount in excess of such percentage, not
to exceed ten per cent except with the approval of the
<PAGE>
insurance department, of voting shares of such institution
which would cause any such institution to be controlled by,
or become a subsidiary of, the corporation, as defined in
the insurance law; provided, however, that the foregoing
limitations shall not apply to any investment in any
subsidiary corporation engaged in any business lawful under
the laws of the jurisdictions in which subsidiaries are
organized subject to such limitations as are provided in
sections one thousand seven hundred one and one thousand
seven hundred eight of the insurance law; and (d) shall not
engage in transactions in foreign currency or in contracts
for future delivery of, options and other rights to
purchase, and options and other rights to purchase
contracts for future delivery of, securities eligible for
investment, except as provided in a statement of operations
as filed in accordance with the procedures under subsection
(e) of section four thousand two hundred forty of the
insurance law and approved by the superintendent."
is hereby amended by deleting subparagraph (b) and redesignating subparagraphs
(c) and (d) as (b) and (c), respectively, in order to enable the corporation to
provide its products and services to persons who are employees in the public
school system of the State of New York.
Upon the effective date of the foregoing amendment, Section 7
shall read as follows:
"The corporation hereby formed (a) shall not issue any
certificates or contracts providing for the payment of
predetermined dollar benefits; (b) shall not invest in any
common stocks or shares of any corporation, joint-stock
association, or business trust an amount in excess of such
percentage, not to exceed ten per cent except with the
approval of the insurance department, of voting shares of
such institution which would cause any such institution to
be controlled by, or become a subsidiary of, the
corporation, as defined in the insurance law; provided,
however, that the foregoing limitation shall not apply to
any investment in any subsidiary corporation engaged in any
business lawful under the laws of the jurisdictions in
which subsidiaries are organized subject to such
limitations as are provided in sections one thousand seven
hundred one and one thousand seven hundred eight of the
insurance law; and (c) shall not engage in transactions in
foreign currency or in contracts for future delivery of,
options and other rights to purchase, and options and other
- 2 -
<PAGE>
rights to purchase contracts for future delivery of,
securities eligible for investment, except as provided in a
statement of operations as filed in accordance with the
procedures under subsection (e) of section four thousand
two hundred forty of the insurance law and approved by the
superintendent."
5. This amendment to the charter, pursuant to section 803 of
the Not-For-Profit Corporation Law, was authorized by
unanimous vote of the members of COLLEGE RETIREMENT EQUITIES
FUND at a meeting duly called and held on February 17, 1998.
6. The Secretary of State is hereby designated as agent of the
corporation upon whom process against it may be served. The
Post Office address to which the Secretary shall mail a copy
of any process against the corporation served him is:
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017.
IN WITNESS WHEREOF, this certificate has been signed on
this day of May, 1998.
------------------------
John H. Biggs
Chairman, President, and
Chief Executive Officer
------------------------
Albert J. Wilson
Secretary
- 3 -
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this day of , 1998, personally, before me came JOHN H.
BIGGS and ALBERT J. WILSON, Chairman, President, and Chief Executive Officer and
Secretary, respectively, of COLLEGE RETIREMENT EQUITIES FUND, to me known to be
the persons described in and who executed the foregoing Certificate of
Amendment, and they thereupon severally duly acknowledged to me that they read
and executed the same, that they know the contents thereof and that the same is
true to their own knowledge.
-------------------------
Notary Public
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
JOHN H. BIGGS, being duly sworn, says:
That I am the Chairman, President, and Chief Executive Officer
of COLLEGE RETIREMENT EQUITIES FUND, and in such capacity I executed the
foregoing Certificate of Amendment, that I have read said Certificate of
Amendment, know the contents thereof and that the same is true to my own
knowledge.
-------------------------
JOHN H. BIGGS
Sworn to before me this
____ day of _____, 1998
- ----------------
Notary Public
- 4 -
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
ALBERT J. WILSON, being duly sworn, says:
That I am the Secretary of COLLEGE RETIREMENT EQUITIES FUND,
and in such capacity I executed the foregoing Certificate of Amendment, that I
have read said Certificate of Amendment, know the contents thereof and that the
same is true to my own knowledge.
-------------------------
ALBERT J. WILSON
Sworn to before me this
____ day of _____, 1998
- ----------------
Notary Public
- 5 -
<PAGE>
I, , a Justice of the Supreme Court of the First Judicial
District, hereby approve the foregoing Certificate of Amendment to the Charter
of COLLEGE RETIREMENT EQUITIES FUND and consent to the filing of the same.
Dated:
-------------- ----------------------------
Justice of the Supreme Court
of the State of New York
First Judicial District
- -------------------------------------
Re: COLLEGE RETIREMENT EQUITIES FUND
- 6 -
CHARTER
OF
COLLEGE RETIREMENT EQUITIES FUND
Chapter 124 Laws of New York of 1952,
As Amended March 8, 1972,
December 15, 1972,
November 28, 1977,
January 28, 1985,
February 12, 1986,
July 13, 1989,
June 5, 1990,
and June 16, 1994 1
The People of the State of New York, represented in Senate and Assembly, do
enact as follows:
Section 1. Laird Bell, Virgil M. Hancher, R. McAllister Lloyd, Irving S.
Olds, Francis T. P. Plimpton, Henning W. Prentis, Jr., Henry M. Wriston, and
their successors, and such persons as they may associate with themselves, as
provided by section five hereof, are hereby constituted a nonprofit corporation
by the name of College Retirement Equities Fund.
Section 2. The purpose of the corporation hereby formed is to aid and
strengthen nonproprietary and nonprofit-making colleges, universities, and other
institutions engaged primarily in education or research, by providing means for
the diversification of investment of contributions of such institutions and
their teachers and other employees, by providing benefits based upon such
contributions and the valuation and yield of the investment thereof, and
dependent upon the continuance of human life, and by counselling such
institutions and their teachers and other employees concerning retirement plans
or other measures of security, all without profit to the corporation.
Section 3. The affairs of the corporation hereby formed shall be managed by
a board of trustees.
Section 4. The corporation hereby formed shall have power (a) to acquire
property by grant, gift, purchase, lease, bequest, or devise, either absolutely
or in trust, and without limitation as to character, amount, or value, except
such limitation as the legislature may hereafter impose, or as provided in
section seven hereof; to hold and dispose of the same, and to invest, reinvest,
accumulate, deal with, take action with respect to, and expend the property and
income of said corporation in such manner as the trustees shall deem best,
without any obligation to segregate contributions, or the investment thereof, of
participating institutions or their teachers and other employees or both; and
(b) to provide retirement benefits and withdrawal equities for teachers and
other employees of nonproprietary and nonprofit-making colleges, universities,
and other institutions engaged primarily in education or research, and the
beneficiaries of such teachers and other employees, based upon contributions
made by or on behalf of such teachers and other employees and their
beneficiaries, and the valuation and yield of the
-1-
<PAGE>
investment thereof, with such participation rights and on such other terms and
conditions as said corporation may from time to time approve and adopt, and in
general to do and perform all the things necessary and appropriate to a
corporation created for the purpose of providing such benefits for such teachers
and other employees and their beneficiaries.
Section 5. The persons named by section one hereof as constituting the
corporation hereby formed, or a majority of them, shall hold a meeting and
organize the corporation and adopt a constitution and bylaws not inconsistent
with the constitution and laws of this state. The constitution and bylaws shall
prescribe the location of the principal office of said corporation; the
territory in which its principal operations are to be conducted; the manner of
the election of members and their qualifications, which shall include membership
in TIAA Board of Overseers, a New York corporation; the number, qualifications,
powers, and manner of selection of the trustees and officers of said
corporation, who may be trustees or officers of any corporation all of whose
stock is owned by said TIAA Board of Overseers; the place or places for the
holding of meetings of members and trustees, which may be held within or without
the state; provisions for the amendment of such constitution and bylaws;
provisions for the determination of retirement and other benefits; and any other
provisions for the management and disposition of the property and income and
regulation of the affairs of said corporation which may be deemed expedient.
Such constitution and bylaws, and any amendments thereto, shall not take effect
until duly authenticated copies thereof have been filed with the superintendent
of insurance and certified by him as being lawful and equitable.
Section 6. The corporation hereby formed (a) shall be and shall have the
status of a nonprofit educational corporation; and (b) shall be subject to the
applicable provisions of articles one, three, twenty-five and seventy-four, and
sections one thousand two hundred twelve, one thousand two hundred seventeen,
one thousand four hundred eleven, and four thousand two hundred thirty of the
insurance law in effect at the time of taking effect of this act, and any
amendments to said articles and said sections, to the extent that such
provisions and amendments are not inconsistent with the provisions of this act,
but said corporation and its activities shall be exempt from all other
provisions, requirements, and limitations of said insurance law, and any
amendments thereto, except as the legislature may hereafter otherwise provide.
Section 7. The corporation hereby formed (a) shall not issue any
certificates or contracts providing for the payment of predetermined dollar
benefits; (b) shall not issue any certificate or contract to any person by
reason of his being an employee in the public school system of the State of New
York; (c) shall not invest in any common stocks or shares of any corporation,
joint-stock association, or business trust an amount in excess of such
percentage, not to exceed ten percent except with the approval of the insurance
department, of voting shares of such institution which would cause any such
institution to be controlled by, or become a subsidiary of, the corporation, as
defined in the in-surance law; provided, however, that the foregoing limitation
shall not apply to any investment in any subsidiary corporation engaged in any
business lawful under the laws of the jurisdictions in which subsidiaries are
organized subject to such limitations as are provided in sections one thousand
seven hundred one and one thousand seven hundred eight of the insurance law; and
(d) shall not engage in transactions in foreign currency or in contracts for
future delivery of, options and other rights to purchase, and options and other
rights to purchase contracts for future delivery of, securities eligible for
investment, except as provided in a statement of operations as filed in
accordance with the procedures under subsection (e) of section four thousand two
hundred forty of the insurance law and approved by the superintendent.
-2-
<PAGE>
Section 8. In addition to the fund with the investments as provided in
section seven, the corporation may establish additional funds with investment
objectives and limitations as described in the statement of operations of such
funds filed with, and approved by, the insurance department.
Section 9. The corporation hereby formed shall neither issue nor deliver
any certificate or contract providing for the payment of any benefit, or any
rider or endorsement thereto, until a copy of the form thereof has been filed
with the superintendent of insurance and formally approved by him as not being
unfair, unjust, inequitable, or prejudicial to the interest of any participating
person, and the superintendent shall have the power to revoke such approval for
such cause; provided, however, that the provisions of this section shall not
apply to any special rider or endorsement on any such contract or certificate
which relates only to the manner of distribution of benefits or to the
reservation of rights and benefits under such contract or certificate, and which
is used at the request of the individual contract holder or certificate holder.
Section 10. No money or other benefit provided or rendered by the
corporation hereby formed, nor any rights or interests of any participating
person in any benefit provided by said corporation, or of any beneficiary of any
such person, or of any others who may have a right derived from any such person
or beneficiary, shall be subject to assignment or pledge, or be liable to
attachment, garnishment, or other process, or to be seized, taken, appropriated,
or applied by any legal or equitable process or operation of law to pay any debt
or liability of any such person, or of any beneficiary of any such person, or of
any others who may have a right under any such person or beneficiary.
Section 11. No trustee, officer, member or employee of the corporation
hereby formed shall receive any pecuniary profit from the operations thereof,
other than reasonable compensation for services rendered, reimbursement of
expenses incurred in its service, or benefits received as a proper recipient of
its retirement benefits, and withdrawal equities; nor shall any trustee,
officer, member or employee at any time have any personal interest in any
property or assets of said corporation; nor shall any trustee or member, in the
absence of fraud or bad faith, be personally liable for the debts, obligations
or liabilities of the corporation.
Section 12. This act shall take effect immediately.
- -----------------------------------------------------
1 Pursuant to resolution adopted by the Members of CREF on February 16, 1972, a
Certificate of Type of Not-For-Profit Corporation designating CREF as a Type B
not-for-profit corporation was filed with the Secretary of State of the State of
New York on February 18, 1972. At the same meeting of the Members of CREF, the
amendment to the charter was approved and subsequently filed with the Secretary
of State of the State of New York on March 8, 1972. The charter was further
amended at the meetings of the Members of CREF held on November 2, 1972, October
31, 1977, October 31, 1984, October 31, 1985, June 6, 1989, November 6, 1989 and
May 18, 1994; these amendments were filed with the Secretary of State of the
State of New York on December 15, 1972, November 28, 1977, January 28, 1985,
February 12, 1986, July 13, 1989, June 5, 1990, and June 16, 1994 respectively.
-3-
<PAGE>
CERTIFICATE OF TYPE OF NOT-FOR-PROFIT
CORPORATION
OF
COLLEGE RETIREMENT EQUITIES FUND
Under Section 113 of the Not-For-Profit Corporation Law
Filed in the Department of State of the State of New York
February 18, 1972
IT IS HEREBY CERTIFIED THAT:
(1) The name of the corporation is COLLEGE RETIREMENT EQUITIES FUND.
(2) The charter became effective pursuant to Chapter 124 of the Laws of
the State of New York of 1952, on the 18th day of March 1952.
(3) The post-office address of the corporation to which the Secretary of
State shall mail a copy of any notice required by law is 730 Third
Avenue, New York, New York 10017.
(4) Under Section 201, the corporation is a Type B corporation as defined
by the Not-For-Profit Corporation Law.
(5) The corporation elects to have the Not-For-Profit Corporation Law
apply to it in all respects, as authorized by Section 103(a) of said
Law.
IN WITNESS WHEREOF, we have signed this Certificate on the 16th day of
February 1972, and we affirm the statements contained therein as true under
penalties of perjury.
/s/ William C. Greenough
Chairman
/s/ Clarence E. Galston
Secretary
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CONSTITUTION
OF
COLLEGE RETIREMENT EQUITIES FUND
Adopted May 26, 1952
As Amended July 15, 1997
ARTICLE I
Principal Office
The principal office of the corporation shall be located in the City,
County and State of New York, and its principal operations shall be conducted in
the State of New York.
ARTICLE II
Members
Section 1. Qualifications. The corporation shall consist of seven members,
known individually as overseers and known collectively as the CREF Board of
Overseers, who shall be the persons named in Section 1 of the act to incorporate
College Retirement Equities Fund for the benefit of the teaching profession,
Chapter 124 of the Laws of 1952 of the State of New York, namely, Laird Bell,
Virgil M. Hancher, R. McAllister Lloyd, Irving S. Olds, Francis T. P. Plimpton,
Henning W. Prentis, Jr., Henry M. Wriston and their successors. None but members
of TIAA Board of Overseers, a New York cor-poration, shall be eligible to become
or to continue as members of the corporation.
Section 2. Term of Office. The term of membership of each of the first
seven members shall expire in a different year at the close of annual meetings
of the members to be held respectively in the years 1953 to 1959, inclusive. At
each annual meeting, one member shall be elected for a seven-year term by the
vote of at least four members to succeed the member whose term expires at the
close of such annual meeting. If any member shall, by death, resignation,
incapacity to act or otherwise, cease to be a member during his term, his
successor may be elected by the vote of a majority of the remaining members to
serve for the remainder of his term. Each member shall hold office after the
expiration of his term until his successor shall be elected. A member may serve
for more than one term or part of a term.
ARTICLE III
Meetings of Members and Policyholders
Section 1. Annual Meetings. The members shall schedule an annual meeting of
policyholders for the election of trustees and the transaction of such other
business as shall properly come before the meeting at the principal office of
the corporation to be held on the second Monday in November of each year at
10:00 o'clock
<PAGE>
in the forenoon if not a legal holiday, or, if a legal holiday, then on the next
preceding business day. If the president of the members or any three members
shall so determine, the annual policyholders meeting may be held at a different
date, time or place, provided notice thereof shall be given to all policyholders
in person or by mail or telegraph at least ten and not more than fifty days in
advance of any such meeting. The president of the members shall call an annual
meeting of the CREF Board of Overseers to be held in November of each year for
the purpose of electing or reelecting members to fill vacancies created by the
expiration of members terms of office, to elect a president and a secretary of
the CREF Board of Overseers and the transaction of such other business as shall
properly come before the meeting.
Section 2. Special Meetings. Special meetings of the members or special
meetings of the policyholders may be called at any time by the president of the
members or by any three members, or by the board of trustees, or by the chairman
or president of the corporation, to be held at such time and place as shall be
specified by notice.
Section 3. Notice of Meetings. Notice of the time, place and purpose or
purposes of all meetings of policyholders or of the CREF Board of Overseers
shall be given to all policyholders of record as of the record date for the
meeting or to all members, as the case may be, in person or by mail or telegraph
at least ten and not more than fifty days in advance of any such meeting. No
notice of any meeting need be given to any member or policyholder who is present
at such meeting in person or by proxy or who waives notice in writing either
before or after the meeting. Notice given by mail or telegraph shall be sent to
the member or policyholder at his address shown by the records of the
corporation in time to reach such address in ordinary course by the time the
notice is required to be given.
Section 4. Record Date. The board of trustees may fix in advance a record
date for determining the policyholders entitled to notice of and to vote at any
annual or special meeting of policyholders. Such date shall be not more than
fifty nor less than ten days before the date of the meeting. Only policyholders
of record as shown by the books of the corporation as of the record date shall
be entitled to notice of and to vote at the meeting.
Section 5. Voting. At all meetings of policyholders, policyholders shall be
entitled to vote based on the value of their CREF contracts as of the record
date. At all meetings of the members, each member shall be entitled to one vote.
The CREF Board of Overseers shall have power to define the term policyholder of
record, to specify the manner in which the value of the policyholders CREF
contracts shall be determined, and to resolve any questions with respect thereto
which may arise. Members and policyholders may vote in person or by proxy
appointed in writing, but no proxy shall be valid after the expiration of eleven
months from the date of its execution.
<PAGE>
Section 6. Policyholders Quorum and Vote. The vote in person or by proxy of
ten percent of the total number of votes entitled to be cast shall constitute a
quorum for purposes of policyholder meetings for the election of trustees and
for such other matters for which no other quorum is specified or required by
applicable law. Except as otherwise expressly provided by law or this
constitution, all matters voted upon by policyholders shall be decided by a
majoriy of the votes cast at a meeting at which a quorum shall be present. The
above notwithstanding, any matters voted upon by policyholders which purportedly
require the amendment of CREFs charter, constitution or bylaws shall be decided
by a vote of more than fifty percent of all outstanding votes. If less than a
quorum is present at any meeting, any person entitled to preside at or act as
secretary at such meeting may adjourn the meeting from time to time until a
quorum shall attend, and no notice need be given of any adjourned meeting other
than by announcement at the meeting at which the adjournment is taken, unless
after the adjournment is taken the board of trustees fixes a new record date for
the adjourned meeting.
Section 7. Members Quorum and Vote. The presence in person or by proxy of
four members shall constitute a quorum at any meeting of the CREF Board of
Overseers. Except as otherwise expressly provided by law or this constitution,
the act of a majority of the members present at a meeting at which a quorum
shall be present shall be the act of the members. If less than a quorum is
present at any meeting, a majority of those present may adjourn the meeting from
time to time until a quorum shall attend.
Section 8. Telephonic Participation. At all meetings of the CREF Board of
Overseers or any committee thereof, members may participate by means of a
conference telephone or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting.
Section 9. Action Without a Meeting. Where time is of the essence, but not
in lieu of a regularly scheduled meeting of the CREF Board of Overseers, or any
committee thereof, any action required or permitted to be taken by the board, or
any committee thereof, may be taken without a meeting if all of the members of
the board or all of the members of the committee consent in writing to the
adoption of a resolution authoriz-ing the action. The resolution and the written
consents thereto by the members of the board or the members of the committee
shall be filed with the minutes of the proceedings of the board or committee.
ARTICLE IV
President and Secretary of Members
Section 1. Election. At each annual meeting of the members, they shall
elect a president and a secretary of the members, each to serve until the close
of the next annual meeting of the members
<PAGE>
or until his successor shall be elected. The president of the members shall be
chosen from among the members; the secretary of the members may but need not be
chosen from among the members. The members may remove the president or the
secretary of the members from office and may fill any vacancies occurring in
such offices at any time.
Section 2. Duties. The president of the members shall preside at meetings
of members. The secretary of the members shall give all required notices of
meetings of members and shall attend and act as secretary at all meetings of
members and keep the records thereof. In the absence of the president, another
member shall be chosen to preside at meetings of the members, and in the absence
of the secretary, the members shall designate someone else to act as secretary
at meetings of members.
ARTICLE V
Board of Trustees
Section 1. General Powers. The general management of the property, business
and affairs of the corporation shall be vested in the board of trustees.
Section 2. Number, Election and Term of Office. The board of trustees shall
con-sist of four classes of trustees, each class to consist of four trustees,
and the trustees of one class shall be elected at the annual meeting of the
policyholders in each year to serve for a term of four years. The term of office
of each trustee so elected shall commence at the close of the meeting of the
board of trustees next succeeding such election, and shall continue until his
successor shall take office. If any trustee shall, by death, resignation,
incapacity to act or otherwise, cease to be trustee during his term, his
successor may be elected to serve for the remainder of his term at any meeting
of the members at which a quorum shall be present.
Section 3. Qualifications. At least three trustees shall be residents of
the State of New York. Not more than two of the members of the corporation and
not more than four officers and salaried employees of the corporation shall be
eligible to serve at any one time on the board of trustees.
ARTICLE VI
Investments
Section 1. Investment Policy. The following statement of investment policy
is a guide and not a limitation on the investment powers of the corporation:
(a) It is desirable that the corporation keep its assets invested at all
times exclusively in investments having equity characteristics.
<PAGE>
(b) It is desirable that the corporation take advantage of the principle of
dollar cost averaging by periodic purchases as funds become available, keeping
as fully invested at all times as is practicable since:
(i) the normal participant in the benefits of the corporation will make
regular monthly contributions over a period of many years and will receive
monthly retirement benefits for life;
(ii) there is no need to anticipate demand for large sums of cash at
any one time since the certificates of participation do not provide for cash
withdrawal.
(c) It is desirable that the corporations funds be diversified as to type
of industry and growth and yield characteristics.
Section 2. Restrictions on Investments. The corporation, as set forth in
its charter, shall not invest: (a) in any common stocks or shares of any
corporation, joint-stock association, or business trust an amount in excess of
such percentage, not to exceed ten percent except with the approval of the
insurance department, of voting shares of such institution which would cause any
such institution to be controlled by, or become a subsidiary of, the
corporation, as defined in the insurance law; provided that the foregoing
limitation shall not apply to any investment in any subsidiary corporation
engaged in any business lawful under the laws of the jurisdictions in which
subsidiaries are organized subject to such limitations as are provided in
sections one thousand seven hun-dred one and one thousand seven hundred eight of
the insurance law; and (b) shall not engage in transactions in foreign currency
or in contracts for future delivery of, options and other rights to purchase,
and options and other rights to purchase contracts for future delivery of,
securities eligible for investment, except as provided in a statement of
operations as filed in accordance with the procedures under subsection (e) of
section four thousand two hundred forty of the insurance law and approved by the
superintendent.
Section 3. Additional Funds. In addition to the fund with the investments
as provid- ed in Article VI, Section 2, the corporation may establish additional
funds with investment objectives and limitations as described in the statement
of operations of such funds filed with, and approved by, the insurance
department.
ARTICLE VII
Committees and Expenses
Section 1. Committees. The members of the corporation may appoint from time
to time such committees of members as they may deem advisable and provide for
the reasonable compensation and expenses thereof.
<PAGE>
Section 2. Expenses. Each member shall be reimbursed for transportation and
other expenses incurred by him in serving the corporation.
ARTICLE VIII
Amendments
This constitution may be amended at any meeting of the members by the
affirmative vote of four members at a duly constituted meeting of the CREF Board
of Overseers, provided that written notice of the proposed action at such
meeting shall have been given by mail or otherwise to each member at least ten
days prior to the meeting. No change in this constitution shall take effect
until the Superintendent of Insurance of the State of New York has certified it
as being lawful and equitable.
CREF BYLAWS
ARTICLE TWO
OFFICERS
Section 6. Chairman. The chairman, when present, shall preside at all
meetings of the board of trustees, and at all meetings of the policyholders. He
shall be ex officio chairman of the executive committee. He may appoint
committees of trustees, except where these bylaws or the board of trustees
otherwise provide, and may appoint trustees to fill vacancies on trustee
committees appointed by the board when such occur between meetings of the
trustees. If the chairman is not the chief executive officer, he shall, in
addition to the foregoing, perform such functions as are delegated to him by the
chief executive officer. In the absence of both the chairman and the president,
the chair of the Nominating and Personnel Committee shall preside at all
meetings of the policyholders and of the board.
Exhibit A
<PAGE>
CREF BYLAWS
ARTICLE THREE
COMMITTEES
Section 2. Executive Committee. The executive committee shall consist
of eight trustees including the chairman and the president, but not more than
three members shall be officers or salaried employees of the Association. A
majority shall constitute a quorum. The executive committee shall meet in
regular meeting as it may from time to time determine, and in special meeting
whenever called by the chairman, and shall be vested with all the powers of the
board of trustees during intervals between meetings of the board in all cases in
which specific instructions shall not have been given by the board and, in
particular, said committee:
(a) Shall have general supervision of the certificates of participation
issued by the corporation, and of any other matters in the conduct of the
business of the corporation which may be referred to the executive committee by
resolutions of the board of trustees.
(b) Shall review and oversee the design, development, improvement, and
marketing of new and existing products and services.
(c) Shall review the specifications for and oversee the implementation
stages of new technology-based services and computer programs at participating
institutions.
(d) Shall have general supervision of the rules and methods for
recording the vouchers, accounts, receipts and disbursements of the corporation.
(e) Shall, in the event of an acute emergency, as defined by Article
Seven-A--Insurance, of the New York State Defense Emergency Act, (Section 9177,
Unconsolidated Laws of New York) and any amendments thereof, be responsible for
the emergency management of the corporation as provided in the emergency bylaws
of the corporation.
Exhibit A
CREF BYLAWS
ARTICLE THREE
COMMITTEES
Section 3. Finance Committee. The finance committee shall consist of at
least thirteen members, including the chief executive officer. A majority shall
constitute a quorum. Subject to the board of trustees, the responsibility for
investing the corporation's funds, including the purchase, sale, exchange or
conversion of securities, shall rest with the finance committee. No investment
shall be made or disposed of without authorization or approval of the finance
committee. Not more than three members shall be officers or salaried employees
of the corporation.
Exhibit A
<PAGE>
CREF BYLAWS
ARTICLE THREE
COMMITTEES
Section 5. Audit Committee. The audit committee shall consist of four
trustees who are not officers or salaried employees of the corporation. The
committee shall itself, or through public accountants or otherwise, make such
audits and examinations of the records and affairs of the corporation as it may
deem necessary. The committee shall review the reimbursement agreements among
CREF, TIAA, TIAA-CREF Individual & Institutional Services, Inc., and TIAA-CREF
Investment Management, Inc., and make recommendations regarding them to the
board of trustees. A majority, but not less than three, of the members shall
constitute a quorum.
Section 6. Committee on Corporate Governance and Social Responsibility.
The committee on corporate governance and social responsibility shall consist of
not less than five trustees and such additional trustees as the board of
trustees may appoint. No such trustee shall be an officer or salaried employee
of CREF.
A committee quorum shall consist of a majority of the members. The
committee is responsible for addressing all corporate social responsibility and
corporate governance issues including the voting of CREF shares and the
initiation of appropriate shareholder resolutions. In addition, the committee
will develop and recommend specific corporate policy in these areas for
consideration by the CREF board of trustees.
Section 7. Reports. Within a reasonable time after their meetings, all
such committees and subcommittees shall report their transactions to each
trustee.
Exhibit A
BYLAWS
OF
COLLEGE RETIREMENT EQUITIES FUND
Adopted May 26, 1952
As Amended January 1, 1998
ARTICLE ONE
Board of Trustees
Section 1. Meetings. The board of trustees of the corporation shall
hold an annual meeting for the election of officers and the appointment of
committees and the transaction of such other business as shall properly come
before the meeting, in the month of November of each year at such time and place
as the notice of the meeting shall specify. Stated meetings of the board may be
held on such dates and at such times and places as the board by standing
resolution may fix. Special meetings of the board may be called by order of the
chairman, the president or the executive committee. The chairman, and in his
absence the president, shall preside at all meetings of the board.
Section 2. Notice of Meetings. Notice of the time and place of each
annual meeting shall be mailed to each trustee at his address shown by the
records of the corporation at least ten days and not more than fifty days prior
to the date of the meeting. No notice of stated meetings need be given. Notice
of the time, place and purpose of each special meeting shall be given to each
trustee in person or sent to him at his address shown by the records of the
corporation by mail or telegraph at least one week prior to the date of such
meeting. Except as otherwise provided by law or these bylaws, notices of
meetings need not set forth the purpose or purposes of the meetings, and any
business may be transacted at such meetings. No notice of any meeting of the
board of trustees need be given to any trustee who attends such meeting or who
waives notice in writing either before or after the meeting.
Section 3. Quorum. A majority of the trustees shall constitute a quorum
at all meetings of the board. Except as otherwise expressly provided by law, or
these bylaws, the act of a majority of the trustees present at a meeting at
which a quorum shall be present shall be the act of the trustees. If less than a
quorum is present at any meeting, a majority of those present may adjourn the
meeting from time to time until a quorum shall attend.
Section 4. Telephonic Participation. At all meetings of the board of
trustees or any committee thereof, trustees may participate by means of a
conference telephone or similar communications equipment allowing all persons
participating in the meeting to hear each other at the same time. Participation
by such means shall constitute presence in person at a meeting.
Section 5. Action Without a Meeting. Where time is of the essence, but
not in lieu of a regularly scheduled meeting of the board of trustees or
committee thereof, any action required or permitted to be taken by the board, or
any committee thereof, may be taken without a meeting if all members of the
board or the committee consent in writing to the adoption of a resolution
authorizing the action. The resolution and the written consents thereto by the
members of the board or committee shall be filed with the minutes of the
proceedings of the board or committee.
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<PAGE>
ARTICLE TWO
Officers
Section 1. Election. At each annual meeting the board of trustees shall
elect the executive officers of the corporation including a chairman, a
president, one or more vice presidents, and such other executive officers as
they may determine. Each such executive officer shall hold office until the
close of the next annual meeting of the board or, if earlier, until his
retirement, death, resignation or removal. The board may appoint other officers
and agents, assign titles to them, and determine their duties; such officers and
agents shall hold office during the pleasure of the board of trustees. The board
may appoint persons to act temporarily in place of any officers of the
corporation who may be absent, incapacitated or for any other reason unable to
act or may delegate such authority to the chief executive officer.
Section 2. Qualifications. The chairman and the president shall be
members of the board of trustees, but none of the other officers need be a
trustee. The same person may hold more than one office, except that no person
shall be both president and secretary.
Section 3. Removal of Officers. Any officer elected by the board of
trustees may be removed by the affirmative votes of a majority of all the
trustees holding office. Any other officer may be removed by the affirmative
votes of a majority of all members of the executive committee holding office.
Section 4. Removal of Other Employees. All other agents and employees
shall hold their positions at the pleasure of the executive committee or of such
executive officer as the executive committee may clothe with the powers of
engaging and dismissing.
Section 5. Chief Executive Officer. The board of trustees shall
designate either the chairman or the president as chief executive officer.
Subject to the control of the board of trustees and the provisions of these
bylaws, the chief executive officer shall be charged with the management of the
affairs of the corporation and shall perform such duties as are not specifically
delegated to other officers of the corporation. He shall be ex officio a member
of all standing committees except the nominating and personnel committee, audit
committee and the committee on reimbursement agreements with TIAA. He shall
report from time to time to the board of trustees on the affairs of the
corporation.
Section 6. Chairman. The chairman, when present, shall preside at all
meetings of the board of trustees, and at all meetings of the policyholders. He
shall be ex officio chairman of the executive committee. He may appoint
committees of trustees, except where these bylaws or the board of trustees
otherwise provide, and may appoint trustees to fill vacancies on trustee
committees appointed by the board when such occur between meetings of the
trustees. If the chairman is not the chief executive officer, he shall, in
addition to the foregoing, perform such functions as are delegated to him by the
chief executive officer. In the absence of both the chairman and the president,
the chair of the nominating and personnel committee shall preside at all
meetings of the policyholders and of the board.
Section 7. President. The president, in the event of the absence or
disability of the chairman, shall perform the duties of the chairman. If the
president is not the chief executive officer, he shall assist the chief
executive officer in his duties and shall perform such functions
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<PAGE>
as are delegated to him by the chief executive officer.
Section 8. Absence or Disability of Chief Executive Officer. In the
absence or disability of the chief executive officer, the president, if he is
not the chief executive officer, or the chairman, if he is not the chief
executive officer, or if neither is available, a vice president so designated by
the executive committee or the chief executive officer shall perform the duties
of the chief executive officer, unless the board of trustees otherwise provides
and subject to the provisions of the emergency bylaws of the corporation.
Section 9. Secretary. The secretary shall give all required notices of
meetings of the board of trustees, and shall attend and act as secretary at all
meetings of the board, and of the policyholders, and of the executive committee
and keep the records thereof. He shall keep the seal of the corporation, and
shall perform all duties incident to the office of the secretary and such other
duties as from time to time may be assigned to him by the board of trustees, the
executive committee or the president.
Section 10. Other Officers. The chief executive officer shall determine
the duties of the executive officers other than the chairman, the president, and
the secretary, and of all officers other than executive officers and he may
assign titles to and determine the duties of non-officers.
ARTICLE THREE
Committees
Section 1. Appointment. At each annual meeting of the board of
trustees, the board shall appoint an executive committee, a finance committee, a
nominating and personnel committee, an audit committee, a committee on
reimbursement agreements with TIAA, a committee on products and services, and a
committee on corporate governance and social responsibility, each member of
which shall hold office until the close of the next annual meeting of the board
and until a successor shall be appointed or until the member shall cease to be a
trustee except that for the audit committee, the board may specify a different
period of membership. The board of trustees, the executive committee, or the
chairman may appoint such other committees and subcommittees of trustees as may
from time to time be found necessary or appropriate for the proper conduct of
the business of the corporation, and may designate the duties of such committees
or subcommittees.
Section 2. Executive Committee. The executive committee shall consist
of eight trustees including the chairman and the president, but not more than
three members shall be officers or salaried employees of the corporation. A
majority shall constitute a quorum. The executive committee shall meet in
regular meeting as it may from time to time determine, and in special meeting
whenever called by the chairman, and shall be vested with all powers of the
board of trustees during intervals between meetings of the board in all cases in
which specific instructions shall not have been given by the board and, in
particular, said committee:
(a) shall have general supervision of the certificates of participation
issued by the corporation, and of any other matters in the conduct of the
business of the corporation which may be referred to the executive committee by
resolutions of the board of trustees.
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<PAGE>
(b) shall review and oversee the design, development, improvement, and
marketing of new and existing products and services.
(c) shall review the specifications for and oversee the implementation
stages of new technology-based services and computer programs at participating
institutions.
(d) shall have general supervision of the rules and methods for
recording the vouchers, accounts, receipts and disbursements of the corporation.
(e) shall, in the event of an acute emergency, as defined by Article
Seven-A--Insurance, of the New York State Defense Emergency Act, (Section 9177,
Unconsolidated Laws of New York) and any amendments thereof, be responsible for
the emergency management of the corporation as provided in the emergency bylaws
of the corporation.
Section 3. Finance Committee. The finance committee shall consist of at
least thirteen members, including the chief executive officer. A majority shall
constitute a quorum. Subject to the board of trustees, the responsibility for
investing the corporation's funds, including the purchase, sale, exchange or
conversion of securities, shall rest with the finance committee. No investment
shall be made or disposed of without authorization or approval of the finance
committee. Not more than three members shall be officers or salaried employees
of the corporation.
Section 4. Nominating and Personnel Committee. The nominating and
personnel committee shall consist of five trustees who are not officers or
employees of the corporation and whose terms do not expire in the year following
their appointment. Three members shall constitute a quorum. In the year
following their appointment the committee shall nominate executive officers and
the standing committees for the annual meeting of the board of trustees, shall
approve the titles of all appointed officers, shall provide advice on the
quality and level of service provided to CREF by the TIAA subsidiaries to assist
the TIAA nominating and personnel committee in arriving at its recommendations
on the annual compensation of those TIAA employees who provide services to the
TIAA subsidiaries and, if requested by the members, shall recommend the names of
persons for election as trustees at the annual meeting of the policyholders.
Section 5. Audit Committee. The audit committee shall consist of four
trustees who are not officers or salaried employees of the corporation. The
committee shall itself, or through public accountants or otherwise, make such
audits and examinations of the records and affairs of the corporation as it may
deem necessary. The committee shall review the reimbursement agreements among
CREF, TIAA, TIAA-CREF Individual & Institutional Services, Inc., and TIAA-CREF
Investment Management, Inc., and make recommendations regarding them to the
board of trustees. A majority, but not less than three, of the members shall
constitute a quorum.
Section 6. Committee on Corporate Governance and Social Responsibility.
The committee on corporate governance and social responsibility shall consist of
not less than five trustees and such additional trustees as the board of
trustees may appoint. No such trustee shall be an officer or salaried employee
of CREF.
A committee quorum shall consist of a majority of the members. The
committee is responsible for addressing all corporate social responsibility and
corporate governance issues
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<PAGE>
including the voting of CREF shares and the initiation of appropriate
shareholder resolutions. In addition, the committee will develop and recommend
specific corporate policy in these areas for consideration by the CREF board of
trustees.
Section 7. Reports. Within a reasonable time after their meetings, all
such committees and subcommittees shall report their transactions to each
trustee.
ARTICLE FOUR
Salaries, Compensation, Expenses and Pensions --
Trustees, Officers and Employees
Section 1. Trustees' Compensation and Expenses. A trustee may be paid
an annual stipend and fees and such other compensation or emolument in any
amount first authorized by the board in accordance with Section 2 of this
Article Four, including, but not limited to, a deferred compensation benefit,
for attendance at meetings of the board of trustees and for services that he/she
renders on or for committees or subcommittees of the board; and each trustee
shall be reimbursed for transportation and other expenses incurred by him/her in
serving the corporation.
Section 2. Salaries and Pensions. The corporation shall not pay any
salary, compensation or emolument in any amount to any officer, deemed by a
committee or committees of the board to be a principal officer pursuant to
subsection (b) of Section 1202 of the Insurance Law of the State of New York, or
to any salaried employee of the corporation if the level of compensation to be
paid to such employee is equal to, or greater than, the compensation received by
any of its principal officers, or to any trustee thereof, unless such payment be
first authorized by a vote of the board of trustees. The corporation shall not
make any agreement with any of its officers or salaried employees whereby it
agrees that for any services rendered or to be rendered he shall receive any
salary, compensation or emolument that will extend beyond a period of thirty-six
months from the date of such agreement except as specifically permitted by the
Insurance Law of the State of New York. No principal officer or employee of the
class described in the first sentence of this section, who is paid a salary for
his services shall receive any other compensation, bonus or emolument from the
corporation either directly or indirectly, except in accordance with a plan
recommended by a committee of the board pursuant to subsection (b) of Section
1202 of the Insurance Law of the State of New York and approved by the board of
trustees. The corporation shall not grant any pension to any trustee or officer,
or to any member of his family after his death, except that the corporation may
pursuant to the terms of a retirement plan and other appropriate staff benefit
plans adopted by the board provide for any person who is or has been a salaried
officer or employee, a pension payable at the time of retirement by reason of
age or disability and also life insurance, health insurance and disability
benefits.
Section 3. Prohibitions. No trustee, officer or employee of the
corporation shall receive, in addition to his fixed salary or compensation, any
money or valuable thing, either directly, or indirectly, for negotiating,
procuring, recommending or aiding in any purchase or sale by the corporation of
any property, or any loan from the corporation, nor be pecuniarily interested
either as principal, coprincipal, agent or beneficiary, either directly or
indirectly, in any such purchase, sale or loan, nor have any personal interest
in any property or assets of the corporation.
- 5 -
<PAGE>
ARTICLE FIVE
Indemnification of Members, Trustees, Officers and Employees
Section 1. In General: Notice to Superintendent. The corporation shall
indemnify, in the manner and to the full extent permitted by law, each person
made or threatened to be made a party to any action, suit or proceeding, whether
or not by or in the right of the corporation, and whether civil, criminal,
administrative, investigative or otherwise, by reason of the fact that he or his
testator or intestate is or was a member, trustee, officer or employee of the
corporation or, while a member, trustee, officer or employee of the corporation,
served any other corporation or organization of any type or kind, domestic or
foreign, in any capacity at the request of the corporation. To the full extent
permitted by law such indemnification shall include judgments, fines, amounts
paid in settlement, and expenses, including attorneys' fees. No payment of
indemnification, advance or allowance under the foregoing provisions shall be
made unless a notice shall have been filed with the Superintendent of Insurance
of the State of New York not less than thirty days prior to such payment
specifying the persons to be paid, the amounts to be paid, the manner in which
payment is authorized and the nature and status, at the time of such notice of
the litigation or threatened litigation.
Section 2. Disabling Conduct. Notwithstanding the provisions of Section
1, the corporation shall not indemnify any person for any liability or expense
arising by virtue of such person's willful misfeasance, bad faith, gross
negligence, or reckless disregard of duties ("disabling conduct"). Whether any
such liability or expense arose out of disabling conduct shall be determined:
(a) by a final decision on the merits (including, but not limited to, a
dismissal for insufficient evidence of any disabling conduct) by a court or
other body before whom the proceeding was brought, that the person to be
indemnified was not liable by reason of disabling conduct; or (b)in the absence
of such a decision, by a reasonable determination, based upon a review of the
facts, that such person was not liable by reason of disabling conduct, (i) by
the vote of a majority of a quorum of trustees who are neither interested
persons of the corporation nor parties to the action, suit or proceeding in
question or another action, suit or proceeding on the same or similar grounds
("disinterested, non-party trustees"), or (ii) by independent legal counsel in a
written opinion.
The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of NOLO CONTENDERE or its equivalent,
shall not, of itself, create a presumption that any liability or expense arose
by reason of disabling conduct.
Any liabilities or expenses may be paid in advance of the final
disposition of the claim, suit or proceeding, as authorized by the board of
trustees subject to Section 1 in the specific case, (a) upon receipt of an
undertaking by or on behalf of the person to whom the advance is made to repay
the advance unless it shall be ultimately determined that such person is
entitled to indemnification; and (b) provided that (i) the indemnitee shall
provide security for that undertaking, or (ii) the corporation shall be insured
against losses arising by reason of any lawful advances, or (iii) a majority of
a quorum of disinterested, non-party trustees or an independent legal counsel in
a written opinion, shall determine, based on a review of readily available
facts, that there is reason to believe that the indemnitee ultimately will be
found entitled to indemnification.
A determination made in accordance with the preceding paragraph shall
not prevent the
- 6 -
<PAGE>
recovery from any person of any amount advanced to such person as
indemnification if such person is subsequently determined not to be entitled to
indemnification. Nor shall a determination pursuant to this paragraph prevent
the payment of indemnification if such person is subsequently found to be
entitled to indemnification.
The indemnification provided by this Article shall not be deemed
exclusive of any rights to which those seeking indemnification may be entitled
under any law, agreement or otherwise.
No indemnification provided by this Article shall be inconsistent with
the Investment Company Act of 1940 or the Securities Act of 1933. Any
indemnification provided by this Article shall continue as to a person who has
ceased to be a member, trustee, officer or employee of the corporation.
ARTICLE SIX
Rules for Determining Benefits
The board of trustees shall establish and may, from time to time,
change the rules for determining the amounts of retirement and other benefits.
These rules shall include methods for calculating all factors affecting the
valuation of benefits, and these rules and any changes therein shall be subject
to the approval of the Superintendent of Insurance of the State of New York as
not being unfair, unjust, inequitable, or prejudicial to the interest of any
participating person. A copy of these rules and any amendments and additions
thereto will be furnished to each participating person.
ARTICLE SEVEN
Execution of Instruments
The board of trustees or the executive committee shall designate who is
authorized (a) to execute certificates of stock, proxies, powers of attorney,
checks, drafts, certificates of participation and instruments relating thereto,
and all other contracts and instruments in writing necessary or appropriate for
the corporation in the management of its affairs, and (b) to attach the
corporation's seal thereto; and may further authorize the extent to which such
execution may be done by facsimile signature.
ARTICLE EIGHT
Disbursements
No disbursement of $100 or more shall be made unless it is evidenced by
a voucher signed by or on behalf of the person, firm or corporation receiving
the money and correctly describing the consideration for the payment, and if the
disbursement be for services and disbursements, setting forth the services
rendered and an itemized statement of the disbursements made, and if it be in
connection with any matter pending before any legislative or public body, or
before any department or officer of any government, correctly describing in
addition the nature of the matter and of the interest of the corporation
therein, or if such voucher cannot be obtained, by an affidavit of an officer or
responsible employee stating the reasons therefor and setting forth the
particulars above mentioned.
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<PAGE>
ARTICLE NINE
Fiscal Year
The fiscal year of the corporation shall commence on the first day of
April and shall end on the thirty-first day of March.
ARTICLE TEN
Corporate Seal
The seal of the corporation shall be circular in form and shall contain
the words "College Retirement Equities Fund, New York, Corporate Seal, 1952."
ARTICLE ELEVEN
Amendments to Bylaws
These bylaws may be amended either by action of the members of the
corporation or the board of trustees, provided that written notice of the
proposed action shall be mailed to each trustee or member at least one week and
not more than two weeks prior to the date of the meeting at which such action is
to be taken. No change in these bylaws shall take effect until the
Superintendent of Insurance of the State of New York has certified it as being
lawful and equitable.
- 8 -
AMENDED & RESTATED CUSTODIAL SERVICES AGREEMENT
October 19, 1981
The Chase Manhattan Bank, N.A.
1211 Avenue of the Americas
New York, New York 10036
Gentlemen:
You are hereby authorized and requested to open one or more
custodial accounts in the name of College Retirement Equities Fund ("CREF") or
in your name or the name of your agent banks, on behalf of CREF. This Agreement
defines the nature and scope of the services to be provided and your
responsibility in connection with these custodial accounts.
It is hereby agreed that all securities or other property now
or hereinafter held by you hereunder are held for the custodial account of CREF
and are to be maintained and disposed of by you only for us in accordance with
the terms and conditions set forth in this Agreement. As used herein, unless
specifically instructed in writing to the contrary, the phrase "held by you
hereunder" shall also include (1) your authority to deposit all or any part of
such property in a centralized depository, and (2) the deposit of securities or
other property in a custody account maintained for you on CREF's behalf with any
bank or trust company, or other entity.
For purposes of this Agreement, a depository shall mean the
system for the central handling of securities of any particular class or series
of any issuer deposited therein which may be treated as part of a fungible bulk
and may be transferred by bookkeeping entry without physical delivery of such
securities.
1. SAFEKEEPING
You will be solely responsible for the safekeeping, handling,
servicing and disposition of all securities or other property of CREF held by
you hereunder including, without
<PAGE>
-4-
limitation, any and all of CREF's funds (including cash and monies whether in
United States or foreign denominated currencies, hereinafter termed the "Funds")
deposited by CREF with you in accounts in CREF's name, your name or that of your
nominees or agents located at your head office, offices of your branch or agent
banks, or the offices of any other entities located within or without the
continental United States.
With the exception of liability for "losses from causes beyond
your control" (defined herein) and expressly subject to the provisions of the
next succeeding paragraph, you agree to be liable and to indemnify and hold CREF
harmless for any and all liability of or loss or damage to CREF with respect to
any such securities, Funds and other property, whether or not such liability,
loss or damage results from any negligence, error, misfeasance, or misconduct on
the part of you, any of your employees, your agents, branches, affiliates,
correspondents, depositories or other entities selected by you to have custody
or responsibility, on CREF's behalf, for any of CREF's property in accordance
with this Agreement. The term "losses from causes beyond your control" shall be
defined for purposes of this Section 1 to include only losses or damages
resulting from war, confiscation or seizure of foreign owned assets,
restrictions on the transmittal or transfer of currencies or other assets owned
by non-nationals out of the respective country as a result of express foreign
governmental regulations with respect thereto, insurrection, military, naval or
usurped power, hurricane, cyclone, tornado, earthquake, volcanic eruption or
similar disturbance of nature, or nuclear fission, fusion or radioactivity
(except from industrial uses of nuclear energy).
Notwithstanding the foregoing, you further agree that you will
at all times (i) give the securities or other property held by you hereunder the
same care you give your own property of a similar nature and (ii), with respect
to the maintenance of the indicia of ownership of such securities or other
property, comply with and remain subject to Section 404(b) (or any successor
section or sections thereto) of the Employee Retirement Income Security Act of
1974, and all applicable provisions of the regulations thereunder, as may be
amended from time to time.
It is understood and agreed that you are not under any duty to
supervise the investment of, or to advise or make any recommendation to CREF
with respect to the purchase or sale of any securities.
In connection with your responsibilities hereunder, you have
advised us that you currently have in force, for your own protection, Bankers
Blanket Bond Insurance and you will continue to maintain such insurance in
substantially the same form and amount. We understand that such insurance would
be available to cover certain losses with respect to securities held by you
<PAGE>
-5-
hereunder. You agree to give us written notice of any reduction in the amount,
or material change in the form of such insurance.
Promptly upon receiving a request therefor from CREF (and in
any event no later than two (2) days in the case of Funds, and ten (10) days in
the case of all other properties, after such request has been received by you),
you agree to return, refund and repay in full, all Funds or other property of
CREF held by you, your agents or any other entity pursuant to the terms of this
Agreement, free of liens, security interests, rights, charges or claims of any
kind, including, without limitation, any rights of offset, setoff or discharge
relating to any such properties.
2. SERVICING
A. WITHDRAWAL & DEPOSIT OF FUNDS. All Funds held by you
hereunder shall be subject to withdrawal and deposit by you from time to time on
behalf of CREF for the purpose of consummating the purchases of sales, as the
case may be, of designated securities, solely upon your receipt of express
directions from duly authorized officers of CREF in accordance with the
provisions of Section 6 hereof. Such directions shall include, but shall not be
limited to: (1) the execution and delivery of foreign currency contracts on
behalf of CREF, (2) the debiting or crediting of currency accounts (United
States or foreign) of CREF held by you, your agents or any other entities
pursuant to this Agreement as of settlement date of such other date as specified
in such instructions, and (3) the prompt return to CREF of any or all Funds or
property held by you hereunder.
B. ACQUISITIONS AND DISPOSITIONS OF SECURITIES. From time to
time CREF will instruct you to receive or deliver securities on its behalf
through properly authorized instructions as set forth in Section 6 herein. In
accordance with this Agreement, notwithstanding such instructions that relate to
settlement date entries, you agree that you will:
(a) receive such securities against payment or exchange, as
directed in any authorized instruction and debit Funds held by
you on our behalf only against satisfactory delivery of
securities;
(b) assign, sell, tender, exchange or otherwise dispose of
such securities, only upon receipt of payment or exchange, or
your guarantee of payment or exchange, as directed by a
properly authorized instruction, and credit our checking
account accordingly. Actual delivery of securities is to be
made by you on the contractual settlement date only upon
express instructions to such effect, PROVIDED that:
<PAGE>
-6-
(1) the securities are on deposit in our account,
(2) our delivery instructions are received by you in timely
fashion, and
(3) payment therefor or securities in exchange have been
received by you or your agents;
(c) promptly furnish us with advices or notices of any
receives or delivers of securities, and identify by book entry
or otherwise as a quantity of securities which constitute or
are part of a fungible bulk of securities either registered in
the name of your nominee or your agent's nominee as shown on
your account on the books of a depository;
(d) withdraw and deliver securities free of payment as
directed in any such written instructions as set forth in
Section 6 herein, provided, however, that under no
circumstances are any securities to be withdrawn and delivered
by you to any individual; such delivery is to be made only to
another custodial account exclusively in the name of College
Retirement Equities Fund; and
(e) exchange securities where the exchange is purely
ministerial.
C. INCOME AND PRINCIPAL. Income on securities and Funds held
by you hereunder will be credited automatically to our checking account upon
notification that such income has become due and payable. Principal received in
connection with securities which mature or are redeemed shall be credited to our
checking account on the date such principal is received.
Unless instructed otherwise, collections of income in foreign
currency are to be converted into United States dollars and in effecting such
conversion you may use such methods or agencies as you may see fit including
your own facilities at prevailing rates. All risk and expense incident to such
collection and conversion is for the account of the undersigned, and you shall
have no responsibility for fluctuations in exchange rates affecting such
conversion.
You shall also acquire and hold hereunder all stock dividends,
rights and similar securities issued with respect to any securities held by you
hereunder. With respect to any dividend reinvestment plan in which CREF
participates, and as to which you have been so notified, you agree to acquire
and hold hereunder the appropriate number of shares issuable under such plan in
lieu of the cash dividend. With respect to stock dividends, you are hereby
authorized to sell any fractional interest and to credit our checking account
with the proceeds thereof.
<PAGE>
-7-
D. REGISTRATION. Securities which are eligible for deposit in
centralized depositories may be maintained in your account with them or your
agent's nominee. Subject to the aforesaid provision, you will register all
securities (except such as are in bearer form) in the name of your nominee or
your agent's nominee, unless alternate registration instructions are furnished
by us. You will retain and have available at all times for inspection by
regulatory authorities evidence that your nominee is registered as required by
the laws and regulations of the United States and the State of New York, as
appropriate.
3. VOTING AND OTHER ACTION
No person may vote (other than pursuant to written
instruction) any securities held by you hereunder. You will promptly transmit to
us, or direct to be transmitted to us, all notices, proxies and proxy soliciting
materials with respect to securities held by you hereunder, which proxies will
be executed by the registered holder thereof if registered otherwise than in the
name of CREF, but without indicating the manner which such proxies are to be
voted.
You will promptly transmit to us all written information
(including, without limitation, pendency of calls and maturities of securities
and expirations of rights in connection therewith) received by you from the
issuers of securities held by you hereunder. With respect to tender or exchange
offers, you will promptly transmit to us all written information received by you
from issuers of the securities whose tender or exchange is sought and from the
party (or his agents) making the tender or exchange offer.
4. RECORDS, AFFIDAVITS AND REPORTS
With respect to the securities and other property held by you
hereunder, you agree:
A. To maintain records sufficient to verify information we are
required to report in Schedule D of the Annual Statement Blank of the Insurance
Department of the State of New York as amended from time to time, which records
will consist of a list of such securities showing a complete description of each
issue, including the number of shares and par value of securities so held at the
end of such month and such other information as may be required by such report
or any other report required by the Insurance Department of the State of New
York;
B. To maintain records in New York regarding transactions and
related activities described in "Servicing" Section 2 sufficient to verify the
accuracy of regular monthly reports and income received on such securities and
other property;
<PAGE>
-8-
C. To maintain records sufficient to verify information
relating to Funds held by you, including but not limited to (1) the purchase of
foreign currency contracts, (2) the maintenance of foreign currency accounts on
behalf of CREF in the possession and custody of you, your agent banks or other
entities located outside the United States, and (3) any reports submitted to
CREF relating to its Funds;
D. To furnish us with the appropriate affidavit(s) in the form
of Exhibit A, attached hereto or in such other form as may be submitted to you
by us from time to time which is acceptable to the Insurance Department of the
State of New York or any other state of federal governmental agency having
jurisdiction over CREF, in order for the securities and other property referred
to in such affidavit(s) to be recognized as admitted assets of CREF and in order
for CREF to comply with any other requirements of such Department or agencies;
E. To furnish us with any report obtained by you on a
depository's system of internal accounting control; and to furnish us with such
reports on your system of internal accounting control as we may reasonably
require;
F. To furnish us with all such other reports and information
as shall be reasonably requested by us relating to all property held by you on
our behalf pursuant to the terms of this Agreement; and
G. To furnish all such information, reports and affidavits
pursuant to this Section 4 within a reasonable time after request therefor.
5. ACCESS
During the course of your regular banking hours, any duly
authorized officer, employee or agent of CREF, any independent accountants
selected by CREF, and any member of the Insurance Department of the State of New
York or governmental agencies having jurisdiction over CREF, shall be entitled
to examine, on your premises, securities and records of all Funds and property
held by you, your agents, or other entities hereunder and your books and records
pertaining to your actions under this Agreement, but only upon furnishing you
with written notice of such examination signed by a duly authorized officer of
CREF. Your books and records used in connection with our indirect participation
in a depository or other entities, to the extent that they relate to depository,
custodial or other services rendered to us by you, pursuant to this Agreement,
shall at all times during your regular business hours be open to inspection by
duly authorized employees or agents of CREF or governmental agencies having
jurisdiction over CREF, but only upon furnishing you with written notice to that
effect as
<PAGE>
-9-
specified in the preceding sentence.
Upon receiving a request from CREF, you agree that you will
use your best efforts to enable any of the aforementioned officers, accountants,
employees, agents and members of CREF, the Insurance Department of the State of
New York or other governmental agencies having jurisdiction over CREF, to
inspect and examine securities and other property of CREF and books and records
of such property not located on your premises, which property and records are
held on CREF's behalf by your agents or other entities pursuant to this
Agreement.
6. AUTHORIZATION
A. Except as otherwise provided in this Agreement, written
instructions by CREF hereunder shall be signed by any two of its Authorized
Officers specified in a separate list for this purpose which will be furnished
to you from time to time signed by the treasurer or any assistant treasurer and
by the secretary or an assistant secretary as certified under the corporate seal
of CREF.
B. Instructions for the withdrawal of CREF owned securities
"free of payment" shall be acted upon by you only if received in writing
manually signed by any two of such Authorized Officers with the title chairman,
president, executive vice president, or treasurer, or by any one of those
officers together with any CREF officer with the title senior vice president or
vice president.
7. FEES AND EXPENSES
You will be compensated for the services rendered under this
Agreement and reimbursed for out-of-pocket expenses through arrangements
negotiated between us from time to time.
8. EXEMPTION FROM INCOME TAX
CREF is exempt from the payment of United States income tax.
Upon receipt of documentation evidencing CREF's tax exempt status, you are
hereby authorized and empowered, as CREF's agent, in its name, to sign any
certificate of ownership or other certificate which is or may be required by any
regulations of the Internal Revenue Service or other authority of the United
States.
To enable you properly to execute such certificate, we hereby
certify that CREF is a corporation duly organized and existing under the laws of
the State of New York, having its principal place of business in the City of New
York. CREF's Employer Identification No. is 136022042.
Should there by any change in the information furnished
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-10-
you herein, we will inform you promptly. If at any time CREF's status should be
such as to require the withholding of any income tax from payments received by
you, you are hereby authorized and empowered to make whatever deductions are
then required by applicable laws or regulations and are requested to notify CREF
accordingly.
9. AMENDMENTS
No amendments to this Agreement or change in any of the
instructions set forth herein shall be effective unless made in writing and
signed by either the chairman or president and by any executive vice president
or the treasurer. No such amendment or change in instructions shall be effective
until actual receipt thereof by you as provided in Section 10 herein.
10. NOTICES
Official receipts and advices of all types relating to the
securities, Funds or other property held by you hereunder will be prepared by
you, in duplicate, and forwarded to the particular divisions of CREF indicated
in a separate listing which the treasurer will furnish you from time to time.
Written notices hereunder shall be hand-delivered or mailed
first class, addressed (a) if to you, at your address set forth at the beginning
of this Agreement or (b) if to CREF at 730 Third Avenue, New York, New York
10017, Attention: Treasurer. Written notice of (1) termination of this
Agreement, (2) termination of your participation in DTC or any other depository,
(3) changes in your designation of any of your agents, branches or other
entities having custody of any of CREF's property under this Agreement, or (4)
changes in your insurance coverage, shall be sent by certified mail; provided,
however, that any such notice pursuant hereto shall not constitute approval by
CREF of any such termination, change or designation nor shall such notice
relieve you of your responsibilities hereunder.
Any notice so addressed, hand delivered and mailed shall be
deemed to be given on whichever of the following dates shall first occur: (i)
the date of actual receipt thereof, (ii) the fifth day next following the date
mailed, or (iii) if the substance thereof is communicated by hand delivery or
certified mail, the date so delivered or mailed.
11. TERMINATION
Either party may terminate this Agreement by giving the other
party sixty (60) days written notice of termination, provided, however, that you
shall not terminate this Agreement without your prior delivery to us of all
Funds, securities and other property of CREF held by you on our behalf pursuant
to this
<PAGE>
-11-
Agreement.
12. EFFECT OF HEADINGS
The Section headings herein are for convenience only and shall
not affect the construction hereof.
13. GOVERNING LAW
This Agreement shall be governed by and construed in
accordance with the law of the State of New York.
This Agreement shall become effective upon receipt by CREF of
a copy of this letter signed by you indicating your acceptance thereof.
Very truly yours,
COLLEGE RETIREMENT EQUITIES FUND
BY:________________________________
Richard J. Adamski
Treasurer
BY:________________________________
James G. MacDonald
President
Accepted and Agreed:
THE CHASE MANHATTAN BANK, N.A.
BY:___________________________________
<PAGE>
-12-
EXHIBIT A
CUSTODIAN AFFIDAVIT
STATE OF )
)SS.:
COUNTY OF )
_______________________________________, being duly sworn deposes and says
that he is _________________________________ of The Chase Manhattan Bank, N.A.,
a banking corporation organized under and pursuant to the laws of the
_________________________________________________ with principal place of
business at ________________________________________________________,
, (hereinafter called the "Bank");
That his duties involve supervision of activities of the Bank
as custodian and records relating thereto;
That the Bank is custodian for certain securities of College
Retirement Equities Fund having a place of business at 730 Third Avenue, New
York, NY 10017 (hereinafter called the "Company") pursuant to the Amended and
Restated Custodial Services Agreement dated as of October 19, 1981 (hereinafter
the "Agreement") between the Bank and the Company;
That the schedule attached hereto is a true and complete
statement of securities which were in the custody of the Bank for the account of
the Company as of the close of business on _______________________; that unless
otherwise indicated on the schedule, the next maturing and all subsequent
coupons were then either attached to coupon bonds or in the process of
collection; and that, unless otherwise shown on the schedule, all such
securities were in bearer form or in registered form in the name of the Company
or its nominee, or a nominee of the Bank or its agent's nominee, or were in the
process of being registered in such form;
That the Bank as custodian has the responsibility for the
safekeeping of such securities as that responsibility is specifically set forth
in the Agreement between the Bank as custodian and the Company; and
That, to the best of his knowledge and belief, unless
otherwise shown on the schedule, said securities were the property of said
Company and were free of all liens, claims, or encumbrances whatsoever.
Subscribed and sworn to
before me this day
of _______________________________________ (L.S.)
<PAGE>
AMENDMENT TO CUSTODIAL SERVICES AGREEMENT
DATED OCTOBER 19, 1981
AS AMENDED, BETWEEN
COLLEGE RETIREMENT EQUITIES FUND
&
THE CHASE MANHATTAN BANK, N.A.
AMENDMENT dated February 14, 1992, to the Amended & Restated Custodial
Services Agreement, dated October 19, 1981, as amended (the "Custodial Services
Agreement"), between COLLEGE RETIREMENT EQUITIES FUND ("CREF") and THE CHASE
MANHATTAN BANK, N.A. ("Chase").
WHEREAS, CREF and Chase have entered into the Custodial Services
Agreement which sets forth the terms and conditions under which Chase holds
securities or other property of CREF;
WHEREAS, CREF is establishing a new account (the "Global Equities
Account") and desires to arrange for the custody of certain of the assets of the
Global Equities Account with Chase, and Chase desires to hold such assets for
CREF;
NOW, THEREFORE, CREF and Chase hereby agree that all custodial accounts
opened with Chase by CREF on behalf of the Global Equities Account shall be
subject to, and governed in all rsepects by, the Custodial Services Agreement.
IN WITNESS WHEREOF, the parties hereto have set their hand as of the
date first mentioned above.
COLLEGE RETIREMENT EQUITIES FUND THE CHASE MANHATTAN BANK, N.A.
By:__________________________________ By:__________________________________
John H. Biggs Name: Michelle David
President Title: Vice President
By:__________________________________
Richard J. Adamski
Vice President and Treasurer
<PAGE>
AMENDMENT TO CUSTODIAL SERVICES AGREEMENT
DATED OCTOBER 19, 1981
AS AMENDED, BETWEEN
COLLEGE RETIREMENT EQUITIES FUND
&
THE CHASE MANHATTAN BANK, N.A.
AMENDMENT dated March 15, 1994, to the Amended & Restated Custodial
Services Agreement, dated October 19, 1981, as amended (the "Custodial Services
Agreement"), between COLLEGE RETIREMENT EQUITIES FUND ("CREF") and THE CHASE
MANHATTAN BANK, N.A. ("Chase").
WHEREAS, CREF and Chase have entered into the Custodial Services
Agreement which sets forth the terms and conditions under which Chase holds
securities or other property of CREF;
WHEREAS, CREF is establishing a new account (the "Growth Account") and
desires to arrange for the custody of certain of the assets of the Growth
Account with Chase, and Chase desires to hold such assets for CREF;
NOW, THEREFORE, CREF and Chase hereby agree that all custodial accounts
opened with Chase by CREF on behalf of the Growth Account shall be subject to,
and governed in all respects by, the Custodial Services Agreement.
IN WITNESS WHEREOF, the parties hereto set their hand as of the date
first mentioned above.
COLLEGE RETIREMENT EQUITIES FUND THE CHASE MANHATTAN BANK, N.A.
By:__________________________________ By:__________________________________
John H. Biggs Name: Michelle David
Chairman Title: Vice President
By:__________________________________
Richard J. Adamski
Vice President and Treasurer
<PAGE>
October 19, 1981
The Chase Manhattan Bank, N.A.
1211 Avenue of the Americas
New York, N.Y. 10036
Re: College Retirement Equities Fund
Amended and Restated Custodial
SERVICES AGREEMENT
--------------------------------
Dear Sirs:
We refer to the Amended and Restated Custodial Services
Agreement dated as of October 19, 1981 (the "Agreement") between The Chase
Manhattan Bank, N.A. ("Chase") and College Retirement Equities Fund ("CREF").
The parties hereby agree that if in connection with a sale of
securities, Chase is liable for and must indemnify CREF for loss or damage under
Section 1 of the Agreement, Chase shall credit CREF with the cash proceeds as if
the sale and delivery of such securities were completed as scheduled pursuant to
authorized instructions. Chase shall not, however, be liable for any profits
(real or potential) that would have been the result of an investment by CREF
with the cash proceeds of the sale of such securities in another securities
investment.
Very truly yours,
COLLEGE RETIREMENT EQUITIES FUND
By:_____________________________________
Richard J. Adamski
Treasurer
By:_____________________________________
James G. MacDonald
President
<PAGE>
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Accepted and Agreed:
THE CHASE MANHATTAN BANK, N.A.
By:____________________________________
CUSTODIAN SERVICES AGREEMENT
Bankers Trust Company
Custodian Securities Division
16 Wall Street
New York, New York 10015
Gentlemen:
Attached is a certified copy of a resolution of the Executive
Committee of the Board of Trustees of College Retirement Equities Fund ("CREF")
adopted at a meeting held March 13, 1974, as amended September 22, 1976, March
16, 1977, and September 21, 1977, which designates Bankers Trust Company as a
depository for any stocks, bonds or other securities ("securities") owned or
held by CREF, and authorizes the indirect participation of CREF in The
Depository Trust Company (DTC) and the Federal Reserve Book Entry System. This
Agreement defines the nature and scope of the services to be provided in
connection with the foregoing authorization, and supersedes all prior agreements
on this subject.
It is hereby agreed that all securities now or hereafter held
by you hereunder are held for the custodial account of CREF and are to be
maintained and disposed of by you for us only in accordance with the terms and
conditions set forth
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in this Agreement. As used herein, unless specifically instructed in writing to
the contrary, the phrase "held by you hereunder" shall also include (1) your
authority to deposit all or any part of such securities in a depository, as
defined herein, provided that you participate directly in such depository under
an arrangement which satisfies the requirements of Section 2 hereof, and (2) the
deposit of Japanese securities in a custody account maintained for you with a
Japanese bank or trust company.
1. DEFINITIONS
As used in this agreement:
[A] "Book Entry System" means a system for the central
handling of securities operated by a Federal Reserve bank as part of the joint
Federal Reserve-Treasury Department book-entry program for United States
government and agency securities in which all securities of any class or series
deposited within the system are treated as fungible and may be transferred,
loaned, or pledged by bookkeeping entry without physical delivery of such
securities.
[B] "Depository" means the Book Entry System, and the DTC
system for the central handling of securities in which securities of any
particular class or series of any issuer deposited therein may be treated as
fungible and may be transferred, loaned, or pledged by bookkeeping entry without
physical delivery of such securities.
[C] A "report" on a "system of internal accounting control" is
a report on the accounting system, the internal
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accounting control, and procedures for safeguarding securities related to the
custodial functions provided by a depository or custodian which is based on an
examination by an independent public accountant that is sufficient in scope to
provide reasonable assurance that any material inadequacies, existing or arising
since the prior examination, would be disclosed. The report shall describe any
material inadequacies disclosed, and if an examination did not disclose any
material inadequacies the report shall so state.
2. DEPOSITORY ARRANGEMENT WITH DTC
You agree that the arrangement between you and DTC will
satisfy the following requirements:
[A] With respect to a sale of a security by us, the depository
may effect delivery of the security, except delivery to you for our account,
only upon payment for the security or the depository's guarantee of payment, and
with respect to a purchase of a security by us, the account in the depository
representing our interest may be debited for payment for the security only upon
delivery of the security to the account or the depository's guarantee of
delivery.
[B] The CREF securities shall be represented in an account at
the depository which does not include any assets held by you other than as a
fiduciary, custodian, or otherwise for customers.
[C] The depository is obligated, if a certificated security in
the depository has been lost, apparently destroyed,
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-4-
or wrongfully taken, to take all appropriate and necessary steps to obtain
replacement.
You further agree to give us sixty (60) days written notice of
your intention to terminate your participation in DTC.
3. SAFEKEEPING
You will be solely responsible for the safekeeping, handling,
servicing and disposition, in accordance with the terms of this Agreement, of
all securities held by you hereunder, and you will be liable for any loss or
damage with respect thereto, whether resulting from the use of a depository or
otherwise, except for losses from causes beyond your control. "Losses beyond
your control" shall mean only loss or damage resulting from war, insurrection,
military, naval or usurped power, hurricane, cyclone, tornado, earthquake,
volcanic eruption or similar disturbance of nature, or nuclear fission, fusion
or radioactivity (except from industrial uses of nuclear energy). Losses arising
by reason of any negligence, error, misfeasance or misconduct on the part of you
or any of your employees or agents, or from your failure to enforce such rights
as you may have against a depository, shall not be deemed to be from causes
beyond your control and you hereby agree to indemnify us against any such loss.
All such securities are to be segregated from your own securities, from those of
any of your other customers, and from all accounts other than those established
under this Agreement, except that, when the facilities of a depository are used,
such segregation will be understood to mean segregation
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upon your official records. You further agree that you will at all times give
the securities held by you hereunder the same care you give your own property of
a similar nature.
You have advised us that you currently have in force, for your
own protection, Bankers Blanket Bond Insurance of the broadest form available
for commercial banks, in the amount of $40,000,000 for any one loss, and that
you will continue to maintain such insurance in substantially the same form and
amount. We understand that such insurance would be available, on a pro rata
basis, to cover losses with respect to securities held by you hereunder. You
agree to give us sixty (60) days written notice of any reduction in the amount,
or material change in the form, of such insurance.
It is understood and agreed that you are not under any duty to
supervise the investment of, or to advise or make any recommendations to CREF
with respect to the purchase or sale of any securities.
4. SERVICING
A. ACQUISITIONS AND DISPOSITIONS - From time to time CREF will
instruct you to acquire or dispose of securities on its behalf through properly
authorized instructions, whether denominated as purchase warrant, sales warrant
or otherwise. (See "Authorizations", Section 8 below). Upon receipt of such
instructions and in accordance with this Agreement, you agree that you will:
(a) receive such securities against payment or
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-6-
exchange, as directed in any purchase warrant, and debit
our checking account accordingly; and
(b) assign, sell or otherwise dispose of such securities,
against payment or exchange, or your guarantee of payment
or exchange, as directed in any sales warrant, and credit
our checking account accordingly on the date of actual
delivery, with appropriate value. Such delivery is to be
made by you on the contractual settlement date provided
that (1) the securities are then in position in our
account and (2) our delivery instructions are received in
timely fashion. In connection with such dispositions:
(i) with respect to any securities registered in
CREF's name, appropriate stock or bond powers will
accompany the sales warrant; and
(ii) with respect to eligible transactions, you will
make deliveries through (a) the Federal Reserve
System, pursuant to Subpart 0 of the Treasury
Department Circular #300 (31 Code of Federal
Regulations Part 306), and operating circulars of the
Federal Reserve Bank of New York, both as amended
from time to time, or (b) the facilities of DTC
pursuant to Section 8-320 of the New York Uniform
Commercial Code and Rules and Procedures of DTC, and
any subsequent amendments thereto; and
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(c) furnish us with confirmation of any purchase or sale
of securities and by book entry or otherwise identify as
belonging to us a quantity of securities which constitute
or are part of a fungible bulk of securities either
registered in your name or in the name of your nominee as
shown on your account on the books of the depository; and
(d) withdraw and deliver securities free of payment as
directed in any such written instructions (see
"Authorizations", Section 8 below), provided, however,
that under no circumstances are any securities to be
withdrawn and delivered by you to any individual; such
delivery is to be made only to another custodial account
exclusively in the name of College Retirement Equities
Fund or Teachers Insurance and Annuity Association of
America.
B. INCOME AND PRINCIPAL - Income on securities held by you
hereunder will be credited automatically to our checking account when such
amounts become due and payable. Amounts relating to securities which mature or
are redeemed shall be credited to our checking account on the date the funds are
received, with appropriate value.
Collections of income in foreign currency are to be converted
into United States dollars, to the extent possible, and in effecting such
conversion you may use such methods or agencies as you may see fit including the
facilities of your own foreign
<PAGE>
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division at customary rates. All risk and expense incident to such collection
and conversion is for the account of the undersigned, and you shall have no
responsibility for fluctuations in exchange rates affecting such conversion.
You shall also acquire and hold hereunder all stock dividends,
rights and similar securities issued with respect to any securities held by you
hereunder. With respect to any dividend reinvestment plan in which CREF
participates, and as to which you have been so notified, you agree to acquire
and hold hereunder the appropriate number of shares issuable under such plan in
lieu of the cash dividend. With respect to stock dividends, you are hereby
authorized to sell any fractional interest and to credit our checking account
with the proceeds thereof.
C. REGISTRATION - Securities which are eligible for deposit in
DTC may be maintained in your account with DTC which meets the requirements of
Section 2 of this Agreement. Subject to the aforesaid provision, you will
register all securities (except such as are in bearer form) in the name of your
nominee, unless alternate registration instructions are furnished by us. With
respect to securities registered in the name of your nominee, it is understood
that negotiability is to be automatically provided by you as custodian. You will
retain and have available at all times for inspection by regulatory authorities
evidence that your nominee is registered as required by the laws and regulations
of the United States and the State of
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New York, as appropriate. You will obtain
and hold waivers from your nominees as to the legal title of all securities
registered in the names of your nominees.
5. VOTING AND OTHER ACTION
No person may vote (other than pursuant to written
instruction) any securities held by you hereunder. You will promptly transmit to
us, or cause to be transmitted to us, directly from an issuer or through a
depository, all notices, proxies and proxy soliciting materials with respect to
securities held by you hereunder, which proxies will be executed by the
registered holder thereof if registered otherwise than in the name of CREF, but
without indicating the manner in which such proxies are to be voted.
You will promptly transmit to us all written information
(including, without limitation, pendency of calls and maturities of securities
and expirations of rights in connection therewith) received by you from the
issuers of securities held by you hereunder. With respect to tender or exchange
offers, you will promptly transmit to us all written information received by you
from issuers of the securities whose tender or exchange is sought and from the
party (or his agents) making the tender or exchange offer.
6. RECORDS, AFFIDAVITS AND REPORTS
With respect to the securities held by you hereunder, you
agree:
A. To furnish us at the close of each month with a
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- -10-
list of such securities showing a complete description of each issue, which
shall include the number of shares or par value of bonds so held at the end of
such month;
B. To maintain records sufficient to verify information we are
required to report in Schedule D of the Annual Statement blank of the Insurance
Department of the State of New York;
C. To furnish us with the appropriate affidavit(s) in the form
of Exhibit A, B, & C attached hereto, or in such other form as may be acceptable
to you and to the New York Insurance Department in order for the securities
referred to in such affidavit(s) to be recognized as admitted assets of CREF;
and
D. To furnish us with any report obtained by you on a
depository's system of internal accounting control; and to furnish us with such
reports on your system of internal accounting control as we may reasonably
require.
7. ACCESS
During the course of your regular banking hours, any officer
or employee of CREF, any independent accountant(s) selected by CREF, and any
member of the Insurance Department of the State of New York shall be entitled to
examine, on your premises, securities held by you hereunder and your books and
records pertaining to your actions under this Agreement, but only upon
furnishing you with written instructions to that effect from any Authorized
Officer of CREF with the title chairman, president, executive vice president, or
treasurer. Your books
<PAGE>
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and records used in connection with our indirect participation in a depository,
to the extent that they relate to depository services rendered to us by you,
shall at all times during your regular business hours be open to inspection by
duly authorized employees or agents of the Securities and Exchange Commission,
but only upon furnishing you with written instructions to that effect from one
of the Authorized Officers of CREF specified in the preceding sentence.
8. AUTHORIZATIONS
A. Except as otherwise provided in this Agreement, written
instructions by CREF hereunder shall be signed by any two of its Authorized
Officers specified in a separate list for this purpose which will be furnished
to you from time to time signed by the treasurer or an assistant treasurer and
certified under the corporate seal by the secretary or an assistant secretary.
B. Instructions for the withdrawal of CREF owned securities
"free of payment" shall be acted upon by you only if received in writing
manually signed by any two of such Authorized Officers with the title chairman,
president, executive vice president, or treasurer, or by any one of those
officers together with any CREF officer with the title senior vice president or
vice president.
9. FEES AND EXPENSES
You will be compensated for the services rendered under this
Agreement through compensating balance arrangements negotiated between us from
time to time.
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Expenses incurred for postage, insurance, exchange,
correspondent and similar charges in connection with transactions under this
Agreement are to be billed to us periodically and are not to be deducted from
sale proceeds or charged to any CREF account. Similarly, there should be neither
a deduction from sale proceeds nor any debit to a CREF account for any coupons
which may be in process of collection at the time bonds are delivered to you.
10. EXEMPTION FROM INCOME TAX
CREF is exempt from the payment of United States income tax.
You are hereby authorized and empowered, as CREF's agent, in its name, to sign
any certificate of ownership or other certificate which is or may be required by
any regulations of the Internal Revenue Service or other authority of the United
States, provided that no certificate so signed by you shall be inconsistent with
CREF's tax exempt status.
To enable you properly to execute such certificates, we hereby
certify that CREF is a corporation duly organized and existing under the laws of
the State of New York, having its principal place of business in the City of New
York. CREF's Employer Identification No. is 136022042.
Should there be any change in the information furnished you
herein, we will inform you promptly. If at any time CREF's status should be such
as to require the withholding of any income tax from payments received by you,
you are hereby authorized and empowered to make whatever deductions are then
required by
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-13-
applicable laws or regulations.
11. AMENDMENTS
No amendments to this Agreement or change in any of the
instructions set forth herein shall be effective unless made in writing and
signed by either the chairman or president and by any executive vice president
or the treasurer.
12. NOTICES
Official security receipts and advices of all types relating
to the Securities held by you hereunder will be prepared by you, in duplicate,
and forwarded to the particular division or divisions of CREF indicated in a
separate listing which the treasurer will furnish you from time to time.
Written notices hereunder shall be hand-delivered or mailed
first class, addressed (a) if to you, at your address set forth at the beginning
of this Agreement or (b) if to CREF at 730 Third Avenue, New York, New York
10017, Attention: Treasurer. Written notice of (1) termination of this
agreement, (2) termination of your participation in DTC, or (3) changes in your
insurance coverage, shall be sent by certified mail.
13. TERMINATION
Either party may terminate this Agreement by giving the other
party sixty (60) days written notice of termination.
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This Agreement shall become effective upon receipt by CREF of
a copy of this letter signed by you indicating your acceptance thereof.
Very truly yours,
COLLEGE RETIREMENT EQUITIES FUND
By:
--------------------------------
By:
--------------------------------
Accepted and agreed:
BANKERS TRUST COMPANY
By:
- --------------------------------------
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I, Louis R. Garcia, Secretary of College Retirement Equities
Fund, a corporation duly organized and existing under the laws of the State of
New York, HEREBY CERTIFY that the attached is a true copy of the resolution duly
adopted by the CREF board of trustees of said corporation at meeting thereof
duly convened and held on March 13, 1974 and that such resolution is now in full
force and effect, and is in accordance with the provisions of the bylaws of said
corporation.
WITNESS my hand and the seal of the Fund at New York City this
23 day of February , 1978.
----------------------------------
Louis R. Garcia, Secretary
(SEAL)
<PAGE>
AMENDMENT TO CUSTODIAN SERVICES AGREEMENT
DATED MARCH 17, 1978
AS AMENDED, BETWEEN
COLLEGE RETIREMENT EQUITIES FUND
&
BANKERS TRUST COMPANY
AMENDMENT dated February 14, 1992, to the Custodian Services Agreement,
dated March 17, 1978, as amended (the "Custodian Services Agreement"), between
COLLEGE RETIREMENT EQUITIES FUND ("CREF") and BANKERS TRUST COMPANY ("Bankers").
WHEREAS, CREF and Bankers have entered into the Custodian Services
Agreement which sets forth the terms and conditions under which Bankers holds
securities or other property of CREF;
WHEREAS, CREF is establishing a new account (the "Global Equities
Account") and desires to arrange for the custody of certain of the assets of the
Global Equities Account with Bankers, and Bankers desires to hold such assets
for CREF;
NOW, THEREFORE, CREF and Bankers hereby agree that all custodial
accounts opened with Bankers by CREF on behalf of the Global Equities Account
shall be subject to, and governed in all respects by, the Custodian Services
Agreement.
IN WITNESS WHEREOF, the parties hereto have set their hand as of the
date first mentioned above.
COLLEGE RETIREMENT EQUITIES FUND BANKERS TRUST COMPANY
By:_________________________________ By:______________________________________
John H. Biggs Name:
President Title:
and
By:_________________________________
Richard J. Adamski
Vice President and Treasurer
<PAGE>
AMENDMENT TO CUSTODIAN SERVICES AGREEMENT
DATED MARCH 17, 1978
AS AMENDED, BETWEEN
COLLEGE RETIREMENT EQUITIES FUND
&
BANKERS TRUST COMPANY
AMENDMENT dated March 15, 1994, to the Custodian Services Agreement,
dated March 17, 1978, as amended (the "Custodian Services Agreement"), between
COLLEGE RETIREMENT EQUITIES FUND ("CREF") and BANKERS TRUST COMPANY ("Bankers").
WHEREAS, CREF and Bankers have entered into the Custodian Services
Agreement which sets forth the terms and conditions under which Bankers holds
securities or other property of CREF;
WHEREAS, CREF is establishing two new accounts (the "Equity Index
Account" and the "Growth Account") and desires to arrange for the custody of
certain of the assets of the Equity Index Account and the Growth Account with
Bankers, and Bankers desires to hold such assets for CREF;
NOW, THEREFORE, CREF and Bankers hereby agree that all custodial
accounts opened with Bankers by CREF on behalf of the Equity Index Account and
the Growth Account shall be subject to, and governed in all respects by, the
Custodian Services Agreement.
IN WITNESS WHEREOF, the parties hereto have set their hand as of the
date first mentioned above.
COLLEGE RETIREMENT EQUITIES FUND BANKERS TRUST COMPANY
By:_________________________________ By:______________________________________
John H. Biggs Name:
President Title: Vice President
and
By:_________________________________
Richard J. Adamski
Vice President and Treasurer
<PAGE>
AMENDMENT TO CUSTODIAN SERVICES AGREEMENT
DATED MARCH 17, 1978
AS AMENDED, BETWEEN
COLLEGE RETIREMENT EQUITIES FUND
&
BANKERS TRUST COMPANY
AMENDMENT dated January 3, 1995, to the Custodian Services Agreement,
dated March 17, 1978, as amended (the "Custodian Services Agreement"), between
COLLEGE RETIREMENT EQUITIES FUND ("CREF") and BANKERS TRUST COMPANY ("Bankers").
WHEREAS, CREF and Bankers have entered into the Custodian Services
Agreement which sets forth the terms and conditions under which Bankers holds
securities or other property of CREF;
WHEREAS, CREF is establishing one new account (the "Social Choice
Account" and desires to arrange for the custody of certain of the assets of the
Social Choice Account with Bankers, and Bankers desires to hold such assets for
CREF;
NOW, THEREFORE, CREF and Bankers hereby agree that all custodial
accounts opened with Bankers by CREF on behalf of the Social Choice Account
shall be subject to, and governed in all respects by, the Custodian Services
Agreement.
IN WITNESS WHEREOF, the parties hereto have set their hand as of the
date first mentioned above.
COLLEGE RETIREMENT EQUITIES FUND BANKERS TRUST COMPANY
By:_________________________________ By:______________________________________
Thomas W. Jones Name:
President Title: Vice President
and
By:_________________________________
Richard J. Adamski
Vice President and Treasurer
CUSTODIAL SERVICES AGREEMENT
Morgan Guaranty Trust Company March 3, 1988
23 Wall Street
New York, New York 10015
Gentlemen:
You are hereby authorized and requested to open one or more custodial accounts
in the name of College Retirement Equities Fund ("CREF") or in your name or in
the name of your branches on behalf of CREF. This Agreement defines the nature
and scope of the services to be provided and your responsibility in connection
with these custodial accounts.
It is hereby agreed that all securities or other property now or hereinafter
held by you hereunder are held for the custodial account of CREF and are to be
maintained and disposed of by you only for us in accordance with the terms and
conditions set forth in this Agreement. As used herein, unless specifically
instructed in writing to the contrary, the phrase "held by you hereunder" shall
also include (1) your authority to deposit all or any part of such property in a
centralized depository, and (2) the deposit of securities or other property in a
custody account maintained by Morgan Guaranty Trust Company wherever located.
For purposes of this Agreement, a depository shall mean the system for the
central handling of securities of any particular class or series of any issuer
deposited therein which may be treated as part of a fungible bulk and may be
transferred by bookkeeping entry without physical delivery of such securities.
1. SAFEKEEPING
You will be responsible for the safekeeping, handling, servicing and disposition
of all securities or other property of CREF held by you hereunder including,
without limitation, any and all of CREF's funds (including cash and monies
whether in United States or foreign denominated currencies, hereinafter termed
the "Funds") deposited by CREF with you in accounts in CREF's name, your name or
that of your nominees located at your head office or branch offices.
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You agree to be liable and to indemnify and hold CREF harmless for any and all
liability of loss or damage to CREF with respect to any such securities, Funds
and other property, if such liability, loss or damage results from any
negligence, misfeasance, or misconduct on the part of you, your officers or
employees, your branches or your affiliates.
Notwithstanding the foregoing, you further agree that you will at all times (1)
give the securities or other property held by you hereunder the same care you
give your own property of a similar nature and (2), with respect to the
maintenance of the indicia of ownership of such securities or other property,
comply with and remain subject to Section 404(b) of the Employee Retirement
Income Security Act of 1974, and all applicable provisions of the regulations on
the date this agreement shall become effective.
It is understood and agreed that you are not under any duty to supervise the
investment of, or to advise or make any recommendation to CREF with respect to
the purchase or sale of any securities.
In connection with your responsibilities hereunder, you have advised us that you
currently have in force, for your own protection, Bankers Blanket Bond Insurance
and you will continue to maintain such insurance in substantially the same form
and amount. We understand that such insurance would be available to cover
certain losses with respect to securities held by you hereunder. You agree to
give us written notice of any reduction in the amount, or material change in the
form of such insurance at least once a year or upon request.
Promptly upon receiving a request therefore from CREF (and in any event no later
than two (2) days in the case of Funds, and ten (10) days in the case of all
other properties, after such request has been received by you), you agree to
return, refund and repay in full, all Funds or other property of CREF held by
you, your branches or any other entity pursuant to the terms of this Agreement,
free of liens, security interests, rights, charges or claims of any kind,
including, without limitation, any rights of offset, setoff or discharge
relating to any such properties.
Securities, Funds and other property are permitted to be held by a) Morgan
Guaranty Trust Company at any of its offices wherever located, b) domestic
securities depositories selected by Morgan Guaranty Trust Company with the
approval of CREF and c) foreign securities depositories or clearing agencies
(singly a "Foreign Securities System") selected by Morgan Guaranty Trust Company
with the approval of CREF.
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Such Foreign Securities Systems shall be deemed to be Subcustodian of Morgan
Guaranty Trust Company and securities, Funds and other property held by a
Foreign Securities System shall be considered for all purposes of this Agreement
as being held directly by Morgan Guaranty Trust Company.
The Bank shall have responsibility as a bailee for hire under the law of the
State of New York with respect to any Foreign Securities System acting as a
subcustodian of the Bank. Without limiting the generality of the foregoing, the
Bank will hold CREF harmless from and indemnify it against any loss that occurs
as a result of the negligence or willful misconduct of the Bank, its officers or
employees, and any of the Foreign Securities Systems acting as the subcustodians
of the Bank.
The Bank's responsibility with respect to any securities, Funds and other
property held by a domestic securities depository or any Foreign Securities
System is limited to the failure on the part of the Bank to exercise reasonable
care in the selection or retention of such domestic securities depository or
Foreign Securities System and the Bank will hold the CREF harmless from and
indemnify it against any loss that occurs as a result of the Bank's failure to
exercise such reasonable care.
2. SERVICING
A. WITHDRAWAL & DEPOSIT OF FUNDS. All Funds held by you hereunder shall be
subject to withdrawal and deposit by you from time to time on behalf of CREF for
the purpose of consummating the purchases or sales, as the case may be, of
designated securities, solely upon your receipt of express directions from duly
authorized officers of CREF in accordance with the provisions of Section 6
hereof. Such directions shall include, but shall not be limited to: (1) the
execution and delivery of foreign currency contracts on behalf of CREF, (2) the
debiting or crediting of currency accounts (United States or foreign) of CREF
held by you, your branches or any other entities pursuant to this Agreement as
of settlement date or such other date as specified in such instructions, and (3)
the prompt return to CREF of any or all Funds or property held by you hereunder.
B. ACQUISITIONS AND DISPOSITIONS OF SECURITIES. From time to time CREF will
instruct you to receive or deliver securities on its behalf through properly
authorized instructions as set forth in Section 6 herein. In accordance with
this Agreement, notwithstanding such instructions that relate to settlement date
entries, you agree that you will:
(a) receive such securities against payment or exchange, as
<PAGE>
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directed in any authorized instruction and debit Funds held by
you on our behalf only against satisfactory delivery of
securities;
(b) assign, sell, tender, exchange or otherwise dispose of such
securities, only upon receipt of payment or exchange, or your
guarantee of payment or exchange, as directed by a properly
authorized instruction, and credit our checking account
accordingly. Actual delivery of securities is to be made by
you on the contractual settlement date only upon express
instructions to such effect, PROVIDED that:
(1) The securities are on deposit in our account,
(2) our delivery instructions are received by you in timely
fashion, and
(c) promptly furnish us with advices or notices of any receives or
delivers of securities, and identify by book entry or
otherwise as a quantity of securities which constitute or are
part of a fungible bulk of securities either registered in the
name of your nominee or your branch's nominee as shown on your
account on the books of a depository;
(d) exchange securities where the exchange is purely ministerial.
When instructed to deliver securities against payment, we understand that
delivery will actually be made before receipt of payment in accordance with
generally accepted market practice. We agree that we bear the risk that the
recipient of the securities may fail to make payment, return the securities or
hold the securities or the proceeds of their sale in trust for us or for Morgan
as our agent.
C. INCOME AND PRINCIPAL. Income on securities and Funds held by you hereunder
will be credited automatically to our checking account upon notification that
such income has become due and payable. Principal received in connection with
securities which mature or are redeemed shall be credited to our checking
account on the date such principal is received.
Unless instructed otherwise, collections of income in foreign currency are to be
converted into United States dollars and in effecting such conversion you may
use such methods or agencies as you may see fit including your own facilities at
prevailing rates. All risk and expense incident to such collection and
conversion is for the account of the undersigned, and you shall
<PAGE>
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have no responsibility for fluctuations in exchange rates affecting such
conversion.
You shall also acquire and hold hereunder all stock dividends, rights and
similar securities issued with respect to any securities held by you hereunder.
With respect to any dividend reinvestment plan in which CREF participates, and
as to which you have been so notified, you agree to acquire and hold hereunder
the appropriate number of shares issuable under such plan in lieu of the cash
dividend. With respect to stock dividends, you are hereby authorized to sell any
fractional interest and to credit our checking account with the proceeds
thereof.
D. REGISTRATION. Securities which are eligible for deposit in centralized
depositories may be maintained in your account with them or your branch's
nominee. Subject to the aforesaid provision, you will register all securities
(except such as are in bearer form) in the name of your nominee or your branch's
nominee, unless alternate registration instructions are furnished by us. You
will retain and have available at all times for inspection by regulatory
authorities evidence that your nominee is registered as required by the laws and
regulations of the United States and the State of New York, as appropriate.
3. VOTING AND OTHER ACTION
No person may vote (other than pursuant to written instruction) any securities
held by you hereunder. You will promptly transmit to us, or direct to be
transmitted to us, all notices, proxies and proxy soliciting materials with
respect to securities held by you hereunder, which proxies will be executed by
the registered holder thereof if registered otherwise than in the name of CREF,
but without indicating the manner which such proxies are to be voted.
You will promptly transmit to us all written information (including, without
limitation, pendency of calls and maturities of securities and expirations of
rights in connection therewith) received by you from the issuers of securities
held by you hereunder. With respect to tender or exchange offers, you will
promptly transmit to us all written information received by you from issuers of
the securities whose tender or exchange is sought and from the party (or his
agents) making the tender or exchange offer.
4. RECORDS, AFFIDAVITS AND REPORTS
With respect to the securities and other property held by you hereunder, you
agree:
<PAGE>
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A. To maintain records sufficient to verify information we are required to
report in Schedule D of the Annual Statement Blank of the Insurance Department
of the State of New York as amended from time to time, which records will
consist of a list of such securities showing a complete description of each
issue, including the number of shares and par value of securities so held at the
end of such month and such other information as may be required by such report
or any other report required by the Insurance Department of the State of New
York;
B. To maintain records in new York regarding transactions and related activities
described in "Servicing" Section 2 sufficient to verify the accuracy of regular
monthly reports and income received on such securities and other property;
C. To maintain records sufficient to verify information relating to Funds held
by you, including but not limited to (1) the purchase of foreign currency
contracts, (2) the maintenance of foreign currency accounts on behalf of CREF in
the possession and custody of you, your branches or other entities located
outside the United States, and (3) any reports submitted to CREF relating to its
Funds;
D. To furnish us with the appropriate affidavit(s) in the form of Exhibit A,
attached hereto or in such other form as may be submitted to you by us from time
to time which is acceptable to the Insurance Department of the State of New York
or any other state or federal governmental agency having jurisdiction over CREF,
in order for the securities and other property referred to in such affidavit(s)
to be recognized as admitted assets of CREF and in order for CREF to comply with
any other requirements of such Department or agencies;
E. To furnish us with any report obtained by you on a depository's system of
internal accounting control; and to furnish us with such reports on your system
of internal accounting control as we may reasonably require;
F. To furnish with all such other reports and information as shall be reasonably
requested by us relating to all property held by you on our behalf pursuant to
the terms of this Agreement; and
G. To furnish all such information, reports and affidavits pursuant to this
Section 4 within a reasonable time after request therefor.
5. ACCESS
During the course of your regular banking hours, and duly
<PAGE>
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authorized officer, employee or agent of CREF, any independent accountants
selected by CREF, and any member of the Insurance Department of the State of
New York or governmental agencies having jurisdiction over CREF, shall be
entitled to examine, on your premises, securities and records of all Funds and
property held by you, your branches, or other entities hereunder and your books
and records pertaining to your actions under this Agreement, but only upon
furnishing you with written notice of such examination signed by a duly
authorized officer of CREF. Your books and records used in connection with our
indirect participation in a depository or other entities, to the extent that
they relate to depository, custodial or other services rendered to us by you,
pursuant to this Agreement, shall at all times during your regular business
hours be open to inspection by duly authorized employees or agents of CREF or
governmental agencies having jurisdiction over CREF, but only upon furnishing
you with written notice to that effect as specified in the preceding sentence.
Upon receiving a request from CREF, you agree that you will use your best
efforts to enable any of the aforementioned officers, accountants, employees,
agents and members of CREF, the Insurance Department of the State of New York or
other governmental agencies having jurisdiction over CREF, to inspect and
examine securities and other property of CREF and books and records of such
property not located on your premises, which property and records are held on
CREF's behalf by your branches or other entities pursuant to this Agreement.
6. AUTHORIZATION
A. Except as otherwise provided in this Agreement, written instructions by CREF
hereunder shall be signed by any two of its Authorized Officers specified in a
separate list for this purpose which will be furnished to you from time to time
signed by the treasurer or any assistant treasurer and by the secretary or an
assistant secretary as certified under the corporate seal of CREF.
B. Instructions for the withdrawal of CREF owned securities "free of payment"
shall be acted upon by you only if received in writing manually signed by any
two of such Authorized Officers with the title chairman, president, executive
vice president, or treasurer, or by any one of those officers together with any
CREF officer with the title senior vice president or vice president.
7. FEES AND EXPENSES
You will be compensated for the services rendered under this
<PAGE>
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Agreement and reimbursed for out-of-pocket expenses through arrangements
negotiated between us from time to time.
8. EXEMPTION FROM INCOME TAX
CREF is exempt from the payment of United States income tax. Upon receipt of
documentation evidencing CREF's tax exempt status, you are hereby authorized and
empowered, as CREF's agent, in its name, to sign any certificate of ownership or
other certificate which is or may be required by any regulations of the Internal
Revenue Service or other authority of the United States.
To enable you properly to execute such certificate, we hereby certify that CREF
is a corporation duly organized and existing under the laws of the State of New
York, having its principal place of business in the City of New York. CREF's
Employer Identification No. is 136022042.
Should there be any change in the information furnished you herein, we will
inform you promptly. If at any time CREF's status should be such as to require
the withholding of any income tax from payments received by you, you are hereby
authorized and empowered to make whatever deductions are then required by
applicable laws or regulations and are requested to notify CREF accordingly.
9. AMENDMENTS
No amendment or change to this agreement shall be authorized by CREF without the
written consent signed by either the chairman or president and by any executive
vice president or the treasurer and accepted in writing by Morgan Guaranty Trust
Company.
10. NOTICES
Official receipts and advices of all types relating to the securities, Funds or
other property held by you hereunder will be prepared by you, in duplicate, and
forwarded to the particular divisions of CREF indicated in a separate listing
which the treasurer will furnish you from time to time.
Written notices hereunder shall be hand-delivered or mailed first class,
addressed (a) if to you, at your address set forth at the beginning of this
Agreement or (b) if to CREF at 730 Third Avenue, New York, New York 10017,
Attention: Treasurer. Written notice of (1) termination of this Agreement, (2)
termination of your participation in DTC or any other depository, (3) changes in
your designation of any of your branches or other entities having custody of any
of CREF's property under this Agreement, or (4)
<PAGE>
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changes in your insurance coverage, shall be sent by certified mail; provided,
however, that any such notice pursuant hereto shall not constitute approval by
CREF of any such termination, change or designation nor shall such notice
relieve you of your responsibilities hereunder.
Any notice so addressed, hand delivered and mailed shall be deemed to be given
on whichever of the following dates shall first occur: (i) the date of actual
receipt thereof, (ii) the fifth day next following the date mailed, or (iii) if
the substance thereof is communicated by hand delivery or certified mail, the
date so delivered or mailed.
11. TERMINATION
Either party may terminate this Agreement by giving the other party sixty (60)
days written notice of termination, provided, however, that you shall not
terminate this Agreement without your prior delivery to us of all Funds,
securities and other property of CREF held by you on our behalf pursuant to this
Agreement.
12. EFFECT OF HEADINGS
The Section headings herein are for convenience only and shall not affect the
construction hereof.
13. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the law of
the State of New York.
This Agreement shall become effective upon receipt by CREF of a copy of this
letter signed by you indicating your acceptance thereof.
Very truly yours,
COLLEGE RETIREMENT EQUITIES FUND
BY:________________________
Richard J. Adamski
Treasurer
BY:________________________
Walter G. Ehlers
President
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Accepted and Agreed:
MORGAN GUARANTY TRUST COMPANY
BY:________________________
Julie Anne Ben-Susan
Vice President
<PAGE>
EXHIBIT A
CUSTODIAN AFFIDAVIT
STATE OF )
)SS.;
COUNTY OF )
__________________________________, being duly sworn deposes and says that he is
___________________________of the Morgan Guaranty Trust Company a banking
corporation organized under and pursuant to the laws of
the___________________________ with principal place of business
at_________________________, (hereinafter called the "Bank");
That his duties involve supervision of activities of the Bank as custodian and
records relating thereto;
That the Bank is custodian for certain securities of College Retirement Equities
Fund having a place of business at 730 Third Avenue, New York, N.Y. 10017
(hereinafter called the "Company") pursuant to the Custodial Services Agreement
dated as of__________________, 1987 (hereinafter the "Agreement") between the
Bank and the Company;
That the schedule attached hereto is a true and complete statement of securities
which were in the custody of the Bank for the account of the Company as of the
close of business on_________________________; that unless otherwise indicated
on the schedule, the next maturing and all subsequent coupons were then either
attached to coupon bonds or in the process of collection; and that, unless
otherwise shown on the schedule, all such securities were in bearer form or in
registered form in the name of the Company or its nominee, or a nominee of the
Bank or its agent's nominee, or were in the process of being registered in such
form;
That the Bank as custodian has the responsibility for the safekeeping of such
securities as that responsibility is specifically set forth in the Agreement
between the Bank as custodian and the Company; and
That, to the best of his knowledge and belief, unless otherwise shown on the
schedule, said securities were the property of said Company and were free of all
liens, claims, or encumbrances whatsoever.
Subscribed and sworn to
before me this__________
day of__________________ _________________________________ (L.S.)
CUSTODIAL SERVICES AGREEMENT
AGREEMENT dated as of March 1, 1990 between MORGAN GUARANTY
TRUST COMPANY OF NEW YORK ("Bank") and COLLEGE RETIREMENT EQUITIES FUND ("CREF")
on behalf of the CREF BOND MARKET ACCOUNT.
WHEREAS, the parties desire to arrange for the custody of
certain assets of CREF, specifically those of the CREF Bond Market Account, by
the Bank;
NOW THEREFORE, in consideration of the mutual agreement made
herein, the Bank and CREF agree as follows:
1. ESTABLISHMENT OF ACCOUNTS
a. Bank agrees to open and maintain custodial account(s)
("Custody Account(s)") on behalf of the CREF Bond Market Account ("Bond
Account"), or such other CREF portfolios or accounts ("CREF Accounts") as the
parties may from time to time agree to include within the scope of this
Agreement, for any and all bonds and any other securities or other property
received by Bank for the account of the Bond Account.
b. Bank also hereby agrees to establish and maintain one or
more deposit accounts ("Deposit Accounts") for all cash (including cash proceeds
from the sale of such securities and similar investments and cash monies whether
in United States or foreign denominated currencies, hereinafter termed "Cash")
received by Bank for the Bond Account. Such accounts will be in
<PAGE>
the name of the Bond Account or in the name of Bank or Bank's branches or a
Foreign Custodian, on behalf of the Bond Account.
It is hereby agreed that all securities, Cash, or other property now or
hereinafter held by Bank hereunder are held for the Bond Account and are to be
maintained and disposed of by Bank only for the Bond Account in accordance with
the terms and conditions set forth in this Agreement.
2. LOCATION OF ASSETS
a. Securities, cash and other property are permitted to be
held by
(1) Bank at any of its offices wherever located;
(2) domestic securities depositories ("Securities
Depositories") selected by Bank with the approval of CREF on behalf of the Bond
Account;
(3) foreign securities depositories or clearing
agencies ("Foreign Depository") selected by Bank with the approval of CREF on
behalf of the Bond Account as described in Section 9 of this Agreement; and
(4) Foreign banking institutions ("Foreign Banks")
selected by Bank with the approval of CREF on behalf of the Bond Account as
described in Section 9 of this Agreement.
b. Such entities described in (2), (3) and (4), above, shall
be deemed to be Sub-Custodians of Bank, and all securities, Cash and other
property held by such entities shall, unless otherwise specifically agreed to in
writing by Bank and
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<PAGE>
CREF, be considered for all purposes of this agreement as being held directly by
Bank and subject to the terms of this Agreement.
c. For purposes of this Agreement, a Securities Depository or
Foreign Depository shall mean a system for the handling of securities of any
particular class or series of any particular issuer deposited therein which may
be treated as a part of a fungible bulk and may be transferred by bookkeeping
entry without physical delivery of such securities. With respect to a Securities
Depository, such entity shall be a clearing agency registered with the
Securities and Exchange Commission ("Commission") under Section 17A of the
Securities Exchange Act of 1934 ("Exchange Act"), which acts as a securities
depository, or the book-entry system authorized by the U.S. Department of the
Treasury and certain federal agencies in accordance with applicable Federal
Reserve Board and Commission rules and regulations. With respect to a Foreign
Depository, such entity shall satisfy the requirements of Rule 17f-5 under the
Investment Company Act of 1940 ("1940 Act").
d. For purposes of this Agreement a Foreign Bank is a foreign
banking institution satisfying Rule 17f-5 under the 1940 Act and appointed by
Bank as provided in Section 9 of this Agreement.
3. BANK'S DUTIES
a. Bank will be responsible for the safekeeping, handling,
servicing and disposition of all securities, cash or other property of the Bond
Account held by it hereunder
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<PAGE>
including, without limitation, any and all of the Bond Account's Cash held by or
received by Bank in the name of the Bond Account, Bank's name, or that of
Foreign Banks.
b. Bank agrees to be liable and to indemnify and hold CREF
harmless for any and all liability for loss or damage to CREF with respect to
any such securities, Cash and other property, if such liability, loss or damage
results from any negligence, misfeasance or misconduct on the part of Bank, its
officers or employees, its branches or its affiliates. Bank shall have no
liability for any consequential damages occasioned by delay in receipt of notice
by Bank or by a Foreign Sub-Custodian of any payment, redemption, proceeding or
other transaction regarding, or of any rights exercisable by the Bond Account in
connection with any securities, Cash or other property with respect to which
Bank has agreed to take action.
c. Notwithstanding the foregoing, Bank further agrees that it
will at all times give the securities or other property held by it hereunder the
same care as it gives its own property.
d. It is understood and agreed that Bank is not under any duty
to supervise the investment of, or to advise or make any recommendation to CREF
with respect to, the purchase or sale of any securities.
e. In connection with Bank's responsibilities hereunder, it
has advised CREF that it currently has in force, for its own protection, Bankers
Blanket Bond Insurance, and it is Bank's intention to continue to maintain such
insurance in
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<PAGE>
substantially the same form and amount. CREF understands that such policies
would apply to losses under this agreement. Bank agrees to give CREF written
notice of any reduction in the amount, or material change in the form of such
insurance, at least once a year upon request.
f. Bank shall have responsibility as a bailee for hire under
the law of the State of New York with respect to any Foreign Securities System
or Foreign Custodian acting as a Sub-Custodian of Bank. Without limiting the
generality of the foregoing, Bank will hold CREF harmless from and indemnify it
against any loss that occurs as a result of the negligence, misfeasance or
misconduct of Bank, its officers or employees, and any Foreign Depository or
Foreign Bank acting as Foreign Sub-Custodian of Bank.
4. RECEIPT AND DISBURSEMENT OF CASH
a. Bank shall open and maintain a separate Deposit Account for
the Bond Account, in the name of the Bond Account, subject only to actions by
Bank acting pursuant to the terms of this Agreement. Bank shall hold in such
accounts, subject to the provisions hereof, all Cash received by it from or for
the Bond Account. All Cash held by Bank hereunder shall be subject to withdrawal
and deposit by Bank from time to time on behalf of the Bond Account for the
purpose of consummating the purchases or sales, as the case may be, of
designated securities, solely upon Bank's receipt of express directions in the
form of Authorized Instructions in accordance with the provisions of Section 20.
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<PAGE>
Such directions shall include, but are not limited to:
(1) the execution and delivery of foreign currency
contracts on behalf of the Bond Account;
(2) the debiting or crediting of currency accounts
(United States or foreign) of the Bond Account held by Bank, pursuant to this
Agreement as of settlement date or such other date as specified in such
instructions;
(3) the purchase of securities, options on
securities, futures contracts, options on futures contracts, or other property
for the Bond Account but only (i) upon the delivery of such securities or other
property or evidence of title for such options on securities, futures contracts
or options on futures contracts to Bank, registered in the name of CREF or of
the nominee of Bank referred to in Section 10 hereof or in proper form for
transfer; (ii) in the case of repurchase agreements for securities entered into
between the CREF on behalf of the Bond Account and the Bank, or another bank, or
a broker-dealer which is a member of the National Association of Securities
Dealers ("NASD") against delivery of the securities either in certificate form
or through an entry crediting Bank's account at the Federal Reserve Bank with
such securities or against delivery of the receipt evidencing purchase by the
Bond Account of securities owned by Bank along with written evidence of the
agreement by Bank to repurchase such securities from the Bond Account; or (iii)
in the case of a purchase affected through a Securities Depository in accordance
with the provisions of
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<PAGE>
Section 7 hereof.
(4) the payment of interest, taxes (if any),
management or supervisory fees or operating expenses (including, without
limitation thereto, fees for legal, accounting and auditing services) (if any);
(5) payments in connection with the conversion,
exchange or surrender of securities owned or subscribed to by the Bond Account
held by or to be delivered to Bank; or
(6) other corporate purposes.
b. Bank is hereby authorized to endorse and collect all
checks, drafts or other orders for the payment of money received by it for the
accounts of CREF.
5. HOLDING SECURITIES
Bank shall hold in a separate Custody Account for the Bond
Account, and physically segregated at all times from those of any other persons,
firms or corporations, or any other of CREF's Accounts, pursuant to the
provisions hereof, all securities and other property to be held by it for the
Bond Account, except those held in a Securities Depository as described in
Section 7 of this Agreement or a Foreign Sub-Custodian as described in Section 9
of this Agreement. All such securities are to be held or disposed of by Bank
for, and subject at all times to the instructions of, CREF pursuant to the terms
of this Agreement. Bank shall have no power or authority to assign, hypothecate,
pledge or otherwise dispose of any such securities and investments, except
pursuant to the Authorized
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<PAGE>
Instructions of CREF on behalf of the Bond Account and only as set forth in
Section 19 of this Agreement.
6. RECEIPT AND DELIVERY OF SECURITIES
From time to time CREF on behalf of the Bond Account will
instruct Bank to receive or deliver securities through Authorized Instructions
as set forth in Section 20. Such instructions may be continuing if agreed to by
the parties.
a. In accordance with this Agreement, notwithstanding
such instructions that relate to settlement date entries, Bank agrees to receive
such securities against payment or exchange as directed in any Authorized
Instructions and debit cash held in a Deposit Account on behalf of the Bond
Account only against satisfactory delivery of securities.
b. In accordance with this Agreement, notwithstanding
instructions that relate to settlement date entries, Bank agrees to transfer,
exchange, or deliver securities held by it hereunder including, but not limited
to, the following:
(1) for sales of such securities for the Bond Account
upon receipt by Bank of payment therefor;
(2) when such securities are called, redeemed or
retired or otherwise become payable;
(3) for examination by any broker selling any
securities located in the U.S. in accordance with "U.S. street delivery" custom,
provided that in any such case, Bank shall have no responsibility or liability
for any loss arising from the
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<PAGE>
delivery of such securities prior to receiving payment for such securities
except as may result from Bank's negligence, misfeasance, or misconduct;
(4) in exchange for or upon conversion into other
securities alone or other securities and cash whether pursuant to any plan or
merger, consolidation, reorganization, recapitalization or readjustment, or
otherwise;
(5) upon conversion of such securities pursuant to
their terms into other securities;
(6) upon exercise of subscription, purchase or other
similar rights represented by such securities;
(7) for the purpose of exchanging interim receipts or
temporary securities for definitive securities;
(8) upon receipt of payment in connection with any
repurchase agreement related to such securities entered into by the Bond
Account;
(9) for delivery in connection with any loans of
securities made by the Bond Account, in accordance with the provisions of
Section 12 herein;
(10) for other purely ministerial exchanges; or
(11) for other corporate purposes.
As to any deliveries made by you pursuant to Items (2), (4),
(5), (6), (7) and (10), securities or cash receivable in exchange therefor shall
be deliverable to Bank.
c. Actual delivery of securities is to be made by Bank on
the contractual settlement date only upon express
-9-
<PAGE>
instructions to such effect, provided that:
(1) the securities are on deposit in a Custody
Account for the Bond Account; and
(2) the delivery instructions are received by Bank in
timely fashion.
e. Except as specifically otherwise stated in this
Agreement, in any and every case where payment for purchase of securities for
the account of the Bond Account is made by the Bank in advance of receipt of the
securities purchased in the absence of specific written instructions from CREF
on behalf of the Bond Account to so pay in advance, Bank shall be liable for any
loss to CREF for such securities to the same extent as if the securities had
been received by Bank.
f. Bank shall promptly furnish the Bond Account with
advices or notices of any receipts or deliveries of securities.
g. Bank will not be responsible for any act or omission,
or for the insolvency of any broker or agent selected by Bank to effect a
transaction for the account of the Bond Account; provided, however, Bank is not
negligent in the selection of such broker or agent.
7. DEPOSIT OF BOND ACCOUNT ASSETS IN A SECURITIES DEPOSITORY
Bank may deposit and maintain securities owned by the Bond
Account in a Securities Depository subject to the following provisions:
a. Bank may keep the Bond Account's securities in a
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<PAGE>
Securities Depository provided that such securities are represented in an
account of Bank ("Bank's Account") in Securities Depository which shall not
include any assets of Bank other than assets held as a fiduciary, custodian or
otherwise for customers;
b. The records of Bank will identify those securities of the
Bond Account held in a Securities Depository as being held in book-entry form on
behalf of the Bond Account;
c. Bank shall pay for securities purchased for the account of
the Bond Account upon (i) receipt of advice from the Securities Depository that
such securities have been transferred to Bank's Account, and (ii) the making of
an entry on the records of Bank to reflect such payment and transfer for the
account of the Bond Account. Bank shall transfer securities sold for the account
of the Bond Account upon (i) receipt of advice from the Securities Depository
that payment for such securities has been transferred to Bank's Account, and
(ii) the making of an entry on the records of Bank to reflect such transfer and
payment for the account of the Bond Account.
d. Anything to the contrary in this Agreement notwithstanding,
Bank shall be liable to CREF for the benefit of the Bond Account for any loss or
damage to the Bond Account resulting from use of any Securities Depository by
reason of any negligence, misfeasance or misconduct of Bank or any of its agents
or of any of the employees of such Depository or Bank or from failure of Bank or
any such agent to enforce effectively
-11-
<PAGE>
such rights as it may have against a Securities Depository; at the election of
the CREF on behalf of Bond Account, it shall be entitled to be subrogated to the
rights of Bank with respect to any claim against a Securities Depository or any
other person which Bank may have as a consequence of any such loss or damage if
and to the extent that the Bond Account has not been made whole for any such
loss or damage.
8. SEGREGATED ACCOUNT
Bank shall upon receipt of Authorized Instructions from CREF on behalf
of the Bond Account establish and maintain a segregated account or accounts for
and on behalf of the Bond Account, into which account or accounts may be
transferred Cash and/or securities, including securities maintained by Bank in a
Securities Depository pursuant to Section 7 hereof: (a) in accordance with the
provisions of any agreement among CREF on behalf of the Bond Account, Bank and a
broker-dealer registered under the Exchange Act and a member of the NASD (or any
futures commission merchant registered under the Commodity Exchange Act),
relating to compliance with the rules of The Options Clearing Corporation and of
any registered national securities exchange (or the Commodity Futures Trading
Commission or any registered contract market), or of any similar organization or
organizations, regarding escrow or other arrangements in connection with
transactions by the Bond Account; (b) for purposes of segregating cash or
government securities in connection with options purchased, sold or written by
the Bond
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<PAGE>
Account or commodity futures contracts or options thereon purchased or
sold by the Bond Account; (c) for the purposes of compliance by the Bond Account
with the procedures required by Investment Company Act Release No. 10666, or any
subsequent release or releases of the Commission relating to the maintenance of
segregated accounts by registered investment companies; and (d) for other
corporate purposes, BUT ONLY, in the case of clause (d), upon receipt of
Authorized Instructions from CREF on behalf of the Bond Account.
9. DUTIES OF THE BANK WITH RESPECT TO PROPERTY OF THE BOND ACCOUNT HELD
OUTSIDE OF THE UNITED STATES
a. CREF on behalf of the Bond Account hereby authorizes and instructs
Bank to employ as Sub-Custodians for the Bond Account's securities and other
assets maintained outside the United States the Foreign Banks and Foreign
Depositories designated on a separate document (together "Foreign
Sub-Custodians"). Upon receipt of Authorized Instructions, Bank and CREF on
behalf of the Bond Account may agree to designate additional, Foreign
Sub-Custodians. Upon receipt of Authorized Instructions, CREF on behalf of the
Bond Account may instruct Bank to cease to utilize any one or more Foreign
Sub-Custodians on behalf of the CREF Bond Account.
b. Except as may otherwise be agreed upon in writing by Bank and CREF,
assets of the Bond Account shall be maintained in Foreign Depositories only
through arrangements implemented by Bank or by Foreign Banks serving as
Sub-Custodians on behalf of
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<PAGE>
the Bond Account in accordance with the terms hereof.
c. The Bank agrees that with respect to each Foreign Sub-Custodian (i)
the assets of the Bond Account will not be subject to any right, charge,
security interest, lien or claim of any kind in favor of the Foreign
Sub-Custodian or its creditors or agents, except a claim of payment for their
safe custody or administration; (ii) beneficial ownership of the assets of the
Bond Account will be freely transferable without the payment of money or value
other than for custody or administration; (iii) adequate records will be
maintained identifying the assets as belonging to the Bond Account; (iv)
officers of or auditors employed by, or other representatives of Bank, including
to the extent permitted under applicable law the independent public accountants
for the Bond Account, will be given access to the books and records of the
Foreign Sub-Custodian relating to its actions under its agreement with Bank; (v)
assets of the Bond Account held by the Foreign Bank will be subject only to the
instructions of Bank; and (vi) assets of the Bond Account held by a Foreign
Depository will be subject only to the instructions of Bank or Foreign Bank.
d. With respect to assets maintained in a Foreign Depository, except as
otherwise required by such Foreign Depository or other applicable regulations,
Bank shall pay for securities purchased for the account of the Bond Account upon
(i) receipt of advice from the Foreign Depository that such securities have been
transferred to Bank's Account and (ii) the
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making of an entry on the records of Bank to reflect such payment and transfer
for the account of the Bond Account. Bank shall transfer securities sold for the
account of the Bond Account upon (i) receipt of advice from the Foreign
Depository that payment for such securities had been transferred to Bank's
Account, and (ii) the making of any entry on the records of Bank to reflect such
transfer and payment for the account of the Bond Account.
e. Until Bank receives Authorized Instructions to the contrary, Bank
will instruct each Foreign Sub-Custodian to take such steps as may reasonably be
necessary to secure or otherwise prevent the loss of rights relating to any
securities, Cash or other property; PROVIDED that it shall be understood that
the monitoring of investment data provided by a recognized international
investment data service by Bank will be deemed to fulfill Bank's obligation
under this Section 9.e.
f. Bank shall identify on its books as belonging to the Bond Account
the securities, Cash or other property held by each Foreign Sub-Custodian.
g. Bank will supply to the Bond Account from time to time, as mutually
agreed upon, statements in respect of the securities and other assets held by
Foreign Sub-Custodians, including but not limited to an identification of
entities having possession of the Bond Account's securities and other assets and
advices or notifications of any transfers of securities to or from each Custody
Account maintained by a Foreign Bank for Bank on behalf of the Bond Account
indicating, as to securities
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<PAGE>
acquired for the Bond Account, the identity of the entity having physical
possession of such securities. Bank shall furnish annually to the Bond Account,
during the month of [June], all relevant information necessary to enable CREF to
evaluate the Foreign Sub-Custodians employed by Bank. Such information shall be
similar in kind and scope to that furnished to the Bond Account in connection
with the initial approval of this agreement.
h. In addition, Bank will promptly inform the Bond Account in the event
that Bank learns of a material adverse change in the financial condition of a
Foreign Sub-Custodian or any material loss of the assets of the Bond Account or
is notified by such Foreign Sub-Custodian that there appears to be a substantial
likelihood that its shareholders' equity will decline below $200 million (U.S.
dollars or the equivalent thereof) or that its shareholders' equity has declined
below $200 million (in each case computed in accordance with generally accepted
U.S. accounting principles).
i. Anything to the contrary in this Agreement notwithstanding, Bank
shall be liable to CREF for the benefit of the Bond Account for any loss or
damage to the Bond Account resulting from use of any Foreign Sub-Custodian by
reason of any negligence, misfeasance or misconduct of Bank or any of its agents
or of any of the employees of such Sub-Custodian or Bank or from failure of Bank
or any such agent to enforce effectively such rights as it may have against a
Foreign Sub-Custodian; at
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the election of the CREF on behalf of Bond Account, it shall be entitled to be
subrogated to the rights of Bank with respect to any claim against a Foreign
Sub-Custodian or any other person which Bank may have as a consequence of any
such loss or damage if and to the extent that the Bond Account has not been made
whole for any such loss or damage.
j. Notwithstanding any provision of this Agreement to the contrary,
settlement and payment for securities received for the account of the Bond
Account and delivery of securities maintained for the account of the Bond
Account may be effected in accordance with the customary established securities
trading or securities processing practices and procedures in the jurisdiction or
market in which the transaction occurs, including, without limitation,
delivering securities to the purchaser thereof or to a dealer therefor (or an
agent for such purchaser or dealer) against a receipt with the expectation of
receiving later payment for such securities from such purchaser or dealer.
10. INCOME
a. Income on securities and cash held by Bank hereunder will be
credited automatically to a Deposit Account or Custody Account upon receipt and
in accordance with local market practices. Principal received in connection with
securities which mature or are redeemed shall be credited to a Deposit Account
or a Custody Account on the date such principal is received. All collections of
income or principal paid or
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distributed with respect to any securities, Cash or other property shall be made
at the risk of the Bond Account, provided however, that Bank takes reasonable
steps to collect such income or principal and there is no negligence,
misfeasance or misconduct on the part of Bank.
b. Unless instructed otherwise, collections of income in foreign
currency are to be converted into United States dollars, and in effecting such
conversion Bank may use such methods or agencies as it may see fit including its
own facilities at prevailing rates. All risk and expense incident to such
collection of income regardless of the particular currency or currencies
involved is for the account of the undersigned, and Bank shall have no
responsibility for fluctuations in exchange rates affecting such conversion.
c. Unless and until Bank receives written instructions to the contrary,
it shall:
(1) present for payment all coupons and other income items
held by it for the account of the Bond Account which call for payment upon
presentation and hold the cash received by it upon such payment for the
appropriate account;
(2) collect interest and cash dividends received, with notice
to CREF, for the Bond Account;
(3) hold for the Bond Account all stock dividends, rights and
similar securities issued with respect to any securities held by Bank hereunder,
and with respect to stock dividends, it is hereby authorized to sell any
fractional
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interest and to credit the Deposit Account with the proceeds thereof;
and
(4) with respect to any dividend reinvestment plan in which
the Bond Account participates, and as to which Bank has been so notified, it
agrees to acquire and hold hereunder the appropriate number of shares issuable
under such plan in lieu of the cash dividend.
d. Any dividends or interest automatically credited to the Deposit
Accounts which are not subsequently collected by Bank from the corporation
making such payment will be reimbursed to Bank and Bank may debit the Deposit
Accounts for this purpose.
11. REGISTRATION
Securities which are eligible for deposit in Securities Depositories or
Foreign Depositories may be maintained in Bank's Account with such Depositories.
Subject to the aforesaid provision, Bank will register all securities (except
such as are in bearer form) in the name of its nominee or the nominee of the
Securities Depository or Foreign Depository, unless alternate registration
instructions are furnished by CREF. Bank will retain and have available at all
times for inspection by regulatory authorities evidence that its nominee is
registered as required by the laws and regulations of the United States and the
State of New York, as appropriate. All such agents shall be appointed in
conformance with Section 21. The Bond Account agrees to hold such nominee
harmless from any liability as a holder of record of such securities and will
have the same
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responsibility as if the securities were registered in the name of the Bond
Account. The foregoing shall not relieve Bank of its responsibilities or
liabilities hereunder.
12. PROVISIONS RELATING TO SECURITIES LENDING
a. From time to time CREF on behalf of the Bond Account shall
designate in an Authorized Instruction securities held by Bank in its Custodial
Account to be loaned to specified borrowers ("Borrowers"). Such securities shall
be termed the "Loaned Securities". This Section shall apply to and shall be
controlling solely with respect to such Loaned Securities and lending services
relating thereto. Loaned Securities which are returned by the Borrower to Bank
shall upon receipt thereof constitute securities and property held by Bank to
which the provisions of this Agreement shall be applicable unless otherwise
provided herein.
b. From time to time CREF on behalf of the Bond Account will
provide Bank with Authorized Instructions regarding the delivery or return of
Loaned Securities. In this connection, Bank is authorized and directed, all in
accordance with such instructions to promptly:
(1) Deliver the Loaned Securities to the Borrower for
the Bond Account, against receipt by Bank of collateral in respect of such
Loaned Securities (the "Collateral"), in the form and amount specified in such
instructions. Bank shall promptly place the specified Collateral in a Deposit or
Custody Account and promptly notify CREF on behalf of the Bond Account of such
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transaction.
(2) Receive Loaned Securities being returned by Borrower in
the form and amount specified in the Authorized Instructions. Upon satisfactory
delivery of such Loaned Securities, Bank shall debit the defined Collateral from
CREF's Deposit Account in accordance with such instructions and pay or redeliver
the specified Collateral to Borrower and promptly notify CREF on behalf of the
Bond Account of such transaction.
(3) Release to Borrower any excess Collateral or receive
Collateral from Borrower as specified in instructions issued by CREF on behalf
of the Bond Account. Bank shall promptly transmit the specified Collateral to be
released, or accept delivery and transmit Collateral received to a Deposit
Account, as the case may be, and notify CREF on behalf of the Bond Account of
such transmittal or receipt. Bank shall debit or credit the defined Collateral
from the Deposit Account, as appropriate.
c. Where Bank has received Authorized Instructions from CREF indicating
that CREF has previously received adequate Collateral covering contemplated
loans, Bank is authorized to deliver Loaned Securities "Free of Payment" upon
express direction from CREF with respect to designated Loaned Securities. A list
of authorized Borrowers who are eligible to receive such Loaned Securities will
be signed by any two Authorized Officers, with the title of Chairman, President,
Executive Vice President and Treasurer, or by any one of these officers together
with any
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CREF officers with the title of Senior Vice President or Vice President, in
accordance with paragraph b. of Section 20.
d. CREF on behalf of the Bond Account shall also provide Bank with
written instructions regarding Loaned Securities for which CREF has previously
received adequate Collateral and their delivery "Free of Payment" to designated
Borrowers in accordance with paragraph c. hereof or the return of Loaned
Securities. Bank shall be authorized, in accordance with such written
instructions, to:
(1) Deliver the Loaned Securities, "Free of Payment" to the
listed Borrower, and
(2) Receive Loaned Securities specified in our instructions.
Bank shall promptly advise CREF on behalf of the Bond Account of the
completion of any such specified transaction.
e. Bank agrees to receive from the Borrower any income,
dividends, and/or distributions made by the issuer with respect to the Loaned
Securities, and to credit the Deposit Account or Custody Account when such
amounts and properties are received from the Borrower in accordance with the
provisions of Section 10.
f. Bank shall be responsible for the Collateral and Loaned
Securities in its possession and for the handling and servicing of such property
in accordance with written instructions. Bank is hereby designated to acquire
possession of Collateral on behalf of the Bond Account and to act as bailee or
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financial intermediary (as defined in the Uniform Commercial Code of the State
of New York, as amended the "UCC"), as the case may be, to enable CREF on behalf
of the Bond Account to perfect and maintain perfection of a security interest in
such Collateral, pursuant to the provisions of the UCC or other applicable laws,
as amended from time to time. It is understood that Bank shall not be
responsible for obtaining or perfecting CREF's security interest in the
Collateral other than in accordance with the preceding sentence and the
instructions regarding delivery and receipt, and shall not be responsible to
advise CREF of the steps necessary to obtain or perfect such interest or for
effecting any statutory filing, unless mutually agreed upon at such time. Under
no circumstances and in no event shall Bank have or be charged with any
responsibility or liability for (i) the credit worthiness or continued credit
worthiness of any Borrower, (ii) the adequacy or value of any Collateral in
connection with any loan of securities, (iii) the failure of the Borrower to pay
any income, dividend and/or distribution made by the issuer on the Loaned
Securities, or (iv) any act taken by it in accordance with the direction of the
Bond Account, or omitted by it in the absence of such direction.
g. Bank shall report as assets of its Custody Account property which is
Loaned Securities that have previously been delivered to Borrowers and hence are
not in Bank's possession. Bank shall have no responsibility or liability
whatsoever with respect to such Loaned Securities and shall perform no services
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with respect thereto, except as specifically set forth herein.
h. Bank shall provide to CREF a Report of Assets Held which shall
include all Loaned Securities (whether or not such securities are in the
possession of Borrowers) designated in such report to indicate that the same is
reported on a memorandum entry basis or on such other basis as shall be mutually
agreed upon. Bank shall also provide to CREF all information and data specified
in paragraphs a., b., c. and f. of Section 15, and such further information
concerning the Loaned Securities and Collateral, so that CREF may properly
account for and segregate such property. Bank shall furnish CREF with all such
other reports and information as CREF shall reasonably request. Bank shall
furnish CREF with all reports and information pursuant to this Amendment within
a reasonable time after request therefor.
13. VOTING AND OTHER ACTION
No person may vote (other than pursuant to Authorized Instructions) any
securities held by Bank hereunder. Bank will promptly transmit to CREF, or
direct to be transmitted to CREF, all notices, proxies and proxy soliciting
materials with respect to securities held by it hereunder, which proxies will be
executed by the registered holder thereof if registered otherwise than in the
name of CREF or the Bond Account, but without indicating the manner in which
such proxies are to be voted.
Bank will promptly transmit to CREF all written information (including,
without limitation, pendency of calls and maturities of securities and
expirations of rights in connection therewith)
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received by it from the issuers
of securities of other property held by it hereunder. With respect to tender or
exchange offers, Bank will promptly transmit to CREF all written information
received by it from issuers of the securities or other property whose tender or
exchange is sought and from the party (or his agents) making the tender or
exchange offer.
14. FEES AND EXPENSES
Bank will be compensated for the services rendered under this Agreement
and reimbursed for out-of-pocket expenses through arrangements negotiated
between CREF on behalf of the Bond Account and Bank from time to time.
15. RECORDS, AFFIDAVITS AND REPORTS
With respect to the securities and other property held by Bank
hereunder, Bank agrees:
a. To maintain records sufficient to verify information CREF
is required to report in Schedule D of the Annual Statement Blank of the
Insurance Department of the State of New York ("Insurance Department") as
amended from time to time, which records will consist of a list of such
securities showing a complete description of each issue, including the number of
shares and par value of securities so held at the end of such month and such
other information as may be required by such report or any report required by
the Insurance Department;
b. To maintain records regarding transactions and related
activities described in Sections 4, 5, 6, 7, 8, 9, 10, 11 and 12 sufficient to
verify the accuracy of regular monthly and
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other reports and income received on such securities and other property;
c. To maintain records sufficient to verify information
relating to Cash held by Bank, including but not limited to (i) the purchase of
foreign currency contracts, (ii) the maintenance of foreign currency accounts on
behalf of CREF in the possession and custody of Bank, its branches or other
entities located outside the United States, and (iii) any reports submitted to
CREF relating to its Cash;
d. To create, maintain and preserve all reports and records
relating to Bank's activities and obligations under this Agreement as provided
for in this Section in such manner as will meet the requirements of the 1940
Act, including Section 31 thereof and Rules 31a-1 and 31a-2 thereunder and the
Exchange Act, including Section 17 thereof and Rules 17a-3 and 17a-4 thereunder,
and to file a written undertaking with the Commission as will meet the
requirements of Rule 17a-4(i) to the effect that such records are the property
of the Bond Account and will be surrendered to the Bond Account promptly upon
request;
e. To permit examination of such books and records as provided
for in this Section at any time or from time to time during business hours as
provided for in Section 16 by representatives or designees of the Commission,
and to promptly furnish to the Commission or its designees true, correct,
complete and current hard copy of any or all or any part of such books and
records;
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f. To furnish the Bond Account with the appropriate
affidavit(s) in the form of Exhibit A, attached hereto or in such other form as
may be submitted to Bank by CREF on behalf of the Bond Account from time to time
which is acceptable to the Insurance Department or any other state or federal
governmental agency having jurisdiction over CREF, in order for the securities
and other property referred to in such affidavit(s) to be recognized as admitted
assets of CREF and in order for CREF to comply with any other requirements of
such Department or agencies;
g. To furnish the Bond Account with any report obtained by
Bank on a Securities Depository's or Foreign Sub-Custodians system of internal
accounting control; and to furnish the Bond Account with such reports on Bank's
system of internal accounting control as CREF on behalf of the Bond Account may
reasonably require;
h. To furnish all such other reports and information as shall
be reasonably requested by CREF on behalf of the Bond Account relating to all
property held by Bank on the Bond Account's behalf pursuant to the terms of this
Agreement; and
i. That all such information, records, reports, and affidavits
maintained or held by Bank pursuant to this Section remain the property of Bond
Account and copies of all such information will be surrendered to Bond Account
within a reasonable time after request therefor.
j. The specific records, reports and affidavits
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required in a. through i. above shall be set forth in a separate document which
may be modified from time to time by agreement of the parties to this Agreement.
16. RECONCILIATION OF STATEMENTS OR ADVICES
CREF agrees that it will reconcile statements and advices sent by mail
or electronic media and that all such statements and advices will be considered
final sixty days from the date of dispatch unless CREF has notified Bank orally
or in writing regarding any questions or problems.
17. ACCESS
a. During the course of Bank's regular banking hours, any duly
authorized officer, employee or agent of CREF, any independent accountants
selected by CREF, any member of the Insurance Department, and any representative
or designee of the Commission or other governmental agencies having jurisdiction
over CREF, shall be entitled to examine, on Bank's premises, securities and
records of all securities, Cash and other property held by Bank, its branches,
or other entities hereunder and its books and records pertaining to its actions
under this Agreement, but only upon furnishing Bank with one day notice of such
examination signed by a duly authorized officer of CREF. Bank's books and
records used in connection with CREF's indirect participation in a depository or
other entities, to the extent that they relate to depository, custodial or other
services rendered to CREF by Bank, pursuant to this Agreement, shall at all
times during Bank's regular business hours to be open to
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inspection by duly authorized employees or agents of CREF, or governmental
agencies having jurisdiction over CREF, but only upon furnishing Bank with one
day's notice to that effect as specified in the preceding sentence.
b. Upon receiving a request from CREF, Bank agrees that it
will take such steps as are within its power to enable any of the aforementioned
officers, accountants, employees, agents and members of CREF, the Insurance
Department, the Commission or other governmental agencies having jurisdiction
over CREF, to inspect and examine securities and other property of CREF and
books and records of such property not located on Bank's premises, which
property and records are held on CREF's behalf by its branches or other entities
pursuant to this Agreement.
18. EXEMPTION FROM INCOME TAX
a. CREF is exempt from the payment of United States income
tax. Upon receipt of documentation evidencing CREF's tax exempt status, Bank is
hereby authorized and empowered as CREF's agent to sign in its name any
certificate of ownership or other certificate which is or may be required by any
regulations of the Internal Revenue Service, the laws of any state, or other
authority of the United States.
b. To enable Bank properly to execute the certificate
described in a. above, CREF hereby certifies that CREF is a corporation duly
organized and existing under the laws of the State of New York, having its
principal place of business in the
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City of New York. CREF's Employer Identification No. is 136022042.
19. AMENDMENTS
No amendment or change to this Agreement shall be authorized by CREF on
behalf of the Bond Account without the written consent signed by an officer with
the title of either Chairman or President and any officer with the title of
Executive Vice President or Treasurer and accepted in writing by Bank.
20. AUTHORIZATION
a. Except as otherwise provided for in this Agreement, written
instructions by CREF hereunder shall be signed by any two of its Authorized
Officers specified in a separate list for this purpose which will be furnished
to Bank from time to time signed by the treasurer or any assistant treasurer and
by the secretary or any assistant secretary as certified under the corporate
seal of CREF. Such instructions are referred to herein as "Authorized
Instructions". Upon receipt of written instructions pursuant to paragraph b.,
below accompanied by a detailed description of procedures approved by such
instructions, Authorized Instructions may include communications effected
directly between electro-mechanical or electronic devices provided that CREF and
Bank are satisfied that such procedures afford adequate safeguards for the Bond
Account's assets.
b. Where expressly provided for in Section 12.c. and 20.a.
herein or in connection with the delivery of securities or other property "Free
of Payment," written instructions shall be
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acted upon only if received in writing manually signed by any two of such
Authorized Officers with the title Chairman, President, Executive Vice
President, or Treasurer, or by any one of those officers together with any CREF
officer with the title Senior Vice President or Vice President.
c. Bank shall not be liable for any action taken in good faith
upon Authorized Instructions or upon written instructions pursuant to b., above,
and may rely on such documents that it in good faith believes to be validly
executed.
21. APPOINTMENT OF AGENTS
The Bank may at any time or times in its discretion appoint (and may at
any time remove) any other bank or trust company which is itself qualified under
the 1940 Act, as amended, to act as a custodian, as its agent to carry out such
of the provisions of this Agreement as the Bank may from time to time direct;
provided, however, that the appointment of any agent shall not relieve the Bank
of its responsibilities or liabilities hereunder.
22. NOTICES
a. Official receipts and advices of all types relating to the
securities, cash or other property held by Bank hereunder will be prepared by
Bank, in duplicate, and forwarded to the particular divisions of CREF on behalf
of the Bond Account indicated in a separate listing which the treasurer will
furnish to Bank from time to time.
b. Written notices hereunder shall be hand-delivered
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or mailed first class, addressed, if to Bank, at 60 Wall Street New York, New
York 10015, or if to CREF, at 730 Third Avenue, New York, New York 10017,
Attention: Treasurer. Written notice of (i) termination of this Agreement, (ii)
termination of Bank's participation in DTC or any other securities depository,
(iii) changes in Bank's designation of any of its branches or Sub-Custodians
having custody of any of the Bond Account's assets under this Agreement, or (iv)
changes in Bank's insurance coverage, shall be sent by hand or by first-class
mail; provided, however, that any such notice pursuant hereto shall not
constitute approval by CREF of any such termination, change or designation nor
shall such notice relieve Bank of its responsibilities hereunder.
c. Any notice so addressed, hand delivered and mailed shall be
deemed to be given on whichever of the following dates shall first occur: (i)
the date of actual receipt thereof, (ii) the fifth day next following the date
mailed, or (iii) if the substance thereof is communicated by hand delivery or
certified mail, the date so delivered or mailed.
22. TERMINATION OR ASSIGNMENT
This Agreement may be terminated by either party on sixty days' written
notice sent by certified mail. Upon any termination of this Agreement, pending
appointment of a successor to Bank or a vote of the participants of CREF to
dissolve or to function without a custodian of its cash, securities or other
property, Bank shall deliver Cash, securities or other property
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to a bank or trust company selected by CREF on behalf of the Bond Account having
an aggregate capital, surplus and undivided profits, as shown by its last
published report of not less than five hundred thousand dollars ($500,000) as a
custodian for CREF to be held under terms similar to those of this Agreement;
provided, however, that Bank shall not be required to make any such delivery or
payment until full payment shall have been made by CREF on behalf of the Bond
Account of all liabilities constituting a charge on or against the properties
then held by Bank or on or against it, and until full payment shall have been
made to Bank of all fees, compensation, costs and expenses, subject to the
provisions of Section 14 of this Agreement.
This Agreement may not be assigned by Bank without the consent of CREF,
authorized or approved by a resolution of CREF's trustees.
23. EFFECT OF HEADINGS
The Section headings herein are for convenience only and shall not
affect the construction thereof.
24. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with
the law of the State of New York.
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COLLEGE RETIREMENT EQUITIES FUND
ON BEHALF OF BOND MARKET ACCOUNT
BY:_______________________________
John H. Biggs
President
BY:_______________________________
Richard J. Adamski
Treasurer
MORGAN GUARANTY TRUST COMPANY OF
NEW YORK
BY:_______________________________
BY:_______________________________
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EXHIBIT A
CUSTODIAN AFFIDAVIT
STATE OF )
)SS.:
COUNTY OF )
______________________________________________, being duly sworn, deposes
and says that he is ______________________________________of the (Custodian)
a banking corporation organized under and pursuant to the laws of
the _____________________________________________with principal place of
business at __________________________________, (hereinafter called the "Bank");
That his duties involve supervision of activities of the Bank as Custodian and
records relating thereto;
That the Bank is Custodian for certain securities of College Retirement Equities
Fund having a place of business at 730 Third Avenue, New York, New York 10017
(hereinafter called the "Company") pursuant to the Custodial Services Agreement
dated as of _____________________________________, 1990 (hereinafter the
"Agreement") between the Bank and the Company;
That the schedule attached hereto is a true and complete statement of securities
which were in the custody of the Bank for the accounts of the Company as of the
close of business on __________________________________________________________;
that unless otherwise indicated on the schedule, the next maturing and all
subsequent coupons were then either attached to coupon bonds or in the process
of collection; and that, unless otherwise shown on the schedule, all such
securities were in bearer form or in registered form in the name of the Company
or its nominee, or a nominee of the Bank or its agent's nominee, or were in the
process of being registered in such form:
That the Bank as Custodian has the responsibility for the safekeeping of such
securities as that responsibility is specifically set forth in the Agreement
between the Bank as Custodian and the Company; and
That, to the best of his knowledge and belief, unless otherwise shown on the
schedule, said securities were the property of said Company and were free of all
liens, claims, or encumbrances whatsoever.
Subscribed and sworn to before me this_______________day of__________________
_______________________________________(L.S.)
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CUSTODIAL SERVICES AGREEMENT
AGREEMENT dated as of November 1, 1994 between MORGAN GUARANTY
TRUST COMPANY OF NEW YORK ("Bank") and COLLEGE RETIREMENT EQUITIES FUND ("CREF")
on behalf of the CREF SOCIAL CHOICE ACCOUNT.
WHEREAS, the parties desire to arrange for the custody of
certain assets of CREF, specifically those of the CREF Social Choice Account, by
the Bank;
NOW THEREFORE, in consideration of the mutual agreement made
herein, the Bank and CREF agree as follows:
1. ESTABLISHMENT OF ACCOUNTS
a. Bank agrees to open and maintain custodial account(s)
("Custody Account(s)") on behalf of the CREF Social Choice Account ("Social
Choice Account"), or such other CREF portfolios or accounts ("CREF Accounts") as
the parties may from time to time agree to include within the scope of this
Agreement, for any and all bonds and any other securities or other property
received by Bank for the account of the Social Choice Account.
b. Bank also hereby agrees to establish and maintain one or
more deposit accounts ("Deposit Accounts") for all cash (including cash proceeds
from the sale of such securities and similar investments and cash monies whether
in United States or foreign denominated currencies, hereinafter termed "Cash")
received by Bank for the Social Choice Account. Such accounts
<PAGE>
will be in the name of the Social Choice Account or in the name of Bank or
Bank's branches or a Foreign Custodian, on behalf of the Social Choice Account.
It is hereby agreed that all securities, Cash, or other
property now or hereinafter held by Bank hereunder are held for the Social
Choice Account and are to be maintained and disposed of by Bank only for the
Social Choice Account in accordance with the terms and conditions set forth in
this Agreement.
2. LOCATION OF ASSETS
a. Securities, cash and other property are permitted to
be held by
(1) Bank at any of its offices wherever located;
(2) domestic securities depositories ("Securities
Depositories") selected by Bank with the approval of CREF on behalf of the
Social Choice Account;
(3) foreign securities depositories or clearing
agencies ("Foreign Depository") selected by Bank with the approval of CREF on
behalf of the Social Choice Account as described in Section 9 of this
Agreement; and
(4) Foreign banking institutions ("Foreign Banks")
selected by Bank with the approval of CREF on behalf of the Social Choice
Account as described in Section 9 of this Agreement.
b. Such entities described in (2), (3) and (4), above,
shall be deemed to be Sub-Custodians of Bank, and all securities, Cash and other
property held by such entities shall,
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unless otherwise specifically agreed to in writing by Bank and CREF, be
considered for all purposes of this agreement as being held directly by Bank and
subject to the terms of this Agreement.
c. For purposes of this Agreement, a Securities Depository or
Foreign Depository shall mean a system for the handling of securities of any
particular class or series of any particular issuer deposited therein which may
be treated as a part of a fungible bulk and may be transferred by bookkeeping
entry without physical delivery of such securities. With respect to a Securities
Depository, such entity shall be a clearing agency registered with the
Securities and Exchange Commission ("Commission") under Section 17A of the
Securities Exchange Act of 1934 ("Exchange Act"), which acts as a securities
depository, or the book-entry system authorized by the U.S. Department of the
Treasury and certain federal agencies in accordance with applicable Federal
Reserve Board and Commission rules and regulations. With respect to a Foreign
Depository, such entity shall satisfy the requirements of Rule 17f-5 under the
Investment Company Act of 1940 ("1940 Act").
d. For purposes of this Agreement a Foreign Bank is a foreign
banking institution satisfying Rule 17f-5 under the 1940 Act and appointed by
Bank as provided in Section 9 of this Agreement.
3. BANK'S DUTIES
a. Bank will be responsible for the safekeeping, handling,
servicing and disposition of all securities, cash or
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other property of the Social Choice Account held by it hereunder including,
without limitation, any and all of the Social Choice Account's Cash held by or
received by Bank in the name of the Social Choice Account, Bank's name, or that
of Foreign Banks.
b. Bank agrees to be liable and to indemnify and hold CREF
harmless for any and all liability for loss or damage to CREF with respect to
any such securities, Cash and other property, if such liability, loss or damage
results from any negligence, misfeasance or misconduct on the part of Bank, its
officers or employees, its branches or its affiliates. Bank shall have no
liability for any consequential damages occasioned by delay in receipt of notice
by Bank or by a Foreign Sub-Custodian of any payment, redemption, proceeding or
other transaction regarding, or of any rights exercisable by the Social Choice
Account in connection with any securities, Cash or other property with respect
to which Bank has agreed to take action.
c. Notwithstanding the foregoing, Bank further agrees that it
will at all times give the securities or other property held by it hereunder the
same care as it gives its own property.
d. It is understood and agreed that Bank is not under any duty
to supervise the investment of, or to advise or make any recommendation to CREF
with respect to, the purchase or sale of any securities.
e. In connection with Bank's responsibilities hereunder, it
has advised CREF that it currently has in force, for its own protection, Bankers
Blanket Bond Insurance, and it is
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Bank's intention to continue to maintain such insurance in substantially the
same form nd amount. CREF understands that such policies would apply to losses
under this agreement. Bank agrees to give CREF written notice of any reduction
in the amount, or material change in the form of such insurance, at least once a
year upon request.
f. Bank shall have responsibility as a bailee for hire under
the law of the State of New York with respect to any Foreign Securities System
or Foreign Custodian acting as a Sub-Custodian of Bank. Without limiting the
generality of the foregoing, Bank will hold CREF harmless from and indemnify it
against any loss that occurs as a result of the negligence, misfeasance or
misconduct of Bank, its officers or employees, and any Foreign Depository or
Foreign Bank acting as Foreign Sub-Custodian of Bank.
4. RECEIPT AND DISBURSEMENT OF CASH
a. Bank shall open and maintain a separate Deposit Account for
the Social Choice Account, in the name of the Social Choice Account, subject
only to actions by Bank acting pursuant to the terms of this Agreement. Bank
shall hold in such accounts, subject to the provisions hereof, all Cash received
by it from or for the Social Choice Account. All Cash held by Bank hereunder
shall be subject to withdrawal and deposit by Bank from time to time on behalf
of the Social Choice Account for the purpose of consummating the purchases or
sales, as the case may be, of designated securities, solely upon Bank's receipt
of
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express directions in the form of Authorized Instructions in accordance with
the provisions of Section 20. Such directions shall include, but are not limited
to:
(1) the execution and delivery of foreign currency
contracts on behalf of the Social Choice Account;
(2) the debiting or crediting of currency accounts
(United States or foreign) of the Social Choice Account held by Bank, pursuant
to this Agreement as of settlement date or such other date as specified in such
instructions;
(3) the purchase of securities, options on
securities, futures contracts, options on futures contracts, or other property
for the Social Choice Account but only (i) upon the delivery of such securities
or other property or evidence of title for such options on securities, futures
contracts or options on futures contracts to Bank, registered in the name
of CREF or of the nominee of Bank referred to in Section 10 hereof or in proper
form for transfer; (ii) in the case of repurchase agreements for securities
entered into between the CREF on behalf of the Social Choice Account and the
Bank, or another bank, or a broker-dealer which is a member of the National
Association of Securities Dealers ("NASD") against delivery of the securities
either in certificate form or through an entry crediting Bank's account at the
Federal Reserve Bank with such securities or against delivery of the receipt
evidencing purchase by the Social Choice Account of securities owned by Bank
along with written evidence of the agreement by Bank to repurchase such
securities
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from the Social Choice Account; or (iii) in the case of a purchase affected
through a Securities Depository in accordance with the provisions of Section 7
hereof.
(4) the payment of interest, taxes (if any), management or
supervisory fees or operating expenses (including, without limitation thereto,
fees for legal, accounting and auditing services) (if any);
(5) payments in connection with the conversion, exchange or
surrender of securities owned or subscribed to by the Social Choice Account
held by or to be delivered to Bank; or
(6) other corporate purposes.
b. Bank is hereby authorized to endorse and collect all checks, drafts
or other orders for the payment of money received by it for the accounts of CRE
5. HOLDING SECURITIES
Banking shall hold in a separate Custody Account for the Social Choice Account,
and physically segregated at all times from those of any other persons, firms or
corporations, or any other of CREF's Accounts, pursuant to the provisions
hereof, all securities and other property to be held by it for the Social Choice
Account, except those held in a Securities Depository as described in Section 7
of this Agreement or a Foreign Sub-Custodian as described in Section 9 of this
Agreement. All such securities are to be held or disposed of by Bank for, and
subject at all times to the instructions of, CREF pursuant to the terms of this
Agreement. Bank shall have no power or authority to
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assign, hypothecate, pledge or otherwise dispose of any such securities and
investments, except pursuant to the Authorized Instructions of CREF on behalf of
the Social Choice Account and only as set forth in Section 19 of this Agreement.
6. RECEIPT AND DELIVERY OF SECURITIES
From time to time CREF on behalf of the Social Choice Account will instruct Bank
to receive or deliver securities through Authorized Instructions as set forth in
Section 20. Such instructions may be continuing if agreed to by the parties. a.
In accordance with this Agreement, not- withstanding such instructions that
relate to settlement date entries, Bank agrees to receive such securities
against payment or exchange as directed in any Authorized Instructions and debit
cash held in a Deposit Account on behalf of the Social Choice Account only
against satisfactory delivery of securities. b. In accordance with this
Agreement, not- withstanding instructions that relate to settlement date
entries, Bank agrees to transfer, exchange, or deliver securities held by it
hereunder including, but not limited to, the following:
(1) for sales of such securities for the Social Choice Account upon
receipt by Bank of payment therefor;
(2) when such securities are called, redeemed or retired or
otherwise become payable;
(3) for examination by any broker selling any securities located in
the U.S. in accordance with "U.S. street delivery" custom, provided that in any
such case, Bank shall have
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no responsibility or liability for any loss arising from the delivery of such
securities prior to receiving payment for such securities except as may result
from Bank's negligence, misfeasance, or misconduct;
(4) in exchange for or upon conversion into other securities alone
or other securities and cash whether pursuant to any plan or merger,
consolidation, reorganization, recapitalization or readjustment, or otherwise;
(5) upon conversion of such securities pursuant to their terms into
other securities;
(6) upon exercise of subscription, purchase or other similar rights
represented by such securities;
(7) for the purpose of exchanging interim receipts or temporary
securities for definitive securities;
(8) upon receipt of payment in connection with any repurchase
agreement related to such securities entered into by the Social Choice Account;
(9) for delivery in connection with any loans of securities made by
the Social Choice Account, in accordance with the provisions of Section 12
herein;
(10) for other purely ministerial exchanges; or
(11) for other corporate purposes. As to any deliveries made by you
pursuant to Items (2), (4), (5), (6), (7) and (10), securities or cash
receivable in exchange therefor shall be deliverable to Bank.
c. Actual delivery of securities is to be made by
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Bank on the contractual settlement date only upon express instructions to
such effect, provided that:
(1) the securities are on deposit in a Custody Account for the
Social Choice Account; and
(2) the delivery instructions are received by Bank in timely
fashion.
e. Except as specifically otherwise stated in this Agreement, in any and
every case where payment for purchase of securities for the account of the
Social Choice Account is made by the Bank in advance of receipt of the
securities purchased in the absence of specific written instructions from CREF
on behalf of the Social Choice Account to so pay in advance, Bank shall be
liable for any loss to CREF for such securities to the same extent as if the
securities had been received by Bank.
f. Bank shall promptly furnish the Social Choice Account with advices or
notices of any receipts or deliveries of securities.
g. Bank will not be responsible for any act or omission, or for the
insolvency of any broker or agent selected by Bank to effect a transaction for
the account of the Social Choice Account; provided, however, Bank is not
negligent in the selection of such broker or agent.
7. DEPOSIT OF SOCIAL CHOICE ACCOUNT ASSETS IN A SECURITIES DEPOSITORY
Bank may deposit and maintain securities owned by the Social Choice
Account in a Securities Depository subject to the
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following provisions:
a. Bank may keep the Social Choice Account's securities in a
Securities Depository provided that such securities are represented in an
account of Bank ("Bank's Account") in Securities Depository which shall not
include any assets of Bank other than assets held as a fiduciary, custodian or
otherwise for customers;
b. The records of Bank will identify those securities of the
Social Choice Account held in a Securities Depository as being held in
book-entry form on behalf of the Social Choice Account;
c. Bank shall pay for securities purchased for the account of
the Social Choice Account upon (i) receipt of advice from the Securities
Depository that such securities have been transferred to Bank's Account, and
(ii) the making of an entry on the records of Bank to reflect such payment and
transfer for the account of the Social Choice Account. Bank shall transfer
securities sold for the account of the Social Choice Account upon (i) receipt of
advice from the Securities Depository that payment for such securities has been
transferred to Bank's Account, and (ii) the making of an entry on the records of
Bank to reflect such transfer and payment for the account of the Social Choice
Account.
d. Anything to the contrary in this Agreement notwithstanding,
Bank shall be liable to CREF for the benefit of the Social Choice Account for
any loss or damage to the Social
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Choice Account resulting from use of any Securities Depository by reason of any
negligence, misfeasance or misconduct of Bank or any of its agents or of any of
the employees of such Depository or Bank or from failure of Bank or any such
agent to enforce effectively such rights as it may have against a Securities
Depository; at the election of the CREF on behalf of Social Choice Account, it
shall be entitled to be subrogated to the rights of Bank with respect to any
claim against a Securities Depository or any other person which Bank may have as
a consequence of any such loss or damage if and to the extent that the Social
Choice Account has not been made whole for any such loss or damage.
8. SEGREGATED ACCOUNT
Bank shall upon receipt of Authorized Instructions from CREF on behalf
of the Social Choice Account establish and maintain a segregated account or
accounts for and on behalf of the Social Choice Account, into which account or
accounts may be transferred Cash and/or securities, including securities
maintained by Bank in a Securities Depository pursuant to Section 7 hereof: (a)
in accordance with the provisions of any agreement among CREF on behalf of the
Social Choice Account, Bank and a broker-dealer registered under the Exchange
Act and a member of the NASD (or any futures commission merchant registered
under the Commodity Exchange Act), relating to compliance with the rules of The
Options Clearing Corporation and of any registered national securities exchange
(or the Commodity Futures Trading Commission
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or any registered contract market), or of any similar organization or
organizations, regarding escrow or other arrangements in connection with
transactions by the Social Choice Account; (b) for purposes of segregating cash
or government securities in connection with options purchased, sold or written
by the Social Choice Account or commodity futures contracts or options thereon
purchased or sold by the Social Choice Account; (c) for the purposes of
compliance by the Social Choice Account with the procedures required by
Investment Company Act Release No. 10666, or any subsequent release or releases
of the Commission relating to the maintenance of segregated accounts by
registered investment companies; and (d) for other corporate purposes, BUT ONLY,
in the case of clause (d), upon receipt of Authorized Instructions from CREF on
behalf of the Social Choice Account.
9. DUTIES OF THE BANK WITH RESPECT TO PROPERTY OF THE SOCIAL CHOICE ACCOUNT
HELD OUTSIDE OF THE UNITED STATES
a. CREF on behalf of the Social Choice Account hereby
authorizes and instructs Bank to employ as Sub-Custodians for the Social Choice
Account's securities and other assets maintained outside the United States the
Foreign Banks and Foreign Depositories designated on a separate document
(together "Foreign Sub-Custodians"). Upon receipt of Authorized Instructions,
Bank and CREF on behalf of the Social Choice Account may agree to designate
additional, Foreign Sub-Custodians. Upon receipt of Authorized Instructions,
CREF on behalf of the Social Choice Account may instruct Bank to cease to
utilize any one or more
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Foreign Sub-Custodians on behalf of the CREF Social Choice Account.
b. Except as may otherwise be agreed upon in writing by Bank
and CREF, assets of the Social Choice Account shall be maintained in Foreign
Depositories only through arrangements implemented by Bank or by Foreign Banks
serving as Sub-Custodians on behalf of the Social Choice Account in accordance
with the terms hereof.
c. The Bank agrees that with respect to each Foreign
Sub-Custodian (i) the assets of the Social Choice Account will not be subject to
any right, charge, security interest, lien or claim of any kind in favor of the
Foreign Sub-Custodian or its creditors or agents, except a claim of payment for
their safe custody or administration; (ii) beneficial ownership of the assets of
the Social Choice Account will be freely transferable without the payment of
money or value other than for custody or administration; (iii) adequate records
will be maintained identifying the assets as belonging to the Social Choice
Account; (iv) officers of or auditors employed by, or other representatives of
Bank, including to the extent permitted under applicable law the independent
public accountants for the Social Choice Account, will be given access to the
books and records of the Foreign Sub-Custodian relating to its actions under its
agreement with Bank; (v) assets of the Social Choice Account held by the Foreign
Bank will be subject only to the instructions of Bank; and (vi) assets of the
Social Choice Account held by a
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Foreign Depository will be subject only to the instructions of Bank or Foreign
Bank.
d. With respect to assets maintained in a Foreign Depository,
except as otherwise required by such Foreign Depository or other applicable
regulations, Bank shall pay for securities purchased for the account of the
Social Choice Account upon (i) receipt of advice from the Foreign Depository
that such securities have been transferred to Bank's Account and (ii) the making
of an entry on the records of Bank to reflect such payment and transfer for the
account of the Social Choice Account. Bank shall transfer securities sold for
the account of the Social Choice Account upon (i) receipt of advice from the
Foreign Depository that payment for such securities had been transferred to
Bank's Account, and (ii) the making of any entry on the records of Bank to
reflect such transfer and payment for the account of the Social Choice Account.
e. Until bank receives Authorized Instructions to the
contrary, Bank will and will instruct each Foreign Sub-Custodian to take such
steps as may reasonably be necessary to secure or otherwise prevent the loss of
rights relating to any securities, Cash or other property; PROVIDED that it
shall be understood that the monitoring of investment data provided by a
recognized international investment data service by Bank will be deemed to
fulfill Bank's obligation under this Section 9.e.
f. Bank shall identify on its books as belonging to the Social
Choice Account the securities, Cash or other property
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held by each Foreign Sub-Custodian.
g. Bank will supply to the Social Choice Account from time to
time, as mutually agreed upon, statements in respect of the securities and other
assets held by Foreign Sub-Custodians, including but not limited to an
identification of entities having possession of the Social Choice Account's
securities and other assets and advices or notifications of any transfers of
securities to or from each Custody Account maintained by a Foreign Bank for Bank
on behalf of the Social Choice Account indicating, as to securities acquired for
the Social Choice Account, the identity of the entity having physical possession
of such securities. Bank shall furnish annually to the Social Choice Account,
during the month of [June], all relevant information necessary to enable CREF to
evaluate the Foreign Sub-Custodians employed by Bank. Such information shall be
similar in kind and scope to that furnished to the Social Choice Account in
connection with the initial approval of this agreement.
h. In addition, Bank will promptly inform the Social Choice
Account in the event that Bank learns of a material adverse change in the
financial condition of a Foreign Sub-Custodian or any material loss of the
assets of the Social Choice Account or is notified by such Foreign Sub-Custodian
that there appears to be a substantial likelihood that its shareholders' equity
will decline below $200 million (U.S. dollars or the equivalent thereof) or that
its shareholders' equity has declined below $200 million (in each case computed
in accordance with
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generally accepted U.S. accounting principles).
i. Anything to the contrary in this Agreement notwithstanding,
Bank shall be liable to CREF for the benefit of the Social Choice Account for
any loss or damage to the Social Choice Account resulting from use of any
Foreign Sub-Custodian by reason of any negligence, misfeasance or misconduct of
Bank or any of its agents or of any of the employees of such Sub-Custodian or
Bank or from failure of Bank or any such agent to enforce effectively such
rights as it may have against a Foreign Sub-Custodian; at the election of the
CREF on behalf of Social Choice Account, it shall be entitled to be subrogated
to the rights of Bank with respect to any claim against a Foreign Sub-Custodian
or any other person which Bank may have as a consequence of any such loss or
damage if and to the extent that the Social Choice Account has not been made
whole for any such loss or damage.
j. Notwithstanding any provision of this Agreement to the
contrary, settlement and payment for securities received for the account of the
Social Choice Account and delivery of securities maintained for the account of
the Social Choice Account may be effected in accordance with the customary
established securities trading or securities processing practices and procedures
in the jurisdiction or market in which the transaction occurs, including,
without limitation, delivering securities to the purchaser thereof or to a
dealer therefor (or an agent for such purchaser or dealer) against a receipt
with the
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expectation of receiving later payment for such securities from such purchaser
or dealer.
10. INCOME
a. Income on securities and cash held by Bank hereunder will
be credited automatically to a Deposit Account or Custody Account upon receipt
and in accordance with local market practices. Principal received in connection
with securities which mature or are redeemed shall be credited to a Deposit
Account or a Custody Account on the date such principal is received. All
collections of income or principal paid or distributed with respect to any
securities, Cash or other property shall be made at the risk of the Social
Choice Account, provided however, that Bank takes reasonable steps to collect
such income or principal and there is no negligence, misfeasance or misconduct
on the part of Bank.
b. Unless instructed otherwise, collections of income in
foreign currency are to be converted into United States dollars, and in
effecting such conversion Bank may use such methods or agencies as it may see
fit including its own facilities at prevailing rates. All risk and expense
incident to such collection of income regardless of the particular currency or
currencies involved is for the account of the undersigned, and Bank shall have
no responsibility for fluctuations in exchange rates affecting such conversion.
c. Unless and until Bank receives written instructions
to the contrary, it shall:
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(1) present for payment all coupons and
other income items held by it for the account of the Social Choice Account
which call for payment upon presentation and hold the cash received by
it upon such payment for the appropriate account;
(2) collect interest and cash dividends
received, with notice to CREF, for the Social Choice Account;
(3) hold for the Social Choice Account
all stock dividends, rights and similar securities issued with respect to any
securities held by Bank hereunder,
and with respect to stock dividends, it is hereby authorized to sell any
fractional interest and to credit the Deposit Account with the proceeds thereof;
and
(4) with respect to any dividend
reinvestment plan in which the Social Choice Account participates, and as to
which Bank has been so notified, it agrees to acquire and hold hereunder the
appropriate number of shares issuable under such plan in lieu of the cash
dividend.
d. Any dividends or interest automatically credited to the
Deposit Accounts which are not subsequently collected by Bank from the
corporation making such payment will be reimbursed to Bank and Bank may debit
the Deposit Accounts for this purpose.
11. REGISTRATION
Securities which are eligible for deposit in Securities Depositories or
Foreign Depositories may be maintained in Bank's Account with such Depositories.
Subject to the aforesaid
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provision, Bank will register all securities (except such as are in bearer form)
in the name of its nominee or the nominee of the Securities Depository or
Foreign Depository, unless alternate registration instructions are furnished by
CREF. Bank will retain and have available at all times for inspection by
regulatory authorities evidence that its nominee is registered as required by
the laws and regulations of the United States and the State of New York, as
appropriate. All such agents shall be appointed in conformance with Section 21.
The Social Choice Account agrees to hold such nominee harmless from any
liability as a holder of record of such securities and will have the same
responsibility as if the securities were registered in the name of the Social
Choice Account. The foregoing shall not relieve Bank of its responsibilities or
liabilities hereunder.
12. PROVISIONS RELATING TO SECURITIES LENDING
a. From time to time CREF on behalf of the Social Choice Account shall
designate in an Authorized Instruction securities held by Bank in its Custodial
Account to be loaned to specified borrowers ("Borrowers"). Such securities shall
be termed the "Loaned Securities". This Section shall apply to and shall be
controlling solely with respect to such Loaned Securities and lending services
relating thereto. Loaned Securities which are returned by the Borrower to Bank
shall upon receipt thereof constitute securities and property held by Bank to
which the provisions of this Agreement shall be applicable unless otherwise
provided herein.
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b. From time to time CREF on behalf of the Social Choice Account will
provide Bank with Authorized Instructions regarding the delivery or return of
Loaned Securities. In this connection, Bank is authorized and directed, all in
accordance with such instructions to promptly:
(1) Deliver the Loaned Securities to the Borrower for the Social
Choice Account, against receipt by Bank of collateral in respect of such Loaned
Securities (the "Collateral"), in the form and amount specified in such
instructions. Bank shall promptly place the specified Collateral in a Deposit or
Custody Account and promptly notify CREF on behalf of the Social Choice Account
of such transaction.
(2) Receive Loaned Securities being returned by Borrower in the form
and amount specified in the Authorized Instructions. Upon satisfactory delivery
of such Loaned Securities, Bank shall debit the defined Collateral from CREF's
Deposit Account in accordance with such instructions and pay or redeliver the
specified Collateral to Borrower and promptly notify CREF on behalf of the
Social Choice Account of such transaction.
(3) Release to Borrower any excess Collateral or receive Collateral
from Borrower as specified in instructions issued by CREF on behalf of the
Social Choice Account. Bank shall promptly transmit the specified Collateral to
be released, or accept delivery and transmit Collateral received to a Deposit
Account, as the case may be, and notify CREF on behalf of the
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Social Choice Account of such transmittal or receipt. Bank shall debit or credit
the defined Collateral from the Deposit Account, as appropriate.
c. Where Bank has received Authorized Instructions from CREF indicating
that CREF has previously received adequate Collateral covering contemplated
loans, Bank is authorized to deliver Loaned Securities "Free of Payment" upon
express direction from CREF with respect to designated Loaned Securities. A list
of authorized Borrowers who are eligible to receive such Loaned Securities will
be signed by any two Authorized Officers, with the title of Chairman, President,
Executive Vice President and Treasurer, or by any one of these officers together
with any CREF officers with the title of Senior Vice President or Vice
President, in accordance with paragraph b. of Section 20.
d. CREF on behalf of the Social Choice Account shall also provide Bank
with written instructions regarding Loaned Securities for which CREF has
previously received adequate Collateral and their delivery "Free of Payment" to
designated Borrowers in accordance with paragraph c. hereof or the return of
Loaned Securities. Bank shall be authorized, in accordance with such written
instructions, to:
(1) Deliver the Loaned Securities, "Free of Payment" to the listed
Borrower, and
(2) Receive Loaned Securities specified in our instructions.
Bank shall promptly advise CREFon behalf of the Social
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Choice Account of the completion of any such specified transaction.
e. Bank agrees to receive from the Borrower any income, dividends,
and/or distributions made by the issuer with respect to the Loaned Securities,
and to credit the Deposit Account or Custody Account when such amounts and
properties are received from the Borrower in accordance with the provisions of
Section 10.
f. Bank shall be responsible for the Collateral and Loaned Securities in
its possession and for the handling and servicing of such property in accordance
with written instructions. Bank is hereby designated to acquire possession of
Collateral on behalf of the Social Choice Account and to act as bailee or
financial intermediary (as defined in the Uniform Commercial Code of the State
of New York, as amended the "UCC"), as the case may be, to enable CREF on behalf
of the Social Choice Account to perfect and maintain perfection of a security
interest in such Collateral, pursuant to the provisions of the UCC or other
applicable laws, as amended from time to time. It is understood that Bank shall
not be responsible for obtaining or perfecting CREF's security interest in the
Collateral other than in accordance with the preceding sentence and the
instructions regarding delivery and receipt, and shall not be responsible to
advise CREF of the steps necessary to obtain or perfect such interest or for
effecting any statutory filing, unless mutually agreed upon at such time. Under
no circumstances and in no event
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shall Bank have or be charged with any responsibility or liability for (i) the
credit worthiness or continued credit worthiness of any Borrower, (ii) the
adequacy or value of any Collateral in connection with any loan of securities,
(iii) the failure of the Borrower to pay any income, dividend and/or
distribution made by the issuer on the Loaned Securities, or (iv) any act taken
by it in accordance with the direction of the Social Choice Account, or omitted
by it in the absence of such direction.
g. Bank shall report as assets of its Custody Account property which is
Loaned Securities that have previously been delivered to Borrowers and hence are
not in Bank's possession. Bank shall have no responsibility or liability
whatsoever with respect to such Loaned Securities and shall perform no services
with respect thereto, except as specifically set forth herein.
h. Bank shall provide to CREF a Report of Assets Held which shall
include all Loaned Securities (whether or not such securities are in the
possession of Borrowers) designated in such report to indicate that the same is
reported on a memorandum entry basis or on such other basis as shall be mutually
agreed upon. Bank shall also provide to CREF all information and data specified
in paragraphs a., b., c. and f. of Section 15, and such further information
concerning the Loaned Securities and Collateral, so that CREF may properly
account for and segregate such property. Bank shall furnish CREF with all such
other reports and information as CREF shall reasonably request. Bank
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shall furnish CREF with all reports and information pursuant to this
Amendment within a reasonable time after request therefor.
13. VOTING AND OTHER ACTION
No person may vote (other than pursuant to Authorized Instructions) any
securities held by Bank hereunder. Bank will promptly transmit to CREF, or
direct to be transmitted to CREF, all notices, proxies and proxy soliciting
materials with respect to securities held by it hereunder, which proxies will be
executed by the registered holder thereof if registered otherwise than in the
name of CREF or the Social Choice Account, but without indicating the manner in
which such proxies are to be voted.
Bank will promptly transmit to CREF all written information (including,
without limitation, pendency of calls and maturities of securities and
expirations of rights in connection therewith) received by it from the issuers
of securities of other property held by it hereunder. With respect to tender or
exchange offers, Bank will promptly transmit to CREF all written information
received by it from issuers of the securities or other property whose tender or
exchange is sought and from the party (or his agents) making the tender or
exchange offer.
14. FEES AND EXPENSES
Bank will be compensated for the services rendered under this Agreement and
reimbursed for out-of-pocket expenses through arrangements negotiated between
CREF on behalf of the Social Choice Account and Bank from time to time.
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15. RECORDS, AFFIDAVITS AND REPORTS
With respect to the securities and other property held by Bank hereunder,
Bank agrees:
a. To maintain records sufficient to verify information CREF is
required to report in Schedule D of the Annual Statement Blank of the Insurance
Department of the State of New York ("Insurance Department") as amended from
time to time, which records will consist of a list of such securities showing a
complete description of each issue, including the number of shares and par value
of securities so held at the end of such month and such other information as may
be required by such report or any other report required by the Insurance
Department;
b. To maintain records regarding transactions and related activities
described in Sections 4, 5, 6, 7, 8, 9, 10, 11 and 12 sufficient to verify the
accuracy of regular monthly and other reports and income received on such
securities and other property;
c. To maintain records sufficient to verify information relating to
Cash held by Bank, including but not limited to (i) the purchase of foreign
currency contracts, (ii) the maintenance of foreign currency accounts on behalf
of CREF in the possession and custody of Bank, its branches or other entities
located outside the United States, and (iii) any reports submitted to CREF
relating to its Cash;
d. To create, maintain and preserve all reports and
- 26 -
<PAGE>
records relating to Bank's activities and obligations under this Agreement as
provided for in this Section in such manner as will meet the requirements of the
1940 Act, including Section 31 thereof and Rules 31a-1 and 31a-2 thereunder and
the Exchange Act, including Section 17 thereof and Rules 17a-3 and 17a-4
thereunder, and to file a written undertaking with the Commission as will meet
the requirements of Rule 17a-4(i) to the effect that such records are the
property of the Social Choice Account and will be surrendered to the Social
Choice Account promptly upon request;
e. To permit examination of such books and records as provided for in
this Section at any time or from time to time during business hours as provided
for in Section 16 by representatives or designees of the Commission, and to
promptly furnish to the Commission or its designees true, correct, complete and
current hard copy of any or all or any part of such books and records;
f. To furnish the Social Choice Account with the appropriate
affidavit(s) in the form of Exhibit A, attached hereto or in such other form as
may be submitted to Bank by CREF on behalf of the Social Choice Account from
time to time which is acceptable to the Insurance Department or any other state
or federal governmental agency having jurisdiction over CREF, in order for the
securities and other property referred to in such affidavit(s) to be recognized
as admitted assets of CREF and in order for CREF to comply with any other
requirements of such
- 27 -
<PAGE>
Department or agencies;
g. To furnish the Social Choice Account with any report obtained by Bank
on a Securities Depository's or Foreign Sub-Custodians system of internal
accounting control; and to furnish the Social Choice Account with such reports
on Bank's system of internal accounting control as CREF on behalf of the Social
Choice Account may reasonably require;
h. To furnish all such other reports and information as shall be
reasonably requested by CREF on behalf of the Social Choice Account relating to
all property held by Bank on the Social Choice Account's behalf pursuant to the
terms of this Agreement; and
i. That all such information, records, reports, and affidavits
maintained or held by Bank pursuant to this Section remain the property of
Social Choice Account and copies of all such information will be surrendered to
Social Choice Account within a reasonable time after request therefor.
j. The specific records, reports and affidavits required in a. through
i. above shall be set forth in a separate document which may be modified from
time to time by agreement of the parties to this Agreement.
16. RECONCILIATION OF STATEMENTS OR ADVICES
CREF agrees that it will reconcile statements and advices sent by mail
or electronic media and that all such statements and advices will be considered
final sixty days from the date of dispatch unless CREF has notified Bank orally
or in writing
- 28 -
<PAGE>
regarding any questions or problems.
17. ACCESS
a. During the course of Bank's regular banking hours, any duly
authorized officer, employee or agent of CREF, any independent accountants
selected by CREF, any member of the Insurance Department, and any representative
or designee of the Commission or other governmental agencies having jurisdiction
over CREF, shall be entitled to examine, on Bank's premises, securities and
records of all securities, Cash and other property held by Bank, its branches,
or other entities hereunder and its books and records pertaining to its actions
under this Agreement, but only upon furnishing Bank with one day notice of such
examination signed by a duly authorized officer of CREF. Bank's books and
records used in connection with CREF's indirect participation in a depository or
other entities, to the extent that they relate to depository, custodial or other
services rendered to CREF by Bank, pursuant to this Agreement, shall at all
times during Bank's regular business hours to be open to inspection by duly
authorized employees or agents of CREF, or governmental agencies having
jurisdiction over CREF, but only upon furnishing Bank with one day's notice to
that effect as specified in the preceding sentence.
b. Upon receiving a request from CREF, Bank agrees that it will take
such steps as are within its power to enable any of the aforementioned officers,
accountants, employees, agents and members of CREF, the Insurance Department,
the
- 29 -
<PAGE>
Commission or other governmental agencies having jurisdiction over CREF, to
inspect and examine securities and other property of CREF and books and
records of such property not located on Bank's premises, which property
and records are held on CREF's behalf by its branches or other entities pursuant
to this Agreement.
18. EXEMPTION FROM INCOME TAX
a. CREF is exempt from the payment of United States income tax. Upon
receipt of documentation evidencing CREF's tax exempt status, Bank is hereby
authorized and empowered as CREF's agent to sign in its name any certificate of
ownership or other certificate which is or may be required by any regulations of
the Internal Revenue Service, the laws of any state, or other authority of the
United States.
b. To enable Bank properly to execute the certificate described in
a. above, CREF hereby certifies that CREF is a corporation duly organized and
existing under the laws of the State of New York, having its principal place of
business in the City of New York. CREF's Employer Identification No. is
136022042.
19. AMENDMENTS
No amendment or change to this Agreement shall be authorized by CREF on
behalf of the Social Choice Account without the written consent signed by an
officer with the title of either Chairman or President and any officer with the
title of Executive Vice President or Treasurer and accepted in writing by Bank.
- 30 -
<PAGE>
20. AUTHORIZATION
a. Except as otherwise provided for in this Agreement, written
instructions by CREF hereunder shall be signed by any two of its Authorized
Officers specified in a separate list for this purpose which will be furnished
to Bank from time to time signed by the treasurer or any assistant treasurer and
by the secretary or any assistant secretary as certified under the corporate
seal of CREF. Such instructions are referred to herein as "Authorized
Instructions". Upon receipt of written instructions pursuant to paragraph b.,
below accompanied by a detailed description of procedures approved by such
instructions, Authorized Instructions may include communications effected
directly between electro-mechanical or electronic devices provided that CREF and
Bank are satisfied that such procedures afford adequate safeguards for the
Social Choice Account's assets.
b. Where expressly provided for in Section 12.c. and 20.a. herein or
in connection with the delivery of securities or other property "Free of
Payment," written instructions shall be acted upon only if received in writing
manually signed by any two of such Authorized Officers with the title Chairman,
President, Executive Vice President, or Treasurer, or by any one of those
officers together with any CREF officer with the title Senior Vice President or
Vice President.
c. Bank shall not be liable for any action taken in good faith upon
Authorized Instructions or upon written
- 31 -
<PAGE>
instructions pursuant to b., above, and may rely on such documents that it in
good faith believes to be validly executed.
21. APPOINTMENT OF AGENTS
The Bank may at any time or times in its discretion appoint (and may at
any time remove) any other bank or trust company which is itself qualified under
the 1940 Act, as amended, to act as a custodian, as its agent to carry out such
of the provisions of this Agreement as the Bank may from time to time direct;
provided, however, that the appointment of any agent shall not relieve the Bank
of its responsibilities or liabilities hereunder.
22. NOTICES
a. Official receipts and advices of all types relating to the
securities, cash or other property held by Bank hereunder will be prepared by
Bank, in duplicate, and forwarded to the particular divisions of CREF on behalf
of the Social Choice Account indicated in a separate listing which the treasurer
will furnish to Bank from time to time.
b. Written notices hereunder shall be hand-delivered or mailed first
class, addressed, if to Bank, at 60 Wall Street New York, New York 10015, or if
to CREF, at 730 Third Avenue, New York, New York 10017, Attention: Treasurer.
Written notice of (i) termination of this Agreement, (ii) termination of Bank's
participation in DTC or any other securities depository, (iii) changes in Bank's
designation of any of its branches or Sub-Custodians having custody of any of
the Social Choice Account's
- 32 -
<PAGE>
assets under this Agreement, or (iv) changes in Bank's insurance coverage, shall
be sent by hand or by first-class mail; provided, however, that any such notice
pursuant hereto shall not constitute approval by CREF of any such termination,
change or designation nor shall such notice relieve Bank of its responsibilities
hereunder.
c. Any notice so addressed, hand delivered and mailed shall be deemed
to be given on whichever of the following dates shall first occur: (i) the date
of actual receipt thereof, (ii) the fifth day next following the date mailed, or
(iii) if the substance thereof is communicated by hand delivery or certified
mail, the date so delivered or mailed.
22. TERMINATION OR ASSIGNMENT
This Agreement may be terminated by either party on sixty days' written
notice sent by certified mail. Upon any termination of this Agreement, pending
appointment of a successor to Bank or a vote of the participants of CREF to
dissolve or to function without a custodian of its cash, securities or other
property, Bank shall deliver Cash, securities or other property to a bank or
trust company selected by CREF on behalf of the Social Choice Account having an
aggregate capital, surplus and undivided profits, as shown by its last published
report of not less than five hundred thousand dollars ($500,000) as a custodian
for CREF to be held under terms similar to those of this Agreement; provided,
however, that Bank shall not be required to make any such delivery or payment
until full payment shall have
- 33 -
<PAGE>
been made by CREF on behalf of the Social Choice Account of all liabilities
constituting a charge on or against the properties then held by Bank or on or
against it, and until full payment shall have been made to Bank of all fees,
compensation, costs and expenses, subject to the provisions of Section 14 of
this Agreement.
This Agreement may not be assigned by Bank without the consent of CREF,
authorized or approved by a resolution of CREF's trustees.
23. EFFECT OF HEADINGS
The Section headings herein are for convenience only and shall not affect
the construction thereof.
24. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the
law of the State of New York.
- 34 -
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
ON BEHALF OF SOCIAL CHOICE MARKET
ACCOUNT
BY:__________________________________
Thomas W. Jones
President
BY:__________________________________
Richard J. Adamski
Vice President and
Treasurer
MORGAN GUARANTY TRUST COMPANY OF
NEW YORK
BY:__________________________________
BY:__________________________________
- 35 -
PRINCIPAL UNDERWRITING AND ADMINISTRATIVE SERVICE AGREEMENT
The Agreement made this 17th day of December, 1991, by and
between the COLLEGE RETIREMENT EQUITIES FUND ("CREF"), a New York nonprofit
membership corporation, and TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, INC.
("Services"), a Delaware nonprofit corporation;
WITNESSETH:
WHEREAS, CREF is a nonprofit corporation which issues variable
annuity certificates (the "Certificates") designed for use under retirement and
tax-deferred annuity plans adopted by nonproprietary and nonprofit education or
research institutions that are tax exempt or which are publicly supported, and
to be used by employees and beneficiaries of nonproprietary and nonprofit
education or research institutions that are tax exempt or which are publicly
supported for tax-favored retirement savings arrangements; and
WHEREAS, CREF is registered as an open-end distribution
investment company under the Investment Company Act of 1940 ("1940 Act"), and
currently consists of four investment portfolios (the "Accounts"): the Stock
Account, the Money Market Account, the Bond Market Account, and the Social
Choice Account, and may consist of additional investment portfolios in the
future; and
WHEREAS, Services is registered as a broker-dealer under the
Securities Exchange Act of 1934 (the "1934 Act") and
-1-
<PAGE>
will become a member of the National Association of Securities Dealers, Inc.(the
"NASD"); and
WHEREAS, CREF has registered the Certificates under the
Securities Act of 1933 (the "1933 Act") and proposes to issue and sell the
Certificates through Services, which shall act as principal underwriter of the
Certificates.
NOW, THEREFORE, in consideration of the mutual covenants
herein contained, it is agreed as follows:
1. DISTRIBUTION SERVICES
(a) CREF grants to Services the exclusive right,
during the term of this Agreement, subject to the requirements of the 1933 Act,
the 1940 Act, the 1934 Act, and the provisions of the Charter, Constitution and
By-Laws of CREF, to be the principal underwriter of the Certificates. Pursuant
to this Agreement, Services is authorized to act on behalf of CREF and enter
into arrangements in connection with the distribution of CREF's Certificates and
the administration of CREF. Services agrees to use its best efforts to
distribute the Certificates, to advise existing participants in connection with
their CREF accumulations, and to provide assistance in designing, installing,
and providing administrative services for retirement plans for participating
institutions and participants.
(b) To the extent necessary to offer the
Certificates, Services shall be duly registered or otherwise qualified under the
securities laws of any state or other jurisdiction. The sales representatives of
Services shall be duly and
-2-
<PAGE>
appropriately licensed, registered or otherwise qualified for the sale of
such Certificates under the federal securities laws, any applicable state
insurance laws and securities laws of each state or other jurisdiction in which
such Certificates may lawfully be sold and in which Services is licensed or
otherwise authorized to sell the Certificates. Services shall be responsible for
the training, supervision and control of its registered representatives for the
purposes of the NASD Rules of Fair Practice and federal and state securities law
requirements applicable in connection with the offering and sale of the
Certificates. In this connection, Services shall retain written supervisory
procedures in compliance with Section 27 of the NASD Rules of Fair Practice.
(c) Services agrees to offer the Certificates for
sale in accordance with the prospectuses therefor filed with the Securities and
Exchange Commission (the "Commission") then in effect.
(d) No payments made under the Certificates shall
be paid or remitted to Services.
2. BOOKS AND RECORDS
(a) CREF and Services shall cause to be maintained
and preserved all required books of account and related financial records as are
required by the 1934 Act, the NASD, and any other applicable laws and
regulations. All such books of account and records shall be maintained and
preserved pursuant to Rules 17a-3 and 17a-4 under the 1934 Act (or the
correspondent provisions of any future federal securities laws or regulations).
All such
-3-
<PAGE>
books and records relating to the underwriting, sales, and distribution of the
Certificates shall be the property of Services for all purposes.
(b) Services shall have the responsibility for
maintaining the records of sales representatives licensed, registered and
otherwise qualified to sell the Certificates.
3. REPORTS
Services shall cause CREF to be furnished with such reports as
CREF may reasonably request for the purpose of meeting its reporting and
recordkeeping requirements under the insurance laws of the State of new York and
any other applicable states or jurisdictions.
4. ADMINISTRATIVE SERVICES
Subject to the supervision, direction and control of the Board
of Trustees of CREF ("Trustees"), and the provisions of the Charter,
Constitution, and By-Laws of CREF, Services will, directly or through its
agents, perform all administrative services in connection with the operation of
CREF, other than such services as are provided in connection with the management
of CREF's assets. These services include allocating premiums and making annuity
payments as they become due and related functions.
Nothing in this Section shall be construed to restrict CREF's
ability, at its own expense, to hire its own employees or to contract for
services to be performed by third parties.
-4-
<PAGE>
5. REIMBURSEMENTS
Services shall be responsible for all expenses in connection
with furnishing distribution and administrative services to CREF. CREF shall
reimburse Services for the cost of such services and the amount of such expenses
through daily payments (as described below) based on an annual rate agreed upon
from time to time between CREF and Services reflecting estimates of the cost of
such services and expenses with the objective of keeping the payments as close
as possible to actual expenses. As soon as is practicable after the end of each
quarter (usually within 30 days), the amount necessary to correct any
differences between the payments and the expenses actually incurred will be
determined. This amount will be paid by or credited to Services, as the case may
be, in equal daily installments over the remaining days in the quarter.
(a) For the services rendered and expenses incurred
in connection with distribution of the Certificates as provided herein, the
amount currently payable from the net assets of each Account each Valuation Day
for each Calendar Day of the Valuation Period ending on that Valuation Day will
be .0000822% (corresponding to an annual rate of 0.03% of average daily net
assets).
(b) For the services rendered and expenses incurred
in connection with administration as provided herein, the amount currently
payable from the net assets of each Account each Valuation Day for each Calendar
Day of the Valuation Period
-5-
<PAGE>
ending on that Valuation Day will be .0006027% (corresponding to an annual rate
of 0.22% of average daily net assets).
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall each be defined as specified in CREF's
current Registration Statements.
6. REGULATION
(a) This Agreement shall be subject to the
provisions of the 1940 Act, the 1934 Act and the rules, regulations and ruling
thereunder, and of the NASD, as in effect from time to time, including such
exemptions and other relief as the Commission, its staff, or the NASD may grant,
and the terms hereof shall be interpreted and construed in accordance therewith.
Without limiting the generality of the foregoing, the term "assigned" shall not
include any transactions exempted from Section 15(b)(2) of the 1940 Act.
(b) Services shall submit to all regulatory and
administrative bodies having jurisdiction over the present and future operations
of CREF or the Accounts, any information, reports or other material which any
such body by reason of this Agreement may request or require pursuant to
applicable laws or regulations. Without limiting the generality of the
foregoing, Services shall furnish the SEC, the State of New York Secretary of
State and/or the Superintendent of Insurance with any information or reports
which the SEC, the Secretary of State and/or the Superintendent of Insurance may
request in order to ascertain
-6-
<PAGE>
whether the operations of CREF are being conducted in a manner consistent with
any other applicable laws or regulations.
(c) Services shall for all purposes herein provided
be deemed to be an independent contractor and shall, unless otherwise expressly
provided or authorized herein, have no authority to act for or represent CREF in
any way or otherwise be deemed an agent for CREF.
7. INVESTIGATION AND PROCEEDINGS
(a) CREF and Services agree to cooperate fully in
any insurance or securities regulatory inspection, inquiry, investigation or
proceeding or any judicial proceeding with respect to CREF, Services, their
affiliates and their representatives to the extent that such inspection,
inquiry, investigation or proceeding is in connection with the Certificates
distributed under this Agreement.
(b) In the case of a customer complaint, Services
and CREF will cooperate in investigating such complaint and shall arrive at a
mutually satisfactory response.
8. LIMITATION OF LIABILITY
Services shall not be liable for any error of judgment or
mistake of law, or for any loss suffered by CREF in connection with the matters
to which this Agreement relates, except loss resulting from willful misfeasance,
bad faith or gross negligence on the part of Services in the performance of its
obligations and duties or by reason of its reckless disregard of its obligations
and duties under this Agreement. CREF shall not be liable for
-7-
<PAGE>
any error of judgment or mistake of law, or for any loss suffered by Services in
connection with the matters to which this Agreement relates, except loss
resulting from willful misfeasance, bad faith or gross negligence on the part of
CREF in the performance of its obligations and duties or by reason of its
reckless disregard of its obligations and duties under this Agreement. It is
understood that trustees, officers, agents and members of CREF are or may become
interested in Services as trustees, officers, agents, members, or otherwise, and
that the trustees, officers, agents, and members of Services may become
similarly interested in CREF; and that the existence of any such dual interest
shall not affect the validity of this Agreement or any transaction hereunder
except as provided in the Charter, Constitution, or By-Laws of CREF and
Services, respectively, or by the specific provisions of applicable law.
9. BENEFIT
This Agreement shall inure to the benefit of and be binding
upon the successors of the parties hereto.
10. NOTICES
All notices and other communications provided for hereunder
shall be in writing and shall be delivered by hand or mailed first class,
postage prepaid, addressed as follows:
(a) If to CREF -
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017
Attention: Clifton R. Wharton, Jr.
-8-
<PAGE>
(b) If to Services -
TIAA-CREf Individual & Institutional
Services, Inc.
730 Third Avenue
New York, New York 10017
Attention: John J. McCormack
or to such other address as CREF or Services shall designate by written notice
to the other.
11. EFFECTIVE DATE AND TERM
This Agreement shall not become effective unless and until it
is approved by the Trustees, including a majority of Trustees who are not
parties to this Agreement or "interested persons" (as that term is defined in
the 1940 Act) of any such party to this Agreement. This Agreement shall come in
full force and effect on a date mutually agreed upon by the parties, but in no
event earlier than the date all regulatory approvals necessary for the
externalization of CREF's distribution and administrative services have been
obtained. Thereafter, this Agreement shall continue in effect for a period more
than two years from the date of its execution, only if its continuance is
approved annually by the vote of a majority of the Trustees who are not
"interested persons (as that term is defined in the 1940 Act) of any party to
this Agreement, cast in person at a meeting called for the purpose of voting on
such approval.
This Agreement may be terminated:
(a) by the Trustees, without the payment of any penalty,
upon 60 days' written notice to Services;
-9-
<PAGE>
(b) by Services, without the payment of any penalty, upon 60
days' written notice to the Trustees; and
(c) at any time, upon the mutual consent of the parties
thereto. This Agreement shall terminate automatically in the
event of its assignment.
This Agreement may be amended, changed, waived, or discharged
as mutually agreed upon in writing by the parties from time to time; provided,
however, that any amendment of this Agreement shall not be effective until
approved by a majority of the Trustees, including a majority of Trustees who are
not parties to this Agreement or "interested persons" (as that term is defined
in the 1940 Act) of any such party to this Agreement.
Upon termination of this Agreement, all authorizations, rights
and obligations shall cease except (i) the obligation to settle accounts
hereunder, and (ii) the agreements contained in Section 7 hereof.
12. SEVERABILITY
If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of the
Agreement shall not be affected thereby.
13. APPLICABLE LAW
This Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of New York.
-10-
<PAGE>
14. COUNTERPARTS
This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which shall be deemed one
instrument.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the day and year first above written.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
______________________ By:_____________________________
Title: Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:______________________________
Title: Title:
-11-
<PAGE>
ADDENDUM
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services, Inc. and the College Retirement Equities
Fund, dated December 17, 1991, the parties to the Agreement mutually agree that
the Agreement shall come into full force and effect on January 1, 1992.
IN WITNESS WHEREOF, the College Retirement Equities Fund and
TIAA-CREF Individual & Institutional Services, Inc. have caused this Addendum to
the Agreement to be executed in their names and on their behalf and under their
trust and corporate seals by and through their duly authorized officers on the
day and year first above written.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title: Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:_______________________________
Title: Title:
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services,Inc. ("Services") and the College Retirement
Equities Fund ("CREF"), dated December 17, 1991, and resolution of the majority
of Trustees of CREF, including a majority of Trustees who are not parties to the
Agreement or "interested persons" (as that term is defined in the Investment
Company Act of 1940) of any such party to the Agreement, the parties to the
Agreement mutually agree that the Agreement shall be amended as set forth below,
effective concurrent with the effectiveness of the post-effective amendment
which is the 1992 annual update to the Registration Statement for CREF's
variable annuity certificates, except as otherwise noted below:
1. The second "Whereas" clause is amended to read as
follows:
WHEREAS, CREF is registered as an open-end management investment
company under the Investment Company Act of 1940 ("1940 Act"), and currently
consists of five investment portfolios (the "Accounts"): the Stock Account, the
Money Market Account, the Bond Market Account, the Social Choice Account, and
the Global Equities Account, and may consist of additional investment portfolio
in the future; and
2. Paragraph 5 of the Agreement is amended to read as follows:
5. REIMBURSEMENT
Services shall be responsible for all expenses in connection with
furnishing distribution and administrative services to CREF. CREF shall
reimburse Services for the cost of such services and the amount of such expenses
through daily payments (as described below) based on the expense deduction rates
and other charges agreed upon from time to time between CREF and Services
reflecting estimates of the cost of such services and expenses with the
objective of keeping the payments as close as possible to actual expenses. As
soon as is practicable after the end of such quarter (usually within 30 days),
the amount necessary to correct any differences between the payments and the
expenses actually incurred will be determined. This amount will be paid by or
credited to Services, as the case may be, in equal daily installments over the
remaining days in the quarter.
(a) For the services rendered and expenses incurred in
connection with distribution of the Certificates as provided herein, the amount
currently payable from the net assets of each Account other than the Global
Equities Account (and, effective July 1, 1992, the amount payable from the
net assets of the Global Equities Account) each Valuation Day for each Calendar
Day of the Valuation Period ending on that Valuation Day will be .0000822%
<PAGE>
(corresponding to an annual rate of 0.03% of average daily net assets).
(b) For the services rendered and expenses incurred in
connection with administration as provided herein:
(i) the amount currently payable from the net
assets of each Account other than the Global Equities Account (and, effective
July 1, 1992, the amount payable from the net assets of the Global Equities
Account) each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be .0005205% (corresponding to an annual rate of
0.19% of average daily net assets); and
(ii) effective January 1, 1993, or as soon
thereafter as practical, the amount payable from the net assets of CREF shall be
$15.00 in the aggregate for each external transfer made under a Certificate in
excess of four external transfers under such Certificate during a calendar year.
This $15.00 deduction shall be allocated equally among all the CREF Accounts
from which amounts were transferred.
For purposes of this Agreement, "Valuation Day," "Calendar Day," and
"Valuation Period" shall be defined as specified in CREF's current Registration
Statements.
IN WITNESS WHEREOF, CREF and Services have caused this Amendment to the
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals by and through their duly authorized officers
effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:_______________________________
Title:
-2-
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services,Inc. ("Services") and the College Retirement
Equities Fund ("CREF"), dated December 17, 1991, as thereafter amended, and
pursuant to resolution of a majority of the Trustees of CREF, including a
majority of Trustees who are not parties to the Agreement or "interested
persons" (as that term is defined in the Investment Company Act of 1940) of any
such party to the Agreement, the parties to the Agreement mutually agree that
the Agreement shall be amended as set forth below, effective concurrent with the
effectiveness of the post-effective amendment which is the 1993 annual update to
the Registration Statement for CREF's variable annuity certificates, except as
otherwise noted below:
1. Paragraph 5 of the Agreement is amended to read as follows:
5. REIMBURSEMENT
Services shall be responsible for all expenses in connection
with furnishing distribution and administrative services to CREF. CREF shall
reimburse Services for the cost of such services and the amount of such expenses
through daily payments (as described below) based on the expense deduction rates
and other charges agreed upon from time to time between CREF and Services
reflecting estimates of the cost of such services and expenses with the
objective of keeping the payments as close as possible to actual expenses. As
soon as is practicable after the end of such quarter (usually within 30 days),
the amount necessary to correct any differences between the payments and the
expenses actually incurred will be determined. This amount will be paid by or
credited to Services, as the case may be, in equal daily installments over the
remaining days in the quarter.
(a) For the services rendered and expenses incurred in
connection with distribution of the Certificates as provided herein, the amount
currently payable from the net assets of each Account each Valuation Day for
each Calendar Day of the Valuation Period ending on that Valuation Day will be
.0000822% (corresponding to an annual rate of 0.03% of average daily net
assets).
(b) For the services rendered and expenses incurred in
connection with administration as provided herein the amount currently payable
from the net assets of each Account each Valuation Day for each Calendar Day of
the Valuation Period ending on that Valuation Day will be .0005479%
(corresponding to an annual rate of 0.20% of average daily net assets).
<PAGE>
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statements.
IN WITNESS WHEREOF, CREF and Services have caused this
Amendment to the Agreement to be executed in their names and on their behalf and
under their trust and corporate seals by and through their duly authorized
officers effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:_______________________________
Title:
-2-
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services,Inc. ("Services") and the College Retirement
Equities Fund ("CREF"), dated December 17, 1991, as thereafter amended, and
pursuant to resolution of a majority of the Trustees of CREF, including a
majority of Trustees who are not parties to the Agreement or "interested
persons" (as that term is defined in the Investment Company Act of 1940) of any
such party to the Agreement and have no direct or indirect financial interest in
the operation of CREF's distribution financing arrangement ("Plan") or in any
agreements related to the Plan, the parties to the Agreement mutually agree that
the Agreement shall be amended as set forth below, and approve the Agreement as
so amended, effective, except as otherwise noted below, upon execution of this
amendment by each party to the Agreement.
1. The second "Whereas" clause is amended to read as
follows:
WHEREAS, CREF is registered as an open-end management
investment company under the Investment Company Act of 1940 ("1940 Act"), and
currently consists of seven investment portfolios (the "Accounts"): the Stock
Account, the Money Market Account, the Bond Market Account, the Social Choice
Account, the Equity Index Account and the Global Equities Account, and may
consist of additional investment portfolio in the future; and
2. Paragraph 3 of the Agreement is amended to read as
follows:
3. REPORTS
Services shall cause CREF to be furnished with such
reports as CREF may reasonably request for the purpose of
meeting its reporting and recordkeeping requirements under the
insurance laws of the State of new York and any other
applicable states or jurisdictions and under the provisions of
the 1933 Act, the 1934 Act and the 1940 Act and the rules
thereunder.
3. Paragraph 11 of the Agreement is amended to read as
follows:
<PAGE>
11. EFFECTIVE DATE AND TERM
This Agreement shall not become effective unless and until it
is approved by the Trustees, including a majority of Trustees who are not
parties to this Agreement or "interested persons" (as that term is defined in
the 1940 Act) of any such party to this Agreement. This Agreement shall come in
full force and effect on a date mutually agreed upon by the parties, but in no
event earlier than the date all regulatory approvals necessary for the
externalization of CREF's distribution and administrative services have been
obtained. Thereafter, this Agreement shall continue in effect for a period more
than two years from the date of its execution, only if its continuance is
approved annually by the vote of a majority of the Trustees who are not
"interested persons (as that term is defined in the 1940 Act) of CREF and have
no direct or indirect financial interest in the operation of the Plan or in any
agreements related to the Plan, cast in person at a meeting called for the
purpose of voting on such approval.
This Agreement may be terminated:
(a) by the Trustees, without the payment of any penalty,
upon 60 days' written notice to Services;
(b) by Services, without the payment of any penalty, upon 60
days' written notice to the Trustees;
(c) at any time, without the payment of any penalty, by the
vote of a majority of the Trustees who are not "interested
Persons" (as that term is defined in the 1940 Act) of CREF and
have no direct or indirect financial interest in the operation
of the Plan or in any agreements related to the Plan or by
vote of a majority of the outstanding voting securities of
CREF on not more than 60 days' written notice to the other
party to the Agreement; and
(d) at any time, upon the mutual consent of the parties
thereto.
This Agreement shall terminate automatically in the event of
its assignment. This Agreement may be amended, changed, waived, or discharged as
mutually agreed upon in writing by the parties from time to time; provided,
however, that any amendment of this Agreement shall not be effective until
approved by a majority of the Trustees, including a majority of Trustees who are
not parties to this Agreement or "interested persons" (as
-2-
<PAGE>
that term is defined in the 1940 Act) of any such party to this Agreement.
Upon termination of this Agreement, all authorizations, rights
and obligations shall cease except (i) the obligation to settle accounts
hereunder, and (ii) the agreements contained in Section 7 hereof.
4. Effective concurrent with the effectiveness of the
post-effective amendment which is the 1994 annual update to the Registration
Statement for CREF's variable annuity certificates, Paragraph 5 of the Agreement
is amended to read as follows:
5. REIMBURSEMENT
Services shall be responsible for all expenses in connection
with furnishing distribution and administrative services to CREF. CREF shall
reimburse Services for the cost of such services and the amount of such expenses
through daily payments (as described below) based on the expense deduction rates
and other charges agreed upon from time to time between CREF and Services
reflecting estimates of the cost of such services and expenses with the
objective of keeping the payments as close as possible to actual expenses. As
soon as is practicable after the end of each quarter (usually within 30 days),
the amount necessary to correct any differences between the payments and the
expenses actually incurred will be determined. This amount will be paid by or
credited to Services, as the case may be, in equal daily installments over the
remaining days in the quarter.
(a) For the services rendered and expenses incurred
in connection with distribution of the Certificates as provided herein, the
amount currently payable from the net assets of each Account (and, effective
July 1, 1994, the amount payable from the net assets of the Equity Index Account
and the Growth Account) each Valuation Day for each Calendar Day of the
Valuation Period ending on that Valuation Day will be 0.0000822% (corresponding
to an annual rate of 0.03% of average daily net assets).
(b) For the services rendered and expenses incurred
in connection with administration as provided herein, the amount currently
payable from the net assets of each Account (and, effective July 1, 1994, the
amount payable from the net assets of the Equity Index Account and the Growth
Account) each Valuation Day for each Calendar Day of the Valuation Period
- 3 -
<PAGE>
ending on that Valuation Day will be 0.0005205% (corresponding to an annual rate
of 0.19% of average daily net assets).
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statements.
IN WITNESS WHEREOF, CREF and Services have caused this
Amendment to the Agreement to be executed in their names and on their behalf and
under their trust and corporate seals as of this 15th day of March, 1994 by and
through their duly authorized officers effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:_______________________________
Title:
-4-
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services,Inc. ("Services") and the College Retirement
Equities Fund ("CREF"), dated December 17, 1991, as thereafter amended, and
pursuant to resolution of a majority of the Trustees of CREF, including a
majority of Trustees who are not parties to the Agreement or "interested
persons" (as that term is defined in the Investment Company Act of 1940) of any
such party to the Agreement and have no direct or indirect financial interest in
the operation of CREF's distribution financing arrangement ("Plan") or in any
agreements related to the Plan, the parties to the Agreement mutually agree that
the Agreement shall be amended as set forth below, and approve the Agreement as
so amended, effective, except as otherwise noted below, upon execution of this
amendment by each party to the Agreement.
1. REIMBURSEMENT
Services shall be responsible for all expenses in connection
with furnishing distribution and administrative services to CREF. CREF shall
reimburse Services for the cost of such services and the amount of such expenses
through daily payments (as described below) based on the expense deduction rates
and other charges agreed upon from time to time between CREF and Services
reflecting estimates of the cost of such services and expenses with the
objective of keeping the payments as close as possible to actual expenses. As
soon as is practicable after the end of such quarter (usually within 30 days),
the amount necessary to correct any differences between the payments and the
expenses actually incurred will be determined. This amount will be paid by or
credited to Services, as the case may be, in equal daily installments over the
remaining days in the quarter.
(a) For the services rendered and expenses incurred in
connection with distribution of the Certificates as provided herein, the amount
currently payable from the net assets of each Account each Valuation Day for
each Calendar Day of the Valuation Period ending on that Valuation Day will be
0.0000822% (corresponding to an annual rate of 0.03% of average daily net
assets).
<PAGE>
(b) For the services rendered and expenses incurred in
connection with administration as provided herein the amount currently payable
from the net assets of each Account each Valuation Day for each Calendar Day of
the Valuation Period ending on that Valuation Day will be 0.0005479%
(corresponding to an annual rate of 0.20% of average daily net assets).
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statements.
IN WITNESS WHEREOF, CREF and Services have caused this
Amendment to the Agreement to be executed in their names and on their behalf and
under their trust and corporate seals as of this 16th day of April, 1996 by and
through their duly authorized officers effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title:
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
SERVICES, INC.
(seal)
Attest:
______________________ By:_______________________________
Title:
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between TIAA-CREF
Individual & Institutional Services, Inc. ("Services") and the College
Retirement Equities Fund ("CREF"), dated December 17, 1991, as thereafter
amended, and pursuant to resolution of a majority of the Trustees of CREF,
including a majority of Trustees who are not parties to the Agreement or
"interested persons" (as that term is defined in the Investment Company Act of
1940) of any such party to the Agreement and have no direct or indirect
financial interest in the operation of CREF's distribution financing arrangement
("Plan") or in any agreements related to the Plan, the parties to the Agreement
mutually agree that the Agreement shall be amended as set forth below, and
approve the Agreement as so amended, effective, except as otherwise noted below,
upon execution of this amendment by each party to the Agreement.
1. Reimbursement
Services shall be responsible for all expenses in
connection with furnishing distribution and administrative services to CREF.
CREF shall reimburse Services for the cost of such services and the amount of
such expenses through daily payments (as described below) based on the expense
deduction rates and other charges agreed upon from time tot time between CREF
and Services reflecting estimates of the cost of such services and expenses
with the objective of keeping the payments as close as possible to actual
expenses. As soon as is practicable after the end of each quarter (usually
within 30 days), the amount necessary to correct any differences between the
payments and the expenses actually incurred will be determined. This amount
will be paid by or credited to Services, as the cases may be, in equal daily
installments over the remaining days in the quarter.
(a) For the services rendered and expenses incurred in
connection with distribution of the Certificates as provided herein, the
amount currently payable from the net assets of each Account each Valuation
Day for each Calendar Day of the Valuation Period ending on that Valuation Day
will be 0.0000822W (corresponding to an annual rate of 0.03~ of average daily
net assets).
(b) For the services rendered and expenses incurred in
connection with administration as provided herein, the amount
<PAGE>
currently payable from the net assets of each Account each 7aluation Day for
each Calendar Day of the Valuation Period ending on that Valuation Day will be
0.0005753~~ (corresponding to an annual rate of 0.21t of average daily net
assets).
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall each be defined as specified in CREF's
current Registration Statement.
IN WITNESS WHEREOF, CREF and Services have caused this
Amendment to the Agreement to be executed in their names and on their behalf and
under their trust and corporate seals as of this day of , 199_ by and through
their duly authorized officers effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
ATTEST:
________________________ By: ______________________________
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
ATTEST:
_______________________ By: ______________________________
<PAGE>
AMENDMENT TO THE PRINCIPAL UNDERWRITING AND
ADMINISTRATIVE SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Principal Underwriting and
Administrative Services Agreement (the "Agreement") by and between
TIAA-CREF Individual & Institutional Services, Inc. ("Services") and the
College Retirement Equities Fund ("CREF"), dated December 17, 1991, as
thereafter amended, and pursuant to resolution of a majority of the
Trustees of CREF, including a majority of Trustees who are not parties to
the Agreement or t~interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement and have
no direct or indirect financial interest in the operation of CREF's
distribution financing arrangement ("Plan") or in any agreements related to
the Plan, the parties to the Agreement mutually agree that the Agreement
shall be amended as set forth below, and approve the Agreement as so
amended effective upon execution of this amendment by each party to the
Agreement.
1. The second "Whereag" clause of the Agreement is amended to read
as follows:
WHEEREAS, CREF is registered as an open-end management investment
company under the Investment Company Act of 1940 ("1940 Act"), and currently
consists of eight investment portfolios (the "Accounts"): the Stock Account,
the Money Market Account, the Bond Market Account, the Social Choice
Account, the Global Equities Account, the Equity Index Account, the Growth
Account and the Inflation-Linked Bond Account, and may consist of additional
investment portfolios in the future.
IN WITNESS WHEREOF, CREF and Services have caused this Amendment
to the Agreement to be executed in their names and on their behalf and under
their trust and corporate seals as of this 15th day of April, 1997 by and
through their duly authorized Officers effective as provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
ATTEST:
/s/Stewart P. Greene /s/Peter C. Clapman
________________________ By: ______________________________
Stewart P. Greene Peter C. Clapman
Title: Senior Vice President
and Chief Counsel,
Investments
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
ATTEST:
/s/Stewart P. Greene /s/Lisa Snow
_______________________ By: ______________________________
Stewart P. Greene Lisa Snow
Title: Secretary
C R E F
RETIREMENT UNIT ANNUITY CERTIFICATE
This is to certify that you, as the owner (Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF"). No other person or institution is a party to this
certificate.
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations of both
CREF and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS
IMPORTANT.
GENERAL DESCRIPTION
Each premium paid to CREF purchases a number of Accumulation Units
representing your share in CREF. You may convert these into a lifetime income of
Annuity Units. If you die before starting to receive this income the
Accumulation Units will provide a benefit for your beneficiary under one of the
methods described in your certificate.
Once each year we will report to you on the amount of premiums paid and the
current value of your Accumulation Units.
When you are ready to start receiving your lifetime income, you choose the
income option you want from among those described in your certificate. All
options provide a lifetime income for you, and all but one also have some
provision for another person, to be named by you.
You, or your beneficiary at your death, may have CREF pay the value of some
or all of your Accumulation Units to Teachers Insurance and Annuity Association
of America ("TIAA") for the purchase of a fixed dollar contract, as explained in
your certificate.
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR CASH SURRENDER
OR LOANS.
INDEX OF PROVISIONS
Section
Accumlation - Definition ............................ 2
Accumulation Units ................................... 1
Annuity Starting Date - Change of .................... 15
- Definition ........................... 3
Annuity Unit - Definition ............................ 4
Assignment - Void and of no effect ................... 30
Benefits Based on Incorrect Data ..................... 37
Cash Surrender - No provision for .................... 31
Claims of Creditors - Protection against ............. 29
Commuted Value - Definition .......................... 10
<PAGE>
Certificate - Changes of ............................. 11
Consideration ........................................ 11
Correspondence with us ............................... 34
Death Benefit ........................................ 20
- Beneficiary .......................... 21
- Changing the Beneficiary ............. 22
- Definition ........................... 7
- Methods of Payment ................... 24
- Number of Annuity Units .............. 26
- Payment of ........................... 23
- Payments after death of Beneficiary .. 25
Elections and Changes - Procedure .................... 32
Lapse - Protection against ........................... 13
Loans - No provision for ............................. 31
Non-Forfeiture of benefits ........................... 39
Ownership of Certificate ............................. 29
Payment to an Estate, Trustee, etc. .................. 33
Premiums - Discontinuing and Resuming ................ 14
- Payment of ........................... 12
Proof of Survival .................................... 38
Report of Premiums and Accumulation .................. 28
Request for Benefits ................................. 34
Rules of the Fund - Definition ....................... 9
Second Participant ................................... 6
Service of Process upon CREF ......................... 35
Transfers - .......................................... 27
- Definition ........................... 8
Unit Annuity - Definition ............................ 5
Unit Annuity Income - Number of Annuity Units ........ 19
- Options .............................. 17
- Payments during guaranteed periods ... 18
- Starting payments .................... 16
PART A: TERMS USED IN THIS CERTIFICATE
1. Accumulation Units. Each premium paid to your certificate will purchase a
number of Accumulation Units determined in accordance with the Rules of the
Fund. Before the Annuity Starting Date, your share of the net dividend and other
income of CREF will purchase additional Accumulation Units that will be credited
to you. The current value of each Accumulation Unit is based on the market value
of CREF's investments and will be determined in accordance with the Rules of the
Fund.
2. Your ACCUMULATION is the value of all of your Accumulation Units. It will
provide the benefits described in this certificate.
3. The ANNUITY STARTING DATE shown on page 3 is the date your lifetime income is
<PAGE>
scheduled to begin. The Date may be changed as explained in Sections 15 and 16.
4. An ANNUITY UNIT is the unit of payment for all periodic benefits. The current
value of an Annuity Unit will change from time to time to reflect changes in
CREF'S investment, mortality and expense experience. The dollar value of any
payment will be the product of the number of Annuity Units to be paid and the
then current value of an Annuity Unit.
5. A UNIT ANNUITY is a series of payments of the current value of a fixed number
of Annuity Units. The number of Annuity Units to be paid and their then current
value will be determined in accordance with the Rules of the Fund, using
actuarial methods. The Options under which you may receive your Unit Annuity
Income are described in Part C.
6. The SECOND PARTICIPANT is the person you name, when starting to receive your
income under a Survivor Unit Annuity Option, to receive a lifetime income if he
or she survives you. You may name your spouse, or any other person eligible
under CREF's practices then in effect, to be a Second Participant.
7. The DEATH BENEFIT is the value of your Accumulation. It will be used to pay
your beneficiary an income under one of the methods set forth in Part D if you
die before the Annuity Starting Date.
8. A TRANSFER is the use of the value of some or all of your Accumulation Units
to purchase fixed dollar benefits under a TIAA deferred or pay-out contract. The
conditions applying to transfers are set forth in Part E.
9. The RULES OF THE FUND govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of the State of New York as not being unfair,
unjust, inequitable or prejudicial to the interest of anyone in the Fund. A copy
of the Rules was furnished to you when this certificate was issued; you will be
notified of all amendments to the Rules.
10. The COMMUTED VALUE is a one-sum payment made in lieu of a series of
payments. The Commuted Value of a series of payments of Annuity Units is
computed in accordance with the Rules of the Fund, in which it is referred to as
the "present value."
PART B: CERTIFICATE AND PREMIUMS
<PAGE>
11. The Certificate. We have issued this certificate in return for your
completed application and the first premium. Any endorsement or amendment of
this certificate or waiver of any of its provisions will be valid only if in
writing and signed by an Executive Officer or Registrar of CREF. All premiums
and benefits are payable at CREF's home office in New York, NY.
12. Premium Amount. Premiums for this certificate may be paid in any amount not
less than $25 each. You may change the amount or frequency of future premiums at
any time. CREF will accept premiums any time before the Annuity Starting Date or
your prior death.
13. Unconditional Protection Against Lapse or Forfeiture. Your certificate will
not lapse after the first premium has been paid. If premiums cease, you continue
to own all of your Accumulation Units.
14. Discontinuing and Resuming Premium Payments. Premiums may be stopped at any
time without notice to CREF. Premiums may be resumed before the Annuity Starting
Date without payment of any past due premium or penalty of any kind.
PART C: YOUR UNIT ANNUITY INCOME
15. Changing Your Annuity Starting Date. Any time before you start to receive
your Unit Annuity Income, you may change the Annuity Starting Date to the first
of any month after the change, but not to a month later than the one following
your seventy-first birthday. If you have not chosen an Annuity Starting Date
prior to your sixty-fifth birthday, the Date will be the first of the month
following that birthday.
16. Starting Your Unit Annuity Income. Payment of your Unit Annuity Income will
begin as of the Annuity Starting Date you have chosen, if you are then living
and:
A) you have sent us this certificate;
B) you have chosen one of the Income Options set forth in
Section 17; and
C) we have received due proof of your age and, if you
choose a Survivor Unit Annuity Option, the age of your Second
Participant.
If A, B and C of this Section have not been completed by the Annuity Starting
Date you have chosen, the Annuity Starting Date will be deferred to the first of
the month after A, B and C have been completed or to the first of the month
following your seventy-first birthday, whichever comes first.
17. INCOME OPTIONS are the ways in which you may have your Unit Annuity Income
paid to you. Any time before the Annuity Starting Date you may choose the Option
you want. You may change your choice any time before payments begin, but once
they have begun no change can be made.
<PAGE>
Automatic Election Provision. If on the Annuity Starting Date determined in
accordance with Sections 15 and 16, you have not chosen an Income Option, you
will be deemed to have chosen the "Life Unit Annuity with 10-Year Guaranteed
Period" Option if you are then single, or the "Half Benefit to Second
Participant with 10-Year Guaranteed Period" Option if you are then married.
These are the Income Options from which you will choose. All of them provide a
lifetime income for you, some provide that payments will continue for the
lifetime of a Second Participant and some provide that payments will continue in
any event during a guaranteed period as explained in Section 18:
Single Life Unit Annuity. A payment will be made to you each month as long
as you live. All payments will cease at your death. This Option provides
nothing for anyone after your death.
Life Unit Annuity with 10-, 15- or 20-Year Guaranteed Period. A payment will
be made to you each month as long as you live. If you die before the end of
the guaranteed period you have chosen, monthly payments will continue to the
end of that period.
Survivor Unit Annuity Options. Under each of these Options a payment will be
made to you each month as long as you live, and payments will continue for life
to the Second Participant you have named if he or she survives you. After
payments begin, you cannot change your choice of Second Participant. The number
of Annuity Units paid to you or a surviving Second Participant each month
depends on which of these Options you choose:
Full Benefit to Survivor with or without a 10-, 15- or 20-Year Guaranteed
Period. At the death of either you or your Second Participant the monthly
payments that continue to the survivor will be the full number of Annuity
Units that would have been paid if both had lived. If you choose a guaranteed
period and you and your Second Participant both die before the end of the
period chosen, the same number of Annuity Units will continue to be paid to
the end of that period; otherwise all payments will cease at the death of the
last survivor of you and the Second Participant.
Two-thirds Benefit to Survivor with or without a 10-, 15- or 20-Year
Guaranteed Period. At the death of either you or your Second Participant the
monthly payments that continue to the survivor will be two-thirds the number
of Annuity Units that would have been paid if both had lived. If you choose a
guaranteed period and you and your Second Participant both die before the end
of the period chosen, the two-thirds number of Annuity Units will continue to
be paid to the end of that period; otherwise all payments will cease at the
death of the last survivor of you and the Second Participant.
Half Benefit to Second Participant with or without a 10-, 15- or 20-Year
Guaranteed Period. The full monthly number of Annuity Units will not change
as long as you live. If your Second Participant survives you, he or she will
receive payments each month of one-half the number of Annuity Units you would
have received if you had lived. If you choose a guaranteed period and you and
your Second Participant both die before the end of the period chosen, the
<PAGE>
one-half number of Annuity Units will continue to be paid to the end of that
period; otherwise all payments will cease at the death of the last survivor
of you and the Second Participant.
18. Payments to the End of a Guaranteed Period. At the time you choose an Income
Option, you name the person or persons to receive these payments. You may later
change the named persons and, if you choose a Survivor Unit Annuity, after your
death your surviving Second Participant may change the named persons unless you
direct otherwise.
At the death of the last survivor of you and your Second Participant before
the end of a guaranteed period you have chosen under one of the Survivor Unit
Annuity Options, or at your death before the end of a guaranteed period under
one of the other Income Options, the monthly payments due for the remainder of
the guaranteed period will continue to the surviving person or persons named to
receive them. The Commuted Value of these payments may be paid in one sum unless
we are directed otherwise.
If no one has been named to receive these payments, or if no one so named
is then living, the Commuted Value will be paid in one sum to the estate of the
last survivor of you and your Second Participant if you chose a Survivor Unit
Annuity Option, or to your estate if you chose one of the other Income Options.
If a person receiving these payments dies before the end of the guaranteed
period, the Commuted Value of any payments still due that person will be paid to
any other person or persons named to receive it. If no one has been so named,
the Commuted Value will be paid to the estate of the last person who was
receiving these payments.
19. The NUMBER OF ANNUITY UNITS will be determined as of the Annuity Starting
Date, in accordance with the Rules of the Fund, by: A) the value of your
Accumulation Units at that time; B) the Income Option you choose; C) your age;
D) if you choose one of the Survivor Unit Annuity Options, your Second
Participant's age; E) if the Rules of the Fund provide for the use of
sex-distinct mortality, your sex and that of any Second Participant; and F) the
value of an Annuity Unit. If your initial Unit Annuity payment would be less
than $25, CREF will have the right to change to quarterly, semi-annual or annual
payments, whichever would result in an initial payment of $25 or more and the
shortest interval between payments.
PART D: DEATH BENEFIT
20. The Death Benefit. If you die before the Annuity Starting Date, CREF will
pay the Death Benefit to your beneficiary under one of the Methods of Payment
set forth in Section 24. You may choose the Method during your lifetime as
explained in Section 32. If you do not so choose, your beneficiary will make the
choice when he or she becomes entitled to payments. You may change the Method at
any time before payments begin. After your death, your beneficiary may also
change the Method chosen by you, if you so provide. Any choice of Method or
change of
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such choice must be made in writing as explained in Section 32.
21. Naming Your Beneficiary. Beneficiaries are persons you name, in form
satisfactory to CREF, to receive the Death Benefit if you die before the Annuity
Starting Date. You may designate different classes of beneficiaries, such as
primary (first) and contingent (secondary). These classes set the order of
payment. If a class contains more than one person, the Death Benefit will be
paid to the then living persons in the class in equal shares, unless you provide
otherwise. For example, if you die before the Annuity Starting Date, having
named your spouse as primary beneficiary and "children" as equal contingent
beneficiaries, your spouse would receive the Death Benefit if he or she survived
you. But if your spouse did not survive you, then your surviving children would
receive the Death Benefit in equal shares.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
If you name your estate as beneficiary, or if none of the beneficiaries you
have named is alive at the time of your death, the Death Benefit will be paid to
your estate in one sum.
If you die prior to the Annuity Starting Date never having named a
beneficiary, your estate and your surviving spouse, if any, become the
beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid
to your estate in one sum;
B) if you leave a surviving spouse, your spouse will receive lifetime monthly
payments of the number of Annuity Units he or she would have received as
Second Participant if you had started to receive your Income Benefit as of
the first day of the month in which you die, having chosen the "Half
Benefit to Second Participant with 10-Year Guaranteed Period" Option. The
part of the Death Benefit not needed to provide this income to your spouse
will be paid to your estate in one sum.
22. Changing Your Beneficiary. At any time before the Annuity Starting Date, you
may change your beneficiary or add or delete beneficiaries as explained in
Section 32.
23. Payment of the Death Benefit. Payment of the Death Benefit under one of the
Methods set forth in Section 24 will start as of the first day of the month
after we have received:
A) this certificate;
B) due proof of your death;
C) the choice of a Method of Payment as provided in Section 24; and
D) due proof of the beneficiary's age if the Method chosen
pays a lifetime income.
24. Methods of Payment. The Death Benefit will be paid to your beneficiary under
<PAGE>
one of the Methods shown below.
Single Life Unit Annuity. A payment will be made to your beneficiary each
month for life. All payments will cease at his or her death. This Method
provides nothing for anyone after the death of your beneficiary.
Life Unit Annuity with 10-, 15- or 20-Year Guaranteed Period. A payment will
be made to your beneficiary each month for life. If he or she dies before the
end of the guaranteed period chosen, the monthly payments will continue to
the end of that period as explained in Section 25.
Unit Annuity for a Fixed Period. A payment
will be made to your beneficiary each month for a fixed period of not less
than two nor more than thirty years, as chosen. At the end of the period
chosen the entire Death Benefit will have been paid out and no further
payments will be made. If your beneficiary dies before the end of the period
chosen, monthly payments will continue to the end of that period as explained
in Section 25.
Unit Deposit. CREF will hold your beneficiary's Accumulation Units on deposit
for a chosen period of not less than two nor more than thirty years. No
periodic payments will be made under this Method. Additional Accumulation
Units will be purchased in accordance with the Rules of the Fund from your
beneficiary's share of the net dividend and other income of CREF. At the end
of the period chosen, CREF will make a one-sum payment to your beneficiary.
This one-sum payment will be the then current value of all Accumulation Units
held by CREF for your beneficiary. If your beneficiary dies while any part of
the Death Benefit is held by CREF, that amount will be payable as explained
in Section 25. Instead of a chosen period, the Accumulation Units may be held
on deposit for "the lifetime of the beneficiary," with the one-sum payment
made after the death of your beneficiary as explained in Section 25. The
value of the Death Benefit placed under this Method must be at least $5,000.
Transfer to a TIAA Dollar Pay-out Contract. CREF will transfer the Death
Benefit to TIAA for the purchase of an individual pay-out contract on the
life of the beneficiary in any form then being issued by TIAA for such
transfers, or an Annuity for a Fixed Period of not less than two nor more
than thirty years, or an Interest Payments contract for A) the lifetime of
the beneficiary or B) a chosen period of not less than two nor more than
thirty years. The pay-out rates for the TIAA contract will be the rates
applying to such transfers at that time; the contract will give the
beneficiary the same rights as any person then applying for a similar TIAA
contract. The value of the Death Benefit transferred under this Method must
be at least $1,000; however, if an Interest Payments contract is chosen, the
value of the Death Benefit transferred must be at least $5,000.
If any Method chosen, except Unit Deposit, would result in an initial
payment of less than $25, CREF will have the right to require a change in choice
that will result in an initial payment of not less than $25 a month.
<PAGE>
25. Payments after the Death of a Beneficiary. Any monthly payments still due at
the death of your beneficiary during a guaranteed or fixed period will be
continued to the person or persons named by you or your beneficiary to receive
them. The Commuted Value of these payments may be paid in one sum unless we are
directed otherwise.
If no one has been named to receive these payments, or if no one so named
is living at the death of your beneficiary, the Commuted Value will be paid in
one sum to your beneficiary's estate.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other person or persons named to receive it. If no one has been
so named, the Commuted Value will be paid to the estate of the last person who
was receiving these payments.
If your beneficiary dies while any Accumulation Units are held by CREF
under the Unit Deposit Method, their then current value will be paid in one sum
to the person or persons you or your beneficiary have named to receive it. If no
such person survives your beneficiary, the then current value of all
Accumulation Units held on deposit will be paid in one sum to your beneficiary's
estate.
26. The NUMBER OF ANNUITY UNITS FOR A BENEFICIARY will be determined, in
accordance with the Rules of the Fund, by: A) the value of your Accumulation
Units as of the date of your death; B) the Method of Payment chosen for the
Death Benefit; C) if the Method chosen pays a lifetime income, the age of your
beneficiary and, if the Rules of the Fund provide for the use of sex-distinct
mortality, his or her sex; and D) the value of an Annuity Unit.
PART E: TRANSFERS
27. Transfer to TIAA Dollar Annuity. You may have CREF pay to TIAA all or a part
of your Accumulation for the purchase of a TIAA deferred or pay-out annuity
contract on your life, provided the request for transfer is made before the
Annuity Starting Date, and subject to the following conditions:
A) the request for a Transfer cannot be revoked or cancelled
after the effective date of such Transfer;
B) you will have the same rights under the TIAA contract as any person then
being issued a similar contract, except since a Transfer cannot be
revoked or cancelled there will be no temporary right to cancel;
C) the premium or pay-out rates for the TIAA contract will be the rates
applying to such Transfers at the time the Transfer is made;
D) the effective date of the Transfer will be the first day of the month
following the month in which we receive your request for transfer or the
first day of any later month you select;
E) the amount transferred must be at least $1,000;
F) no more than two Transfers may be made in any year; and
G) the TIAA contract will not provide for assignment, loan or cash
surrender.
<PAGE>
The number of your Accumulation Units will be reduced by the number of such
Units transferred to TIAA.
PART F: GENERAL PROVISIONS
28. Report of Premiums and Accumulation. Once each year until the Annuity
Starting Date, we will mail you a report for the calendar year just ended. It
will show the amount of premiums paid during the year and the value of your
Accumulation (Death Benefit) as of the end of the year.
29. Ownership. You own this certificate. During your lifetime, you may, to the
extent permitted by law, exercise every right given by it without the consent of
any other person.
30. No Assignment. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms.
Any such action will be void and of no effect.
31. No Cash Surrender or Loans. This certificate does not provide for cash
surrender or loans.
32. Procedure for Elections and Changes. You, or your Second Participant or
beneficiary having the right to do so, may elect or change, in accordance with
the terms of your certificate, any of the following by written notice
satisfactory to CREF sent to its home office in New York, NY:
A) the Annuity Starting Date;
B) an Income Option;
C) a Transfer;
D) a Method of Payment for the Death Benefit; or
E) a beneficiary or any person named to receive payments remaining
due.
No such notice will take effect unless it is received by CREF. When received it
will take effect as of the date it was signed, whether or not the signer is
living at the time we receive it. Any action taken by CREF in good faith before
receiving the notice will not subject CREF to liability because our acts were
contrary to what was stated in the notice.
33. Payment to an Estate, Guardian, Trustee, etc. CREF reserves the right to pay
in one sum the Commuted Value of any benefits due an estate, corporation,
partnership, trustee or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
34. Correspondence and Request for Benefits. No notice, application, form,
premium payment, or request for benefits will be deemed to be received by us
unless it is received at our home office. All benefits are payable at our home
office. Any questions about this certificate or inquiries about our service
should be directed to us at our address:
<PAGE>
CREF
730 Third Avenue
New York, NY 10017.
35. Service of Process upon CREF. We will accept service of process in any
action or suit against us on this contract in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
36. Protection Against Claims of Creditors. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
37. Benefits Based on Incorrect Data. If the amount of benefits is determined by
data as to a person's age or sex that is incorrect, benefits will be
recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
38. Proof of Survival. CREF reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of your certificate is
alive on the date any benefit payment is due. If this proof is not received
after requested in writing, CREF will have the right to make reduced payments or
to withhold payments entirely until such proof is received. If under a Survivor
Unit Annuity Option CREF has overpaid benefits because of a death of which we
were not notified, subsequent payments will be reduced or withheld until the
amount of the overpayment has been recovered.
39. Non-Forfeiture of Benefits. Benefits payable under this certificate will not
be less than the minimum required as of the Date of Issue, and under other
income methods are computed on the basis stated in the Rate Schedule for
benefits bought by premiums. For premiums other than $100,
C R E F
SUPPLEMENTAL RETIREMENT UNIT ANNUITY CERTIFICATE
This is to certify that you, as the owner (Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF"). No other person or institution is a party to this
certificate.
This page refers briefly to some of the features of your certificate. The
next pages set forth in detail the rights and obligations of both CREF and you
under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
All premiums for this certificate must be remitted by your employer under a
program with CREF for the purchase of certificates that qualify under Section
403(b) of the Internal Revenue Code of 1954 as amended or hereafter amended.
Each premium paid to CREF purchases a number of Accumulation Units representing
your share in CREF. You may convert these into a lifetime income of Annuity
Units. If you die before starting to receive this income the Accumulation Units
will provide a benefit for your beneficiary under one of the methods described
in your certificate.
Once each year we will report to you on the amount of premiums paid and the
current value of your Accumulation Units.
You may choose to withdraw the current value of some of your Accumulation
Units or surrender your certificate for cash before starting to receive your
income.
When you are ready to start receiving your income, you choose the income
option you want from among those described in your certificate. All options
provide an income for you, and all but one also have some provision for another
person, to be named by you.
You, or your beneficiary at your death, may have CREF pay the value of some
or all of your Accumulation Units to Teachers Insurance and Annuity Association
of America ("TIAA") for the purchase of a fixed dollar contract, as explained in
your certificate.
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
INDEX OF PROVISIONS
Section
Accumulation - Definition ............................ 2
Accumulation Units ................................... 1
Annuity Starting Date - Change of .................... 16
- Definition ........................... 3
Annuity Unit - Definition ............................ 5
Assignment - Void and of no effect ................... 34
Benefits Based on Incorrect Data ..................... 41
Claims of Creditors - Protection against ............. 33
Commuted Value - Definition .......................... 11
Certificate - Changes of ............................. 12
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Consideration ........................................ 12
Correspondence with us ............................... 38
Death Benefit ........................................ 21
- Beneficiary .......................... 22
- Changing the Beneficiary ............. 23
- Definition ........................... 8
- Methods of Payment ................... 25
- Number of Annuity Units .............. 27
- Payment of ........................... 24
- Payments after death of Beneficiary .. 26
Elections and Changes - Procedure .................... 36
Lapse - Protection against ........................... 14
Loans - No provision for ............................. 35
Lump-sum Benefits - Cash surrender ................... 29
- Date of .............................. 31
- Definition ........................... 4
- Withdrawals .......................... 30
Non-Forfeiture of benefits ........................... 43
Ownership of Certificate ............................. 33
Payment to an Estate, Trustee, etc. .................. 37
Premiums - Discontinuing and Resuming ................ 15
- Payment of ........................... 13
Proof of Survival .................................... 42
Report of Premiums and Accumulation .................. 33
Request for Benefits ................................. 38
Rules of the Fund - Definition ....................... 10
Second Participant ................................... 7
Service of Process upon CREF ......................... 39
Transfers - .......................................... 28
- Definition ........................... 9
Unit Annuity - Definition ............................ 6
Unit Annuity Income - Number of Annuity Units ........ 20
- Options .............................. 18
- Payments during guaranteed periods ... 19
- Starting payments .................... 17
PART A: TERMS USED IN THIS CERTIFICATE
1. Accumulation Units. Each premium paid to your certificate will purchase a
number of Accumulation Units determined in accordance with the Rules of the
Fund. Before the Annuity Starting Date, your share of the net dividend and other
income of CREF will purchase additional Accumulation Units that will be credited
to you. The current value of each Accumulation Unit is based on the market value
of CREF's investments and will be determined in accordance with the Rules of the
Fund.
2. Your ACCUMULATION is the value of all of your Accumulation Units. It will
provide the benefits described in this certificate.
3. The ANNUITY STARTING DATE shown on page 3 is the date your lifetime income is
scheduled to begin. The Date may be changed as explained in Sections 16 and 17.
<PAGE>
4. LUMP-SUM BENEFITS are those you may obtain before the Annuity Starting Date
by surrendering your certificate for cash or withdrawing part of your
Accumulation as explained in Part F.
5. An ANNUITY UNIT is the unit of payment for all periodic benefits. The current
value of an Annuity Unit will change from time to time to reflect changes in
CREF'S investment, mortality and expense experience. The dollar value of any
payment will be the product of the number of Annuity Units to be paid and the
then current value of an Annuity Unit.
6. A UNIT ANNUITY is a series of payments of the current value of a fixed number
of Annuity Units. The number of Annuity Units to be paid and their then current
value will be determined in accordance with the Rules of the Fund, using
actuarial methods. The Options under which you may receive your Unit Annuity
Income are described in Part C.
7. The SECOND PARTICIPANT is the person you name, when starting to receive your
income under a Survivor Unit Annuity Option, to receive a life income if he or
she survives you. You may name your spouse, or any other person eligible under
CREF's practices then in effect, to be a Second Participant.
8. The DEATH BENEFIT is the value of your Accumulation. It will be used to pay
your beneficiary an income under one of the methods set forth in Part D if you
die before the Annuity Starting Date.
9. A TRANSFER is the use of the value of some or all of your Accumulation Units
to purchase fixed dollar benefits under a TIAA deferred or pay-out contract. The
conditions applying to transfers are set forth in Part E.
10. The RULES OF THE FUND govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of the State of New York as not being unfair,
unjust, inequitable or prejudicial to the interest of anyone in the Fund. A copy
of the Rules was furnished to you when this certificate was issued; you will be
notified of all amendments to the Rules.
11. The COMMUTED VALUE is a one-sum payment made in lieu of a series of payments
after payment under an Income Option or Method of Payment of the Death Benefit
has begun. The Commuted Value of a series of payments of Annuity Units is
computed in accordance with the Rules of the Fund, in which it is referred to as
the "present value."
PART B: CERTIFICATE AND PREMIUMS
12. The Certificate. We have issued this certificate in return for your
completed application and the first premium. Any endorsement or amendment of
this certificate or waiver of any of its provisions will
<PAGE>
be valid only if in writing and signed by an Executive Officer or Registrar of
CREF. All premiums and benefits are payable at CREF's home office in New York,
NY.
All premiums for this certificate must be remitted by your employer under a
program with CREF for the purchase of certificates that qualify under Section
403(b) of the Internal Revenue Code of 1954 as amended or hereafter amended.
13. Premium Amount. Premiums for this certificate may be paid in any amount not
less than $25 each. You may change the amount or frequency of future premiums at
any time. CREF will accept premiums any time before the Annuity Starting Date or
your prior death.
14. Unconditional Protection Against Lapse or Forfeiture. Your certificate will
not lapse after the first premium has been paid. If premiums cease, you continue
to own all of your Accumulation Units.
15. Discontinuing and Resuming Premium Payments. Premiums may be stopped at any
time without notice to CREF. Premiums may be resumed before the Annuity Starting
Date without payment of any past due premium or penalty of any kind.
PART C: YOUR UNIT ANNUITY INCOME
16. Changing Your Annuity Starting Date. Any time before you start to receive
your Unit Annuity Income, you may change the Annuity Starting Date to the first
of any month after the change, but not to a month later than the one following
your seventy-first birthday. If you have not chosen an Annuity Starting Date
prior to your sixty-fifth birthday, the Date will be the first of the month
following that birthday.
17. Starting Your Unit Annuity Income. Payment of your Unit Annuity Income will
begin as of the Annuity Starting Date you have chosen, if you are then living
and:
A) you have sent us this certificate;
B) you have chosen one of the Income Options set forth in Section 18; and
C) we have received due proof of your age and, if you choose a Survivor Unit
Annuity Option, the age of your Second Participant (not required for the
Unit Annuity for a Fixed Period Option).
If A, B and C of this Section have not been completed by the Annuity Starting
Date you have chosen, the Annuity Starting Date will be deferred to the first of
the month after A, B and C have been completed or to the first of the month
following your seventy-first birthday, whichever comes first.
18. INCOME OPTIONS are the ways in which you may have your Unit Annuity Income
paid to you. Any time before the Annuity Starting Date you may choose the Option
you want. You may change your choice any time before payments begin, but once
they have begun no change can be made.
Automatic Election Provision. If on the Annuity Starting Date determined in
accordance with Sections 16 and 17, you have not chosen an Income Option,
<PAGE>
you will be deemed to have chosen the "Life Unit Annuity with 10-Year Guaranteed
Period" Option if you are then single, or the "Half Benefit to Second
Participant with 10-Year Guaranteed Period" Option if you are then married.
These are the Income Options from which you will choose. All of them provide
an income for you, some provide that payments will continue for the lifetime of
a Second Participant and some provide that payments will continue in any event
during a guaranteed or fixed period as explained in Section 18:
Single Life Unit Annuity. A payment will be made to you each month as long as
you live. All payments will cease at your death. This Option provides nothing
for anyone after your death.
Life Unit Annuity with 10-, 15- or 20-Year Guaranteed Period. A payment will
be made to you each month as long as you live. If you die before the end of
the guaranteed period you have chosen, monthly payments will continue to the
end of that period.
Unit Annuity for a Fixed Period. A payment will be made to you each month for
a fixed period of not less than two nor more than ten years, as chosen. At
the end of the period chosen no further payments will be made. If you die
before the end of the period chosen, the monthly payments will continue to
the end of that period.
Survivor Unit Annuity Options. Under each of these Options a payment will be
made to you each month as long as you live, and payments will continue for life
to the Second Participant you have named if he or she survives you. After
payments begin, you cannot change your choice of Second Participant. The number
of Annuity Units paid to you or a surviving Second Participant each month
depends on which of these Options you choose:
Full Benefit to Survivor with or without a 10-, 15- or 20-Year Guaranteed
Period. At the death of either you or your Second Participant the monthly
payments that continue to the survivor will be the full number of Annuity
Units that would have been paid if both had lived. If you choose a guaranteed
period and you and your Second Participant both die before the end of the
period chosen, the same number of Annuity Units will continue to be paid to
the end of that period; otherwise all payments will cease at the death of the
last survivor of you and the Second Participant.
Two-thirds Benefit to Survivor with or without a 10-, 15- or 20-Year
Guaranteed Period. At the death of either you or your Second Participant the
monthly payments that continue to the survivor will be two-thirds the number
of Annuity Units that would have been paid if both had lived. If you choose a
guaranteed period and you and your Second Participant both die before the end
of the period chosen, the two-thirds number of Annuity Units will continue to
be paid to the end of that period; otherwise all payments will cease at the
death of the last survivor of you and the Second Participant.
Half Benefit to Second Participant with or without a 10-, 15- or 20-Year
Guaranteed Period. The full monthly number of Annuity Units will not change
as long as you live. If your Second Participant survives you, he or she will
receive payments each month of one-half the number of Annuity Units you would
have received if you had lived. If you choose a
<PAGE>
guaranteed period and you and your Second Participant both die before the end
of the period chosen, the one-half number of Annuity Units will continue to
be paid to the end of that period; otherwise all payments will cease at the
death of the last survivor of you and the Second Participant.
19. Payments to the End of a Guaranteed or Fixed Period. At the time you choose
an Income Option, you name the person or persons to receive these payments. You
may later change the named persons and, if you choose a Survivor Unit Annuity,
after your death your surviving Second Participant may change the named persons
unless you direct otherwise.
At the death of the last survivor of you and your Second Participant before
the end of a guaranteed period you have chosen under one of the Survivor Unit
Annuity Options, or at your death before the end of a guaranteed or fixed period
under one of the other Income Options, the monthly payments due for the
remainder of the guaranteed or fixed period will continue to the surviving
person or persons named to receive them. The Commuted Value of these payments
may be paid in one sum unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so named
is then living, the Commuted Value will be paid in one sum to the estate of the
last survivor of you and your Second Participant if you chose a Survivor Unit
Annuity Option, or to your estate if you chose one of the other Income Options.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other person or persons named to receive it. If no one has been
so named, the Commuted Value will be paid to the estate of the last person who
was receiving these payments.
20. The NUMBER OF ANNUITY UNITS will be determined as of the Annuity Starting
Date, in accordance with the Rules of the Fund, by: A) the value of your
Accumulation Units at that time; B) the Income Option you choose; C) for all
Options other than Unit Annuity for a Fixed Period, your age; D) if you choose
one of the Survivor Unit Annuity Options, your Second Participant's age; E) if
the Rules of the Fund provide for the use of sex-distinct mortality, your sex
and that of any Second Participant; and F) the value of an Annuity Unit. If your
initial Unit Annuity payment would be less than $25, CREF will have the right to
change to quarterly, semi-annual or annual payments, whichever would result in
an initial payment of $25 or more and the shortest interval between payments.
PART D: DEATH BENEFIT
21. The Death Benefit. If you die before the Annuity Starting Date, CREF will
pay the Death Benefit to your beneficiary under one of the Methods of Payment
set forth in Section 25. You may choose the Method during your lifetime as
explained in Section 36. If you do not so choose, your beneficiary will make the
choice when he or she becomes entitled to payments. You may change the Method at
any time before payments begin. After your death, your beneficiary may also
change the Method chosen by you, if you so provide. Any choice of Method or
change of such choice must be made in writing as explained in Section 36.
22. Naming Your Beneficiary. Beneficiaries are persons you name, in form
satisfactory to CREF, to receive the Death Benefit if
<PAGE>
you die before the Annuity Starting Date. You may designate different classes of
beneficiaries, such as primary (first) and contingent (secondary). These classes
set the order of payment. If a class contains more than one person, the Death
Benefit will be paid to the then living persons in the class in equal shares,
unless you provide otherwise. For example, if you die before the Annuity
Starting Date, having named your spouse as primary beneficiary and "children" as
equal contingent beneficiaries, your spouse would receive the Death Benefit if
he or she survived you. But if your spouse did not survive you, then your
surviving children would receive the Death Benefit in equal shares.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
If you name your estate as beneficiary, or if none of the beneficiaries you
have named is alive at the time of your death, the Death Benefit will be paid to
your estate in one sum.
If you die prior to the Annuity Starting Date never having named a
beneficiary, your estate and your surviving spouse, if any, become the
beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid to your
estate in one sum;
B) if you leave a surviving spouse, your spouse will receive lifetime monthly
payments of the number of Annuity Units he or she would have received as
Second Participant if you had started to receive your Income Benefit as of
the first day of the month in which you die, having chosen the "Half
Benefit to Second Participant with 10-Year Guaranteed Period" Option. The
part of the Death Benefit not needed to provide this income to your spouse
will be paid to your estate in one sum.
23. Changing Your Beneficiary. At any time before the Annuity Starting Date, you
may change your beneficiary or add or delete beneficiaries as explained in
Section 36.
24. Payment of the Death Benefit. Payment of the Death Benefit under one of the
Methods set forth in Section 25 will start as of the first day of the month
after we have received:
A) this certificate;
B) due proof of your death;
C) the choice of a Method of Payment as provided in Section 25; and
D) due proof of the beneficiary's age if the Method chosen pays a lifetime
income.
25. Methods of Payment. The Death Benefit will be paid to your beneficiary under
one of the Methods shown below.
Single-sum Payment. Payment will be made in one sum.
Single Life Unit Annuity. A payment will be made to your beneficiary each
month for life. All payments will cease at his or her death. This Method
provides nothing for anyone after the death of your beneficiary.
Life Unit Annuity with 10-, 15- or 20-Year Guaranteed Period. A payment will
be made to your beneficiary each month for life. If he or she dies
<PAGE>
before the end of the guaranteed period chosen, the monthly payments will
continue to the end of that period as explained in Section 26.
Unit Annuity for a Fixed Period. A payment will be made to your beneficiary
each month for a fixed period of not less than two nor more than thirty
years, as chosen. At the end of the period chosen the entire Death Benefit
will have been paid out and no further payments will be made. If your
beneficiary dies before the end of the period chosen, monthly payments will
continue to the end of that period as explained in Section 26.
Unit Deposit. CREF will hold your beneficiary's Accumulation Units on deposit
for a chosen period of not less than two nor more than thirty years. No
periodic payments will be made under this Method. Additional Accumulation
Units will be purchased in accordance with the Rules of the Fund from your
beneficiary's share of the net dividend and other income of CREF. At the end
of the period chosen, CREF will make a one-sum payment to your beneficiary.
This one-sum payment will be the then current value of all Accumulation Units
held by CREF for your beneficiary. If your beneficiary dies while any part of
the Death Benefit is held by CREF, that amount will be payable as explained
in Section 26. Instead of a chosen period, the Accumulation Units may be held
on deposit for "the lifetime of the beneficiary," with the one-sum payment
made after the death of your beneficiary as explained in Section 26. The
value of the Death Benefit placed under this Method must be at least $5,000.
Transfer to a TIAA Dollar Pay-out Contract. CREF will transfer the Death
Benefit to TIAA for the purchase of an individual pay-out contract on the
life of the beneficiary in any form then being issued by TIAA for such
transfers, or an Annuity for a Fixed Period of not less than two nor more
than thirty years, or an Interest Payments contract for A) the lifetime of
the beneficiary; or B) a chosen period of not less than two nor more than
thirty years. The pay-out rates for the TIAA contract will be the rates
applying to such transfers at that time; the contract will give the
beneficiary the same rights as any person then applying for a similar TIAA
contract. The value of the Death Benefit transferred under this Method must
be at least $1,000; however, if an Interest Payments contract is chosen, the
value of the Death Benefit transferred must be at least $5,000.
If any Method chosen, except Unit Deposit, would result in an initial
payment of less than $25, CREF will have the right to require a change in choice
that will result in an initial payment of not less than $25 a month.
26. Payments after the Death of a Beneficiary. Any monthly payments still due at
the death of your beneficiary during a guaranteed or fixed period will be
continued to the person or persons named by you or your beneficiary to receive
them. The Commuted Value of these payments may be paid in one sum unless we are
directed otherwise.
If no one has been named to receive these payments, or if no one so named
is living at the death of your beneficiary, the Commuted Value will be paid in
one sum to your beneficiary's estate.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due
<PAGE>
that person will be paid to any other person or persons named to receive it. If
no one has been so named, the Commuted Value will be paid to the estate of the
last person who was receiving these payments.
If your beneficiary dies while any Accumulation Units are held by CREF
under the Unit Deposit Method, their then current value will be paid in one sum
to the person or persons you or your beneficiary have named to receive it. If no
such person survives your beneficiary, the then current value of all
Accumulation Units held on deposit will be paid in one sum to your beneficiary's
estate.
27. The NUMBER OF ANNUITY UNITS FOR A BENEFICIARY will be determined, in
accordance with the Rules of the Fund, by: A) the value of your Accumulation
Units as of the date of your death; B) the Method of Payment chosen for the
Death Benefit; C) if the Method chosen pays a lifetime income, the age of your
beneficiary and, if the Rules of the Fund provide for the use of sex-distinct
mortality, his or her sex; and D) the value of an Annuity Unit.
PART E: TRANSFERS
28. Transfer to TIAA Dollar Annuity. You may have CREF pay to TIAA all or a part
of your Accumulation for the purchase of a TIAA deferred or pay-out annuity
contract on your life, provided the request for transfer is made before the
Annuity Starting Date, and subject to the following conditions:
A) the premium or pay-out rates for the TIAA contract will be the rates
applying to such Transfers at the time the Transfer is made;
B) you will have the same rights under the TIAA contract as any person then
being issued a similar contract, except since a Transfer cannot be
revoked or cancelled there will be no temporary right to cancel;
C) the effective date of the Transfer will be the first day of the month
following the month in which we receive your request for transfer or the
first day of any later month you select;
D) the request for a Transfer cannot be revoked after the effective date of
such Transfer;
E) the amount transferred must be at least $1,000; F) no more than two
Transfers may be made in any year; and
G) the TIAA contract will not provide for assignment or loans.
The number of your Accumulation Units will be reduced by the number of such
Units transferred to TIAA.
PART F: LUMP-SUM BENEFITS
29. Cash Surrender. At any time before the Annuity Starting Date you may
surrender this certificate for a cash payment equal to the Accumulation as of
that date. Upon surrender for cash, all of our obligations under this
certificate will be terminated.
30. Withdrawals. At any time before the Annuity Starting Date but not more than
once in a six-month period, you may withdraw a portion of the Accumulation in
cash. The amount withdrawn must be at least $1,000 and not greater than the
Accumulation eligible for withdrawal. The entire Accumulation, less that portion
resulting from premiums paid in the month of withdrawal and the preceding month,
is eligible for withdrawal.
<PAGE>
The Accumulation will be reduced by the amount of any Withdrawal.
31. Date of Surrender or Withdrawal. A cash surrender or withdrawal will be made
as of the date on which we receive your written election, unless you request it
to be made as of the first of the next month. For a cash surrender to be
effective, you must also send us this certificate.
PART G: GENERAL PROVISIONS
32. Report of Premiums and Accumulation. Once each year until the Annuity
Starting Date, we will mail you a report for the calendar year just ended. It
will show the amount of premiums paid during the year and the value of your
Accumulation (Death Benefit) as of the end of the year.
33. Ownership. You own this certificate. During your lifetime, you may, to the
extent permitted by law, exercise every right given by it without the consent of
any other person.
34. No Assignment. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
35. No Loans. This certificate does not provide for loans.
36. Procedure for Elections and Changes. You, or your Second Participant or
beneficiary having the right to do so, may elect or change, in accordance with
the terms of your certificate, any of the following by written notice
satisfactory to CREF sent to its home office in New York, NY:
A) the Annuity Starting Date;
B) an Income Option;
C) a Transfer or Lump-sum Benefit;
D) a Method of Payment for the Death Benefit; or
E) a beneficiary or any person named to receive payments remaining due.
No such notice will take effect unless it is received by CREF. When received it
will take effect as of the date it was signed, whether or not the signer is
living at the time we receive it. Any action taken by CREF in good faith before
receiving the notice will not subject CREF to liability because our acts were
contrary to what was stated in the notice.
37. Payment to an Estate, Guardian, Trustee, etc. CREF reserves the right to pay
in one sum the Commuted Value of any benefits due an estate, corporation,
partnership, trustee or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
38. Correspondence and Request for Benefits. No notice, application, form,
premium payment, or request for benefits will be deemed to be received by us
unless it is received at our home office. All benefits are payable at our home
office. Any questions about this
<PAGE>
certificate or inquiries about our service should be directed to us at our
address:
CREF
730 Third Avenue
New York, NY 10017.
39. Service of Process Upon CREF. We agree to appear in any action in any action
or suit against us on this contract in any court of competent jurisdiction in
the United States, Puerto Rico or Canada provided such process is properly made.
We will also accept such process sent to us by registered mail if the plaintiff
is a resident of the state, district, territory, or province in which the action
or suit is brought. This Section does not waive any of our rights, including the
right to remove such action or suit to another court.
40. Protection Against Claims of Creditors. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
41. Benefits Based on Incorrect Data. If the amount of benefits is determined by
data as to a person's age or sex that is incorrect, benefits will be
recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
42. Proof of Survival. CREF reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of your certificate is
alive on the date any benefit payment is due. If this proof is not received
after requested in writing, CREF will have the right to make reduced payments or
to withhold payments entirely until such proof is received. If under a Survivor
Unit Annuity Option CREF has overpaid benefits because of a death of which we
were not notified, subsequent payments will be reduced or withheld until the
amount of the overpayment has been recovered.
43. Non-Forfeiture of Benefits. Benefits payable under this certificate will not
be less than the minimum required as of the Date of Issue by any statute of the
State in which this certificate is delivered. Any benefits purchased cannot be
forfeited under this certificate.
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017
GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CONTRACT
GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY
CONTRACT NO.: [CGSRA-0001]
CONTRACTHOLDER: [ABC UNIVERSITY]
DATE OF ISSUE: [April 1, 1991]
[STATE OF DELIVERY: NEW YORK]
[ This contract ("the Contract") was made and delivered in the State of
New York. The validity and effect of all rights and duties under this Contract
are governed by the laws there in force.]
This contract [("the Contract")] is issued in consideration of the
payment of Premiums by the Contractholder to the College Retirement Equities
Fund ("CREF"). CREF will issue to each Participant a certificate ("Certificate")
setting forth the benefits under the Contract to be derived from Premiums paid
on behalf of such Participant.
The Contract may be amended by agreement of CREF and the Contractholder
without the consent of any other person, provided that such change does not
reduce the then current Accumulation of any Participant, or any benefit
purchased under the Contract up to that time. CREF may stop accepting Premiums
under the Contract at any time.
The provisions contained on the following pages (the Certificate) are
part of the Contract.
/s/John H. Biggs
-----------------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
30 DAY FREE LOOK TO YOUR CREF GROUP
SUPPLEMENTAL RETIREMENT UNIT-ANNNUITIY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
NOTICE OF 30-DAY RIGHT TO CANCEL THIS CERTIFICATE
It is our wish that you fully understand the provisions of your
Certificate and be entirely satisfied with it. Please read it carefully. You may
cancel this Certificate by taking all of the following actions within 30 days
from the date you receive it:
1. Delivering or mailing the Certificate to us, and
2. Sending us the "Notice of Cancellation" below or a telegram or
other written notification similarly worded.
The Certificate and notification should be delivered or mailed to:
CREF, 730 Third Avenue, New York, NY 10017-3206.
- ------------------------------------------------------------------------------
NOTICE OF CANCELLATION
I am the owner of CREF Certificate No._____________________ which I
received within the last 30 days.
I hereby cancel this Certificate. I request that all premiums paid for
it be refunded to the remitter of the premiums. I understand that if this
Certificate was issued as a result of a transfer from another CREF unit annuity
certificate or a certificate or contract issued by Teachers Insurance and
Annuity Association of America, the premium refund will be reinstated in such
certificate or contract.
I understand that upon delivering or mailing this notice and the
Certificate to CREF, the Certificate is void as of the date of issue and no
benefits will be provided under it.
Dated:___________________ Signature:__________________________________________
---------------------------------------------
NAME (PLEASE PRINT)
<PAGE>
30 DAY FREE LOOK TO YOUR CREF
RETIREMENT UNIT-ANNNUITIY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
NOTICE OF 30-DAY RIGHT TO CANCEL THIS CERTIFICATE
It is our wish that you fully understand the provisions of your
Certificate and be entirely satisfied with it. Please read it carefully. You may
cancel this Certificate by taking all of the following actions within 30 days
from the date you receive it:
1. Delivering or mailing the Certificate to us, and
2. Sending us the "Notice of Cancellation" below or a telegram or
other written notification similarly worded.
The Certificate and notification should be delivered or mailed to:
CREF, 730 Third Avenue, New York, NY 10017-3206.
CAUTION: IMPORTANT!
If this Certificate has been issued in accordance with the requirements
of your employer's retirement plan, keeping the Certificate may be required as a
condition of your employment. If you have any questions, please review the
provisions of your employer's retirement plan or consult with your employer to
determine your rights and obligations with respect to the plan and this
Certificate.
- --------------------------------------------------------------------------------
NOTICE OF CANCELLATION
I am the owner of CREF Certificate No._____________________ .
I hereby cancel this Certificate. I request that the accumulated value
of all premiums paid for it be refunded to the remitter of the premiums. I
understand that if this Certificate was issued as a result of a transfer from
another CREF unit-annuity certificate or a certificate or a contract issued by
Teachers Insurance and Annuity Association of America, the premium refund will
be reinstated in such certificate or contract.
I understand that upon delivering or mailing this notice and the
Certificate to CREF, the Certificate is void as of the date of issue and no
benefits will be provided under it.
Dated:___________________ Signature:__________________________________________
---------------------------------------------
NAME (PLEASE PRINT)
- --------------------------------------------------------------------------------
<PAGE>
30 DAY FREE LOOK TO YOUR CREF
SUPPLEMENTAL RETIREMENT UNIT-ANNNUITIY CERTIFICATE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
30 DAY FREE LOOK TO YOUR CREF
SUPPLEMENTAL RETIREMENT UNIT-ANNNUITIY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
NOTICE OF 30-DAY RIGHT TO CANCEL THIS CERTIFICATE
It is our wish that you fully understand the provisions of your
Certificate and be entirely satisfied with it. Please read it carefully. You may
cancel this Certificate by taking all of the following actions within 30 days
from the date you receive it:
1. Delivering or mailing the Certificate to us, and
2. Sending us the "Notice of Cancellation" below or a telegram or
other written notification similarly worded.
The Certificate and notification should be delivered or mailed to:
CREF, 730 Third Avenue, New York, NY 10017-3206.
- --------------------------------------------------------------------------------
NOTICE OF CANCELLATION
I am the owner of CREF Certificate No._____________________ which I
received within the last 30 days.
I hereby cancel this Certificate. I request that the accumulated value,
as of the end of the Business Day in which this notice is received by CREF, of
all premiums paid for it be refunded to the remitter of the premiums.
I understand that upon delivering or mailing this notice and the
Certificate to CREF, the Certificate is void as of the date of issue and no
benefits will be provided under it.
Dated:___________________ Signature:__________________________________________
---------------------------------------------
NAME (PLEASE PRINT)
- --------------------------------------------------------------------------------
CREF
GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Annuity
Certificate Date of Date of Starting
Number Issue Birth Date
+------------------------------------------------+
| B-300000-0 03 01 1991 12 20 1952 01 01 2018 |
| |
Participant| DOE, JOHN J |
| |
Contractholder| ABC UNIVERSITY CGSRA-0001 |Contract
+------------------------------------------------+Number
This Certificate states that you, the Participant, are entitled to
share in the benefits of College Retirement Equities Fund ("CREF" or "Fund")
under the provisions of a Group Supplemental Retirement Annuity Contract ("the
Contract") issued to your Employer, as Contractholder.
The Contract may be amended by agreement of CREF and the
Contractholder, provided that such change does not reduce the number of your
Accumulation Units or the number of Annuity Units purchased for you under the
Contract up to that time. CREF may stop accepting Premiums under the Contract at
any time.
This page refers briefly to some of the Contract's features described
in your Certificate. The next pages set forth in detail the rights and
obligations of both CREF and you under the Contract.
PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
All Premiums on your behalf must be remitted under the terms of your
Employer's Tax Deferred Annuity Plan. Each Premium paid to CREF purchases a
number of Accumulation Units representing your share in CREF. You may convert
these into an income of Annuity Units.
When you are ready to start receiving your income, you choose the
Income Option you want from among those described in your Certificate. All
options provide an income for you, and all but one also have some provision for
another person, to be named by you.
If you die before starting to receive annuity income, your Accumulation
Units will provide a benefit for your Beneficiary under one of the methods
described in your Certificate.
Once each year we will report to you on the current value of your
Accumulation Units.
You may choose to withdraw, as a Lump-sum Benefit, all or part of your
Accumulation before starting to receive a lifetime income. Federal tax law may
restrict distributions before age 59 1/2, as outlined in Section 47.
You, or your Beneficiary at your death, may have CREF pay the value of
some or all of your Accumulation Units to Teachers Insurance and Annuity
Association of America ("TIAA") for the purchase of a fixed-dollar contract or
certificate, as explained in your Certificate.
THIS CERTIFICATE CANNOT BE ASSIGNED, NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE
ANY FIXED-DOLLAR AMOUNT OF ANNUITY PAYMENTS.
INDEX ON NEXT PAGE
<PAGE>
INDEX OF PROVISIONS
Section
Accounts
Definition..........................................1
Deletion 2
Accumulation
Definition..........................................4
Accumulation Units
Definition..........................................3
Number of...........................................5
Annuity Benefit
Annuity Unit........................................7
Unit Annuity.......................................22
Annuity Starting Date
Change of..........................................27
Definition..........................................6
Assignment
Void and of no effect..............................44
Benefits Based on Incorrect Data............................52
Business Day.................................................9
Claims of Creditors
Protection against.................................46
Commuted Value
Definition.........................................10
Contract
Consists of........................................24
Correspondence with us......................................55
Death Benefit
Beneficiary.........................................8
Changing the Beneficiary...........................34
Definition.........................................11
Methods of Payment.................................35
Naming Your Beneficiary............................33
Number of Annuity Units............................37
Payment of.........................................32
Payments after death of Beneficiary................36
Elections and Changes
Procedure..........................................49
Elective Deferrals
Restrictions on Distribution.......................47
Employer
Definition.........................................12
Section
ERISA
Definition.........................................13
Funding Vehicle
Definition.........................................14
Income Benefit
Definition.........................................15
Number of Annuity Units............................31
Options ...........................................29
Payments during guaranteed or fixed periods........30
Starting payments..................................28
IRC
Definition.........................................16
Lapse or Forfeiture
Protection against.................................26
Laws and Regulations
Compliance with....................................54
Loans
No Provision for...................................45
Lump-sum Benefit
Availability of....................................39
Definition.........................................17
Payment of.........................................40
Non-Forfeiture of Benefits..................................48
Payment to an Estate, Trustee, etc..........................50
Premiums....................................................25
Proof of Survival...........................................53
Report of Accumulation......................................43
Rules of the Fund
Definition.........................................18
Second Participant..........................................19
Service of Process upon CREF................................51
Spouse's Rights.............................................41
Definition.........................................20
Waiver of..........................................42
Tax Deferred Annuity Plan
Definition.........................................21
Transfer....................................................38
Valuation Day
Definition.........................................23
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
ANNUITY
CERTIFICATE DATE OF DATE OF STARTING
NUMBER ISSUE BIRTH DATE
[B-300000-0 03 01 1991 12 20 1952 01 01 2018]
PARTICIPANT [DOE, JOHN J ]
CONTRACTHOLDER [ABC UNIVERSITY ]
GROUP SUPPLEMENTAL RETIREMENT ANNUITY CONTRACT NO: [ CGSRA-0001 ]
SOCIAL SECURITY NUMBER: 999-99-9999
THE CONTRACT UNDER WHICH THIS CERTIFICATE WAS ISSUED WAS MADE AND DELIVERED IN
THE [STATE OF NEW YORK]. THE VALIDITY AND EFFECT OF ALL RIGHTS AND DUTIES UNDER
THE CONTRACT ARE GOVERNED BY THE LAWS THERE IN FORCE.
<PAGE>
PART A: TERMS USED IN THIS CERTIFICATE
1. ACCOUNTS. CREF maintains the following four investment Accounts, each with
its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting
primarily of short-term debt securities.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting primarily
of investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting
primarily of common stocks, investment grade bonds, and short-term debt
securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
Your right to allocate Premiums or transfer any part of your Accumulation to the
CREF Bond Market Account, the CREF Social Choice Account, and any future CREF
Account may be limited under the terms of your Employer's Tax Deferred Annuity
Plan.
2. DELETION OF A CREF ACCOUNT. CREF may delete the CREF Bond Market Account, the
CREF Social Choice Account, and any future Account. If you have Accumulation
Units in a CREF Account that is deleted, you must transfer them to another CREF
Account. If you do not make a choice, CREF will transfer your Accumulation
Units, if any, in such Account to the CREF Money Market Account.
3. ACCUMULATION UNITS. Each CREF Account maintains a separate Accumulation Unit
value. The current value of each Account's Accumulation Unit is based on the
market value of that Account's investments, and will be determined in accordance
with the Rules of the Fund.
4. Your ACCUMULATION is the sum of the value of all of your Accumulation Units
in all of the Accounts under this Certificate. It will provide the benefits
described in this Certificate.
5. NUMBER OF ACCUMULATION UNITS. Each of the Premiums paid on your behalf under
this Certificate will purchase a number of Accumulation Units determined in
accordance with the Rules of the Fund. The Premiums will be allocated among the
CREF Accounts under your certificate in accordance with your most recent
instructions received by CREF, as detailed in Section 25. The number of your
Accumulation Units in any Account under your Certificate will be increased by:
A) any Premiums paid to that Account under your Certificate; and
B) any transfers to that Account under your Certificate from another
CREF Account; and will be reduced by:
<PAGE>
C) the application of Accumulation Units from that Account to provide
an Income Benefit;
D) any Lump-sum Benefits paid from that Account; and
E) any transfers from that Account to TIAA, another CREF Account, or
another Funding Vehicle.
6. The ANNUITY STARTING DATE shown on Page 3 is the date your Income Benefit is
scheduled to begin. The Date may be changed as explained in Sections 27 and 28.
7. An ANNUITY UNIT is the unit of payment for all unit-annuity benefits. The
CREF Stock and CREF Money Market Accounts maintain separate Annuity Units. All
CREF Unit-Annuity Income Options and Methods of Payment of the Death Benefit are
available from the CREF Stock Account and the CREF Money Market Account. The
current value of an Annuity Unit will change from time to time to reflect
changes in CREF's investment, mortality, and expense experience. The dollar
value of any Unit-Annuity payment will be the product of the number of Annuity
Units to be paid and the then current value of an Annuity Unit.
8. BENEFICIARIES are persons you name, in a form satisfactory to CREF, to
receive the Death Benefit if you die before the Annuity Starting Date.
9. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
10. COMMUTED VALUE. The commuted (discounted) value is a one-sum amount paid in
lieu of a series of payments. The Commuted Value of a series of payments of
Annuity Units is computed in accordance with the Rules of the Fund, in which it
is referred to as the Present Value.
11. The DEATH BENEFIT is the current value of your Accumulation. It will be used
to pay your Beneficiary an income under one of the methods set forth in Part D
if you die before the Annuity Starting Date.
12. EMPLOYER. As used in this Certificate, your Employer is the organization
named as Contractholder on Page 3, even if you separate from the service of such
Employer after the Date of Issue.
13. ERISA is the Employee Retirement Income Security Act of 1974, as amended.
14. A FUNDING VEHICLE is an annuity contract or a custodial account established
to provide retirement benefits under IRC Section 403(b).
15. The INCOME BENEFIT is the monthly amount payable to you under one of the
options set forth in Part C. The monthly amount will first be payable on the
Annuity Starting Date.
<PAGE>
16. The IRC is the Internal Revenue Code of 1986, as amended.
17. A LUMP-SUM BENEFIT is a withdrawal in a single sum of all or part of your
Accumulation. Federal tax law may restrict distributions before age 59 1/2, as
outlined in Section 47. The provisions concerning Lump-sum Benefits are set
forth in Part F.
18. The RULES OF THE FUND govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
Certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of New York as not being unfair, unjust, inequitable
or prejudicial to the interest of anyone in the Fund. A copy of the Rules of the
Fund was furnished to you when this Certificate was issued; you will be notified
of all amendments to such Rules.
19. The SECOND PARTICIPANT is the person you name, when starting to receive your
income under a Survivor Unit-Annuity Option, to receive a life income if he or
she survives you. You may name your spouse, or any other person eligible under
CREF's practices then in effect, to be a Second Participant, subject to the
rights of your spouse, if any, as described in Part G.
20. SPOUSE'S RIGHTS. If your Accumulation is subject to ERISA, your spouse may
have rights to a Survivor Retirement Benefit or a Survivor Death Benefit, as
explained in Part G. Your spouse's right to these benefits may limit your choice
of Income Option, Beneficiary, Lump-sum Benefit, or Transfer.
21. A TAX DEFERRED ANNUITY PLAN is an employee benefit plan established by your
Employer under IRC Section 403(b), under which you may make salary reduction
contributions to an annuity contract.
22. A UNIT-ANNUITY is a series of payments of the then current value of a fixed
number of Annuity Units. The number of Annuity Units to be paid and their then
current value will be determined in accordance with the Rules of the Fund using
actuarial methods. A Unit-Annuity Benefit may be elected as described in Part C.
23. A VALUATION DAY is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
PART B: CONTRACT AND PREMIUMS
24. THE CONTRACT. The Contract (including this Certificate) constitutes the
entire contract between CREF and the Contractholder, and the provisions therein
alone will govern with respect to the rights and obligations of CREF, the
Contractholder, and you. The payment of Premiums by the Contractholder to CREF
is the consideration for the Contract. The
<PAGE>
Contract may be amended by agreement of CREF and the Contractholder without the
consent of you or any other person, provided that such change does not reduce
the number of your Accumulation Units or the number of Annuity Units purchased
for you under the Contract up to that time. Any endorsement or amendment of this
Certificate, or waiver of any of its provisions will be valid only if in writing
and signed by an Executive Officer or Registrar of CREF. All Premiums and
Benefits are payable at CREF's home office in New York, NY. Nothing in the
Contract invalidates or impairs any right granted to you by law or under this
Certificate.
25. PREMIUMS. All Premiums on your behalf must be remitted under the terms of
your Employer's Tax Deferred Annuity Plan. We have issued this Certificate in
consideration of Premiums paid on your behalf. Premiums may be paid in any
amount and at any frequency, in accordance with your Employer's Tax Deferred
Annuity Plan. Premiums will be credited to your Certificate as of the date on
which they are received. CREF will accept Premiums on your behalf any time
before the Annuity Starting Date or your prior death; however CREF may stop
accepting Premiums under the Contract at any time.
You may allocate any whole number percentage of a Premium to a CREF
Account. CREF will credit your Premiums among the Accounts according to the most
recent instructions CREF has received from you. Your right to allocate such
Premiums to the Bond Market Account, to the Social Choice Account, and to any
future CREF Account may be limited under the terms of your Employer's Tax
Deferred Annuity Plan. If no allocation instructions have been received, all
Premiums will be allocated to the Money Market Account.
26. UNCONDITIONAL PROTECTION AGAINST LAPSE OR FORFEITURE. Your rights under the
Contract will not lapse after the first Premium has been paid. If Premiums
cease, you will continue to own all benefits to be derived from the
Accumulation.
PART C: YOUR INCOME BENEFIT
27. CHANGING YOUR ANNUITY STARTING DATE. You may change the Annuity Starting
Date at any time before you start to receive your Income Benefit, by written
notice to CREF as explained in Section 49. You may change the Annuity Starting
Date, subject to the Federal tax law restrictions described in Section 47, to
the first of any month after the change, but not to a month later than the April
first of the calendar year following the calendar year in which you attain age
70 1/2. If you have not chosen an Annuity Starting Date prior to your
sixty-fifth birthday, you will be deemed to have chosen the first of the month
following that birthday.
28. STARTING YOUR INCOME BENEFIT. Payment of your Income Benefit will begin as
of the Annuity Starting Date you have chosen, if you are then living and:
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A) you have chosen one of the Income Options set forth in Section 29;
B) if you choose an Income Option that pays a lifetime income, we have
received due proof of your age and, if you choose a Survivor
Unit-Annuity Option, the age of your Second Participant; and
C) if your Accumulation is subject to the ERISA requirements described
in Part G, and
(1) you are married and have not chosen a Survivor
Unit-Annuity Option with your spouse as Second Participant, we
have received a Waiver of Spouse's Rights; or
(2) we have received proof that you are not married.
If the requirements of this Section have not been completed by the
Annuity Starting Date you have chosen, the Annuity Starting Date will be
deferred to the first of the month after the requirements have been completed,
or if earlier, to the April first of the calendar year following the calendar
year in which you attain age 70 1/2.
29. INCOME OPTIONS are the ways in which you may have your Income Benefit paid
to you. Any time before the Annuity Starting Date you may choose the Option you
want. You may change your choice any time before payments begin, but once they
have begun no change can be made. Any choice of Option or change of such choice
must be made by written notice to CREF as explained in Section 49. Your right to
elect an option or change such election may be limited in accordance with
Section 54. The value of your Accumulation will be the consideration for a CREF
individual pay-out annuity certificate providing benefits under the Income
Option you choose.
If your Accumulation is subject to ERISA, then your choice of Income
Option is subject to the right of your spouse, if any, to benefits as explained
in Part G.
The following are the Income Options from which you may choose. All of them
provide an income for you, some provide that payments will continue for the
lifetime of a Second Participant and some provide that payments will continue in
any event during a guaranteed or fixed period as explained in Section 30. The
monthly amount paid to you or a surviving Second Participant depends on which of
these Options you choose:
SINGLE LIFE UNIT-ANNUITY. A payment will be made to you each month as
long as you live. All payments will cease at your death. This Option
provides nothing for anyone after your death.
LIFE UNIT-ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment
will be made to you each month as long as you live. If you die before
the end of the guaranteed period you have chosen, the monthly payments
will continue to the end of that period.
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than five nor more than thirty
years, as chosen. At the end of the period chosen no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period.
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SURVIVOR UNIT-ANNUITY OPTIONS. Under each of the following Options a
payment will be made to you each month for as long as you live, and
will be continued for life to the Second Participant you have named if
he or she survives you. After payments begin, you cannot change your
choice of Second Participant.
FULL BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- OR 20-YEAR
GUARANTEED PERIOD. At the death of either you or your Second
Participant the monthly payments that continue to the survivor
will be based on the full number of Annuity Units that would
have been paid if both had lived. If you choose a guaranteed
period and you and your Second Participant both die before the
end of the period chosen, the monthly payments will be based
on the full number of Annuity Units that would have been paid
if both had lived, and will continue to be paid to the end of
that period. If you do not choose a guaranteed period all
payments will cease at the death of the last survivor of you
and the Second Participant.
TWO-THIRDS BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- OR
20-YEAR GUARANTEED PERIOD. At the death of either you or your
Second Participant the monthly payments that continue to the
survivor will be based on two-thirds of the number of Annuity
Units that would have been paid if both had lived. If you
choose a guaranteed period and you and your Second Participant
both die before the end of the period chosen, the monthly
payments will be based on two-thirds of the number of Annuity
Units that would have been paid if both had lived, and will
continue to be paid to the end of that period. If you do not
choose a guaranteed period all payments will cease at the
death of the last survivor of you and the Second Participant.
HALF BENEFIT TO SECOND PARTICIPANT WITH OR WITHOUT A 10-, 15-
OR 20-YEAR GUARANTEED PERIOD. Monthly income equal to the full
number of Annuity Units will continue as long as you live. If
your Second Participant survives you, the monthly payments
that continue will be based on one-half the number of Annuity
Units that you would have received if you had lived. If you
choose a guaranteed period and you and your Second Participant
both die before the end of the period chosen, the monthly
payments will be based on one-half of the number of Annuity
Units that would have been paid if you had lived, and will
continue to be paid to the end of that period. If you do not
choose a guaranteed period all payments will cease at the
death of the last survivor of you and the Second Participant.
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AUTOMATIC ELECTION PROVISION. If on the Annuity Starting Date determined in
accordance with Sections 27 and 28, you have not chosen an Income Option, you
will be deemed to have chosen the "Life Unit-Annuity with 10-Year Guaranteed
Period" Option if you are then single, or the "Half Benefit to Second
Participant with 10-Year Guaranteed Period" Survivor Unit-Annuity Option with
your spouse as Second Participant if you are then married.
30. PAYMENTS TO THE END OF A GUARANTEED OR FIXED PERIOD. At the time you choose
an Income Option, you name the person or persons to receive these payments, as
explained in Section 49. You may later change the named persons and, if you
choose a Survivor Unit-Annuity, your surviving Second Participant may change the
named persons after your death unless you direct otherwise.
At the death of the last survivor of you and your Second Participant before
the end of a guaranteed period under one of the Survivor Unit-Annuity Options,
or at your death before the end of a guaranteed or fixed period under one of the
other Income Options, the monthly payments due for the remainder of the
guaranteed or fixed period will continue to the surviving person or persons
named to receive them. The Commuted Value of these payments may be paid in one
sum unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so
named is then living, the Commuted Value will be paid to your estate or, if you
chose a Survivor Unit-Annuity Option, to the estate of the last survivor of you
and your Second Participant.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other surviving person or persons named to receive it. If no one
so named is then living, the Commuted Value will be paid to the estate of the
last person who was receiving these payments.
31. The NUMBER OF ANNUITY UNITS in each Account under your certificate will be
determined as of the Annuity Starting Date, in accordance with the Rules of the
Fund, on the basis of:
A) the value of your Accumulation Units in that Account under your
Certificate at that time;
B) the Income Option you choose;
C) if you choose an Income Option that pays a lifetime income, your age;
D) if you choose a Survivor Unit-Annuity Option, your Second
Participant's age; and
E) the value of that Account's Annuity Unit at that time.
If your initial Income Benefit would be less than $25 a month, CREF
will have the right to change to quarterly, semi-annual or annual payments,
whichever will result in an initial payment of $25 or more and the shortest
interval between payments.
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PART D: DEATH BENEFIT
32. PAYMENT OF THE DEATH BENEFIT. If you die before the Annuity Starting Date,
CREF will pay the Death Benefit to your Beneficiary under one of the Methods of
Payment set forth in Section 35. You may choose the Method during your lifetime
by written notice to CREF, as explained in Section 49. If you do not so choose,
your Beneficiary will make the choice when he or she becomes entitled to
payments. You may change the Method at any time before payments begin. After
your death, your Beneficiary may change the Method chosen by you, if you so
provide. Any choice of Method or change of such choice must be made by written
notice to CREF, as explained in Section 49.
Payment of the Death Benefit under one of the Methods set forth in
Section 35 will start as of the first day of the month after we have received:
A) due proof of your death;
B) the choice of a Method of Payment set forth in Section 35; and
C) due proof of the Beneficiary's age if the Method chosen pays a
lifetime income.
33. NAMING YOUR BENEFICIARY. Beneficiaries are persons you name, by written
notice to CREF as explained in Section 49, to receive the Death Benefit if you
die before the Annuity Starting Date. You may designate different classes of
beneficiaries, such as primary (first) and contingent (secondary). These classes
set the order of payment. If a class contains more than one person, the Death
Benefit will be paid to the then living persons in the class in equal shares,
unless you provide otherwise. For example, if you die before the Annuity
Starting Date, having named your spouse as primary Beneficiary and "children" as
equal contingent Beneficiaries, your spouse would receive the Death Benefit if
he or she survived you. But if your spouse did not survive you, then your
surviving children would receive the Death Benefit in equal shares.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, child, brother
or sister.
If you name your estate as Beneficiary, or if none of the Beneficiaries
you have named is alive at the time of your death, the Death Benefit will be
paid to your estate in one sum.
If your Accumulation is subject to ERISA, then your right to name a
Beneficiary for the Death Benefit is subject to the right of your spouse, if
any, to benefits as described in Part G.
If you die prior to the Annuity Starting Date never having named a
Beneficiary, your estate and your surviving spouse, if any, become the
Beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid to
your estate in one sum;
B) if you leave a surviving spouse, your spouse will receive a benefit,
payable under one of the Methods of Payment, which is the actuarial
equivalent as of the date Death Benefit payments are paid or begin of
one-half of your Accumulation, with the remainder of your Accumulation
being paid to your estate in one sum.
<PAGE>
34. CHANGING YOUR BENEFICIARY. At any time before the Annuity Starting Date you
may change your Beneficiary or add or delete Beneficiaries, by written notice to
CREF as explained in Section 49, subject to the rights of your spouse, if any,
as described in Part G.
35. METHODS OF PAYMENT. The Death Benefit will be paid to your Beneficiary under
one of the Methods shown below. For all Methods except Single-sum and Transfer
to a TIAA Pay-out Contract, the Death Benefit will be the consideration for a
CREF individual pay-out certificate providing benefits under the Method of
Payment chosen. Each of the Methods of Payment, other than the Single-sum and
Transfer to a TIAA Pay-out Contract, is available in either the Stock Account or
the Money Market Account.
The distribution of the Death Benefit under any Method of Payment must
be made over the lifetime of your Beneficiary or over a period not to exceed
your Beneficiary's life expectancy. The Death Benefit must be applied under a
chosen Method of Payment within one year of the date of your death; otherwise
payments will be made to your Beneficiary beginning on the first day of the
month in which the first anniversary of your date of death occurs, under the
Unit- Annuity for a Fixed Period Method for a period of five years with payments
made annually.
SINGLE-SUM PAYMENT. The Death Benefit will be paid to your Beneficiary
in one sum.
SINGLE LIFE UNIT-ANNUITY. A payment will be made to your Beneficiary
each month for life. All payments will cease at his or her death. This
Method provides nothing for anyone after the death of your Beneficiary.
LIFE UNIT-ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment
will be made to your Beneficiary each month for life. If he or she dies
before the end of the guaranteed period chosen, the monthly payments
will continue to the end of that period as explained in Section 36.
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to your
Beneficiary each month for a fixed period of not less than five nor
more than thirty years, as chosen. At the end of the period chosen the
entire Death Benefit will have been paid out and no further payments
will be made. If your Beneficiary dies before the end of the period
chosen, the monthly payments will continue to the end of that period as
explained in Section 36.
UNIT DEPOSIT. CREF will hold your Beneficiary's Accumulation Units on
deposit for a chosen period of not less than two nor more than thirty
years. No periodic payments will be made under this Method. At the end
of the period chosen, CREF will make a one-sum payment to your
Beneficiary. This one-sum payment will be the then-current value of all
Accumulation Units held by CREF for your Beneficiary. If your
Beneficiary dies while any part of the Death Benefit is held by CREF,
that amount will be payable as explained in Section 36.
<PAGE>
The value of the Death Benefit placed under this Method must
be at least $5,000.
TRANSFER TO A TIAA PAY-OUT CONTRACT. CREF will pay to TIAA the Death
Benefit for the purchase of a pay-out annuity on the life of the
Beneficiary, or a pay-out annuity for a fixed period of not less than
two nor more than thirty years, or an Interest Payments contract for a
chosen period of not less than two nor more than thirty years. The
Premium and pay-out rates for the TIAA contract will be the rates
applying to such transfers at that time; the contract will give the
Beneficiary the same rights as any person then being issued a similar
TIAA contract.
The value of a Death Benefit transferred under this Method
must be at least $5,000.
If any Method chosen, except Unit Deposit, would result in an initial
payment of less than $25 a month, CREF will have the right to require a change
in choice that will result in an initial payment of not less than $25 a month.
36. PAYMENTS AFTER THE DEATH OF A BENEFICIARY. Any monthly payments still due at
the death of your Beneficiary during a guaranteed or fixed period will be
continued to the person or persons named by you or your Beneficiary to receive
them, by written notice to CREF as explained in Section 49. The Commuted Value
of these payments may be paid in one sum unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so named
is living at the death of your Beneficiary, the Commuted Value will be paid in
one sum to your Beneficiary's estate.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other person or persons named to receive it. If no one has been
so named, the Commuted Value will be paid to the estate of the last person who
was receiving these payments.
If your Beneficiary dies while any Accumulation Units are held by CREF
under the Unit Deposit Method, then their current value will be paid in one sum
to the person or persons you or your Beneficiary have named to receive it. If no
such person survives your Beneficiary, the then-current value of all
Accumulation Units held on deposit will be paid in one sum to your Beneficiary's
estate.
37. The NUMBER OF ANNUITY UNITS FOR A BENEFICIARY in each Account under your
Beneficiary's certificate will be determined as of the date the Unit-Annuity
begins, in accordance with the Rules of the Fund, on the basis of:
A) the value of your Accumulation Units in that Account under your
Certificate at that time;
B) the Method of Payment chosen for the Death Benefit;
C) if the Method chosen pays a lifetime income, the age of your
Beneficiary; and
D) the value of that Account's Annuity Unit at that time.
<PAGE>
PART E: TRANSFERS
38. You may TRANSFER some or all of your Accumulation Units from a CREF Account
under your Certificate: (a) to purchase Accumulation Units in one of the other
CREF Accounts under your Certificate, (b) to a fixed-dollar TIAA annuity, or (c)
to a Funding Vehicle not offered by CREF or TIAA.
Your right to transfer to the Bond Market Account, to the Social Choice
Account, to any future CREF Account, and/or to a Funding Vehicle not offered by
TIAA or CREF, may be limited under the terms of your Employer's Tax Deferred
Annuity Plan.
If you choose to Transfer, we will pay your Accumulation, or any part
thereof not less than $1,000. All values will be determined as of the
end of the Business Day in which CREF has received, in a form
acceptable to CREF:A) your request for a Transfer; and
B) when required by law, if your Accumulation is subject to the ERISA
requirements described in Part G, a Waiver of Spouse's Rights or proof
that you are not married.
You may choose to defer the effective date of the Transfer until the last day of
any month following the date on which we receive the above requirements, and all
values will be determined as of the end of such effective date. The request for
a Transfer cannot be revoked after the effective date of such Transfer.
If you Transfer to a TIAA annuity, you will have the same rights under
the TIAA contract as any person then being issued a similar contract.
If all of your Accumulation Units under your Certificate are withdrawn
as a Transfer, all obligations of CREF to you under the contract are fulfilled.
CREF may limit Transfers to not more than twice in any calendar year.
PART F: LUMP-SUM BENEFITS
39. AVAILABILITY OF LUMP-SUM BENEFIT. Before the Annuity Starting Date, you may
choose to receive a Lump-sum Benefit from some or all of a specified Account's
Accumulation Units. Any choice of Lump-sum Benefit must be made by written
notice to CREF as explained in Section 49.
If your Accumulation is subject to ERISA, your right to receive a
Lump-sum Benefit is subject to the rights of your spouse, if any, as described
in Part G. Federal tax law may restrict distributions before age 59 1/2, as
outlined in Section 47.
A tax-free rollover of your Lump-sum Benefit may be available to you
under the IRC and the rulings and regulations issued thereunder.
<PAGE>
40. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum Benefit, we will
pay your Accumulation, or any part thereof not less than $1,000. All values will
be determined as of the end of the Business Day in which CREF has received, in a
form acceptable to CREF:
A) your request for a Lump-sum Benefit; and
B) if your Accumulation is subject to the ERISA requirements described
in Part G, a Waiver of Spouse's Rights or proof that you are not
married.
You may choose to defer the effective date of the Lump-sum Benefit until the
last day of any month following the date on which we receive the above
requirements, and all values will be determined as of the end of such effective
date. The request for a Lump-sum Benefit cannot be revoked after the effective
date of such Lump-sum Benefit.
If all of your Accumulation Units under your Certificate are withdrawn
as a Lump-sum Benefit, all obligations of CREF to you under the contract are
fulfilled.
PART G: SPOUSE'S RIGHTS TO BENEFITS
41. SPOUSE'S RIGHT TO BENEFITS. If A) you are married, and B) all or part
of your Accumulation is attributable to contributions made under a Tax
Deferred Annuity Plan subject to ERISA, and C) a plan contribution has
been paid on your behalf after August 22, 1984,
then, only to the extent required by the IRC or ERISA, your rights to choose an
Income Option, name a Beneficiary for the Death Benefit, receive a Lump-sum
Benefit, or Transfer are restricted by the rights of your spouse to benefits as
follows:
SPOUSE'S SURVIVOR RETIREMENT BENEFIT. If you are married on the Annuity
Starting Date, your Income Benefit must be paid under a Survivor
Unit-Annuity Option with your spouse as Second Participant.
SPOUSE'S SURVIVOR DEATH BENEFIT. If you die before the Annuity Starting
Date and your spouse survives you, the payment of the Death Benefit to
your named Beneficiary is subject to your spouse's right to receive a
Death Benefit of a Unit-Annuity which is the actuarial equivalent as of
the date such Unit-Annuity begins of one-half of your Accumulation, if
any, attributable to contributions made under a plan subject to ERISA.
Your spouse may consent to a waiver of his or her rights to these
benefits, as explained in Section 42.
42. WAIVER OF SPOUSE'S RIGHTS. Your spouse must consent to a waiver of his or
her right to survivor benefits before you can choose:
A) an Income Option other than a Survivor Unit-Annuity with your spouse
as Second Participant;
<PAGE>
B) Beneficiaries who are not your spouse for more than half of the
Death Benefit;
C) a Lump-sum Benefit; or
D) to the extent required by law, a Transfer.
In order to waive the right to spousal survivor benefits we must receive, in
form satisfactory to CREF, your spouse's written consent, or verification that
your spouse cannot be located. A waiver of rights with respect to an Income
Option may be made by you and consented to by your spouse no earlier than 90
days before the Annuity Starting Date. A waiver of the Survivor Death Benefit
may not be effective if it is made prior to the plan year in which you attain
age 35, or, if earlier, your separation from service of your Employer.
Generally, a waiver of rights with respect to the portion of the Accumulation to
be used for a Lump-sum Benefit or Transfer may be made no earlier than 90 days
before the effective date of such Lump-sum Benefit or Transfer.
Verification of your marital status may be required, in form
satisfactory to CREF, for purposes of establishing your spouse's right to
benefits or a waiver of these rights. You may revoke a waiver of your spouse's
rights to benefits at any time during your lifetime. Your spouse may not revoke
a consent after the consent has been given.
PART H: GENERAL PROVISIONS
43. REPORT OF ACCUMULATION. Once each year until the Annuity Starting Date, we
will mail you a report for the calendar year just ended. It will show the value
of your Accumulation as of the end of the year.
44. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this Certificate or any benefits, nor transfer any of your
duties, under the terms of the Contract. Any such action will be void and of no
effect.
45. NO LOANS. The Contract does not provide for loans. You may, however,
transfer your Accumulation to TIAA, where loans may be available, subject to the
terms of your Employer's Tax Deferred Annuity Plan.
46. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under the Contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
47. RESTRICTIONS ON ELECTIVE DEFERRALS. This Certificate is designed to be part
of a tax-deferred group annuity contract as specified under IRC Section 403(b).
IRC Section 403(b) prohibits the distribution of the portion, if any, of a
participant's accumulation equal to:
A) amounts attributable to funds transferred from a custodial account
established under IRC Section 403(b)(7); plus
<PAGE>
B) amounts attributable to premiums paid to an IRC Section 403(b)
(1) annuity contract as
elective deferrals under a salary reduction agreement (within the
meaning of IRC Section 403(b)(11) ); less
C) the value, if any, of the
amounts described in B) determined as of December 31, 1988;
until the participant:
(1) attains age 59 1/2;
(2) separates from service of the employer under whose plan the
aforementioned portion is attributable; (3) dies; (4) becomes disabled
within the meaning of IRC Section 72(m)(7); or (5) encounters financial
"hardship" within the meaning of IRC Section 403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings
credited after December 31, 1988 and, in addition any contributions paid after
December 31, 1988 to a custodial account established under IRC Section 403(b)(7)
that are not elective deferrals under a salary reduction agreement, will not be
available for distribution.
Any request for an early withdrawal due to disability or hardship must
be submitted with evidence of the disability or hardship on forms satisfactory
to CREF and not inconsistent with applicable law.
48. NON-FORFEITURE OF BENEFITS. Amounts payable under the Contract will not be
less than the minimum required as of the Date of Issue by any statute of the
State or other jurisdiction in which the Contract is issued. Your Accumulation
and any benefits purchased cannot be forfeited under the Contract.
49. PROCEDURE FOR ELECTIONS AND CHANGES. An election or change may be made, in
accordance with the terms of your Certificate, by written notice satisfactory to
CREF. No such notice will take effect unless it is received by CREF at its home
office in New York, NY. Any notice of change in Beneficiary or other person
named to receive payments will take effect as of the date it was signed, whether
or not the signer is living at the time we receive it. Any other notice will
take effect as of the date it is received. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability even though
our acts were contrary to what was stated in the notice.
50. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. CREF may pay in one sum the
Commuted Value of any benefits due an estate, corporation, partnership, trustee
or other entity not a natural person. CREF will not be responsible for the acts
of or any neglect by any executor, trustee, guardian, or other third party to
whom payment is made.
51. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on the Contract in any court of competent jurisdiction
in the United States, Puerto Rico or Canada provided such process is properly
made. We will also accept such process sent to us by registered mail if the
plaintiff is a resident of the state, district, territory, or province in which
the action or suit is brought. This Section does not waive any of our rights,
including the right to remove such action or suit to another court.
<PAGE>
52. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is determined by
data as to a person's age or any other factor that is incorrect, benefits will
be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
53. PROOF OF SURVIVAL. CREF may require satisfactory proof that anyone named to
receive benefits under the terms of the Contract is alive on the date any
benefit payment is due. If this proof is not received after requested in
writing, CREF will have the right to make reduced payments or to withhold
payments entirely until such proof is received. If under a Survivor Unit-Annuity
Option CREF has overpaid benefits because of a death of which we were not
notified, subsequent payments will be reduced or withheld until the amount of
the overpayment has been recovered.
54. COMPLIANCE WITH LAWS AND REGULATIONS. CREF will administer the Contract and
this Certificate to comply with all laws and regulations pertaining to the terms
and conditions of the Contract and this Certificate. If the Contract and/or this
Certificate conflict as of the Date of Issue with any applicable state law or
regulation, such law or regulation will prevail.
The choice of Income Option, Annuity Starting Date, Beneficiary or
Second Participant, Method of Payment of the Death Benefit, and the availability
of Lump-sum Benefits and Transfers as set forth in the Certificate are subject
to the applicable restrictions, distribution requirements, and incidental
benefit requirements of ERISA and the IRC, and any rulings and regulations
issued under ERISA and the IRC.
55. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form,
Premium payment or request for benefits will be deemed to be received by us
unless it is received at our home office in New York, NY. All Premiums and
benefits are payable at our home office in New York, NY. Any questions about the
Contract or this Certificate, or inquiries about our service should be directed
to us at our home office address:
CREF
730 Third Avenue
New York, NY 10017.
ELECTION TO PARTICIPATE IN THE TIAA AND CREF
GROUP RETIREMENT TRUSTS
___________________________, pursuant to its Retirement Plan as amended or
adopted by its Board of Trustees on_______, a copy of which plan will be
forwarded when approved, does hereby elect to participate in the TIAA and CREF
Group Retirement Trusts and, further, does agree to the following:
Contributions for the Retirement Plan, commencing on _________________,
will be remitted by us to TIAA and CREF, which shall apply them as premiums to
Group Retirement Annuities issued by TIAA and CREF to the Trusts.
We will remit only Retirement Plan premium contributions for
application to the Group Retirement Annuities.
Benefits will be provided by the Group Retirement Annuities to
participating employees and their beneficiaries.
This election is made in accordance with the terms of the TIAA and CREF
Group Retirement Trust agreements and is subject to their provisions.
Our Retirement Plan qualifies under Section 403(a), 401(a), or 403(b)
of the Internal Revenue Code.
Our Retirement Plan provides that the Lump Sum Benefit available to a
terminating employee is ___% of the Accumulation attributable to all
contributions made on the employee's behalf.
Dated:
------- -----------------------------------
(Name of Institution)
By:
-------------------------------
(Name)
-------------------------------
(Title)
TIAA-CREF hereby consents to the participation of ____________________
in the TIAA and CREF Group Retirement Trusts, this _____________day of ________,
19__.
- -------------------------
(Name)
- -------------------------
(Title)
<PAGE>
CREF GROUP RETIREMENT TRUST
AGREEMENT, by and between College Retirement Equities Fund
(hereinafter referred to as "CREF") and United States Trust Company of New York
(hereinafter the "Trustee") establishing the CREF Group Retirement Trust. This
agreement is effective as of the date of execution herein.
(Section)PURPOSE. The purpose of the Trust is to aid and
strengthen nonproprietary and nonprofit-making colleges, universities and other
institutions engaged primarily in education or research by providing retirement
annuities suited to the needs of such institutions and of the teachers and other
persons employed by them for the benefit of, and on terms as advantageous to,
such institutions and their employees as shall be practicable, without profit to
CREF or its stockholders.
(Section)2. DEFINITIONS.
a) "Eligible Institution." An institution is eligible to
participate in this trust only if it is eligible to participate in the TIAA-CREF
system. Eligibility for TIAA-CREF is subject to the eligibility rules of
TIAA-CREF then in effect. Generally, these rules require that an institution be:
1.) organized or incorporated in the United States, 2.) nonproprietary and
nonprofit-making, whether publicly or privately supported, 3.) if privately
supported, has received a ruling from the Internal Revenue Service that it is
exempt from federal income taxes as an organization described in Section
501(c)(3) of the Internal Revenue Code of
<PAGE>
1954 or any predecessor of this section under prior law [an institution will be
provisionally eligible if it has pending a valid application for 501(c)(3)
status] and 4.) either offers a regular course of instruction as its primary
purpose or conducts research or serves or supports education or research as its
primary purpose or is ancillary to an institution with such primary purposes.
The foregoing shall include, but not be limited to, colleges, universities,
independent schools, research organizations, libraries, museums and educational
associations. It shall not, however, include an institution which is either a
public school below the college level or a private foundation as defined in
Section 509 of the Internal Revenue Code.
b) "Employer." An Eligible Institution participating in this
Trust in accordance with Section 4 of this trust agreement.
c) "Participant." An employee of an Employer on whose behalf
Contributions are remitted by such Employer under its Retirement Plan in
accordance with Section 5 of this trust agreement.
d) "Retirement Plan." A defined contribution retirement plan
qualifying under Section 403(a) of the Internal Revenue Code or providing for
the purchase of annuity contracts that qualify under Section 403(b) of such
Code. The plan must require periodic contributions by an Employer and may
require contributions by Participants through payroll withholding or, for a
Section 403(b) plan, through a Salary Reduction Agreement.
e) "Salary Reduction Agreement." An agreement between an
Employer and a Participant whereby the Participant reduces his or her salary
-2-
<PAGE>
or forgoes an increase in salary as described in S1.403(b)-l(b)(3) of the
Federal Income Tax Regulations.
f) "Contributor." A payment to be applied to the Contract as a
premium remitted by an Employer under a Retirement Plan in accordance with
(Section)5 of this trust agreement.
(Section)3. THE CONTRACT. CREF will issue to the Trustee a
Group Retirement Annuity contract (The "Contract") to provide annuity benefits
for enrolled Participants. The provisions of the Contract and the certificates
issued thereunder will govern the rights, responsibilities and obligations of
CREF and participants.
(Section)4. PARTICIPATION IN THE TRUST. To participate in this
Trust an eligible institution must: a) obtain the written consent of CREF to do
so; b) submit documents required by CREF for participation and c) remit
Contributions as required by (Section)5 of this trust agreement.
(Section)5. CONTRIBUTIONS. An Employer shall remit Retirement
Plan Contributions to CREF, which shall apply such Contributions to the Contract
as premiums. Such Contributions shall be remitted in the form and manner
specified by CREF.
(Section)6. PROTECTION AGAINST CLAIMS OF CREDITORS AND
PROHIBITION OF ASSIGNMENT. The interest, rights and benefits of any person which
may be derived from this Trust are exempt from claims of creditors and all legal
process. Such interest, rights and benefits may not be assigned, pledged or
transferred and any attempt to do so will be void and of no effect.
-3-
<PAGE>
(Section)7. POWERS, RIGHTS AND DUTIES OF TRUSTEE. Subject to
the provisions of (Section)8, the Trustee shall have the following powers and
rights with respect to the Trust in addition to those vested in it elsewhere in
this trust agreement or by law:
a) To enter into a Group Retirement Annuity Contract and
amendments thereof with CREF and to exercise any rights that exist for the
Contract Holder thereof.
b) To institute, maintain or defend any litigation appropriate
or necessary in connection with the Trust, except that the Trustee shall not be
obligated or required to do so unless it has been or shall be indemnified by
CREF to its satisfaction against all expenses and liabilities sustained or
anticipated by reason thereof.
c) To pay any taxes or fees incurred or assessed with respect
to the Trust, subject to the provisions of (Section)9.
d) To delegate powers in connection with the administration of
the Trust to CREF.
e) To settle, compromise or abandon any claims or demands in
favor of or against the Trust, but only with the prior written consent of CREF.
f) To perform any and all other acts as may in its judgment be
necessary or appropriate to fulfill its responsibilities under this trust
agreement.
g) To deal with CREF in accordance with the terms of the
Contract issued to it and in such manner as the Trustee and CREF shall agree,
without the consent of any other person or persons interested in the Trust.
(Section)8. RESPONSIBILITY OF TRUSTEE. The Trustee shall have
no responsibility for the validity or effect of the Contract issued to it by
CREF, for the eligibility of any institution or Participant to participate
-4-
<PAGE>
in the Trust, for the validity or acceptability of any Contributions or for the
compliance of any Retirement Plan or Salary Reduction Agreement with any
applicable provision of law. The Trustee shall have no responsibility for the
administration of any Retirement Plan or Salary Reduction Agreement and its sole
responsibility to Participants shall be to act as Contract Holder of the
Contract.
The Trustee shall not be liable for any Contributions. CREF
shall be solely responsible for providing benefits to participants and their
beneficiaries. The Trustee shall not be liable for any payment made to or
benefit claimed by any Participant or for the acts or omissions of CREF with
respect to the administration of the contract. The Trustee shall not be liable
with respect to any act or acts which it may perform on the express written
instructions of CREF, and CREF shall indemnify and save the Trustee harmless
with respect to all claims that may arise as a result of its compliance with
such instructions.
(Section)9. COMPENSATION OF TRUSTEE AND REIMBURSEMENT OF
EXPENSES. CREF shall pay the Trustee the compensation from time to time agreed
upon by the Trustee and CREF, and shall reimburse the Trustee for all reasonable
expenses (including taxes and fees) incurred in connection with the
administration and operation of the Trust.
(Section)10. PRESUMPTION OF PROPRIETY OF TRUSTEE'S ACTS. Any
party dealing with the Trustee may conclusively presume that the Trustee is
acting in accordance with the provisions of this Trust and shall not be obliged
to take cognizance of such provisions or to inquire into the propriety of any
act of the Trustee.
(Section)11. SUCCESSOR TRUSTEES. The Trustee may resign on 60
days' advance written notice to CREF and CREF may remove the Trustee with or
-5-
<PAGE>
without cause on 60 days' advance written notice to the Trustee. In any such
event, CREF may appoint a successor Trustee and, upon such appointment and the
acceptance thereof by the successor Trustee, the predecessor Trustee shall
promptly assign the Contract to the successor Trustee, establishing it as the
Contract Holder thereof, and furnish to the successor Trustee an account of its
administration. The predecessor Trustee shall execute any documents and do any
acts necessary to record the appointment of the successor Trustee. Each
successor Trustee shall have all the powers, rights and duties conferred by this
trust agreement as if originally named Trustee. No successor Trustee shall be
liable for any act or failure to act of a predecessor Trustee.
(Section)12. SUCCESSORS IN INTEREST OF TRUSTEE. This trust
agreement shall be binding upon the successors and assigns of the Trustee. Any
corporation which shall, by merger, consolidation, purchase or otherwise,
succeed to substantially all of the trust business of a corporation acting as
Trustee shall, upon such succession, and without appointment or other action by
any person, be and become a successor Trustee hereunder.
(Section)13. TRUST CREATED FOR EXCLUSIVE BENEFIT OF
PARTICIPANTS. This Trust is intended to implement the Retirement Plans of
Employers. No part of the Trust may be used for or diverted to purposes other
than for the exclusive benefit of Participants covered by such plans and their
beneficiaries. Benefits purchased under the Contract cannot be forfeited.
(Section)14. PARTIES. No person other than CREF and the Trustee
or their lawful successors shall be or be considered a party to this trust
agreement.
(Section)15. ENTIRE AGREEMENT. This trust agreement shall
constitute the entire agreement between the parties, which shall not be deemed
to be
-6-
<PAGE>
varied, altered or amended nor shall any provision thereof be waived except by
signed, written agreement of the parties.
(Section)16. SITUS. This trust agreement is created and made in
the State of New York and all questions pertaining to its validity, construction
and administration shall be determined in accordance with the laws of said
State.
(Section)17. TERMINATION OF CONTRIBUTIONS. Termination of
Contributions shall not cause benefits purchased under the Contract prior
thereto to be forfeited.
(Section)18. AMENDMENT OF THE TRUST. The trust agreement may be
amended from time to time by a signed, written supplemental agreement between
CREF and the Trustee. No amendment shall reduce benefits purchased prior
thereto.
(Section)19. TERMINATION OF THE TRUST. CREF may in its sole
discretion voluntarily terminate this Trust in any manner and for any reason
upon giving three months' prior written notice to Employers, Participants and
the Trustee by mail directed to their addresses then appearing on CREF's
records. The Trustee, if so directed by CREF, will assign the Trust corpus to
CREF on the effective date of termination. Termination of the Trust shall not
cause any benefits purchased under the Contract to be forfeited nor any part of
the Trust to be used for or diverted to purposes other than for the exclusive
benefit of Participants and their beneficiaries.
IN WITNESS WHEREOF, CREF and the Trustee have caused this
-7-
<PAGE>
Trust Agreement to be executed by their respective duly authorized officers on
this ___ day of September, 1984
COLLEGE RETIREMENT EQUITIES FUND
(Seal) By: RUSSELL E. BONE
--------------------------
(Name)
Executive Vice President
------------------------------
(Title)
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 28th day of August, 1984, before me personally came
Russell E. Bone, to me known, who, being by me duly sworn, did depose and say
that he resides at Colonia, New Jersey, and is Executive Vice President of
College Retirement Equities Fund, the corporation described in and which
executed the foregoing instrument; that he knows the seal of said corporation;
and the seal affixed to said instrument is such corporate seal; that it was so
affixed by order of the Board of Trustees of said corporation, and that he
signed his name thereto by like order.
MICHELLE WARREN MICHELLE WARREN
NOTARY PUBLIC, State of New York -------------------------------
No. 60-2937525 Notary Public
Qualified in Westchester County
Certificate filed in New York County
Commission Expires March 30, 1985
UNITED STATES TRUST COMPANY OF NEW YORK
(Seal) By
----------------------------
(Name)
-----------------------------
(Title)
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the ___th day of August, 1984, before me personally
-8-
<PAGE>
came ___________________, to me known, who, being by me duly sworn, did depose
and say that he resides at No. __________________; that he is a Vice President
of UNITED STATES TRUST COMPANY OF NEW YORK, the corporation described in and
which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Trustees of said corporation,
and that he signed his name thereto by like order.
Preston F. Flores
-----------------------
Notary Public
PRESTON F. FLORES
Notary Public, State of New York
(Sealed) No. 43-8392125 Qual. in Richmond County
Commission Expires march 30, 1986
-9-
<PAGE>
AMENDMENT TO
CREF GROUP RETIREMENT TRUST
AGREEMENT, by and between College Retirement Equities Fund
(hereinafter, "CREF") and United States Trust Company of New York (hereinafter,
"The Trustee") amending the CREF Group Retirement Trust. This agreement is
effective as of the date of execution herein.
WHEREAS, CREF and The Trustee entered into a trust agreement,
known as the CREF Group Retirement Trust, effective September 1, 1984,
AND WHEREAS, said Trust provides that it may be amended from
time to time,
AND WHEREAS, CREF and The Trustee wish to amend said Trust,
NOW THEREFORE, CREF and The Trustee agree that Sections 2(d)
and (e) of said Trust are hereby amended to read as follows:
d) "Retirement Plan." A defined contribution retirement plan
qualifying under Sections 401(a), 401(k) or 403(a) of the Internal Revenue Code,
or providing for the purchase of annuity contracts that qualify under Sec.
403(b) of such Code. Except for Sec. 401(k) plans, the plan must require
periodic contributions by an Employer and may require contributions by
Participants through payroll withholding or,
<PAGE>
Page 2
for a Sec. 403(b) plan, through a Salary Reduction Agreement. For Sec. 401(k)
plans, a Participant may elect to make contributions through a Salary Reduction
Agreement.
e) "Salary Reduction Agreement." An agreement between an
Employer and a Participant whereby the Participant reduces his or her salary or
forgoes an increase in salary as provided for in the Federal income Tax
Regulations governing Sec. 401(k) plans and Sec. 403(b) annuities.
IN WITNESS WHEREOF, CREF and the Trustee have caused this Trust
Agreement to be executed by their respective duly authorized officers on this
______________ day of March, 1985.
By Russell E. Bone
(Seal) ----------------------------
(Name)
Executive Vice President
-----------------------------
(Title)
UNITED STATES TRUST COMPANY OF NEW YORK
By
-----------------------------
(Seal) (Name)
-----------------------------
(Title)
<PAGE>
Page 3
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 18th day of March, 1985, before me personally came
Russell E. Bone, to me known, who, being by me duly sworn, did depose and say
that he resides at Skyline Ridge, Bridgetown, CT 06752, and is Executive Vice
President of College Retirement Equities Fund Association, the corporation
described in and which executed the foregoing instrument; that he knows the seal
of said corporation; and the seal affixed to said instrument is such corporate
seal; that it was so affixed by order of the Board of Trustees of said
corporation, and that he signed his name thereto by like order.
Michelle Warren
--------------------------
Notary Public
MICHELLE WARREN
NOTARY PUBLIC, State of New York
No. 60293762
(Notarial Seal) Qualified in Westchester County
Certificate filed in New York County
Commission Expires March 30, 1985
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
on the 21st day of March, 1985, before me personally came Jack
_________________________, to me known, who, being by me duly sworn, did depose
and say that he resides at 1918 Miller Place No. ______________ Merrick, N.Y.
11566; that he is a Vice President of United States Trust Company of New York,
the corporation described in and which executed the foregoing instrument; that
he knows the seal of said corporation; that the seal affixed to said instrument
is such corporate seal; that it was so affixed by order of the Board of Trustees
of said corporation, and that he signed his name thereto by like order.
Judith M. Trepanowski
--------------------------
Notary Public
JUDITH M. TREPANOWSKI
NOTARY PUBLIC, State of New York
No. __________
(Notarial Seal) Qualified in Westchester County
Certified in New York County
Commission Expires March 30, 1986
<PAGE>
AMENDMENT NO. 1 TO CREF GROUP RETIREMENT TRUST
AGREEMENT, by and between College Retirement Equities Fund
(hereinafter referred to as "CREF") and United States Trust Company of New York
(hereinafter the "Trustee") amending the CREF Group Retirement Trust entered
into between CREF and the Trustee on September 1, 1984.
The following amendments are hereby made to Section 2,
Definitions:
Paragraph (a), "Eligible Institution" is amended by the addition of the phrase
"or Canada" at the end of clause (1) of the third sentence.
Paragraph (d), "Retirement Plan" is deleted and replaced by:
(d) "Retirement Plan" A defined contribution retirement plan qualifying
under sections 403(a) or 401(a) of the Internal Revenue Code or providing
for the purchase of annuity contracts that qualify under section 403(b) of
such Code or a registered pension plan within the meaning of Section 248(1)
of the Canadian Income Tax Act.
IN WITNESS WHEREOF, CREF and the Trustee have caused this
Amendment to be executed by their respective duly authorized officer on this 1st
day of May, 1989.
COLLEGE RETIREMENT EQUITIES FUND
By John J. McCormack
-----------------------------
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 1st day of May, 1989, before me personally came John J.
McCormack, to me known, who, being by me duly sworn, did depose and say that he
resides at _________________________ and is Executive Vice President of College
Retirement Equities Fund, the corporation described in and which executed the
foregoing instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
order of the Board of Trustees of said corporation, and that he signed his name
thereto by like order.
Michelle Warren
--------------------------
Notary Public
MICHELLE WARREN
NOTARY PUBLIC, State of New York
No. 602937625
(Notarial Seal) Qualified in Westchester County
Certificate filed in New York County
Commission Expires March 30, 1985
<PAGE>
UNITED STATES TRUST COMPANY OF NEW YORK
By Joseph L. D'Addeuio
-----------------------------
(Name)
Vice President
-----------------------------
(Title)
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the 30th day of May, 1989, before me personally came Joseph
L. D'Addeuio , to me known, who, being by me duly sworn, did depose and say that
he resides at 68-47 Hollow St., Forest Hills, NY that he is a Vice President of
UNITED STATES TRUST COMPANY OF NEW YORK, the corporation described in and which
executed the foregoing instrument; that he knows the seal of said corporation;
that the seal affixed to said instrument is such corporate seal; that it was so
affixed by order of the Board of Trustees of said corporation, and that he
signed his name thereto by like order.
Judith M. Trepanowski
--------------------------
Notary Public
JUDITH M. TREPANOWSKI
NOTARY PUBLIC, State of New York
No. 9377693
Qualified in Westchester County
Certified in New York County
Commission Expires June 30, 1990
<PAGE>
AMENDMENT NO. 2 TO CREF GROUP RETIREMENT TRUST
AGREEMENT, by and between College Retirement Equities Fund
(hereinafter referred to as "CREF") and Chase Manhattan Bank, N.A. successor to
the United States Trust Company of New York, (hereinafter the "Trustee")
amending the CREF Group Retirement Trust entered into between CREF and the
Trustee on September 1, 1984.
The following amendments are hereby made to Section 2,
Definitions:
Paragraph (a), "Eligible Institution" is amended by the
deletion of the phrase "or Canada" at the end of clause (1)
of the third sentence.
Paragraph (d), "Retirement Plan" is amended by the deletion of
the phrase "or a registered pension plan within the meaning of
Section 248(a) of the Canadian Income Tax Act" at the end of
the first sentence.
IN WITNESS WHEREOF, CREF and the Trustee have caused this
Amendment to be executed by their respective duly authorized officers on this
26th day of December, 1995.
COLLEGE RETIREMENT EQUITIES FUND
By C. H. Stamm
-------------------------------------------
(Name)
Executive Vice President & General Counsel
------------------------------------------
(Title)
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 26th day of December, 1995, before me personally came
C. H. Stamm, to me known, who, being by me duly sworn, did depose and say that
he resides at 12 Runkenhage Drive, Darien, CT, and is Executive V.P & General
Counsel of College Retirement Equities Fund, the corporation described in
<PAGE>
and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Trustees of said corporation,
and that he signed his name thereto by like order.
JONAH J. APPLEBAUM Jonah J. Applebaum
Notary Public, State of New York -----------------------------
No 02AP5040660 (Notary Public)
My Commission Expires March 20, 1997
CHASE MANHATTAN BANK, N.A.
By Otis A. Sinnott, Jr.
-----------------------------
(Name)
Vice President
-----------------------------
(Title)
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the 28th day of December, 1995, before me personally came
Otis A. Sinnott, Jr., to me known, who, being by me duly sworn, did depose and
say that he resides at N.Y, N.Y., and is Vice President of Chase Manhattan Bank,
N.A., the corporation described in and which executed the foregoing instrument;
that he knows the seal of said corporation; and the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Trustees of said corporation, and that he signed his name thereto by like
order.
Lorraine M. Mazzie
--------------------------
Notary Public
LORRAINE M. MAZZIE
Notary Public, State of New York
No. 31-4768768
Qualified in New York County
Commission Expires May 31, 1996
<PAGE>
TEACHERS INSURANCE AND ANNUITY ASSOCIATION
NEW YORK, N.Y.
GROUP RETIREMENT ANNUITY CERTIFICATE
CERTIFICATE DATE OF ISSUE DATE OF BIRTH ANNUITY STARTING DATE
NUMBER MO. DAY YR. MO. DAY YR. MO. DAY YR.
----------- ------------- ------------- ---------------------
ANNUITANT
This certificate states the rights that you, the Annuitant, have under a Group
Retirement Annuity Contract ("the Contract") issued by TEACHERS INSURANCE AND
ANNUITY ASSOCIATION ("TIAA") to the United States Trust Company of New York
("the Contract Holder") under a trust agreement.
This page refers briefly to some of the Contract's features described in your
certificate. The next pages set forth in detail the rights and obligations of
both TIAA and you under the Contract. PLEASE READ YOUR CERTIFICATE. IT IS
IMPORTANT.
GENERAL DESCRIPTION
All premiums on your behalf must be remitted under the terms of your Employer's
Retirement Plan.
Each premium paid to TIAA for your annuity buys a definite amount of lifetime
income for you. If you die before starting to receive this income, the
accumulated funds will provide a benefit for your beneficiary under one of the
methods described in your certificate. The benefit amounts purchased by each
premium are determined by the Rate Schedule in effect for the Contract at the
time the premium is paid. Benefits over and above those guaranteed under the
Contract may be bought by Additional Amounts, which may be credited to you under
the Contract by TLAA from time to time.
Once each year we will report to you on the current value of your Accumulation.
When you are ready to start receiving your income, you choose the income option
you want from among those described in your certificate. The Payments for a
Fixed Period option is only available after Termination of Employment, and may
be limited under the terms of your Employer's Retirement Plan. All options
provide an income for you, and all but one also have some provision for another
person to be named by you.
You may also be permitted to choose a Lump-sum Benefit payment in accordance
with your Employer's Retirement Plan, but only within 120 days after
Termination of Employment with your Employer.
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES # PROVIDE FOR LOANS.
/s/ JOHN H. BIGGS
-------------------------
John H. Biggs
Chairman and
Chief Executive Officer
- --------------------------------------------------------------------------------
G-1000.4 INDEX ON NEXT PAGE ED. 3-93
TIAA GRA
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE INDEX
================================================================================
INDEX OF PROVISIONS
SECTION
Accumulation
Definition .......................................... 1
Additional Amounts
Definition .......................................... 2
Annuity Starting Date
Change of ........................................... 16
Definition .......................................... 3
Assignment
Void and of no effect ............................... 33
Benefits Based on Incorrect Data ........................ 40
Cash Surrender
Limited benefit ..................................... 35
Claims of Creditors
Protection against .................................. 36
Commuted Value
Definition .......................................... 9
Consideration ........................................... 13
Contract
Consists of ......................................... 13
Correspondence with TIAA ................................ 42
Death Benefit ........................................... 21
Amount of Payments .................................. 27
Beneficiary ......................................... 22
Changing the Beneficiary ............................ 23
Definition .......................................... 6
Methods of Payment .................................. 25
Payments after death
of Beneficiary ...................................... 26
Starting payments ................................... 24
Elections and Changes
Procedure ........................................... 37
Employer
Definition .......................................... 10
Income Benefit
Amount of payments .................................. 20
Definition .......................................... 4
Options ............................................. 18
Payments during
guaranteed period ................................... 19
Starting payments ................................... 17
Lapse or Forfeiture
Protection against .................................. 15
Laws and Regulations
Compliance with ..................................... 44
Loans
No provision for .................................... 34
Lump-sum Benefit
Availability ........................................ 28
Definition .......................................... 7
Payment of .......................................... 29
Payment to an Estate, Trustee, etc ...................... 38
Premiums ................................................ 14
Overpayment of ...................................... 43
Proof of Survival ....................................... 41
Rate Schedule ........................................... 46
Change of ........................................... 45
Definition .......................................... 8
Report of Accumulation .................................. 32
Request for Benefits .................................... 42
Retirement Plan ......................................... 12
Second Annuitant ........................................ 5
Service of Process upon TIAA ............................ 39
Spouse's Right to Benefits .............................. 30
Liability of TIAA ................................... 31
Termination of Employment ............................... 11
- --------------------------------------------------------------------------------
G-1000.4
TIAA GRA ED. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE
================================================================================
TEACHERS INSURANCE AND ANNIJllY ASSOCLAlION
CERTIFICATE DATE OF DATE OF ANNUITY STARTING
NUMBER Issue Birth Date
----------- ------- ------- ----------------
ANNUITANT
GROUP RETIREMENT ANNUITY CONTRACT NO. - GRA-01
Social Security Number
Employer National Academy Of Sciences
The Contract under which this Certificate was issued was made and delivered in
the State of New York. The validity and effect of all rights and duties under
the Contract are governed by the laws there in force.
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G-1000.4 Page 3
TIAA GRA
<PAGE>
ENDORSEMENT TO YOUR TIAA GROUP
RETIREMENT ANNUITY CONTRACT
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TEACHERS INSURANCE AND ANNUITY ASSOCIATION
(TIAA)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO TIAA GROUP RETIREMENT ANNUITY CERTIFICATES
ISSUED ON FORM G1000.4
This endorsement is part of your agreement with TIAA. The purpose of an
endorsement is to make changes to the provisions of your certificate. Please
read this endorsement in conjunction with your certificate.
The following is added to the ADDITIONAL AMOUNTS provision:
Additional Amounts, if any, will be credited under a schedule of
Additional Amount rates declared by TIAA. For an Accumulation in force
as of the effective date of such a schedule, the Additional Amount
rates will not be modified for a period of twelve-months following the
schedule's effective date. For any premiums received, any Additional
Amounts credited, and any Transfers from CREF credited during the
twelve-month period described in the preceding sentence, TIAA may
declare Additional Amounts at rates which are effective for less than
twelve months, but which remain in effect through the end of such
twelve-month period. Thereafter, any Additional Amount rates declared
for such premiums, Additional Amounts, and Transfers from CREF will
remain in effect for periods of twelve months or more.
The ANNUITY STARTING DATE provision is modified by the following:
The Annuity Starting Date is the date your Income Benefit or your
Transfer Payout Annuity begins. You may not start your Income Benefit
any earlier than the earliest date allowed under your Employer's
Retirement Plan, nor any later than the April first following the
calendar year in which you reach age 70*. At any time before you begin
to receive your Income Benefit or your Transfer Payout Annuity, you may
change your Annuity Starting Date to the first of any month after the
change, as described in your certificate, as long as the new date
satisifies the preceding conditions.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the
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G-1000.4 Page E1
TIAA GRA ED. 7-94
<PAGE>
ENDORSEMENT TO YOUR TIAA GROUP
RETIREMENT ANNUITY CONTRACT
================================================================================
calendar year in which you reach age 704. This option may not provide a
lifetime income in all situations.
If you die before the Accumulation has been entirely paid out, a
death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving income
in order to avoid penalties under federal tax law.
The INTEREST PAYMENT AND RETIREMENT ANNUITY INCOME OPTION is replaced with the
following:
INTEREST PAYMENT AND RETIREMENT ANNUITY. A payment will be made to you
each month until you die or convert to another Income Option. The
amount of the payment will be equal to the interest that TIAA would
otherwise credit to your Accumulation.
You must convert to another Income Option no later than the April
first following the calendar year in which you reach age 70 1/2.
If you die before converting, a Death Benefit equal to your
Accumulation plus any accrued interest since the last payment will be
paid to the Beneficiary you name when - electing this option.
This option is only available if you are at least age 55, but not
older than age 69 1/2. The value of the Accumulation placed under this
option must be at least $10,000.
One new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT
provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been entirely
paid out, the remaining Accumulation will be paid in one sum to the
payee named to receive it.
A provision on TRANSFERS is added:
TRANSFERS. You may choose to transfer your Accumulation to CREF under a
Transfer Payout Annuity. Annuity payments will be made over a ten year
period to your CREF Group Retirement Unit-Annuity certificate. The
amount of each annuity payment will be determined as of the Annuity
Starting Date by:
A) the amount of your Accumulation; and
B) the interest rate(s) in the Rate Schedule(s) under which
premiums, any Additional Amounts, and any Transfers from
CREF were credited.
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G-994 Page E2
TIAA GRA ED. 7-94
<PAGE>
ENDORSEMENT TO YOUR TIAA GROUP
RETIREMENT ANNUITY CONTRACT
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Each payment to CREF is subject to the terms of your CREF
certificate and CREF's Rules of the Fund. Your request for a Transfer
Payout Annuity must be made by written notice to TIAA.
If you die before all annuity payments have been made, any remaining
payments will continue to the Beneficiary you name when electing this
option. Alternatively, a death benefit equal to the commuted value of
any remaining annuity payments may be elected.
The following is added to the CHANGE OF RATE SCHEDULE provision:
Any change in the interest rate credited before the Annuity Starting
Date or your prior death is subject to the minimum rate specified in
the applicable state nonforfeiture law, if any, or if none, the
applicable National Association of Insurance Commissioners model
nonforfeiture law. Any change in the charge for expenses or
contingencies must comply with any applicable state nonforfeiture law.
The RATE SCHEDULE provision is modified by the following:
Transfers from CREF are credited to your certificate as of the day TIAA
receives the funds, which is the day following the date the funds are
transferred out of CREF.
/s/ JOHN H. BIGGS
-------------------------------
John H. Biggs
CHAIRMAN and
CHIEF EXECUTIVE OF OFFICER
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G-994 Page E3
TIAA GRA ED. 7-94
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTIONS 1-8
================================================================================
PART A: TERMS USED IN THIS CERTIFICATE
1. The Accumulation is equal to:
A) all premiums paid on your behalf; plus
B) any Additional Amounts credited to you under the Contract before
the Annuity Starting Date or your prior death; plus C) any
transfers from CREF; less D) any charge for expenses and
contingencies set forth in the Rate Schedule; less E) the amount of
any Lump-sum Benefit paid, plus any Surrender Charge; plus F)
interest credited under the terms of the Contract.
Your Accumulation will provide the benefits described in this certificate.
2. ADDITIONAL AMOUNTS may be credited to you under the Contract by TIAA. Those
credited before the Annuity Starting Date or your prior death buy benefits
for you, above the benefits bought by premiums, based on the Rate Schedule
in effect when the Additional Amount is credited. Any Additional Amounts
credited after the Annuity Starting Date or your death will be paid in
addition to the Income or Death Benefit then payable. TIAA does not
guarantee that there will be Additional Amounts.
3. The ANNUITY STARTING DATE shown on Page 3 is the date your income is to
begin. The date may be changed as explained in Sections 16 and 17.
4. The INCOME BENEFIT is the monthly amount payable to you under one of the
options set forth in Part C. These payments will first be payable on the
Annuity Starting Date.
5. The SECOND ANNUITANT is the person you name, when starting to receive your
income under a Survivor Annuity Option, to receive a life income if he or
she survives you. You may name your spouse, or any other person eligible
under TIAA's practices then in effect, to be a Second Annuitant.
6. The DEATH BENEFIT is the current value of your Accumulation. It will be
used to pay your beneficiary an income under one of the methods set forth
in Part D if you die before the Annuity Starting Date.
7. A LUMP-SUM BENEFIT may be available to you before the Annuity Starting Date
and within 120 days after Termination of Employment. The provisions
concerning this benefit are detailed in Part E and may be limited under the
terms of your Employer's Retirement Plan. .
8. The RATE SCHEDULE is the part of the Contract that sets forth the bases for
computing the Accumulation, the Income and Death Benefits and Lump-sum
Benefits. TIAA may change the Rate Schedule, after three months' notice to
your Employer, for premiums
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G-994 Page 5
TIAA GRA ED. 3-93
<PAGE>
paid, Additional Amounts credited, and transfers from CREF made after the
change. No change of Rate Schedule will affect benefits bought by premiums paid,
Additional Amounts credited, or transfers from CREF made prior to the change.
9. COMMUTED VALUE. The commuted (discounted) value is a one-sum payment made
in lieu of a series of payments. It is less than the total of those
payments, because future interest, included when computing the series of
pay ments, will not be earned if payment is to be made in one sum.
The commuted value of future payments is therefore the sum of those
payments less the interest from the date of commutation to the date each
payment would have been made. The same interest rate or rates used in
computing the benefit payments will be used to determine the commuted
value.
10. Your EMPLOYER is the organization named on Page 3.
11. TERMINATION OF EMPLOYMENT for the purpose of determining the availability
of the Lump-sum Benefit and the Payments for a Fixed Period Option is a
bona fide cessation of an employment relationship with your Employer.
Dissolution or modification of the Retirement Plan; changes in the name or
affiliation of your Employer; leaves of absence, with or without pay;
vacations; or other events not in fact a termination of employment will not
be considered a Termination of Employment.
12. A RETIREMENT PLAN is an employer's plan, qualifying under Section 401(a),
403(a), or 403(b) of the Internal Revenue Code of 1986 ("IRC"), as amended,
for providing retirement benefits for employees.
PART B: CONTRACT AND PREMIUMS
13. THE CONTRACT. The Contract is the entire contract between the parties, and
its provisions alone will govern with respect to the rights and obligations
of TIAA. The sole responsibility of the Contract Holder is to serve as a
party to the Contract. Any Employer paying premiums under the Contract
shall be deemed to accept its terms and those of the trust agreement under
which it has been issued.
The payment of premiums is the consideration for the Contract. The
Contract may be amended by agreement of TIAA and the Contract Holder
without the consent of any other person, provided that such change does not
reduce any benefit purchased under the Contract up to that time. Any
endorsement or amendment of this certificate, waiver of any of its
provisions, or change in the Rate Schedule will be valid only if in writing
and signed by an Executive Officer or Registrar of TIAA.
14. PREMIUMS. All premiums on your behalf must be remitted under the terms of
your Employer's Retirement Plan. We have issued this certificate in
consideration of
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TIAA GRA ED. 3-93
<PAGE>
premiums paid on your behalf. All premiums and benefits are payable at
TIAA's home office in New York, NY. Premiums may be paid in any amount and
at any frequency, in accordance with your Employer's Retirement Plan. TIAA
will accept premiums on your behalf only if they are remitted before the
Annuity Starting Date or your prior death. TIAA reserves the right to stop
accepting premiums under the Contract at any time.
15. UNCONDITIONAL PROTECTION AGAINST LAPSE OR FORFEITURe. The benefits
described in your certificate will not lapse after the first premium has
been paid. If premiums cease, you continue to own all benefits bought by
premiums paid, any Additional Amounts credited, and any transfers from
CREF.
PART C: YOUR INCOME BENEFIT
16. CHANGING YOUR ANNUITY STARTING DATE. Any time before you start to receive
your Income Benefit, you may change the Annuity Starting Date to the first
of any month after the date of the change, but not to a month later than
April of the calendar year following the calendar year in which you attain
age 70*. If prior to your sixty-fifth birthday you have not chosen an
Annuity Starting Date, you will be deemed to have chosen the first of the
month following that birthday.
The portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to your certificate from
a custodial account established under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section 403(b)(1)
annuity contract as elective deferrals under a salary reduction
agreement (within the meaning of lRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B) determined as of
December 31, 1988;
will not be available to provide Income Benefits until you:
(1) attain age 59 1/2
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die;
(4) become disabled within the meaning of IRC Section 72(m)(7); or
(5) encounter financial "hardship" within the meaning of IRC
Section 403(b).
In the case of hardship, any earnings credited after December 31, 1988, and
in addition, any contributions paid after December 31, 1988 to a custodial
account established under IRC Section 403(b)(7) other than elective deferrals
under a salary reduction agreement, will not be available for distribution.
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G-1000.4 Page 7
TIAA GRA ED. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNULTY CERTIFICATE SECTIONS 16-18
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Any request for an early withdrawal due to disability or hardship must
be submitted with evidence of the disability or hardship on forms
satisfactory to TIAA and not inconsistent with applicable law.
17. STARTING YOUR INCOME BENEFIT. Payment of your Income Benefit will begin as
of the Annuity Starting Date you have chosen, if you are then living and:
A) you have sent us this certificate;
B) you have chosen, as provided in Section 37, one of the Income
Options set forth in Section 18;
C) if you choose an Income Option that pays a lifetime income, we
have received due proof of your age and, if you choose a
Survivor Annuity Option, the age of your Second Annuitant;
D) if you choose the Payments for a Fixed Period Option, we have
received written certification from your Employer of
Termination of Employment and of your eligibility for this
Income Option; and
E) if your Accumulation is subject to the requirements of the
Employee Retirement Income Security Act of 1974 ("ERISA"),
as amended, that are described in Part F, and you are married
and have not chosen a Survivor Annuity Option, we have received
a certified waiver of your spouse's right to a survivor annuity.
If the requirements of this Section have not been completed by the
Annuity Starting Date you have chosen, the Annuity Starting Date will
be deferred to the first of the month after the requirements have been
completed or to the April first of the calendar year following the
calendar year in which you attain age 70*, whichever comes first.
18. INCOME OPTIONS are the ways in which you may have your Income Benefit paid
to you. Any time before the Annuity Starting Date, you may choose the
Option you want. You may change your choice any time before payments
begin, but once they have begun no change can be made. The Payments for a
Fixed Period Option is available only after Termination of Employment, and
may be limited under the terms of your Employer's Retirement Plan. The
value of your Accumulation will be the consideration for a TIAA individual
pay-out annuity contract providing for the Income Option you choose.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to
ERISA, then, only to the extent required by the IRC or ERISA, your rights
to choose an Income Option are subject to the right of your spouse, if
any, to benefits as explained in Part F.
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G-1000.4 Page 8
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 18-19
================================================================================
These are the Income Options from which you may choose. All of them
provide an income for you, some provide that payments will continue for
the lifetime of a Second Annuitant and some provide that payments will
continue in any event during a guaranteed or fixed period as explained in
Section 19:
Single Life Annuity. A payment will be made to you each month as long as
you live. All payments cease at your death. This Option provides nothing
for anyone after your death.
LIFE ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment will be
made to you each month as long as you live. If you die before the end of
the guaranteed = period you have chosen, the monthly payments will
continue to the end of that I period.
PAYMENTS FOR A FIXED PERIOD. A payment of principal and interest will be
made to you each month for a fixed period of not less than five nor more
than thirty years, as chosen. At the end of the period chosen, all the
principal and interest credited will have been paid out. If you die before
the end of the period chosen, the monthly payments will continue to the
end of that period. Your right to receive Payments for a Fixed Period may
be limited by the terms of your Employer's Retirement Plan. This Option is
only available after Termination of Employment.
INTEREST PAYMENT AND RETIREMENT ANNUITY. A payment of interest will be
made to you each month until a conversion date. On the conversion date you
will begin to receive benefits in accordance with an Income Option you
choose from among those described in this section. The conversion date may
be no earlier than one year from the date of the first payment, and no
later than April 1 of the calendar year following the calendar year in
which you attain age 70 1/2. If, as of the latter date, you have not
elected another Income Option, you will receive income under the option
specified in the Automatic Election Provision. If you die before the
conversion date, your beneficiary will receive the value of the
Accumulation as a death benefit under one of the Methods of Payment
described in Part D. This Option is only available after you attain age
55, and before you attain age 69 1/2.
SURVIVOR ANNUITY OPTIONS. Under each of these Options, a payment will be
made to you each month as long as you live, and will be continued for life
to the Second Annuitant you have named if he or she survives you. After
payments begin, you cannot change your choice of Second Annuitant. The
monthly amount paid to you or a surviving Second Annuitant depends on
which of these Options you choose.
FULL BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- or 20-Year
Guaranteed PERIOD. At the death of either you or your Second
Annuitant, the monthly benefits that continue to the survivor will
be the full amount that would have been
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G-1000.4 Page 9
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 18-19
================================================================================
paid if both had lived. If you choose a guaranteed period and you
and your Second Annuitant both die before the end of the period
chosen, the Full Benefit monthly payments will continue to the end
of that period; otherwise, all payments - will cease at the death of
the last survivor of you and the Second Annuitant.
Two-thirds Benefit to Survivor with or without a 10-, 15- or 20-Year
Guaranteed Period. At the death of either you or your Second
Annuitant, the monthly payments that continue to the survivor will
be two-thirds of the amount that would have been paid if both had
lived. If you choose a guaranteed period and you and your Second
Annuitant both die before the end of the period chosen, the
Two-thirds Benefit monthly payments will continue to the end of that
period; otherwise, all payments will cease at the death of the last
survivor of you and the Second Annuitant. .
HALF BENEFIT TO SECOND ANNUITANT WITH OR WITHOUT A 10-, 15- OR
20-YEAR GUARANTEED PERIOD. The full monthly income will continue as
long as you live. If your Second Annuitant survives you, he or she
will receive payments each month of one-half the amount you would
have received if you had lived. If you choose a guaranteed period
and you and your Second Annuitant both die before the end of the
period chosen, the Half Benefit monthly payments will continue to
the end of that period; otherwise, all payments will cease at the
death of the last survivor of you and the Second Annuitant.
AUTOMATIC ELECTION PROVISION. If on the Annuity Starting Date
determined in accordance with Sections 16 and 17, you have not chosen an
Income Option, you will be deemed to have chosen the 'Life Annuity with
10-Year Guaranteed Period Option if you are then not married, or the Half
Benefit to Second Annuitant with 10-Year Guaranteed Period Option if you
are then married.
19. PAYMENTS TO THE END OF A GUARANTEED OR FIXED PERIOD. At the time you
choose an Income Option, you name the person or persons to receive these
payments. You may later change the named persons and, if you choose a
Survivor Annuity, after your death your surviving Second Annuitant may
change the named persons unless you direct otherwise.
Any monthly payments due after your death and, if you have chosen a
Survivor Annuity Option, the death of your Second Annuitant, will continue
to the surviving person or persons named to receive them for the remainder
of the guaranteed or fixed period you have chosen. The Commuted Value of
these payments may be paid in one sum unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so
named is then living, the Commuted Value will be paid in one sum to your
estate or, if you chose a Survivor Annuity Option, to the estate of the
last survivor of you and your Second Annuitant.
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G-1000.4 Page 10
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 19-22
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If a person receiving these payments dies before the end of the
guaranteed or fixed period, the Commuted Value of any payments still due
that person will be paid to any other surviving person or persons named to
receive it. If no one so named is then living, the Commuted Value will be
paid to the estate of the last person who was receiving these payments.
20. The AMOUNT OF YOUR MONTHLY INCOME BENEFIT will be determined as of the
Annuity Starting Date by:
A) the amount of your Accumulation at that time;
B) the Rate Schedule or Schedules under which premiums, any Additional
Amounts and any transfers from CREF have been credited;
C) the Income Option you choose;
D) if you choose an Income Option that pays a lifetime income, your
age; and E) if you choose one of the Survivor Annuity Options,
your Second Annuitant's age.
If your Income Benefit would be less than $25 a month, TIAA will have
the right to change to quarterly, semi-annual or annual payments,
whichever will result in payments of $25 or more and the shortest interval
between payments.
PART D: DEATH BENEFIT
21. PAYMENT OF THE DEATH BENEFIT. If you die before the Annuity Starting Date,
TIAA will pay the Death Benefit to your beneficiary under one of the
Methods of Payment set forth in Section 25. You may choose the Method
during your lifetime as explained in Section 37. If you do not so choose,
your beneficiary will make the choice when he or she becomes entitled to
payments. You may change the Method at any time before payments begin.
After your death, your beneficiary may change the Method chosen by you, if
you so provide. Any choice of Method or change of such choice must be made
in writing as explained in Section 37. '
22. NAMING YOUR BENEFICIARY. Beneficiaries are persons you name, in form
satisfactory to TIAA, to receive the Death Benefit if you die before the
Annuity Starting Date. You may designate different classes of
beneficiaries, such as primary (first) and contingent (secondary). These
classes set the order of payment. If a class contains more than one
person, the Death Benefit will be paid to the then living persons in the
class in equal shares, unless you provide otherwise. For example, if you
die before the Annuity Starting Date, having named your spouse as primary
beneficiary and ^"children" as equal contingent beneficiaries, your spouse
would receive the Death Benefit if he or she survived you. But if your
spouse did not survive you, then your surviving children would receive the
Death Benefit in equal shares.
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G-1000.4 Page 11
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 22-25
================================================================================
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise,
these terms will mean all children born of your marriage or marriages and
any children legally adopted by you. The term "children" also has the same
inclusive meaning when used to name as beneficiaries the children of your
spouse, your child, your brother or your sister.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to
ERISA; then, only to the extent required by the IRC or ERISA, your rights
to name a beneficiary for the Death Benefit are subject to the right of
your spouse, if any, to benefits as explained in Part F.
If you name your estate as beneficiary, or if none of the beneficiaries
you have named is alive at the time of your death, the Death Benefit will
be paid to your estate in one sum.
If you die prior to the Annuity Starting Date never having named a
beneficiary, your estate and your surviving spouse, if any, become the
beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid
to your estate in one sum;
B) if you leave a surviving spouse, your spouse will receive a Death
Benefit, payable under one of the Methods of Payment of the Death
Benefit, which is the actuarial equivalent of one-half of the
Accumulation, with the remainder of the Accumulation being paid to
your estate in one sum.
23. CHANGING YOUR BENEFICIARY. At any time before the Annuity Starting Date
you may change your beneficiary or add or delete beneficiaries, as
explained in Section 37, subject to the rights, if any, of your spouse as
described in Part F.
24. Starting Payment of the Death Benefit. Payment of the Death Benefit under
one of the Methods set forth in Section 25 will start as of the first day
of the month after we have received:
A) this certificate;
B) due proof of your death;
C) the choice, as provided in Section 37, of a Method of Payment set
forth in Section 25; and
D) due proof of the beneficiary's age, if the Method chosen pays a
lifetime income.
25. METHODS OF PAYMENT. The Death Benefit will be paid to your beneficiary
under one of the Methods shown below. For all Methods except Single-sum,
the Death Benefit will be the consideration for a TIAA individual pay-out
contract providing for the Method of Payment chosen. The distribution of
the Death Benefit under any Method of Payment must be made over the
lifetime of your beneficiary or over a period not exceeding your
beneficiary's life expectancy. The Death Benefit must be applied under a
chosen Method of Payment within one year of the date of your death;
otherwise payments will be made to your beneficiary beginning on the first
day of the month in which the first anniversary
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TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 25-26
================================================================================
of your date of death occurs, under the Payments for a Fixed Period Method
for a period of five years with payments made annually.
SINGLE-SUM. The Death Benefit will be paid to your beneficiary in one
sum.
Single Life Annuity. A payment will be made to your beneficiary each
month for life. All payments will cease at his or her death. This
Method provides nothing for anyone after the death of your beneficiary.
LIFE ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment will
be made to your beneficiary each month for life. If he or she dies
before the end of the guaranteed period chosen, the monthly payments
will continue to the end of that period as explained in Section 26.
PAYMENTS FOR A FIXED PERIOD. A payment of principal and interest will
be made to your beneficiary each month for a fixed period of not less
than two nor more than thirty years, as chosen. At the end of the
period chosen, all the principal and interest credited will have been
paid out. If your beneficiary dies before the end of the period chosen,
the monthly payments will continue to the end of that period as
explained in Section 26.
INTEREST PAYMENTS. A payment of interest on the Death Benefit will be
made to your beneficiary each month for a chosen period of not less
than two nor more than thirty years. At the end of the period chosen,
TIAA will pay the Death Benefit to your beneficiary. If your
beneficiary dies while any part of the Death Benefit is held by TIAA,
that amount will be payable as explained in Section 26. Instead of a
chosen period, interest payments may be made for "the lifetime of the
beneficiary," with payment of the Death Benefit made after the death of
your beneficiary as explained in Section 26. The value of the Death
Benefit placed under this Method must be at least $5,000.
If any Method chosen, except Interest Payments, would result in
payments of less than $25 a month, TIAA will have the right to require a
change in choice that will result in payments of not less than $25 a
month.
26. PAYMENTS AFTER THE DEATH OF A BENEFICIARY. Any monthly payments still due
at the death of your beneficiary during a guaranteed or fixed period will
be continued to the person or persons named by you or your beneficiary to
receive them. The Commuted Value of these payments may be paid in one sum
unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so
named is living at the death of your beneficiary, the Commuted Value will
be paid in one sum to your beneficiary's estate.
If a person receiving these payments dies before the end of the
guaranteed or fixed period, the Commuted Value of any payments still due
that person will be paid to any
================================================================================
G-1000.4 Page 13
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 26-29
================================================================================
other surviving person or persons named to receive it. If no one so named
is then living, the Commuted Value will be paid to the estate of the last
person who was receiving these payments.
If your beneficiary dies while all or part of the Death Benefit is held
by TIAA under the Interest Payments Method, that amount will be paid in
one sum to the person or persons you or your beneficiary have named to
receive it. If no such person survives your beneficiary, the Death Benefit
will be paid in one sum to your beneficiary's estate.
27. The AMOUNT OF DEATH BENEFIT PAYMENTS will be determined by:
A) the amount of your Accumulation as of the date of your death;
B) the Rate Schedule or Schedules under which your premiums, any
Additional ~ Amounts and any transfers from CREF were credited;
C) the Method of Payment chosen for the Death Benefit; and
D) if the Method chosen pays a lifetime income, the age of your
beneficiary.
PART E: LUMP-SUM BENEFITS
28. AVAILABILITY OF LUMP-SUM BENEFIT. Within 120 days after Termination of
Employment and before the Annuity Starting Date, you may choose to receive
a Lump-sum Benefit if provided for under your Employer's Retirement Plan.
After the 120-day period expires, the election of a Lump-sum Benefit wi11
never again be available. The portion of the Accumulation available to you
as a Lump-sum Benefit may be limited by your Employer's Retirement Plan.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to
ERISA; then, only to the extent required by the IRC or ERISA, your rights
to receive a Lump-sum Benefit are subject to the right of your spouse, if
any, to benefits as explained in Part F.
29. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum Benefit, we
will pay the portion of the Accumulation available to you, or any part
thereof not less than $1,000, less any surrender charge in accordance with
the applicable Rate Schedule or Schedules. Payment will be made as of the
day we receive:
A) your request for a Lump-sum Benefit;
B) written certification from your Employer of Termination of
Employment and of your eligibility for a Lump-sum Benefit;
C) all premium payments to be made for your benefit under your
Employer's Retirement Plan; and
D) if your Accumulation is subject to the ERISA requirements described
in Part F, and you are married, your spouse's written consent to
the payment of the Lump-sum Benefit.
================================================================================
G-1000.4 Page 14
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 29-30
================================================================================
You may choose to defer the effective date of the Lump-sum Benefit
until the first day of the month following the month in which we
receive (A), (B), (C) and (D) above. In no event, however, will
payment of the Lump-sum Benefit be made prior to the date of
Termination of Employment. The Accumulation will be reduced by the
amount of any Lump-sum Benefit paid, plus any Surrender Charge. When
different Rate Schedules apply to different parts of the Accumulation,
the reduction will be allocated among the parts. The reduction made to
each part will be in proportion to that part's share of the available
Accumulation. If the entire Accumulation is paid as a Lump-sum
Benefit, all obligations of TIAA to you under the Contract are
fulfilled.
PART F: SPOUSE'S RIGHT TO BENEFITS
30. SPOUSE'S RIGHT TO BENEFITS. If all or part of your Accumulation is
attributable to contributions made under a retirement plan or tax deferred
annuity plan subject to ERISA; then, only to the extent required by the IRC
or ERISA, your rights to receive a Lump-sum Benefit, choose an Income
Option, and name a beneficiary for the Death Benefit are subject to the
right of your spouse, if any, to benefits as follows:
SPOUSE'S SURVIVOR ANNUITY INCOME. If YOU ARE married on the Annuity
Starting Date, your Income Benefit must be paid under a Survivor
Annuity Option with your spouse as Second Annuitant unless we receive,
in form satisfactory to TIAA, a waiver of your spouse's right to a
Survivor Annuity Income with your spouse's written consent or
verification that your spouse cannot be located!
SPOUSE'S SURVIVOR DEATH BENEFIT. If you die before the Annuity
Starting Date and you are then married, the payment of the Death
Benefit to your named beneficiary is subject to your spouse's right to
receive a Death Benefit of an annuity which is the actuarial
equivalent of one-half of the portion of the Accumulation, if any,
attributable to contributions made under a plan subject to ERISA. Your
spouse's right to a Survivor Death Benefit may be waived, in form
satisfactory to TIAA, with your spouse's written consent or
verification that your spouse cannot be located. A waiver of the
Survivor Death Benefit may not be made prior to the year in which you
attain age 35, or, if earlier, your termination of employment with the
institution then remitting premiums for this certificate.
YOUR LUMP-SUM BENEFIT. If you are married on the date you request a
Lump-sum Benefit, we must receive, in form satisfactory to TIAA, your
spouse's written consent to the payment of the Lump-sum Benefit or
verification that your spouse cannot be located.
================================================================================
G-1000.4 Page 15
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 30-37
================================================================================
Verification of your marital status may be required, in form satisfactory
to TIAA, for purposes of establishing your spouse's right to benefits or a
waiver of these rights. You may revoke a waiver of your spouse's right to
benefits at any time during your lifetime and before the Annuity Starting
Date. Your spouse may not revoke a consent after the consent has been
given.
31. LIABILITY OF TIAA. Any action taken by TIAA in good faith before receiving
written notice of a waiver of rights included in this certificate, or of
revocation of such waiver, will not subject TIAA to liability because our
acts were contrary to what was stated in such waiver or revocation.
PART G: GENERAL PROVISIONS
32. REPORT OF ACCUMULATION. Once each year until the Annuity Starting Date, we
will mail you a report for the calendar year just ended. It will show the
value of your Accumulation (Death Benefit) as of the end of the year.
33. No ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of the certificate or any benefits under the terms of
the Contract. Any such action will be void and of no effect.
34. NO LOANS. The Contract does not provide for loans.
35. LIMITED CASH SURRENDER BENEFITS. The only provision for cash surrender
under the Contract is the Lump-sum Benefit. There is no other cash
surrender available under the terms of the Contract.
36. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under the Contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law.
37. PROCEDURE FOR ELECTIONS AND CHANGES. You, or your Second Annuitant or
beneficiary having the right to do so, may elect or change, in accordance
with the terms of your certificate, any of the following by written notice
satisfactory to TIAA, sent to its home office in New York, NY:
A) the Annuity Starting Date;
B) an Income Option;
C) a Lump-sum Benefit;
D) a Method of Payment for the Death Benefit; or
E) a beneficiary or any person named to receive payments remaining
due.
================================================================================
G-1000.4 Page 16
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 37-42
================================================================================
No such notice will take effect unless it is received by TIAA. When
received, it will take effect as of the date it was signed, whether or not
the, signer is living at the time we receive it. Any action taken by TIAA
in good faith before receiving such notice will not subject TIAA to
liability because our acts were contrary to what was stated in the notice.
38. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. TIAA reserves the right to
pay in one sum, the Commuted Value of any benefits due an estate,
corporation, partnership, trustee, or other entity not a natural person.
TIAA will not be responsible for the acts or neglects of any executor,
trustee, guardian, or other third party to whom payment is made.
39. SERVICE OF PROCESS UPON TIAA. We will accept service of process in any
action or suit against us on the Contract in any court of competent
jurisdiction in the United States, Puerto Rico or Canada, provided such
process is properly made. We will also accept such process sent to us by
registered mail if the plaintiff is a resident of the state, district,
territory, or province in which the action or suit is brought. This Section
does not waive any of our rights, including the right to remove such action
or suit to another court.
40. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is determined
by data as to a person's age and if that data is incorrect, benefits will
be recalculated on the basis of the correct data. Any amounts underpaid by
TIAA on the basis of the incorrect data will be paid at the time the
correction is made. Any amounts overpaid by TIAA on the basis of the
incorrect data will be charged against the payments due after correction is
made. Any amounts so paid or charged will include compound interest at the
effective rate of 6% per year.
41. PROOF OF SURVIVAL. TIAA reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of the Contract is
alive on the date any benefit payment is due. If this proof is not received
after requested in writing, TIAA will have the right to make reduced
payments or to withhold payments entirety until such proof is received. If
under a Survivor Annuity Option, TIAA has overpaid benefits because of a
death, subsequent payments will be reduced or withheld until the amount of
the overpayment has been recovered.
42. CORRESPONDENCE and REQUESTS FOR BENEFITS. No notice, application, form,
premium payment, or request for benefits will be deemed to be received by
us unless it is received at our home office. All benefits are payable at
our home office. Any questions about the Contract or this certificate or
inquiries about our service should be directed to us at our address:
TIAA
730 Third Avenue
New York, NY 10017-3206.
================================================================================
G-1000.4 Page 17
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 43-45
================================================================================
43. OVERPAYMENTS OF PREMIUMS. Any payments of premiums made in error by the
Employer in excess of those required by the Retirement Plan will be
refunded to the Employer if requested in writing by the Employer prior to
the Annuity Starting Date, subject however, to prior transfers or Lump-sum
Benefits made from such funds. TIAA is entitled -to rely on information
provided by the Employer. The Employer shall indemnify TIAA and hold TIAA
harmless for any action taken in reliance on such - information.
44. COMPLIANCE WITH LAWS AND REGULATIONS. TIAA will administer the Contract and
this certificate to comply with all laws and regulations pertaining to the
terms and conditions of the Contract and this certificate. If the Contract
and/or this certificate conflict with any applicable law or regulation,
such law or regulation will prevail. The choice of Income Option, Method of
Payment of a Death Benefit, Annuity Starting Date, Beneficiary or Second
Annuitant and the availability of the Lump-sum Benefit as set forth in the
certificate are subject to the applicable restrictions, distribution
requirements and incidental benefit requirements of the Internal Revenue
Code of 1986, as amended, and the rulings and regulations issued
thereunder, and the Employee Retirement Income Security Act of 1974, as
amended, and the rulings and regulations issued thereunder.
45. CHANGE OF RATE SCHEDULE. We may, at any time and from time to time,
substitute a new Rate Schedule for the one in Section 46. A new Rate
Schedule will apply only to benefits arising from premiums paid, any
Additional Amounts credited and any transfers from CREF made while that
Schedule is in effect. A change in the Rate Schedule will be made only
after we have given your Employer three months' written notice of the
change. If premiums have been paid for you during the twelve-month period
before such notice we will also notify you three months in advance. Any
such change will not affect the amount of benefits purchased prior to the
change by premiums, Additional Amounts and transfers from CREF. Any new
Rate Schedule will specify the charges for expenses and - contingencies,
the interest rates and the mortality bases used for determining benefits,
and any applicable Surrender Charge on lump-sum Benefits arising from
premiums paid, Additional Amounts credited, and any transfers from CREF
made while such Rate Schedule is in effect.
================================================================================
G-1000.4 Page 18
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 46
================================================================================
46. RATE SCHEDULE. The benefits bought by premiums paid while this Rate
Schedule is in effect will be computed on this basis:
(1) no deduction for expenses or contingencies;
(2) interest at the effective annual rate of 3 % from the first day of
the month in which the premium is paid to the Annuity Starting
Date or your prior death, and at the effective annual rate of 2.5%
thereafter; and
(3) mortality according to the 1983 Table a (Merged Gender Mod A).
THE BENEFITS BOUGHT BY ADDITIONAL AMOUNTS credited while this Rate Schedule
is in effect will be computed on the same basis as for premiums.
THE BENEFITS BOUGHT BY TRANSFERS from CREF made while this Rate Schedule is
in effect will be computed on the same basis as for premiums except that
interest will be credited from the day TIAA receives the funds transferred.
When payments start to you, or to your beneficiary under an income method
involving life contingencies, we will compute any benefits provided by the
portion of the Accumulation resulting from premiums paid, Additional
Amounts credited and transfers from CREF made while this Rate Schedule is
in effect, on whichever of these bases produces the largest payments:
(1) the applicable interest rate and mortality tables, as stated
above; or
(2) the interest rate and mortality table in use by TIAA for any
individual single premium immediate annuities being offered when
the payments start.
A SURRENDER CHARGE OF 2.5 % will be deducted from any Lump-sum Benefit
arising from premiums, any Additional Amounts and any transfers from CREF
credited while this Rate Schedule is in effect.
================================================================================
G-1000.4 Page 19
TIAA GRA Ed. 3-93
<PAGE>
YOUR TIAA GROUP
RETIREMENT ANNUITY CERTIFICATE SECTION 46
================================================================================
================================================================================
Amount of Yearly Iife Annuity with 10-Year Guarantee Purchasable by a Single
Premium of $100
One-twelfth of the snount shown is payable each month.
<TABLE>
<CAPTION>
AGE AGE AGE
ATTAINED ATTAINED ATTAINED
WHEN ANNUITY BEGINNING AT WHEN ANNUITY BEGINNING AT WHEN ANNUITY BEGINNING AT
PREMIUM PREMIUM PREMIUM
IS DUE AGE 60 AGE 65 AGE 70 IS DUE AGE 60 AGE 65 AGE 70 IS DUE AGE 60 AGE 65 AGE 70
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
20 $15.01 $19.17 $24.87 37 $9.08 $11.60 $15.05 54 $5.49 $7.01 $9.10
21 14.58 18.61 24.15 38 8.82 11.26 14.61 55 5.33 6.81 8.84
22 14.15 18.07 23.44 39 8.56 10.93 14.18 56 5.18 6.61 8.58
23 13.74 17.54 22.76 40 8.31 10.61 13.77 57 5.03 6.42 8.33
24 13.34 17.03 22.10 41 8.07 10.30 13.37 58 4.88 6.23 8.09
25 12 95 16.54 21.45 42 7.83 10.00 12.98 59 4.74 6.05 7.85
26 12.57 16.05 20.83 43 7.60 9.71 12.60 60 4.60 5.87 7.62
27 12.21 15.59 20.22 44 7.38 9.43 12.23 61 5.70 7.40
28 11.85 15.13 19.63 45 7.17 9.15 11.88 62 5.54 7.18
29 11.51 14.69 19.06 46 6.96 8.89 11.53 63 5.37 6.97
30 11.17 14.26 18.50 47 6.76 8.63 11.19 64 5.22 6.77
31 10.84 13.85 17.97 48 6.56 8.38 10.87 65 5.07 6.57
32 10.53 13.44 17.44 49 6.37 8.13 10.55 66 6.38
33 10.22 13.05 16.93 50 6.18 7.90 10.24 67 6.20
34 9.92 12.67 16.44 51 6.00 7.67 9.94 68 6.01
35 9.63 12.30 15.96 52 5.83 7.44 9.66 69 5.84
36 9.35 11.95 15.50 53 5.66 7.22 9.37 70 5.67
- ----------------------------------------------------------------------------------------------------------
</TABLE>
The yearly payments shown above are those that result from a premium of $100
paid or credited when you have reached an age shown in the"Age Attained '
column, but have not passed that birthday by as much as one month. All ages used
in computing benefits are calculated in completed years and months. Payments at
ages other than those shown, and under other income methods, are computed on the
basis stated in the Rate Schedule for benefits bought by premiums.
For premiums other than $100, payments will be proportionate.
================================================================================
G-1000.4 Page 20
TIAA GRA Ed. 3-93
================================================================================
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, NY 10017
GROUP RETIREMENT UNIT-ANNUITY CONTRACT
GROUP RETIREMENT UNIT-ANNUITY CONTRACT NO.:
CONTRACTHOLDER:
DATE OF ISSUE:
This contract ("the Contract") was made and delivered in the State of
Oregon. The validity and effect of all rights and duties under this Contract are
governed by the laws there in force.
This contract is issued in consideration of the payment of Premiums by
the Contractholder to College Retirement Equities Fund ("CREF"). CREF will issue
to each Annuitant a certificate ("the Certificate") setting forth the benefits
under the Contract to be derived from Premiums paid on behalf of such Annuitant.
The Contract may be amended by agreement of CREF and the Contractholder
without the consent of any other person, provided that such change does not
reduce the then current Accumulation of any Annuitant, or any benefit purchased
under the Contract up to that time. CREF may stop accepting Premiums under the
Contract at any time.
The provisions contained on the following pages (the Certificate)
are part of the Contract.
Chairman and Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017
GROUP RETIREMENT UNIT-ANNUITY CONTRACT (for use in Oregon)
GROUP RETIREMENT UNIT-ANNUITY CONTRACT NO.: [GRA-0010]
CONTRACTHOLDER: [ABC UNIVERSITY]
DATE OF ISSUE: [April 1, 1991]
This contract ("the Contract") was made and delivered in the State of
Oregon. The validity and effect of all rights and duties under this Contract are
governed by the laws there in force.
This contract is issued in consideration of the payment of Premiums by the
Contractholder to the College Retirement Equities Fund ("CREF"). CREF will issue
to each Annuitant a certificate ("the Certificate") setting forth the benefits
under the Contract to be derived from Premiums paid on behalf of such Annuitant.
The Contract may be amended by agreement of CREF and the Contractholder
without the consent of any other person, provided that such change does not
reduce the then current Accumulation of any Annuitant, or any benefit purchased
under the Contract up to that time. CREF may stop accepting Premiums under the
Contract at any time.
The provisions contained on the following pages (the Certificate) are part
of the Contract.
CREF
GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE (for use in Oregon)
Annuity
Certificate Date of Date of Starting
Number Issue Birth Date
+------------------------------------------------+
| 1-300000-0 06 1 90 12 20 49 01 1 15 |
| |
Participant| DOE, JOHN J |
| |
+------------------------------------------------+
This is to certify that you, the Participant, are entitled to share in the
benefits of COLLEGE RETIREMENT EQUITIES FUND ("CREF") under the provisions of a
Group Retirement Unit-Annuity Contract ("the Contract") issued to the United
States Trust Company of New York ("the Contract Holder") under a trust
agreement.
This page refers briefly to some of the Contract's features described in your
certificate. The next pages set forth in detail the Rights and obligations of
both CREF and you under the Contract. PLEASE READ YOUR CERTIFICATE. IT IS
IMPORTANT.
GENERAL DESCRIPTION
All premiums on your behalf must be remitted under the terms of your Employer's
Retirement Plan.
Each premium paid to CREF purchases a number of Accumulation Units representing
your share in CREF. You may convert these into an income of Annuity Units. If
you die before starting to receive this income, the Accumulation Units will
provide a benefit for your beneficiary under one of the methods described in
your certificate.
Once each year we will report to you on the current value of your Accumulation
Units.
When you are ready to start receiving your income, you choose the income option
you want from among those described in your certificate. The Unit Annuity for a
Fixed Period option is only available after Termination of Employment, and may
be limited under the terms of your Employer's Retirement Plan. All options
provide an income for you, and all but one also have some provision for another
person to be named by you.
You, or your beneficiary at your death, may have CREF pay the value of some or
all of your Accumulation Units to Teachers Insurance and Annuity Association of
America ("TIAA") for the purchase of a fixed-dollar contract or certificate, as
explained in your certificate.
You may also be permitted to choose a Lump-sum Benefit payment after Termination
of Employment in accordance with your Employer's Retirement Plan.
You may also have CREF pay the value of some or all of your Accumulation Units
to other Funding Vehicles offered under your Employer's Retirement Plan.
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS. THIS
CERTIFICATE DOES NOT GUARANTEE ANY FIXED-DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Accounts......................................................1
Accumulation
Definition..........................................3
Accumulation Units...........................................2
Annuity Starting Date
Change of..........................................22
Definition..........................................4
Annuity Unit
Definition..........................................5
Assignment
Void and of no effect..............................40
Benefits Based on Incorrect Data............................47
Business Day................................................12
Cash Surrender
Limited benefit....................................42
Claims of Creditors
Protection against.................................43
Consideration...............................................19
Contract
Consists of........................................19
Correspondence with CREF....................................50
Death Benefit...............................................27
Beneficiary........................................28
Changing the Beneficiary...........................29
Definition..........................................8
Methods of Payment.................................31
Number of Annuity Units............................33
Payments after death of Beneficiary................32
Starting payment...................................30
Elections and Changes
Procedure..........................................44
Employer
Definition.........................................15
Funding Vehicle.............................................18
Lapse
Protection against.................................21
Laws and Regulations
Compliance with....................................52
Loans
No provision for...................................41
Lump-sum Benefit
Availability.......................................35
Definition.........................................10
Payment of.........................................36
Non-Forfeiture of benefits..................................49
Payment to an Estate, Trustee, etc..........................45
Premiums....................................................20
Refund of Overpayments.............................51
Present Value
Definition.........................................14
Proof of Survival...........................................48
Report of Accumulation......................................39
Request for Benefits........................................50
Retirement Plan.............................................17
Rules for Determining Benefits
Definition.........................................13
Second Participant...........................................7
Service of Process upon CREF................................46
Spouse's Right to Benefits..................................37
Liability of CREF..................................38
Termination of Employment...................................16
Transfers...................................................34
Definition..........................................9
Unit Annuity
Definition..........................................6
Unit Annuity Income
Number of Annuity Units............................26
Options 24
Payments during guaranteed periods.................25
Starting payments..................................23
Valuation Day...............................................11
<PAGE>
PART A: TERMS USED IN THIS CERTIFICATE
1. ACCOUNTS. CREF maintains the following four investment Accounts, each with
its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting
primarily of short-term debt securities.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting
primarily of investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting
primarily of common stocks, investment grade bonds, and short-term
debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios. CREF reserves the right to delete the CREF Bond Market Account, the
CREF Social Choice Account, and any future Account. As of the date of such
deletion, CREF will transfer your Accumulation, if any, in such Account, to the
CREF Money Market Account unless you notify CREF otherwise.
2. ACCUMULATION UNITS. Each premium paid on your behalf will purchase a number
of Accumulation Units determined in accordance with the Rules of the Fund. The
premiums will be allocated among CREF's accounts in accordance with your most
recent instructions received by CREF, as detailed in Section 20. The current
value of each Account's Accumulation Unit is based on the market value of that
Account's investments and will be determined in accordance with the Rules of the
Fund.
3. Your ACCUMULATION is the value of all of your Accumulation Units. It will
provide the benefits described in this certificate.
4. The ANNUITY STARTING DATE shown on Page 3 is the date your income is to
begin. The Date may be changed as explained in Sections 22 and 23.
5. An ANNUITY UNIT is the unit of payment for all periodic benefits. The CREF
Stock and CREF Money Market Accounts each maintain separate Annuity Units and
values. The current value of an Annuity Unit will change from time to time to
reflect changes in that Account's investment, mortality and expense experience.
The dollar value of any payment will be the product of the number of Annuity
Units to be paid and the then current value of an Annuity Unit. All CREF Annuity
Income Options and Methods of Payment of the Death Benefit are available from
the CREF Stock Account and from the CREF Money Market Account.
6. A UNIT ANNUITY is a series of payments of the then current value of a fixed
number of Annuity Units. The number of Annuity Units to be paid and their then
current value will be determined in accordance with the Rules of the Fund, using
actuarial methods. The Options under which you may receive your Unit Annuity
Income are described in Part C.
<PAGE>
7. The SECOND PARTICIPANT is the person you name, when starting to receive your
income under a Survivor Unit Annuity Option, to receive a lifetime income if he
or she survives you. You may name your spouse, or any other person eligible
under CREF's practices then in effect, to be a Second Participant.
8. The DEATH BENEFIT is the value of your Accumulation. It will be used to pay
your beneficiary an income under one of the methods set forth in Part D if you
die before the Annuity Starting Date.
9. A TRANSFER is the use of the value of some or all of your Accumulation Units
to purchase fixed dollar benefits under a TIAA annuity contract, to purchase
Accumulation Units in another CREF Account, or to purchase benefits through a
Funding Vehicle not offered by CREF or TIAA. The conditions applying to
Transfers are set forth in Part E.
10. A LUMP-SUM BENEFIT may be available to you before the Annuity Starting Date
and after Termination of Employment. The provisions concerning this benefit are
detailed in Part F and may be limited under the terms of your Employer's
Retirement Plan.
11. A VALUATION DAY is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
12. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
13. The RULES OF THE FUND govern all matters affecting the interest of anyone in
CREF to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of the State of New York as not being unfair,
unjust, inequitable or prejudicial to the interest of anyone in CREF. A copy of
the Rules was furnished to you when this certificate was issued; you will be
notified of all amendments to the Rules.
14. The PRESENT VALUE is a one-sum payment made in lieu of a series of payments.
The Present Value of a series of payments of Annuity Units is computed in
accordance with the Rules of the Fund.
15. Your EMPLOYER is the organization named on Page 3.
16. TERMINATION OF EMPLOYMENT for the purpose of determining the availability of
the Lump-sum Benefit and the Unit Annuity for a Fixed Period Option is a bona
fide cessation of an employment relationship with your Employer. Dissolution or
modification of the Retirement Plan; changes in the name or affiliation of your
Employer; leaves of absence, with or without pay; vacations; or other events not
in fact a termination of employment will not be considered a Termination of
Employment.
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17. A RETIREMENT PLAN is an employer's plan, qualifying under Section 401(a),
403(a), or 403(b) of the Internal Revenue Code of 1986 ("IRC"), as amended, for
providing retirement benefits for employees.
18. A FUNDING VEHICLE is an annuity or an investment account established to
provide retirement benefits from monies remitted under a Retirement Plan.
PART B: CONTRACT AND PREMIUMS
19. THE CONTRACT. The Contract is the entire contract between the parties and
its provisions alone will govern with respect to the rights and obligations of
CREF. The sole responsibility of the Contract Holder is to serve as a party to
the Contract. Any Employer paying premiums under the Contract shall be deemed to
accept its terms and those of the trust agreement under which it has been
issued.
The payment of premiums is the consideration for the Contract. The
Contract may be amended by agreement of CREF and the Contract Holder without the
consent of any other person, provided that such change does not reduce any
benefit purchased under this certificate up to that time. Any endorsement or
amendment of this certificate or waiver of any of its provisions will be valid
only if in writing and signed by an Executive Officer or Registrar of CREF.
20. PREMIUMS. All premiums on your behalf must be remitted under the terms of
your Employer's Retirement Plan. We have issued this certificate in
consideration of premiums paid on your behalf. All premiums and benefits are
payable at CREF's home office in New York, NY. Premiums may be paid in any
amount and at any frequency, in accordance with your Employer's Retirement Plan.
CREF will accept premiums on your behalf if they are remitted before the Annuity
Starting Date or your prior death. CREF reserves the right to stop accepting
premiums under the Contract at any time.
You may allocate any whole number percentage of a premium to a CREF
Account. CREF will credit your premiums among the Accounts according to the most
recent instructions CREF has received from you. Your right to allocate such
premiums to the Bond Market Account, to the Social Choice Account, and to any
future CREF Account may be limited under the terms of your Employer's Retirement
Plan. If no allocation instructions have been received, all premiums will be
allocated to the Money Market Account.
21. UNCONDITIONAL PROTECTION AGAINST LAPSE OR FORFEITURE. The benefits described
in your certificate will not lapse after the first premium has been paid. If
premiums cease, you continue to own all benefits to be derived from the
Accumulation Units already purchased.
<PAGE>
PART C: YOUR UNIT ANNUITY INCOME
22. CHANGING YOUR ANNUITY STARTING DATE. Any time before you start to receive
your Unit Annuity Income, you may change the Annuity Starting Date to the first
of any month after the date of the change, but not to a month later than April
of the calendar year following the calendar year in which you attain age 70 1/2.
If prior to your sixty-fifth birthday you have not chosen an Annuity Starting
Date, you will be deemed to have chosen the first of the month following that
birthday.
The portion, if any, of your Accumulation equal to:
(a) amounts attributable to funds transferred to your certificate from
a custodial account established under IRC Section 403(b)(7); plus (b)
amounts attributable to premiums paid to an IRC Section 403(b)(1)
annuity contract as elective deferrals under a salary
reduction agreement (within the meaning of IRC Section 403(b)(11));
less (c) the value, if any, of the amounts described in (b) determined
as of December 31, 1988;
will not be available to provide Income Benefits until you:
(1) attain age 59 1/2;
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die;
(4) become disabled
within the meaning of IRC Section 72(m)(7); or
(5) encounter financial "hardship" within the meaning of IRC Section
403(b).
In the case of hardship, any earnings credited after December 31, 1988, and in
addition, any contributions paid after December 31, 1988 to a custodial account
established under IRC Section 403(b)(7) other than elective deferrals under a
salary reduction agreement, will not be available for distribution.
Any request for an early withdrawal due to disability or hardship must be
submitted with evidence of the disability or hardship on forms satisfactory to
TIAA and not inconsistent with applicable law.
23. STARTING YOUR UNIT ANNUITY INCOME. Payment of your Unit Annuity Income will
begin as of the Annuity Starting Date you have chosen, if you are then living
and:
A) you have sent us this certificate;
B) you have chosen, as provided in Section 44, one of the Income
Options set forth in Section 24.
C) if you choose an Income Option that pays a lifetime income, we have
received due proof of your age and, if you choose a Survivor Unit
Annuity Option, the age of your Second Participant;
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D) if you choose a Unit Annuity for a Fixed Period, we have received
written certification from your Employer of Termination of Employment
and of your eligibility for this Income Option; and
E) if your Accumulation is subject to the requirements of the Employee
Retirement Income Security Act of 1974 ("ERISA"), as amended, that
are described in Part G, and you are married and have not chosen a
Survivor Unit Annuity Option, we have received a certified waiver
of your spouse's right to a survivor annuity.
If the requirements of this Section have not been completed by the Annuity
Starting Date you have chosen, the Annuity Starting Date will be deferred to the
first of the month after the requirements have been completed or to the April
first of the calendar year following the calendar year in which you attain age
70 1/2, whichever comes first.
24. INCOME OPTIONS are the ways in which you may have your Unit Annuity Income
paid to you. Any time before the Annuity Starting Date, you may choose the
Option you want. You may change your choice any time before payments begin, but
once they have begun no change can be made. The Unit Annuity for a Fixed Period
is available only after Termination of Employment, and may be limited under the
terms of your Employer's Retirement Plan. Your Accumulation will be the
consideration for a CREF individual pay-out unit-annuity certificate providing
for the Income Option you choose. Each of the Income Options is available in
either the Stock Account or the Money Market Account.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to ERISA,
then, only to the extent required by the IRC or ERISA, your rights to choose an
Income Option are subject to the right of your spouse, if any, to benefits as
explained in Part G.
These are the Income Options from which you may choose. All of them provide an
income for you, some provide that payments will continue for the lifetime of a
Second Participant and some provide that payments will continue in any event
during a guaranteed or fixed period as explained in Section 25:
SINGLE LIFE UNIT ANNUITY. A payment will be made to you each month as
long as you live. All payments cease at your death.This Option provides
nothing for anyone after your death.
UNIT ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than five nor more than thirty
years, as chosen. At the end of the period chosen, no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period. Your right to
receive a Unit Annuity for a Fixed Period may be limited by the terms
of your Employer's Retirement Plan. This Option is only available after
Termination of Employment.
<PAGE>
LIFE UNIT ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment
will be made to you each month as long as you live. If you die before
the end of the guaranteed period you have chosen, monthly payments will
continue to the end of that period.
SURVIVOR UNIT ANNUITY OPTIONS. Under each of these Options, a payment
will be made to you each month as long as you live, and payments will
be continued for life to the Second Participant you have named if he or
she survives you. After payments begin, you cannot change your choice
of Second Participant. The number of Annuity Units paid to you or a
surviving Second Participant each month depends on which of these
Options you choose:
FULL BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- OR 20-YEAR
GUARANTEED PERIOD. At the death of either you or your Second
Participant, the monthly payments that continue to the
survivor will be the full number of Annuity Units that would
have been paid if both had lived. If you choose a guaranteed
period and you and your Second Participant both die before the
end of the period chosen, the same number of Annuity Units
will continue to be paid to the end of that period; otherwise,
all payments will cease at the death of the last survivor of
you and the Second Participant.
TWO-THIRDS BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- OR
20-YEAR GUARANTEED PERIOD. At the death of either you or your
Second Participant, the monthly payments that continue to the
survivor will be two-thirds the number of Annuity Units that
would have been paid if both had lived. If you choose a
guaranteed period and you and your Second Participant both die
before the end of the period chosen, the two-thirds number of
Annuity Units will continue to be paid to the end of that
period; otherwise, all payments will cease at the death of the
last survivor of you and the Second Participant.
HALF BENEFIT TO SECOND PARTICIPANT WITH OR WITHOUT A 10-, 15-
OR 20-YEAR GUARANTEED PERIOD. The full monthly number of
Annuity Units will not change as long as you live. If your
Second Participant survives you, he or she will receive
payments each month of one-half the number of Annuity Units
you would have received if you had lived. If you choose a
guaranteed period and you and your Second Participant both die
before the end of the period chosen, the one-half number of
Annuity Units will continue to be paid to the end of that
period; otherwise, all payments will cease at the death of the
last survivor of you and the Second Participant.
<PAGE>
AUTOMATIC ELECTION PROVISION. If on the Annuity Starting Date determined in
accordance with Sections 22 and 23, you have not chosen an Income Option, you
will be deemed to have chosen the "Life Unit Annuity with 10-Year Guaranteed
Period" Option if you are then not married, or the "Half Benefit to Second
Participant with 10-Year Guaranteed Period" Option if you are then married.
25. PAYMENTS TO THE END OF A GUARANTEED OR FIXED PERIOD. At the time you choose
an Income Option, you name the person or persons to receive these payments. You
may later change the named persons and, if you choose a Survivor Unit Annuity,
after your death your surviving Second Participant may change the named persons
unless you direct otherwise.
Any monthly payments due after your death and, if you have chosen a
Survivor Unit Annuity Option, the death of your Second Participant, will
continue to the surviving person or persons named to receive them for the
remainder of the guaranteed or fixed period you have chosen. The Present Value
of these payments may be paid in one sum unless we are directed otherwise. If no
one has been named to receive these payments, or if no one so named is then
living, the Present Value will be paid in one sum to your estate or, if you
chose a Survivor Unit Annuity Option, to the estate of the last survivor of you
and your Second Participant.
If a person receiving these payments dies before the end of the
guaranteed or fixed period, the Present Value of any payments still due that
person will be paid to any other surviving person or persons named to receive
it. If no one has been so named, the Present Value will be paid to the estate of
the last person who was receiving these payments.
26. The NUMBER OF ANNUITY UNITS in each Account will be determined as of the
Annuity Starting Date, in accordance with the Rules of the Fund, by:
A) the value of your Accumulation Units in the Account at that time;
B) the Income Option you choose;
C) if you choose an Income Option that pays a lifetime income, your age;
D) if you choose one of the Survivor Unit Annuity Options, your Second
Participant's age; and
E) the value of the Account's Annuity Unit at that time.
If your initial Unit Annuity payment would be less than $25, CREF will have the
right to change to quarterly, semi-annual or annual payments, whichever would
result in an initial payment of $25 or more and the shortest interval between
payments.
PART D: DEATH BENEFIT
27. THE DEATH BENEFIT. If you die before the Annuity Starting Date, CREF will
pay the Death Benefit to your beneficiary under one of the Methods of Payment
set forth in Section 31. You may choose the Method during your lifetime as
explained in Section 44. If you do not so choose, your beneficiary will make the
choice when he or she becomes entitled to payments. You may change the Method at
any time before payments begin. After your death, your beneficiary may also
change the Method chosen by you, if you so provide. Any choice of Method or
change of such choice must be made in writing as explained in Section 44.
<PAGE>
28. NAMING YOUR BENEFICIARY. Beneficiaries are persons you name, in form
satisfactory to CREF, to receive the Death Benefit if you die before the Annuity
Starting Date. You may designate different classes of beneficiaries, such as
primary (first) and contingent (secondary). These classes set the order of
payment. If a class contains more than one person, the Death Benefit will be
paid to the then living persons in the class in equal shares, unless you provide
otherwise. For example, if you die before the Annuity Starting Date, having
named your spouse as primary beneficiary and "children" as equal contingent
beneficiaries, your spouse would receive the Death Benefit if he or she survived
you. But if your spouse did not survive you, then your surviving children would
receive the Death Benefit in equal shares.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to ERISA;
then, only to the extent required by the IRC or ERISA, your rights to name a
beneficiary for the Death Benefit are subject to the right of your spouse, if
any, to benefits as explained in Part G.
If you name your estate as beneficiary, or if none of the beneficiaries
you have named is alive at the time of your death, the Death Benefit will be
paid to your estate in one sum.
If you die prior to the Annuity Starting Date never having named a
beneficiary, your estate and your surviving spouse, if any, become the
beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid to
your estate in one sum;
B) if you leave a surviving spouse, your spouse will receive a Death
Benefit, payable under one of the Methods of Payment of the Death
Benefit, which is the actuarial equivalent of one-half of the
Accumulation with the remainder of the Accumulation being paid to your
estate in one sum.
29. CHANGING YOUR BENEFICIARY. At any time before the Annuity Starting Date, you
may change your beneficiary or add or delete beneficiaries as explained in
Section 44, subject to the rights, if any, of your spouse as described in Part
G.
30. PAYMENT OF THE DEATH BENEFIT. Payment of the Death Benefit under one of the
Methods set forth in Section 31 will start as of the first day of the month
after we have received:
A) this certificate;
B) due proof of your death;
<PAGE>
C) the choice, as provided in Section 44, of a Method of Payment set
forth in Section 31; and
D) due proof of the beneficiary's age, if the Method chosen pays a
lifetime income.
The amount to be paid under the Single-sum Method will be determined as of the
end of the Business Day in which all the above requirements are met.
31. METHODS OF PAYMENT. The Death Benefit will be paid to your beneficiary under
one of the Methods shown below. For all Methods except Single-sum and Transfer
to a TIAA Pay-out Contract, the Death Benefit will be the consideration for a
CREF individual pay-out certificate providing for the Method of Payment chosen.
Each of the Methods of Payment, other than the Single-sum and the Transfer to a
TIAA Pay-out Contract, is available in either the Stock Account or the Money
Market Account.
The distribution of the Death Benefit under any Method of Payment must be
made over the lifetime of your beneficiary or over a period not exceeding your
beneficiary's life expectancy. The Death Benefit must be applied under a chosen
Method of Payment within one year of the date of your death; otherwise payments
will be made to your beneficiary beginning on the first day of the month in
which the first anniversary of your date of death occurs, under the Unit Annuity
for a Fixed Period Method for a period of five years with payments made
annually.
SINGLE-SUM. The Death Benefit will be paid to your beneficiary in one
sum.
SINGLE LIFE UNIT ANNUITY. A payment will be made to your beneficiary
each month for life. All payments will cease at his or her death. This
Method provides nothing for anyone after the death of your beneficiary.
LIFE UNIT ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment
will be made to your beneficiary each month for life. If he or she dies
before the end of the guaranteed period chosen, the monthly payments
will continue to the end of that period as explained in Section 32.
UNIT ANNUITY FOR A FIXED PERIOD. A payment will be made to your
beneficiary each month for a fixed period of not less than two or more
than thirty years, as chosen. At the end of the period chosen, the
entire Death Benefit will have been paid out and no further payments
will be made. If your beneficiary dies before the end of the period
chosen, monthly payments will continue to the end of that period as
explained in Section 32.
UNIT DEPOSIT. CREF will hold your beneficiary's Accumulation Units on
deposit for a chosen period of not less than two nor more than thirty
years. No periodic payments will be made under this Method. At the end
of the period chosen, CREF will make a one-sum payment to your
beneficiary. This one-sum payment will be the then current value of all
Accumulation Units held by CREF for your beneficiary. If your
beneficiary dies while any part of the Death Benefit is held by CREF,
that amount will be payable as explained in Section 32. Instead of a
chosen period, the Accumulation Units may be held on deposit for "the
lifetime of the beneficiary," with the one-sum payment made after the
death of your beneficiary as explained in Section 32.
The value of the Death Benefit placed under this Method must be at
least $5,000.
<PAGE>
TRANSFER TO A TIAA PAY-OUT CONTRACT. CREF will pay to TIAA the Death
Benefit for the purchase of a pay-out annuity on the life of the
beneficiary, or a pay-out annuity for a fixed period of not less than
two nor more than thirty years, or an Interest Payments contract for A)
the lifetime of the beneficiary or B) a chosen period of not less than
two nor more than thirty years. The premium and pay-out rates for the
TIAA contract will be the rates applying to such transfers at that
time; the contract will give the beneficiary the same rights as any
person then being issued a similar TIAA contract. The value of a Death
Benefit transferred under this Method must be at least $1,000; however,
if an Interest Payments contract is chosen, the value of a Death
Benefit transferred must be at least $5,000.
If any Method chosen, except Unit Deposit, would result in an initial
payment of less than $25, CREF will have the right to require a change in choice
that will result in an initial payment of not less than $25 a month.
32. PAYMENTS AFTER THE DEATH OF A BENEFICIARY. Any monthly payments still due at
the death of your beneficiary during a guaranteed or fixed period will be
continued to the person or persons named by you or your beneficiary to receive
them. The Present Value of these payments may be paid in one sum unless we are
directed otherwise.
If no one has been named to receive these payments, or if no one so
named is living at the death of your beneficiary, the Present Value will be paid
in one sum to your beneficiary's estate.
If a person receiving these payments dies before the end of the
guaranteed or fixed period, the Present Value of any payments still due that
person will be paid to any other surviving person or persons named to receive
it. If no one has been so named, the Present Value will be paid to the estate of
the last person who was receiving these payments.
If your beneficiary dies while any Accumulation Units are held by CREF
under the Unit Deposit Method, their then current value will be paid in one sum
to the surviving person or persons named to receive it. If no such person
survives your beneficiary, the then current value of all Accumulation Units held
on deposit will be paid in one sum to your beneficiary's estate.
33. The NUMBER OF ANNUITY UNITS FOR A BENEFICIARY in an Account will be
determined, in accordance with the Rules of the Fund, by:
<PAGE>
A) the value of your Accumulation Units in the Account as of the date
of your death;
B) the Method of Payment chosen for the Death Benefit;
C) if the Method chosen pays a lifetime income, the age of your
beneficiary; and
D) the value of the Account's Annuity Unit.
PART E: TRANSFERS
34. You may TRANSFER some or all of your Accumulation Units from a CREF Account
(a) to purchase Accumulation Units in one of the other CREF Accounts, (b) to
purchase a TIAA fixed-dollar annuity, or (c) to transfer to a Funding Vehicle
not offered by CREF or TIAA, if provided for under your Employer's Retirement
Plan.
Your request for a Transfer must be made before the Annuity Starting Date and is
subject to the following conditions:
A) the Transfer will take effect and all values will be determined as
of the end of the Business Day in which CREF receives your request for
Transfer, or if you choose, the last day of the current month or of a
specified future month;
B) the request for a Transfer cannot be revoked
after the effective date of such Transfer;
C) if less than the full Accumulation in an Account is being
Transferred, the amount Transferred must be at least $1,000; and
D) for a Transfer to a TIAA fixed-dollar annuity you will have the same
rights under the TIAA contract as any person then being issued a
similar contract.
The number of your Accumulation Units will be reduced by the number of units
Transferred.
CREF reserves the right to limit Transfers to not more than twice in any
calendar year.
Your right to Transfer to the Bond Market Account, to the Social Choice Account,
to any future CREF Account and/or to a Funding Vehicle not offered by CREF or
TIAA, may be limited under the terms of your Employer's Retirement Plan.
PART F: LUMP-SUM BENEFITS
35. AVAILABILITY OF LUMP-SUM BENEFIT. After Termination of Employment, you may
choose to receive a Lump-sum Benefit from some or all of a specified Account's
Accumulation Units, if provided for under your Employer's Retirement Plan. The
portion of the Accumulation available to you as a Lump-sum Benefit, as well as
the timing and frequency of such payments, may be limited by your Employer's
Retirement Plan.
If all or part of your Accumulation is attributable to contributions
made under a retirement plan or tax deferred annuity plan subject to ERISA;
then, only to the extent required by the IRC or ERISA, your rights to receive a
Lump-sum Benefit are subject to the right of your spouse, if any, to benefits as
explained in Part G.
<PAGE>
36. PAYMENT OF THE LUMP-SUM BENEFIT. Your request for a Lump-sum Benefit must be
made before the Annuity Starting Date, and is subject to the following
conditions:
A) all values will be determined as of the end of the Business
Day in which CREF has received: (1) your request for a
Lump-sum Benefit; (2) written certification from your Employer
of Termination of Employment and of your eligibility for a
Lump-sum Benefit; (3) all premiums to be paid to your
certificate under your Retirement Plan; and (4) if your
Accumulation is subject to the ERISA requirements described in
Part G, and you are married, your spouse's written consent to
the payment of the Lump-sum Benefit;
or, if you choose, the last day of the then-current month or of a
specified future month;
B) the request for a Lump-sum Benefit cannot be revoked after the
effective date of such Lump-sum Benefit; and
C) if the Lump-sum Benefit is less than the full Accumulation in an
Account, the Lump-sum Benefit must be at least $1,000.
PART G: SPOUSE'S RIGHT TO BENEFITS
37. SPOUSE'S RIGHT TO BENEFITS. If all or part of your Accumulation is
attributable to contributions made under a retirement plan or tax deferred
annuity plan subject to ERISA; then, only to the extent required by the IRC or
ERISA, your rights to receive a Lump Sum Benefit, to choose an Income Option,
and to name a beneficiary for the Death Benefit are subject to the right of your
spouse, if any, to benefits as follows:
SPOUSE'S SURVIVOR UNIT ANNUITY INCOME. If you are married on the
Annuity Starting Date, your Income Benefit must be paid under a
Survivor Unit Annuity Option with your spouse as Second Participant
unless we receive, in form satisfactory to CREF, a waiver of your
spouse's right to a Survivor Unit Annuity Income with your spouse's
written consent or verification that your spouse cannot be located.
SPOUSE'S SURVIVOR DEATH BENEFIT. If you die before the Annuity Starting
Date and you are then married, the payment of the Death Benefit to your
named beneficiary is subject to your spouse's right to receive a Death
Benefit of a unit-annuity which is the actuarial equivalent of one-half
of the portion of the Accumulation, if any, attributable to
contributions made under a plan subject to ERISA. Your spouse's right
to a Survivor Death Benefit may be waived, in form satisfactory to
CREF, with your spouse's written consent or verification that your
spouse cannot be located. A waiver of the Survivor Death Benefit may
not be made prior to the year in which you attain age 35, or, if
earlier, your termination of employment with the institution then
remitting premiums for this certificate.
<PAGE>
YOUR LUMP-SUM BENEFIT. If you are married on the date you request a
Lump-sum Benefit, we must receive, in form satisfactory to CREF, your
spouse's written consent to the payment of the Lump-sum Benefit or
verification that your spouse cannot be located.
Verification of your marital status may be required, in form satisfactory to
CREF, for purposes of establishing your spouse's right to benefits or a waiver
of these rights. You may revoke a waiver of your spouse's right to benefits at
any time during your lifetime and before the Annuity Starting Date. Your spouse
may not revoke a consent after the consent has been given. 38. LIABILITY OF
CREF. Any action taken by CREF in good faith before receiving written notice of
a waiver of rights included in this certificate, or of revocation of such
waiver, will not subject CREF to liability because our acts were contrary to
what was stated in such waiver or revocation.
PART H: GENERAL PROVISIONS
39. REPORT OF ACCUMULATION. Once each year until the Annuity Starting Date, we
will mail you a report for the calendar year just ended. It will show the value
of your Accumulation (Death Benefit) as of the end of the year.
40. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under the terms of the
Contract. Any such action will be void and of no effect.
41. NO LOANS. The Contract does not provide for loans.
42. LIMITED CASH SURRENDER BENEFITS. The only provision for cash surrender under
the Contract is the Lump-sum Benefit. There is no other cash surrender available
under the terms of the Contract.
43. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under the Contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
44. PROCEDURE FOR ELECTIONS AND CHANGES. You, or your Second Participant or
beneficiary having the right to do so, may elect or change, in accordance with
the terms of your certificate, any of the following by written notice
satisfactory to CREF sent to its home office in New York, NY:
A) the Annuity Starting Date;
B) an Income Option;
C) a Transfer;
D) a Lump-sum Benefit;
E) a Method of Payment for the Death Benefit;
<PAGE>
F) a beneficiary or any person named to receive payments remaining due;
or
G) the allocation of future premiums among the CREF Accounts.
No such notice will take effect unless it is received by CREF. When received it
will be considered operative as of the date it was signed, whether or not the
signer is living at the time we receive it. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability because our
acts were contrary to what was stated in the notice.
45. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. CREF reserves the right to pay
in one sum the Present Value of any benefits due an estate, corporation,
partnership, trustee or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
46. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on the Contract in any court of competent jurisdiction
in the United States, Puerto Rico or Canada provided such process is properly
made. We will also accept such process sent to us by registered mail if the
plaintiff is a resident of the state, district, territory, or province in which
the action or suit is brought.
This Section does not waive any of our rights, including the right to remove
such action or suit to another court.
47. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is determined by
data as to a person's age and if that data is incorrect, benefits will be
recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
48. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of the Contract is alive
on the date any benefit payment is due. If this proof is not received after
requested in writing, CREF will have the right to make reduced payments or to
withhold payments entirely until such proof is received. If under a Survivor
Unit Annuity Option, CREF has overpaid benefits because of a death, subsequent
payments will be reduced or withheld until the amount of the overpayment has
been recovered.
49. NON-FORFEITURE OF BENEFITS. Benefits payable under the Contract will not be
less than the minimum required as of the Date of Issue by any statute of the
State of New York. Any benefits purchased cannot be forfeited under the
Contract.
50. CORRESPONDENCE AND REQUEST FOR BENEFITS. No notice, application, form,
premium payment, or request for benefits will be deemed to be received by us
unless it is received at our home office. All benefits are payable at our home
office. Any questions about the Contract or this certificate or inquiries about
our service should be directed to us at our address:
<PAGE>
CREF
730 Third Avenue
New York, NY 10017.
51. OVERPAYMENTS OF PREMIUMS. Any payments of premiums made in error by the
Employer in excess of those required by the Retirement Plan will be refunded to
the Employer if requested in writing by the Employer prior to the Annuity
Starting Date subject, however, to prior Transfers or Lump-sum Benefits made
from such funds. CREF is entitled to rely on information provided by the
Employer. The Employer shall indemnify CREF and hold CREF harmless for any
action taken in reliance on such request.
52. COMPLIANCE WITH LAWS AND REGULATIONS. CREF will administer the Contract and
this certificate to comply with all laws and regulations pertaining to the terms
and conditions of the Contract and this certificate. If the Contract and/or this
certificate conflict with any applicable law or regulation, such law or
regulation will prevail.
The choice of Income Option, Method of Payment of a Death Benefit,
Lump-sum Benefit, Annuity Starting Date, Beneficiary or Second Participant as
set forth in the certificate is subject to the applicable restrictions,
distribution requirements, and incidental benefit requirements of the Internal
Revenue Code of 1986, as amended, and the rulings and regulations issued
thereunder, and the Employee Retirement Income Security Act of 1974, as amended,
and the rulings and regulations issued thereunder.
COLLEGE RETIREMENT EQUITIES FUND
NEW YORK, N.Y.
ROLLOVER INDIVIDUAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Certificate Date of Issue Date of Birth Annuity Starting Date
Number Mo. Day Yr. Mo. Day Yr. Mo. Day Yr.
B-300000-0 03 01 1992 12 20 1952 01 01 2018
Participant DOE, JOHN J
This is to certify that you, as the owner (Participant), of this certificate are
entitled to share in the benefits of College Retirement Equities Fund ("CREF" or
"Fund").
This page refers briefly to some of the features described in your certificate.
The next pages set forth in detail the rights and obligations of both CREF and
you under the certificate.
PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
All premiums must be Rollover Amounts that meet the requirements of the Internal
Revenue Code. Each premium paid to CREF purchases a number of Accumulation Units
representing your share in CREF. You may convert these into an income of Annuity
Units.
When you are ready to start receiving your income, you choose the Income Option
you want from among those described in your certificate. All options provide an
income for you, and all but one also have some provision for another person, to
be named by you.
If you die before starting to receive annuity income, your Accumulation Units
will provide a benefit for your Beneficiary under one of the methods described
in your certificate.
At least once each year we will report to you on any premiums paid and the
current value of your Accumulation Units.
You may choose to withdraw, as a Lump-sum Benefit, all or part of your
Accumulation before starting to receive an income.
You, or your Beneficiary at your death, may have CREF pay the value of some or
all of your Accumulation Units to Teachers Insurance and Annuity Association of
America ("TIAA") for the purchase of a fixed-dollar contract, as explained in
your certificate.
30 DAY RIGHT TO EXAMINE YOUR CERTIFICATE. You have 30 days from the day you
receive this certificate to examine and to cancel it if you decide not to keep
it. To cancel the certificate, simply send us your written request to cancel at
the address below. As of the end of the Business Day in which we have received
your request, CREF will refund to the remitter the accumulated value of all
premiums paid. As of that date, the certificate will be void as of the date of
issue and no benefits will be provided under it. If this certificate was issued
as a result of a transfer from another contract or certificate issued by TIAA or
CREF, the accumulated value of the premium will be reinstated in such contract
or certificate as of the date of cancellation.
THIS CERTIFICATE CANNOT BE ASSIGNED, NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE
ANY FIXED-DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Accounts
- Definition....................................1
- Deletion.....................................49
Accumulation - Definition....................................3
Accumulation Units
- Definition....................................2
- Number of.....................................4
Amendment, Right to Amend...................................56
Annuity Benefit
- Annuity Unit..................................6
- Unit Annuity.................................18
Annuity Starting Date
- Change of....................................23
- Definition....................................5
Assignment - Void and of no effect..........................45
Benefits
- Based on Incorrect Data......................53
- Requests for.................................58
Business Day.................................................8
Certificate - Changes to....................................20
Claims of Creditors - Protection against....................47
Commuted Value - Definition................................. 9
Correspondence with us......................................58
Death Benefit
- Beneficiary...................................7
- Changing the Beneficiary.....................30
- Definition...................................10
- Methods of Payment...........................31
- Naming Your Beneficiary......................29
- Number of Annuity Units......................33
- Payment of...................................28
- Payments after death of
Beneficiary..........................32
Distribution, amount required to be distributed.............39
Distribution Periods, requirements
- Distribution beginning after death...........41
- Distribution beginning before
death................................40
- Limits on Distribution Periods...............38
- Required Beginning Date......................37
Distribution Requirements - Definitions.....................42
Elections and Changes - Procedure...........................50
Errors, premium received in error...........................57
Exclusive Benefit...........................................46
Income Benefit
- Definition...................................11
- Number of Annuity Units......................27
- Options......................................25
- Guaranteed or fixed periods..................26
- Starting payments............................24
Lump-sum Benefit
- Availability of..............................35
- Definition...................................14
- Payment of...................................36
IRA - Definition............................................12
IRC - Definition............................................13
Lapse or Forfeiture - Protection against....................22
Laws and Regulations - Compliance with......................55
Loans - Loans not available.................................45
Non-Forfeiture of Benefits..................................48
Ownership...................................................44
Payment to an Estate, Trustee, etc..........................51
Premiums....................................................21
Proof of Survival...........................................54
Report of Premiums and Accumulation.........................43
Rollover Amount
- Definition of................................15
- - Premiums must be Rollover
Amounts..............................21
Rules of the Fund - Definition..............................16
Second Participant..........................................17
Service of Process upon CREF................................52
Transfer....................................................34
Valuation Day - Definition..................................19
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
CERTIFICATE DATE OF DATE OF ANNUITY STARTING
NUMBER ISSUE BIRTH DATE
[B-300000-0 03 01 1992 12 20 1952 01 01 2018]
PARTICIPANT [DOE, JOHN J]
SOCIAL SECURITY NUMBER: [999-99-9999]
[THIS CERTIFICATE WAS MADE AND DELIVERED IN THE STATE OF NEW YORK. THE VALIDITY
AND EFFECT OF ALL RIGHTS AND DUTIES UNDER THIS CERTIFICATE ARE GOVERNED BY
THE LAWS THERE IN FORCE.]
<PAGE>
PART A: TERMS USED IN THIS CERTIFICATE
1. ACCOUNTS. CREF maintains the following four investment Accounts, each with
its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio consisting
primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting primarily of
short-term debt securities.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting primarily of
investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting primarily
of common stocks, investment grade bonds, and short-term debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
2. ACCUMULATION UNITS. Each CREF Account maintains a separate Accumulation Unit
value. The current value of each Account's Accumulation Unit is based on the
market value of that Account's investments, and will be determined in accordance
with the Rules of the Fund.
3. Your ACCUMULATION is the sum of the value of all of your Accumulation Units
in all of the Accounts under this certificate. It will provide the benefits
described in this certificate.
4. NUMBER OF ACCUMULATION UNITS. Each premium paid under this certificate will
purchase a number of Accumulation Units determined in accordance with the Rules
of the Fund. The premiums will be allocated among the CREF Accounts under your
certificate in accordance with your most recent instructions received by CREF,
as detailed in Section 21. The number of your Accumulation Units in any Account
under your certificate will be increased by:
A) any premiums paid to that Account under your certificate; and
B) any Transfers to that Account under your certificate from another
CREF Account; And will be reduced by:
C) the application of Accumulation Units from that Account
to provide an Income Benefit;
D) any Lump-sum Benefits paid from that Account; and
E) any Transfers from that Account to TIAA or another CREF
Account.
5. The ANNUITY STARTING DATE shown on Page 3 is the date your Income Benefit
is scheduled to begin. The Date may be changed as explained in Sections 23
and 24.
6. An ANNUITY UNIT is the unit of payment for all Unit-Annuity benefits. The
CREF Stock Account, the CREF Money Market Account, and the CREF Social Choice
Account each maintain separate Annuity Units. The current value of an Annuity
Unit will change from time to time to reflect changes in CREF's investment,
mortality, and expense experience. The dollar value of any Unit-Annuity payment
will be the product of the number of Annuity Units to be paid and the then
current value of an Annuity Unit.
7. BENEFICIARIES are persons you name, in a form satisfactory to CREF, to
receive the Death Benefit if you die before the Annuity Starting Date.
8. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
<PAGE>
9. COMMUTED VALUE. The commuted (discounted) value is a one-sum amount paid in
lieu of a series of payments. The Commuted Value of a series of payments of
Annuity Units is computed in accordance with the Rules of the Fund, in which it
is referred to as the Present Value.
10. The DEATH BENEFIT is the current value of your Accumulation. It will be paid
to your Beneficiary under one of the Methods of Payment set forth in Part D if
you die before the Annuity Starting Date.
11. The INCOME BENEFIT is the periodic amount payable to you under one of the
options set forth in Part C. The first payment will be payable on the Annuity
Starting Date.
12. An IRA is an Individual Retirement Annuity as described in IRC Section 408.
13. The IRC is the Internal Revenue Code of 1986, as amended.
14. A LUMP-SUM BENEFIT is a withdrawal in a single sum of all or part of your
Accumulation. The provisions concerning Lump-sum Benefits are set forth in Part
F.
15. A ROLLOVER AMOUNT is a rollover contribution as described in IRC Sections
402(a)(5), 402(a)(6), 402(a)(7), 403(a)(4), 403(b)(8), and 408(d)(3). It also
includes a transfer from another IRA where the source of funds in such IRA is a
rollover contribution.
16. The RULES OF THE FUND govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of the State of New York as not being unfair,
unjust, inequitable or prejudicial to the interest of anyone in the Fund. A copy
of the Rules of the Fund was furnished to you when this certificate was issued;
you will be notified of all amendments to such Rules.
17. The SECOND PARTICIPANT is the person you name, when starting to receive your
income under a Survivor Unit-Annuity Option, to receive a life income if he or
she survives you. You may name your spouse, or any other person eligible under
CREF's practices then in effect, to be a Second Participant.
18. A UNIT-ANNUITY is a series of payments of the then current value of a fixed
number of Annuity Units. A Unit-Annuity may be paid only from the CREF Stock
Account, the CREF Money Market Account, or the CREF Social Choice Account. The
number of Annuity Units to be paid and their then current value will be
determined in accordance with the Rules of the Fund using actuarial methods. A
Unit-Annuity Benefit may be elected as described in Part C and D.
19. A VALUATION DAY is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
PART B: CERTIFICATE AND PREMIUMS
20. THE CERTIFICATE. We have issued this certificate in return for your
completed application. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF. All premiums and benefits are payable
at CREF's home office in New York, NY.
21. PREMIUMS. All premiums must be Rollover Amounts. CREF may accept premiums at
any time before the Annuity Starting Date or your prior death. Premiums will be
credited to your certificate as of the end of the Business Day on which they are
received by CREF at its home office in New York, NY.
<PAGE>
You may allocate any whole number percentage of a premium to a CREF
Account. CREF will credit your premiums among the Accounts according to the most
recent instructions CREF has received from you. If no allocation instructions
have been received, all premiums will be allocated to the Money Market Account.
22. UNCONDITIONAL PROTECTION AGAINST LAPSE OR FORFEITURE. Your rights under the
certificate will not lapse after the first premium has been paid. No additional
premiums are required. You own all benefits to be derived from the Accumulation.
PART C: YOUR INCOME BENEFIT
23. CHANGING YOUR ANNUITY STARTING DATE. You may change the Annuity Starting
Date at any time before you start to receive your Income Benefit, by written
notice to CREF as explained in Section 50. You may change the Annuity Starting
Date to the first of any month after the change, but not to a month later than
the April first of the calendar year following the calendar year in which you
attain age 70 1/2, or to a date otherwise permitted by federal tax law. If you
have not chosen an Annuity Starting Date prior to your sixty-fifth birthday, you
will be deemed to have chosen the first of the month following that birthday.
24. STARTING YOUR INCOME BENEFIT. Payment of your Income Benefit will begin as
of the Annuity Starting Date you have chosen, if you are then living and:
A) you have chosen one of the Income Options set forth in Section 25;
B) if you choose an Income Option that pays a lifetime income, we
have received due proof of your age and, if you choose a Survivor
Unit-Annuity Option, the age of your Second Participant; and
C) if you choose the Minimum Distribution Annuity, we have received
due proof of your age and the age of the oldest primary beneficiary
you name under the Minimum Distribution Annuity, if any.
If the requirements of this Section have not been completed by the
Annuity Starting Date you have chosen, the Annuity Starting Date will be
deferred to the first of the month after the requirements have been completed,
or if earlier, to the April first of the calendar year following the calendar
year in which you attain age 70 1/2.
25. INCOME OPTIONS are the ways in which you may have your Income Benefit paid
to you. Any time before the Annuity Starting Date you may choose the Option you
want. You may change your choice any time before payments begin, but once they
have begun no change can be made. Any choice of Option or change of such choice
must be made by written notice to CREF as explained in Section 50.
The following are the Income Options from which you may choose. All of them
provide an income for you, some provide that payments will continue for the
lifetime of a Second Participant and some provide that payments will continue in
any event during a guaranteed or fixed period as explained in Section 26. The
periodic amount paid to you or a surviving Second Participant depends on which
of these Options you choose:
SINGLE LIFE UNIT-ANNUITY. A payment will be made to you each month as
long as you live. All payments will cease at your death. This Option
provides nothing for anyone after your death.
LIFE UNIT-ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A
payment will be made to you each month as long as you live. If you
die before the end of the guaranteed period you have chosen, the
monthly payments will continue to the end of that period.
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than five nor more than thirty
years, as chosen. At the end of the period chosen no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period.
<PAGE>
SURVIVOR UNIT-ANNUITY OPTIONS. Under each of the following Options
a payment will be made to you each month as long as you live, and
will be continued for life to the Second Participant you have
named if he or she survives you. After payments begin, you cannot
change your choice of Second Participant.
FULL BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15- OR
20-YEAR GUARANTEED PERIOD. At the death of either you or
your Second Participant, the monthly payments that
continue to the survivor will be based on the full number
of Annuity Units that would have been paid if both had
lived. If you choose a guaranteed period and you and your
Second Participant both die before the end of the period
chosen, the monthly payments will be based on the full
number of Annuity Units that would have been paid if both
had lived, and will continue to be paid to the end of
that period. If you do not choose a guaranteed period,
all payments will cease at the death of the last survivor
of you and the Second Participant.
TWO-THIRDS BENEFIT TO SURVIVOR WITH OR WITHOUT A 10-, 15-
OR 20-YEAR GUARANTEED PERIOD. At the death of either you
or your Second Participant, the monthly payments that
continue to the survivor will be based on two-thirds of
the number of Annuity Units that would have been paid if
both had lived. If you choose a guaranteed period and you
and your Second Participant both die before the end of
the period chosen, the monthly payments will be based on
two-thirds of the number of Annuity Units that would have
been paid if both had lived, and will continue to be paid
to the end of that period. If you do not choose a
guaranteed period all payments will cease at the death of
the last survivor of you and the Second Participant.
HALF BENEFIT TO SECOND PARTICIPANT WITH OR WITHOUT A 10-,
15- OR 20-YEAR GUARANTEED PERIOD. Monthly income equal to
the full number of Annuity Units will continue as long as
you live. If your Second Participant survives you, the
monthly payments that continue will be based on one-half
the number of Annuity Units that you would have received
if you had lived. If you choose a guaranteed period and
you and your Second Participant both die before the end
of the period chosen, the monthly payments will be based
on one-half of the number of Annuity Units that would
have been paid if you had lived, and will continue to be
paid to the end of that period. If you do not choose a
guaranteed period all payments will cease at the death of
the last survivor of you and the Second Participant.
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to
enable you to meet the minimum distribution requirements of federal
tax law. Annual payments reducing your Accumulation will be made to
you each December 1 until your Accumulation is entirely paid out,
or until your prior death. An initial payment may be made as of the
April first of the year following the year in which you attain age
70 1/2, if required to meet the minimum distribution requirements.
This option may not provide a lifetime income for you. If you die
before the entire accumulation has been paid out, a death benefit
will be paid to the beneficiary or beneficiaries you named when you
chose this Option. The death benefit will be paid under one of the
Methods of Payment of the death benefit set forth in the Minimum
Distribution Annuity, subject to any limitations imposed by federal
tax law. The amount of the death benefit will be the remaining
accumulation. This option is only available when you must begin
receiving income in order to comply with federal tax law.
AUTOMATIC ELECTION PROVISION. If on the Annuity Starting Date determined in
accordance with Sections 23 and 24, you have not chosen an Income Option, you
will be deemed to have chosen the Minimum Distribution Annuity.
26. PAYMENTS TO THE END OF A GUARANTEED OR FIXED PERIOD. At the time you choose
an Income Option, you name the person or persons to receive these payments, as
explained in Section 50. You may later change the named persons and, if you
choose a Survivor Unit-Annuity, your surviving Second Participant may change the
named persons after your death unless you direct otherwise.
<PAGE>
At the death of the last survivor of you and your Second Participant before
the end of a guaranteed period under one of the Survivor Unit-Annuity Options,
or at your death before the end of a guaranteed or fixed period under one of the
other Income Options, the monthly payments due for the remainder of the
guaranteed or fixed period will continue to the surviving person or persons
named to receive them. The Commuted Value of these payments may be paid in one
sum unless we are directed otherwise.
If no person has been named to receive these payments, or if no person so
named is then living, the Commuted Value will be paid to your estate or, if you
chose a Survivor Unit-Annuity Option, to the estate of the last survivor of you
and your Second Participant.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other surviving person or persons named to receive it. If no
person so named is then living, the Commuted Value will be paid to the estate of
the last person who was receiving these payments.
27. The NUMBER OF ANNUITY UNITS in each Account under your certificate will be
determined as of the Annuity Starting Date, in accordance with the Rules of the
Fund, on the basis of:
A) the value of your Accumulation Units in that Account under your
certificate at that time;
B) the Income Option you choose;
C) if you choose an Income Option that pays a lifetime income, your
age;
D) if you choose a Survivor Unit-Annuity Option, your Second
Participant's age; and
E) the value of that Account's Annuity Unit at that time.
If your initial Income Benefit would be less than $25 a month, CREF
will have the right to change to quarterly, semi-annual or annual payments,
whichever will result in an initial payment of $25 or more and the shortest
interval between payments.
PART D: DEATH BENEFIT
28. PAYMENT OF THE DEATH BENEFIT. If you die before the Annuity Starting Date,
CREF will pay the Death Benefit to your Beneficiary under one of the Methods of
Payment set forth in Section 31. You may choose the Method during your lifetime
by written notice to CREF, as explained in Section 50. If you do not so choose,
your Beneficiary will make the choice when he or she becomes entitled to
payments. You may change the Method at any time before payments begin. After
your death, your Beneficiary may change the Method chosen by you, if you so
provide. Any choice of Method or change of such choice must be made by written
notice to CREF, as explained in Section 50.
Payment of the Death Benefit under one of the Methods set forth in
Section 31 will start as of the first day of the month after we have received:
A) due proof of your death;
B) the choice of a Method of Payment set forth in Section 31;
C) due proof of the Beneficiary's age if the Method of Payment
chosen is the Minimum Distribution Annuity or the Method of
Payment pays a lifetime income.
29. NAMING YOUR BENEFICIARY. Beneficiaries are persons you name, by written
notice to CREF as explained in Section 50, to receive the Death Benefit if you
die before the Annuity Starting Date. You may designate different classes of
Beneficiaries, such as primary (first) and contingent (secondary). These classes
set the order of payment. If a class contains more than one person, the Death
Benefit will be paid to the then living persons in the class in equal shares,
unless you provide otherwise. For example, if you die before the Annuity
Starting Date, having named your spouse as primary Beneficiary and "children" as
equal contingent Beneficiaries, your spouse would receive the Death Benefit if
he or she survived you. But if your spouse did not survive you, then your
surviving children would receive the Death Benefit in equal shares.
The terms "children" or "my children" may be used to name a class of
Beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
<PAGE>
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as Beneficiaries the children of your spouse, child, brother
or sister.
If you name your estate as Beneficiary, or if none of the Beneficiaries
you have named is alive at the time of your death, the Death Benefit will be
paid to your estate in one sum.
If you die prior to the Annuity Starting Date never having named a
Beneficiary, the Death Benefit will be paid to your estate in one sum.
30. CHANGING YOUR BENEFICIARY. At any time before the Annuity Starting Date you
may change your Beneficiary or add or delete Beneficiaries, by written notice to
CREF as explained in Section 50.
31. METHODS OF PAYMENT. The Death Benefit will be paid to your Beneficiary under
one of the Methods shown below.
As required by federal tax law, the distribution of the Death Benefit
under any Method of Payment must be made over the lifetime of your Beneficiary
or over a period not to exceed your Beneficiary's life expectancy. The Death
Benefit, as permitted by federal tax law, must be applied under a chosen Method
of Payment within one year of the date of your death; otherwise, beginning on
the first day of the month in which the first anniversary of your date of death
occurs, five annual payments will be made under the Unit-Annuity for a Fixed
Period Method. However, if the Beneficiary is your spouse, the payment of the
Death Benefit may be delayed until the December first of the year in which you
would have attained age 70 1/2.
SINGLE-SUM PAYMENT. The Death Benefit will be paid to your Beneficiary
in one sum.
SINGLE LIFE UNIT-ANNUITY. A payment will be made to your Beneficiary
each month for life. All payments will cease at his or her death. This
Method provides nothing for anyone after the death of your Beneficiary.
LIFE UNIT-ANNUITY WITH 10-, 15- OR 20-YEAR GUARANTEED PERIOD. A payment
will be made to your Beneficiary each month for life. If he or she dies
before the end of the guaranteed period chosen, the monthly payments
will continue to the end of that period as explained in Section 32.
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to your
Beneficiary each month for a fixed period of not less than five nor more
than thirty years, as chosen. At the end of the period chosen the entire
Death Benefit will have been paid out and no further payments will be
made. If your Beneficiary dies before the end of the period chosen, the
monthly payments will continue to the end of that period as explained in
Section 32.
UNIT DEPOSIT. Subject to federal tax law, CREF will hold your
Beneficiary's Accumulation Units on deposit for a chosen period of not
less than two nor more than thirty years. No periodic payments will be
made under this Method. At the end of the period chosen, CREF will make
a one-sum payment to your Beneficiary. This one-sum payment will be the
then-current value of all Accumulation Units held by CREF for your
Beneficiary. If your Beneficiary dies while any part of the Death
Benefit is held by CREF, that amount will be payable as explained in
Section 32.
The value of the Death Benefit placed under this Method must be
at least $5,000.
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements of
federal tax law. For each year that a distribution is required, annual
payments reducing your Accumulation will be made on December 1 until
your accumulation is entirely paid out, or until the prior death of your
Beneficiary. This option may not provide a lifetime income for your
Beneficiary. If your Beneficiary dies before the entire accumulation has
been paid out, the remaining accumulation will be paid in one sum to the
payee named to receive it.
TRANSFER TO A TIAA PAY-OUT CONTRACT. CREF will pay to TIAA the Death
Benefit for the purchase of a pay-out annuity on the life of the
Beneficiary, or a pay-out annuity for a fixed period of not less than
<PAGE>
five nor more than thirty years, or an Interest Payments contract for a
chosen period of not less than two nor more than thirty years. The
premium and pay-out rates for the TIAA contract will be the rates
applying to such Transfers at that time; the contract will give the
Beneficiary the same rights as any person then being issued a similar
TIAA contract.
The value of a Death Benefit transferred under this Method must be at
least $5,000.
If any Method chosen, except Unit Deposit, would result in an initial
payment of less than $25 a month, CREF will have the right to require a change
in choice that will result in an initial payment of not less than $25.
32. PAYMENTS AFTER THE DEATH OF A BENEFICIARY. Any monthly payments still due at
the death of your Beneficiary during a guaranteed or fixed period will be
continued to the person or persons named by you or your Beneficiary to receive
them, by written notice to CREF as explained in Section 50. The Commuted Value
of these payments may be paid in one sum unless we are directed otherwise.
If no person has been named to receive these payments, or if no person so
named is living at the death of your Beneficiary, the Commuted Value will be
paid in one sum to your Beneficiary's estate.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the Commuted Value of any payments still due that person will
be paid to any other person or persons named to receive it. If no person has
been so named, the Commuted Value will be paid to the estate of the last person
who was receiving these payments.
If your Beneficiary dies while any Accumulation Units are held by CREF
under the Unit Deposit Method or the Minimum Distribution Annuity, then their
current value will be paid in one sum to the person or persons you or your
Beneficiary have named to receive it. If no such person survives your
Beneficiary, the then-current value of all Accumulation Units held on deposit
will be paid in one sum to your Beneficiary's estate.
33. The NUMBER OF ANNUITY UNITS FOR A BENEFICIARY in each Account under your
Beneficiary's certificate will be determined as of the date the Unit-Annuity
begins, in accordance with the Rules of the Fund, on the basis of:
A) the value of your Accumulation Units in that Account under your
certificate at that time;
B) the Method of Payment chosen for the Death Benefit;
C) if the Method chosen pays a lifetime income, the age of your
Beneficiary;
D) the value of that Account's Annuity Unit at that time.
PART E: TRANSFERS
34. You may TRANSFER some or all of your Accumulation Units from a CREF Account
under your certificate to purchase Accumulation Units in one of the other CREF
Accounts under your certificate or to a fixed-dollar TIAA annuity.
All values will be determined as of the end of the Business Day in
which CREF has received your request for a Transfer in a form acceptable to
CREF.
You may choose to defer the effective date of the Transfer until the
last day of any month following the date on which we receive your request, and
all values will be determined as of the end of such effective date. The request
for a Transfer cannot be revoked after the effective date of such Transfer.
If a new TIAA contract is issued when you Transfer to a TIAA annuity,
you will have the same rights under the TIAA contract as any person then being
issued a similar contract, except for the temporary right to cancel.
If all of your Accumulation Units under your certificate are withdrawn
as a Transfer, all obligations of CREF to you under this certificate are
fulfilled.
CREF may limit Transfers to not more than twice in any calendar year.
The minimum amount you may Transfer from a CREF Account is $1,000, or if less,
all Accumulation Units in an Account.
<PAGE>
PART F: LUMP-SUM BENEFITS
35. AVAILABILITY OF LUMP-SUM BENEFIT. Before the Annuity Starting Date, you may
choose to withdraw, as a Lump-sum Benefit, all or part of a specified Account's
Accumulation Units. Any choice of Lump-sum Benefit must be made by written
notice to CREF as explained in Section 50.
36. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum Benefit, we will
pay your Accumulation, or any part thereof not less than $1,000. All values will
be determined as of the end of the Business Day in which CREF has received, in a
form acceptable to CREF, your request for a Lump-sum Benefit.
You may choose to defer the effective date of the Lump-sum Benefit
until the last day of any month following the date on which we receive your
request, and all values will be determined as of the end of such effective date.
The request for a Lump-sum Benefit cannot be revoked after the effective date of
such Lump-sum Benefit.
If all of your Accumulation Units under your certificate are withdrawn
as a Lump-sum Benefit, all obligations of CREF to you under this certificate are
fulfilled.
PART G: DISTRIBUTION REQUIREMENTS
Notwithstanding any other provision to the contrary, all distributions
(under this certificate) shall be determined and made in accordance with IRC
408(a)(6) and IRC 401(a)(9), including the incidental death benefit requirements
of 401(a)(9)(G), and the proposed regulations thereunder, including the minimum
distribution incidental benefits requirement of Section 1.401(a)(9)-2 of the
proposed regulation, or any applicable successor provision to those regulations.
The following are the minimum distribution requirements imposed by the IRC and
the proposed regulations promulgated thereunder.
37. REQUIRED BEGINNING DATE. Your entire Accumulation must be distributed
or begin to be distributed no later than April 1 of the calendar year
following the calendar year in which you reach age 70 1/2.
38. LIMITS ON DISTRIBUTION PERIODS. Distributions, if not made in a single
sum, may only be made over one of the following periods (or a
combination thereof):
(a) your life;
(b) the life of you and a Designated Beneficiary;
(c) a period certain not extending beyond your Life Expectancy; or
(d) a period certain not extending beyond the Joint and Last Survivor
Expectancy of you and a Designated Beneficiary.
Distributions must be made no less frequently than annually.
In addition, annuity distributions must be either nonincreasing or may
increase only as provided in Q&A F-3 of Section 1.401(a)(9)-1 of the
proposed regulation.
39. DETERMINATION OF AMOUNT TO BE DISTRIBUTED EACH YEAR. If your interest
is to be distributed in other than a life annuity or a single sum, the
following minimum distribution rules shall apply to the first calendar
year for which distributions are required, and each year thereafter:
(a) The amount to be distributed each year shall not be less than
the quotient obtained by dividing your Accumulation as of the
end of the prior calendar year by the lesser of:
(1) the Applicable Life Expectancy, or
(2) if your spouse is not the Designated Beneficiary, the
applicable divisor determined from the table set
forth in Q&A-4 of Section 1.401(a)(9)-2 of the
proposed regulations.
<PAGE>
Distributions after your death shall be distributed using the
Applicable Life Expectancy as the relevant divisor without
regard to Section 1.401(a)(9)-2 of the proposed regulations.
(b) In no event shall the amount to be distributed exceed the
Accumulation as of the date the distribution is made.
40. DISTRIBUTION BEGINNING BEFORE DEATH. If you die after distribution of
your interest has begun, the remaining portion of such interest will
continue to be distributed at least as rapidly as under the method of
distribution being used prior to your death.
41. DISTRIBUTION BEGINNING AFTER DEATH. If you die before distribution of
your interest begins, distribution of your entire interest shall be
completed by December 31 of the calendar year containing the fifth
anniversary of your death except to the extent that an election is made
to receive distributions in accordance with (a), (b) or (c) below:
(a) If any portion of your interest is payable to a Designated
Beneficiary, distribution may be made over the life or over a
period certain not greater than the Life Expectancy of the
Designated Beneficiary commencing on or before December 31 of
the calendar year immediately following the calendar year in
which you die;
(b) If the Designated Beneficiary is your surviving spouse, the
date distributions are required to begin in accordance with
(a) above shall not be earlier than the later of: (1) December
31 of the calendar year immediately following the calendar
year in which you died, and (2) December 31 of the calendar
year in which you would have attained age 70 1/2.
(c) Alternatively, your surviving spouse may elect to treat the
account as his/her own by making a rollover to or from such
account or by failing to commence receiving distributions in
accordance with Section 41 (b). If such an election is made,
the distribution requirements of this Part G shall apply as if
the spouse were the original owner of the IRA.
42. DEFINITIONS RELATING TO DISTRIBUTION REQUIREMENTS.
a. LIFE EXPECTANCY AND JOINT AND LAST SURVIVOR EXPECTANCY. Life Expectancy
and Joint and Last Survivor Expectancy are computed by use of the
expected return multiples in Tables V and VI of Section 1.72-9 of the
regulations, or any applicable successor provision to those
regulations.
b. APPLICABLE LIFE EXPECTANCY. (i) For purposes of Section 38, the Life
Expectancy (or Joint and Last Survivor expectancy) calculated using
your attained age (and that of the Designated Beneficiary) as of your
(and the Designated Beneficiary's) birthday and (ii) for purposes of
Section 41, the Life Expectancy calculated using your Designated
Beneficiary's attained age as of your Designated Beneficiary's
birthday, each in the applicable calendar year reduced by one for each
calendar year which has elapsed since the date Life Expectancy was
first calculated. If Life Expectancy is being recalculated, the
Applicable Life Expectancy shall be the Life Expectancy as so
recalculated. The applicable calendar year shall be the first
distribution calendar year, and if Life Expectancy is being
recalculated such succeeding calendar year.
Unless otherwise elected by you (or your spouse, in the case of
distributions described in Section 41 above) by the time distributions
are required to begin, Life Expectancies shall be recalculated
annually. Such election shall be irrevocable as to the participant (or
spouse) and shall apply to all subsequent years. The Life Expectancy of
a nonspouse beneficiary may not be recalculated.
c. DESIGNATED BENEFICIARY. For purposes of this Part G, the Designated
Beneficiary shall be the oldest primary Beneficiary, as determined in
accordance with Section 1.401(a)(9)-1 of the proposed regulations.
<PAGE>
d. BEGINNING OF DISTRIBUTION. For purposes of Sections 40 and 41,
distributions are considered to have begun if distributions are made on
account of your reaching your required beginning date or if prior to
your required beginning date distributions irrevocably commence to you
over a period permitted and in an annuity form acceptable under Section
1.401(a)(9) of the proposed regulations.
PART H: GENERAL PROVISIONS
43. REPORT OF PREMIUMS AND ACCUMULATION. At least once each year until the
Annuity Starting Date, we will mail you a report for the calendar year just
ended. It will show the amount of any premiums paid and the value of your
Accumulation (Death Benefit).
44. OWNERSHIP. You own this certificate. During your lifetime, you may, to the
extent permitted by law, exercise every right given by it without the consent of
any other person.
45. NO ASSIGNMENT, TRANSFER, OR LOANS. Neither you nor any other person may
assign, pledge, or transfer ownership of this certificate or any benefits, nor
transfer any of your duties, under the terms of this certificate. Any such
action will be void and of no effect. This certificate does not provide for
loans.
46. EXCLUSIVE BENEFIT. This certificate is established for the exclusive benefit
of you or your Beneficiaries.
47. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
48. NON-FORFEITURE OF BENEFITS. Amounts payable under the certificate will not
be less than the minimum required as of the Date of Issue by any statute of the
State or other jurisdiction in which the certificate is issued. Your
Accumulation and any benefits purchased cannot be forfeited under the
certificate.
49. DELETION OF A CREF ACCOUNT. CREF may delete the CREF Bond Market Account,
the CREF Social Choice Account, and any future Account. Also, CREF may stop
providing Unit-Annuities in the CREF Social Choice Account or in any future
Account. If you have Accumulation Units in a CREF Account that is deleted, you
must transfer them to another CREF Account. If you do not make a choice, CREF
will transfer your Accumulation Units, if any, in such Account to the CREF Money
Market Account. If you have a Unit-Annuity in a CREF Account that is deleted or
in a CREF Account in which CREF stops providing Unit-Annuities, any Annuity
Units in such Account must be converted to a Unit-Annuity in any other CREF
Account that maintains Annuity Units. If no choice is made, any Unit-Annuity in
the Account will be converted to a Unit-Annuity in the CREF Money Market
Account. All elections and choices made in connection with an Income Option or
Method of Payment of the Death Benefit and in effect as of the date of
conversion will remain in effect. The number of Annuity Units in the Account to
which the Unit-Annuity is converted will be determined in accordance with the
Rules of the Fund.
50. PROCEDURE FOR ELECTIONS AND CHANGES. An election or change may be made, in
accordance with the terms of your certificate, by written notice satisfactory to
CREF. No such notice will take effect unless it is received by CREF at its home
office in New York, NY. Any notice of change in Beneficiary or other person
named to receive payments will take effect as of the date it was signed, whether
or not the signer is living at the time we receive it. Any other notice will
take effect as of the date it is received. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability even though
our acts were contrary to what was stated in the notice.
51. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. CREF may pay in one sum the
Commuted Value of any benefits due an estate, corporation, partnership, trustee
or other entity not a natural person. CREF will not be responsible for the acts
of or any neglect by any executor, trustee, guardian, or other third party to
whom payment is made.
<PAGE>
52. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this contract in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
53. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is determined by
data as to a person's age or any other factor that is incorrect, benefits will
be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
54. PROOF OF SURVIVAL. CREF may require satisfactory proof that anyone named to
receive benefits under the terms of this certificate is alive on the date any
benefit payment is due. If this proof is not received after requested in
writing, CREF will have the right to make reduced payments or to withhold
payments entirely until such proof is received. If under a Survivor Unit-Annuity
Option CREF has overpaid benefits because of a death of which we were not
notified, subsequent payments will be reduced or withheld until the amount of
the overpayment has been recovered.
55. COMPLIANCE WITH LAWS AND REGULATIONS. CREF will administer this certificate
to comply with all laws and regulations pertaining to the terms and conditions
of the certificate. If the certificate conflicts as of the Date of Issue with
any applicable law or regulation, such law or regulation will prevail.
The choice of Income Option, Annuity Starting Date, Beneficiary or
Second Participant, Method of Payment of the Death Benefit, and the availability
of Lump-sum Benefits as set forth in this certificate are subject to the
applicable restrictions and distribution requirements and incidental benefit
requirements of the IRC, and any rulings and regulations issued under the IRC.
56. RIGHT TO AMEND. CREF reserves the right to change this certificate from time
to time in order to comply with the IRC and the regulations relating to a
prototype IRA. If you do not agree to such a change, this certificate may fail
to be a qualified IRA under the prototype to which the Internal Revenue Service
approval letter and serial number apply. When required by law, CREF will obtain
the approval of any appropriate regulatory authority to such amendment.
57. PREMIUM RECEIVED IN ERROR, RELIANCE ON INFORMATION FROM YOU. CREF will
refund the accumulated value of any premium received that is not a Rollover
Amount. CREF is entitled to rely on information you provide regarding any
premium you remit to this certificate. CREF shall be held harmless for any
action taken in reliance on such information.
58. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form,
premium payment or request for benefits will be deemed to be received by us
unless it is received at our home office in New York, NY. All premiums and
benefits are payable at our home office in New York, NY. Any questions about
this certificate, or inquiries about our service should be directed to us at our
home office address: CREF, 730 Third Avenue, New York, NY 10017-3206.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
LIFE UNIT-ANNUITY
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF
NUMBER MO. DAY YR. PAYMENT
IA00000-0 10 01 87 MONTHLY
PARTICIPANT [DOE, JOHN]
1.256 $100.00
----- -------
ANNUITY UNITS PAYABLE AMOUNT OF FIRST
ANNUITY PAYMENT
This is to certify that you, as the owner (Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate provides a lifetime income for you. Payments start as
of the date shown above and end at your death. Payments are not provided for
anyone after your death.
You will be paid an income of a fixed number of annuity units. The
amount of dollars payable per unit will change primarily with the changes in the
value of CREF's investments. There is no guarantee of any dollar amount; you are
assured of full participation in CREF. All dollar amounts payable are determined
by actuarial methods.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR CASH
SURRENDER OR LOANS. THIS CERTIFICATE DOES NOT GUARANTEE ANY
FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect.................................... 9
Benefits Based on Incorrect Data...................................... 6
Cash Surrender -- No provision for..................................... 10
Certificate............................................................ 11
Claims of Creditors -- Protection against.............................. 13
Consideration.......................................................... 1
Correspondence with us.................................................. 15
Loans -- No provision for............................................... 10
Ownership.............................................................. 8
Payment to an Estate, Trustee, etc...................................... 14
Proof of Survival...................................................... 7
Requests for Benefits................................................... 15
Rules of the Fund...................................................... 3
Service of Process upon CREF........................................... 12
Unit Annuity Payments.................................................. 2
- Change of frequency.......................................... 4
- Termination of................................................ 5
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
DATE OF
CERTIFICATE FIRST FREQUENCY DATE OF
NUMBER PAYMENT OF PAYMENT BIRTH
MO DA YR
IA00000-0 10 01 87 MONTHLY
PARTICIPANT JOHN DOE 09 23 22
1.269
STOCK ACCOUNT $63.07
ANNUITY UNITS AMOUNT OF
PAYABLE FIRST ANNUITY
PAYMENT
DATE OF ISSUE
MO DA YR
10 01 87
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE
THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First Payment
if you are then alive. Payments will continue for the rest of your life. There
are no payments provided for anyone after your death.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
The Date of First Payment, the Frequency of Payment and the number of
Annuity Units payable are shown on Page 3.
3. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
4. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. You may request a change
to equivalent payments made annually, semi-annually, quarterly or monthly.
However, CREF may decline to make a change from one frequency to another of
fewer payments per year. CREF will also have the right to decline any change
that would result in an initial payment of less than $25.
5. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made under
this certificate will be the last payment due on or before the date of your
death. The certificate will terminate at your death.
6. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to your age and if that data is incorrect, benefits will
be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
7. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that you are alive on the date each payment is due. If this proof is not
received by us after requested in writing, CREF has the right to withhold
payments entirely until such proof is received.
8. OWNERSHIP. You own this certificate. During your lifetime, you may, to
the extent permitted by law, exercise every right given by it without the
consent of any other person.
9. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
10. NO CASH SURRENDER OR LOANS. This certificate does not provide for cash
surrender or loans.
<PAGE>
11. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any if its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at CREF's
home office in New York, NY.
12. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
13. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you under this certificate are exempt from the claims of creditors
or legal process to the fullest extent permitted by law. This protection is
contained in the statute of the State of New York establishing CREF.
14. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF will not be responsible for
the acts or neglects of any executor, trustee, guardian, or other third party to
whom payment is made.
15. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-442-2733
LIFE UNIT-ANNUITY
WITH MINIMUM GUARANTEED PERIOD
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF MINIMUM GUARANTEED
NUMBER MO. DAY YR. PAYMENT PERIOD
- ------------ --------------------- ------------ ------------------
IA00000-0 10 01 87 MONTHLY 10 YEARS
PARTICIPANT [DOE, JOHN]
ANNUITY UNITS PAYABLE AMOUNT OF FIRST
ANNUITY PAYMENT
This is to certify that you, as the owner (Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate provides a lifetime income for you starting as of the
Date of First Payment. If you die before the end of the Minimum Guaranteed
Period, payments will continue to the end of that period to the beneficiary; or
the present value of these payments may be paid in one sum, unless other
specified on Page 5.
You, or your beneficiary, will be paid an income of a fixed number of
annuity units. The amount of dollars payable per unit will change primarily with
the changes in the value of CREF's investments. There is no guarantee of any
dollar amount; you are assured of full participation in CREF. All dollar amounts
payable are determined by actuarial methods.
/s/ John H Biggs
------------------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
Countersigned
------------------------------------------------
Registrar
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
C1006.4 INDEX ON NEXT PAGE Ed. 1-93
LGP
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect .................................. 12
Beneficiary .......................................................... 7
Benefits Based on Incorrect Data ..................................... 8
Certificate .......................................................... 14
Claims of Creditors -- Protection against ............................ 16
Consideration ........................................................ 16
Correspondence with us ............................................... 18
Loans -- No Provision for ............................................ 13
Ownership ............................................................ 11
Payment to an Estate, Trustee, ....................................... 17
Present Value ........................................................ 3
Procedure for Elections and Changes .................................. 10
Proof of Survival .................................................... 9
Requests for Benefits ................................................ 18
Rules of the Fund .................................................... 4
Service of Process upon CREF ......................................... 15
Unit Annuity Payments ................................................ 2
- Change of frequency ...................................... 5
- Termination of ........................................... 6
C1006.4 Page 2
LGP Ed. 1-93
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
DATE OF MINIMUM DATE OF
CERTIFICATE FIRST FREQUENCY GUARANTEED BIRTH
NUMBER PAYMENT OF PAYMENT PERIOD MO DA YR
IA00000-0 10 01 87 MONTHLY 10 YEARS
PARTICIPANT JOHN DOE 09 23 22
1.222
STOCK ACCOUNT $60.74
ANNUITY UNITS AMOUNT OF
PAYABLE FIRST ANNUITY
PAYMENT
DATE OF' ISSUE
MO DA YR
10 01 87
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE THAT
HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
C1006.4 PAGE 3 LGP
<PAGE>
This page is intentionally blank.
<PAGE>
BENEFICIARY DESIGNATION
CLASS I BENEFICIARIES
NAME RELATIONSHIP TO PARTICIPANT
MARY DOE WIFE
CLASS II BENEFICIARIES
NAME RELATIONSHIP TO PARTICIPANT
JANE DOE DAUGHTER
C1006.4 PAGE 5 LGP
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income begins as of the Date of First
Payment if you are then alive. PAYMENTS WILL CONTINUE TO you for THE REST OF
your life. If you die within THE Minimum Guaranteed Period which starts on the
Date of Issue, payments will be continued to the beneficiary for the remainder
of that Period. In lieu of such payments the Present Value of the payments due
the beneficiary may be paid in one sum, unless otherwise specified on Page 5.
The Date of First Payment, Minimum Guaranteed Period, Frequency of Payment, and
the number of Annuity Units payable are shown on Page 3.
If you outlive all beneficiaries, and die within the Minimum Guaranteed
Period, we will pay to your estate the Present Value of any payments remaining
due. If a beneficiary dies while entitled to receive payments, the Present Value
of any payments remaining due him or her will be paid to any other surviving
person or persons named to receive it. If no one so named is then living, the
Present Value will be paid to the estate of such beneficiary.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
Payments are subject to any method of payment agreement or the provisions
of any beneficiary designation in effect under this contract.
3. PRESENT VALUE. The Present (discounted) Value is a one-sum amount paid
in lieu of a series of payments. The Present Value of future payments is
computed in accordance with the Rules of the Fund.
4. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
5. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. You may request a change
to equivalent payments made annually, semi-annually, quarterly or monthly.
However, CREF may decline to make a change from one frequency to another of
fewer payments per year. CREF will also have the right to decline any change
that would result in an initial payment of less than $25.
6. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made under
this certificate will be the last payment due before your death, unless you die
within the Minimum Guaranteed Period. In that case, the final payment will be
the last payment due within that period. However, payments to a beneficiary will
cease if the Present Value of the payments due him or her is paid in one sum.
7. YOUR BENEFICIARY. Beneficiaries are persons named, in form satisfactory
to CREF, to receive any payments remaining due at your death. Different classes
of beneficiaries, such as primary (first) and contingent (secondary), may be
designated. These classes set the order of payment. If a class contains more
than one person, any payments remaining due at your death will be paid to the
then living persons in a class in equal shares, unless provided otherwise. For
example, if you die during the Period of Annuity Payments with your spouse
having been named
C1006.4 Page 7
Ed. 10-87 LGP
<PAGE>
as primary beneficiary and "my children" as equal contingent beneficiaries, your
spouse would receive any payments remaining due upon surviving you. But if your
spouse did not survive you, then your surviving children would receive equal
shares of any payments remaining due.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless otherwise specified, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
The beneficiary designation may be changed as explained below, unless
otherwise specified on Page 5.
8. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to a person's age and if that data is incorrect, benefits
will be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
9. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of your certificate is
alive on the date any payment is due. If this proof is not received by us after
requested in writing, CREF will have the right to withhold payments entirely
until such proof is received.
10. PROCEDURE FOR ELECTIONS AND CHANGES. You or a beneficiary, when having
the right to do so, may elect or change, in accordance with the terms of your
certificate, any of the following by written notice satisfactory to CREF sent to
its home office in New York, NY:
A) the method of payment to the beneficiary;
B) the beneficiary;
C) the frequency of payments; or
D) the surrender of this certificate for its Present Value (only
a beneficiary may have this right).
No such notice will take effect unless it has been received by CREF. When
received it will take effect as of the date it was signed, whether or not the
signer is living at the time we receive it. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability that is due
to our acts being contrary to what was stated in the notice.
11. OWNERSHIP. You own this certificate. During your lifetime, you may, to
the extent permitted by law, exercise every right given by it without the
consent of any other person.
12. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
13. NO LOANS. This certificate does not provide for loans.
14. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any if its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at CREF's
home office in New York, NY.
C1006.4 Page 8
Ed. 10-87 LGP
<PAGE>
15. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
16. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you or any other person under this certificate are exempt from the
claims of creditors or legal process to the fullest extent permitted by law.
This protection is contained in the statute of the State of New York
establishing CREF.
17. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF reserves the right to pay in
one sum the Present Value of any benefits due an estate, corporation,
partnership, trustee, or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
18. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
C1006.4 Page 9
Ed. 10-87 LGP
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
LAST SURVIVOR LIFE UNIT-ANNUITY
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF
NUMBER MO. DAY YR. PAYMENT
IA00000-0 10 01 87 MONTHLY
FIRST PARTICIPANT [DOE, JOHN]
Second Participant [DOE, MARY]
1.138 0.569 $56.58
ANNUITY UNITS PAYABLE ANNUITY UNITS PAYABLE AMOUNT OF FIRST
TO FIRST PARTICIPANT TO SECOND PARTICIPANT ANNUITY PAYMENT
This is to certify that you, as the owner (First Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide a lifetime income for you with payments to
start as of the date shown above. It will also provide an income to the Second
Participant as long as he or she survives you. No payments will be made after
both Participants have died.
You, or your Second Participant, will be paid an income of a fixed
number of annuity units. The amount of dollars payable per unit will change
primarily with the changes in the value of CREF's investments. There is no
guarantee of any dollar amount; you are assured of full participation in CREF.
All dollar amounts payable are determined by actuarial methods.
CHAIRMaN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED-----------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR CASH
SURRENDER OR LOANS. THIS CERTIFICATE DOES NOT GUARANTEE ANY
FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect.................................. 9
Benefits Based on Incorrect Data.................................... 6
Cash Surrender -- No provision for................................... 10
Certificate.......................................................... 11
Claims of Creditors -- Protection against............................ 13
Consideration........................................................ 1
Correspondence with us................................................ 15
Loans -- No provision for............................................. 10
Ownership............................................................ 8
Payment to an Estate, Trustee, etc.................................... 14
Proof of Survival.................................................... 7
Requests for Benefits................................................. 15
Rules of the Fund.................................................... 3
Service of Process upon CREF......................................... 12
Unit Annuity Payments................................................ 2
- Change of frequency........................................ 4
- Termination of.............................................. 5
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
DATE OF
CERTIFICATE FIRST FREQUENCY DATE OF
NUMBER PAYMENT OF PAYMENT BIRTH
MO DA YR
IA00000-0 10 01 87 MONTHLY
FIRST PARTICIPANT JOHN DOE 09 23 22
SECOND PARTICIPANT MARY DOE 09 15 25
1.138 0.569
STOCK ACCOUNT STOCK ACCOUNT $56.58
ANNUITY UNITS ANNUITY UNITS AMOUNT OF
PAYABLE PAYABLE FIRST ANNUITY
TO FIRST TO SECOND PAYMENT
PARTICIPANT PARTICIPANT
DATE OF ISSUE
MO DA YR
10 01 87
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE
THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S
HOME OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First Payment
if both you and the Second Participant are then alive. Payments will continue
for the rest of your life. Payments will be made to the Second Participant for
as long as he or she survives you. The Date of First Payment, Frequency of
Payment, and the number of Annuity Units payable to First and Second
Participants are shown on Page 3.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
3. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
4. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. At your request, CREF will
change to equivalent payments made annually, semi-annually or quarterly.
However, CREF will have the right to decline a change to less frequent payments.
CREF will also have the right to decline any change that would result in
payments of less than $25 each. After your death, the Second Participant will be
able to request a change in frequency of payments.
5. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made under
this certificate will be the last payment due before the death of the last to
die of you or Second Participant. The certificate will terminate at the time of
such death.
6. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to a person's age and if that data is incorrect, benefits
will be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
7. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that you or the Second Participant is alive on the date each payment is due. If
this proof is not received after requested in writing, or if we receive notice
of the death of either Participant after any payment in excess of those required
under this contract has been made, CREF has the following rights: A) to make
reduced payments of an amount determined by us until such excess is recovered;
or B) to withhold payments until such excess is recovered.
8. OWNERSHIP. You own this certificate. If the Second Participant survives
you, he or she becomes the owner of the certificate at your death. The owner
may, to the extent permitted by law, exercise every right given by it without
the consent of any other person.
9. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
<PAGE>
10. NO CASH SURRENDER OR LOANS. This certificate does not provide for cash
surrender or loans.
11. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at CREF's
home office in New York, NY.
12. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
13. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to either Participant under this certificate are exempt from the claims
of creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
14. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF will not be responsible for
the acts or neglects of any executor, trustee, guardian, or other third party to
whom payment is made.
15. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
JOINT AND SURVIVOR LIFE UNIT-ANNUITY
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF
NUMBER MO. DAY YR. PAYMENT
IA00000-0 10 01 87 MONTHLY
FIRST PARTICIPANT [DOE, JOHN]
Second Participant [DOE, MARY]
1.150 0.767 $57.20
ANNUITY UNITS PAYABLE ANNUITY UNITS PAYABLE AMOUNT OF FIRST
WHILE BOTH TO SURVIVING PARTICIPANT ANNUITY PAYMENT
PARTICIPANTS ALIVE
This is to certify that you, as the owner (First Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate provides a lifetime income for you with payments to
start as of the date shown above. It will also provide an income to the Second
Participant as long as he or she survives you. After the death of the first to
die of the Second Participant or you, the number of annuity units payable will
be reduced to two-thirds of the initial number of Annuity Units. No payments
will be made after both Participants have died.
You, or the Second Participant, will be paid an income of a fixed number
of annuity units. The amount of dollars payable per unit will change primarily
with the changes in the value of CREF's investments. There is no guarantee of
any dollar amount; you are assured of full participation in CREF. All dollar
amounts payable are determined by actuarial methods.
CHAIRMaN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED--------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR CASH
SURRENDER OR LOANS. THIS CERTIFICATE DOES NOT GUARANTEE ANY
FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect................................. 9
Benefits Based on Incorrect Data................................... 6
Cash Surrender -- No provision for.................................. 10
Certificate......................................................... 11
Claims of Creditors -- Protection against........................... 13
Consideration....................................................... 1
Correspondence with us............................................... 15
Loans -- No provision for............................................ 10
Ownership........................................................... 8
Payment to an Estate, Trustee, etc................................... 14
Proof of Survival................................................... 7
Requests for Benefits................................................ 15
Rules of the Fund................................................... 3
Service of Process upon CREF........................................ 12
Unit Annuity Payments............................................... 2
- Change of frequency....................................... 4
- Termination of............................................. 5
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
DATE OF
CERTIFICATE FIRST FREQUENCY DATE OF
NUMBER PAYMENT OF PAYMENT BIRTH
MO DA YR
IA00000-0 10 01 87 MONTHLY
FIRST PARTICIPANT JOHN DOE 09 23 22
SECOND PARTICIPANT MARY DOE 09 15 25
1.150 0.767
STOCK ACCOUNT STOCK ACCOUNT $57.20
ANNUITY UNITS ANNUITY UNITS AMOUNT OF
PAYABLE PAYABLE FIRST ANNUITY
WHILE BOTH TO SURVIVING PAYMENT
PARTICIPANT PARTICIPANT
ALIVE
DATE OF ISSUE
MO DA YR
10 01 87
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE
THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S
HOME OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First Payment
if both you and the Second Participant are then alive. Payments will continue
for the rest of your life. If the Second Participant dies before you, your
payments will be reduced to two-thirds the number of Annuity Units. If the
Second Participant survives you, payments of this reduced number of Annuity
Units will be made to him or her for life. The Date of First Payment, Frequency
of Payment, and the number of Annuity Units payable to First and Second
Participants are shown on Page 3.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
3. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
4. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. At your request, CREF will
change to equivalent payments made annually, semi-annually or quarterly.
However, CREF will have the right to decline a change to less frequent payments.
CREF will also have the right to decline any change that would result in
payments of less than $25 each. After your death, the Second Participant will be
able to request a change in frequency of payments.
5. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made under
this certificate will be the last payment due before the death of the last to
die of you and the Second Participant. The certificate will terminate at the
time of such death.
6. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to a person's age and if that data is incorrect, benefits
will be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
7. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that you or the Second Participant is alive on the date each payment is due. If
this proof is not received after requested in writing, or if we receive notice
of the death of either Participant after any payment in excess of those required
under this contract has been made, CREF has the following rights: A) to make
reduced payments of an amount determined by us until such excess is recovered;
or B) to withhold payments until such excess is recovered.
8. OWNERSHIP. You own this certificate. If the Second Participant survives
you, he or she becomes the owner of the certificate at your death. The owner
may, to the extent permitted by law, exercise every right given by it without
the consent of any other person.
9. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
<PAGE>
10. NO CASH SURRENDER OR LOANS. This certificate does not provide for cash
surrender or loans.
11. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at CREF's
home office in New York, NY.
12. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
13. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to either Participant under this certificate are exempt from the claims
of creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
14. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF will not be responsible for
the acts or neglects of any executor, trustee, guardian, or other third party to
whom payment is made.
15. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
LAST SURVIVOR LIFE UNIT-ANNUITY
WITH MINIMUM GUARANTEED PERIOD
<TABLE>
<CAPTION>
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF MINIMUM GUARANTEED
NUMBER MO. DAY YR. PAYMENT PERIOD
IA00000-0 10 01 87 MONTHLY 10 YEARS
<S> <C> <C> <C> <C>
FIRST PARTICIPANT [DOE, JOHN]
Second Participant [DOE, MARY]
ANNUITY UNITS PAYABLE ANNUITY UNITS PAYABLE AMOUNT OF FIRST
TO FIRST PARTICIPANT TO SECOND PARTICIPANT ANNUITY PAYMENT
OR TO BENEFICIARY
</TABLE>
This is to certify that you, as the owner (First Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate. The
next pages set forth in detail the rights and obligations as between CREF and
you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate provides a lifetime income for you. It will also provide
an income to the Second Participant as long as he or she survives you. The
number of annuity units payable to you, the Second Participant or the
beneficiary is shown above. Payments start as of the date shown above. If both
you and the Second Participant die within the Minimum Guaranteed Period,
payments will continue to the end of the period to the beneficiary; or the
present value of such payments may be paid in one sum, unless otherwise
specified on Page 5.
You, your Second Participant or your beneficiary, will be paid an income of
a fixed number of annuity units. The amount of dollars payable per unit will
change primarily with the changes in the value of CREF's investments. There is
no guarantee of any dollar amount; you are assured of full participation in
CREF. All dollar amounts payable are determined by actuarial methods.
/s/ John H. Biggs
-----------------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED -----------------------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect................................... 11
Beneficiary........................................................... 7
Benefits Based on Incorrect Data...................................... 8
Certificate........................................................... 13
Claims of Creditors -- Protection against............................. 16
Consideration......................................................... 1
Correspondence with us................................................ 18
Loans -- No provision for............................................. 12
Ownership............................................................. 10
Payment to an Estate, Trustee, etc.................................... 17
Present Value......................................................... 3
Procedure for Elections and Changes.................................... 14
Proof of Survival..................................................... 9
Requests for Benefits................................................. 18
Rules of the Fund..................................................... 4
Service of Process upon CREF.......................................... 15
Unit Annuity Payments................................................. 2
- Change of frequency......................................... 5
- Termination of.............................................. 6
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
<TABLE>
<CAPTION>
DATE OF MINIMUM
CERTIFICATE FIRST FREQUENCY GUARANTEED DATE OF
NUMBER PAYMENT OF PAYMENT PERIOD BIRTH
MO DA YR
[IA00000-0 10 01 87 MONTHLY 10 YEARS]
<S> <C> <C> <C> <C> <C>
PARTICIPANT [JOHN DOE] [09 23 22]
SECOND PARTICIPANT [MARY DOE] [09 15 25]
[1.137] [0.568]
[STOCK ACCOUNT] [STOCK ACCOUNT] [$56.52]
ANNUITY UNITS ANNUITY UNITS AMOUNT OF
PAYABLE PAYABLE FIRST ANNUITY
TO FIRST TO SECOND PAYMENT
PARTICIPANT PARTICIPANT OR
TO BENEFICIARY
DATE OF ISSUE
MO DA YR
[10 01 87]
PROVISIONS
</TABLE>
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR APPLYING [$10,000.00] FROM THE
ACCUMULATION OF [CREF CERTIFICATE NUMBER P-000000-0] TO THIS CERTIFICATE. THIS
FULFILLS ALL OBLIGATIONS UNDER CREF CERTIFICATE NUMBER [P-000000-0] AS TO THE
AMOUNT OF THE ACCUMULATION THAT HAS BEEN APPLIED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
BENEFICIARY DESIGNATION (SEE PROVISION 3)
CLASS I BENEFICIARY(IES)
NAME RELATIONSHIP TO FIRST PARTICIPANT
MARY DOE WIFE
CLASS II BENEFICIARY(IES)
NAME RELATIONSHIP TO FIRST PARTICIPANT
JANE DOE DAUGHTER
|_| Right to receive present value of unit-annuity payments in one sum. At the
surviving participant's death, each beneficiary shall have the right to
elect to receive in one sum the then present value of the share of any
remaining unpaid unit-annuity payments apportioned to such beneficiary.
[This provision is applicable only if the preceding box
(|_|) is marked with an (x).]
|_| Automatic one-sum payment of present value of unit-annuity payments. At the
surviving participant's death, the present value of the share of any
remaining unpaid unit-annuity payments apportioned to a beneficiary shall
be paid in one sum.
[This provision is applicable only if the preceding box
(|_|) is marked with an (x).]
<PAGE>
ADDITIONAL PROVISIONS
It is understood and agreed that if a testamentary trustee or an inter
vivos trustee is designated as beneficiary:
(A) CREF shall not be obliged to inquire into the terms of any will or of any
trust affecting this certificate or its death benefits and shall not be
charged with knowledge of terms thereof.
(B) If benefits become payable to a testamentary trustee and (I) the will is
not presented for probate within 90 days following the date of the last
surviving participant's death; or (II) the will has been presented for
probate within the aforesaid 90 days and no qualified trustee makes claim
for the benefits within nine months after the last surviving participant's
death; or (III) if evidence satisfactory to CREF is furnished CREF within
such nine-month period that no trustee can qualify to receive the benefits,
payment shall be made to the successor beneficiary(ies) as designated on
the reverse side, if any such beneficiary(ies) are designated and survive
the last surviving participant; otherwise to the executors or
administrators of the last surviving participant.
(C) If benefits become payable to an inter vivos trustee and (I) the trust
agreement is not in effect; or (II) no trustee can qualify to receive
benefits; or (III) the qualified trustee is not willing to accept the
benefits, payment shall be made to the successor beneficiary(ies) as
designated on the reverse side, if any such beneficiary(ies) are designated
and survive the last surviving participant; otherwise to the executors or
administrators of the last surviving participant.
(D) Payment to and receipt by said trustee, said successor beneficiary(ies) or
said executors or administrators, as provided for in (B) or (C) above,
shall fully discharge CREF from all liability to the extent of such
payment. CREF shall have no obligations as to the application of funds so
paid and shall, in all dealings with said trustee or with said executors or
administrators, including but not limited to any consent, release or waiver
of interest, be fully protected against the claims or demands of any other
person or persons.
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First
Payment if both you and the Second Participant are then alive. Payments will
continue for the rest of your life. Payments will be made to the Second
Participant for as long as he or she survives you. If both you and the Second
Participant die before the end of the Minimum Guaranteed Period which starts at
the Date of Issue, we will continue payments to the beneficiary until the end of
that period. In lieu of payments due the beneficiary, the Present Value of such
payments may be paid to the beneficiary in one sum, unless otherwise specified
on Page 5. The Date of First Payment, Frequency of Payment, Minimum Guaranteed
Period and the number of Annuity Units payable to the First and Second
Participants are shown on Page 3.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
If one of the Participants outlives all beneficiaries, at his or her death
we will pay to that person's estate the then Present Value of any payments
remaining due. If a beneficiary dies while entitled to receive payments, the
then Present Value of any payments remaining due him or her will be paid to any
other surviving person or persons named to receive it. If no one so named is
then living, the then Present Value will be paid to the estate of such
beneficiary.
Payments are subject to any method of payment agreement or the provisions
of any beneficiary designation in effect under this contract.
3. PRESENT VALUE. The Present (discounted) Value is a one-sum amount paid
in lieu of a series of payments. The Present Value of future payments is
computed in accordance with the Rules of the Fund.
4. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
5. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. At your request, CREF
will change to equivalent payments made annually, semi-annually or quarterly.
However, CREF will have the right to decline a change to less frequent payments.
CREF will also have the right to decline any change that would result in
payments of less than $25 each. After your death, the Second Participant will be
able to request a change in frequency of payments.
6. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made
under this certificate will be the last payment due before the death of the last
to die of you or Second Participant, unless such death occurs within the Minimum
Guaranteed Period. In that case, the final payment will be the last payment due
within that period. However, payments may end at an earlier date if a
beneficiary receives the then present value of the payments due him or her.
7. YOUR BENEFICIARY. Beneficiaries are persons you name, in form
satisfactory to CREF, to receive any payments remaining due after the death of
both you and the Second Participant. You may designate different classes of
beneficiaries, such as primary (first) and contingent (secondary). These classes
set the order of payment. If a class contains more than one person,
<PAGE>
any payments remaining due will be paid to the then living persons in the class
in equal shares, unless you provide otherwise. For example, if you die during
the Period of Annuity Payments having named your mother as primary beneficiary
and "children" as equal contingent beneficiaries, your mother would receive any
payments remaining due if she survived you. But if your mother did not survive
you, then your children would receive equal shares of any payments remaining
due.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
You, or after your death the Second Participant, may change, add or delete
beneficiaries as explained in Section 14, unless otherwise specified on Page 5.
8. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to a person's age and if that data is incorrect, benefits
will be recalculated on the basis of the correct data. If any overpayments or
underpayments have been made by CREF, adjustments will be made in accordance
with the Rules of the Fund.
9. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory
proof that you, the Second Participant or any other person named to receive
benefits under the terms of this certificate is alive on the date each payment
is due. If this proof is not received after requested in writing, or if we
receive notice of the death of either Participant after excess payment has been
made, CREF has the following rights: A) to make reduced payments of an amount
determined by us until such excess is recovered; or B) to withhold payments
until such excess is recovered.
10. OWNERSHIP. You own this certificate. If the Second Participant
survives you, he or she becomes the owner of the certificate at your death. The
owner may, to the extent permitted by law, exercise every right given by it
without the consent of any other person.
11. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
12. NO LOANS. This certificate does not provide for loans.
13. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any if its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at
CREF's home office in New York, NY.
14. PROCEDURE FOR ELECTIONS AND CHANGES. You, the Second Participant or a
beneficiary, when having the right to do so, may elect or change, in accordance
with the terms of your certificate, any of the following by written notice
satisfactory to CREF sent to its home office in New York, NY:
A) the method of payment to the beneficiary as explained in Section 3;
B) the beneficiary as explained in Section 5;
<PAGE>
C) the frequency of payments as explained in Section 4; or
D) the surrender of this certificate for its Present Value (only a
beneficiary may have this right).
No such notice will take effect unless it has been received by CREF. When
received it will take effect as of the date it was signed, whether or not the
signer is living at the time we receive it. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability because our
acts were contrary to what was stated in the notice.
15. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
16. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you or any other person under this certificate are exempt from the
claims of creditors or legal process to the fullest extent permitted by law.
This protection is contained in the statute of the State of New York
establishing CREF.
17. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF reserves the right to pay in
one sum the then present value of any benefits due an estate, corporation,
partnership, trustee, or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
18. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
JOINT AND SURVIVOR LIFE UNIT-ANNUITY
WITH MINIMUM GUARANTEED PERIOD
<TABLE>
<CAPTION>
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF MINIMUM GUARANTEED
NUMBER MO. DAY YR. PAYMENT PERIOD
IA00000-0 10 01 87 MONTHLY 10 YEARS
<S> <C> <C> <C>
FIRST PARTICIPANT [DOE, JOHN]
Second Participant [DOE, MARY]
1.149 0.766 $57.11
ANNUITY UNITS PAYABLE ANNUITY UNITS PAYABLE AMOUNT OF FIRST
WHILE BOTH TO SURVIVING PARTICIPANT ANNUITY PAYMENT
PARTICIPANTS ALIVE OR TO BENEFICIARY
</TABLE>
This is to certify that you, as the owner (First Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate provides a lifetime income for you. It will also
provide an income to the Second Participant as long as he or she survives you.
After the death of the first to die of you and the Second Participant, the
number of annuity units of each payment will be reduced to two-thirds of the
initial number of Annuity Units. Payments start as of the date shown above. If
both you and the Second Participant die within the Minimum Guaranteed Period,
the reduced payments will continue to the end of the period to the beneficiary;
or the present value of such payments may be paid in one sum, unless otherwise
specified on Page 5.
You, your Second Participant or your beneficiary, will be paid an income
of a fixed number of annuity units. The amount of dollars payable per unit will
change primarily with the changes in the value of CREF's investments. There is
no guarantee of any dollar amount; you are assured of full participation in
CREF. All dollar amounts payable are determined by actuarial methods.
/s/John H. Biggs
-------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED--------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect.................................... 11
Beneficiary.............................................................. 7
Benefits Based on Incorrect Data........................................ 8
Certificate............................................................. 13
Claims of Creditors -- Protection against............................... 16
Consideration........................................................... 1
Correspondence with us................................................... 18
Loans -- No provision for................................................ 12
Ownership.............................................................. 10
Payment to an Estate, Trustee, etc....................................... 17
Present Value............................................................ 3
Procedure for Elections and Changes...................................... 14
Proof of Survival....................................................... 9
Requests for Benefits.................................................... 18
Rules of the Fund....................................................... 4
Service of Process upon CREF............................................ 15
Unit Annuity Payments................................................... 2
- Change of frequency........................................... 5
- Termination of................................................. 6
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
<TABLE>
<CAPTION>
DATE OF MINIMUM
CERTIFICATE FIRST FREQUENCY GUARANTEED
NUMBER PAYMENT OF PAYMENT PERIOD DATE OF
BIRTH
<S> <C> <C> <C> <C> <C>
IA00000-01 0 01 87 MONTHLY 10 YEARS MO DA YR
FIRST PARTICIPANT JOHN DOE 09 23 22
SECOND PARTICIPANT MARY DOE 09 15 25
1.149 0.766
STOCK ACCOUNT STOCK ACCOUNT $57.20
ANNUITY UNITS ANNUITY UNITS AMOUNT OF
PAYABLE PAYABLE FIRST ANNUITY
WHILE BOTH TO SURVIVING PAYMENT
PARTICIPANTS PARTICIPANT OR
ALIVE TO BENEFICIARY
DATE OF ISSUE
MO DA YR
10 01 87
</TABLE>
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE
THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S
HOME OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
BENEFICIARY DESIGNATION (SEE PROVISION 3)
CLASS I BENEFICIARY(IES)
NAME RELATIONSHIP TO FIRST PARTICIPANT
MARY DOE WIFE
CLASS II BENEFICIARY(IES)
NAME RELATIONSHIP TO FIRST PARTICIPANT
JANE DOE DAUGHTER
_
|_| Right to receive present value of unit-annuity payments in one sum. At the
surviving participant's death, each beneficiary shall have the right to
elect to receive in one sum the then present value of the share of any
remaining unpaid unit-annuity payments apportioned to such beneficiary.
_
[This provision is applicable only if the preceding box (|_|) is
marked with an (x).]
_
|_| Automatic one-sum payment of present value of unit-annuity payments. At the
surviving participant's death, the present value of the share of any
remaining unpaid unit-annuity payments apportioned to a beneficiary shall
be paid in one sum.
_
[This provision is applicable only if the preceding box (|_|) is
marked with an (x).]
<PAGE>
ADDITIONAL PROVISIONS
It is understood and agreed that if a testamentary trustee or an inter
vivos trustee is designated as beneficiary:
(A) CREF shall not be obliged to inquire into the terms of any will or of
any trust affecting this certificate or its death benefits and shall
not be charged with knowledge of terms thereof.
(B) If benefits become payable to a testamentary trustee and (I) the
will is not presented for probate within 90 days following the date of
the last surviving participant's death; or (II) the will has been
presented for probate within the aforesaid 90 days and no qualified
trustee makes claim for the benefits within nine months after the last
surviving participant's death; or (III) if evidence satisfactory to
CREF is furnished CREF within such nine-month period that no trustee
can qualify to receive the benefits, payment shall be made to the
successor beneficiary(ies) as designated on the reverse side, if any
such beneficiary(ies) are designated and survive the last surviving
participant; otherwise to the executors or administrators of the last
surviving participant.
(C) If benefits become payable to an inter vivos trustee and (I) the trust
agreement is not in effect; or (II) no trustee can qualify to receive
benefits; or (III) the qualified trustee is not willing to accept the
benefits, payment shall be made to the successor beneficiary(ies) as
designated on the reverse side, if any such beneficiary(ies) are
designated and survive the last surviving participant; otherwise to the
executors or administrators of the last surviving participant.
(D) Payment to and receipt by said trustee, said successor beneficiary(ies)
or said executors or administrators, as provided for in (B) or (C)
above, shall fully discharge CREF from all liability to the extent of
such payment. CREF shall have no obligations as to the application of
funds so paid and shall, in all dealings with said trustee or with said
executors or administrators, including but not limited to any consent,
release or waiver of interest, be fully protected against the claims or
demands of any other person or persons.
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First
Payment, if both you and the Second Participant are then alive. Payments will
continue for the rest of your life. If the Second Participant dies before you,
your payments will be reduced to two-thirds of the initial number of Annuity
Units. In addition, if the Second Participant survives you, payments of this
reduced number of Annuity Units will be made to him or her for life. If both you
and the Second Participant die before the end of the Minimum Guaranteed Period,
which starts at the Date of Issue, we will continue the reduced payments to the
beneficiary until the end of that period. In lieu of payments due the
beneficiary, the Present Value of such payments may be paid to the beneficiary
in one sum, unless otherwise specified on Page 5. The Date of First Payment,
Frequency of Payment, Minimum Guaranteed Period, the number of Annuity Units
payable while both Participants are alive and the number of Annuity Units
payable after the death of one of the Participants are shown on Page 3.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
If the last surviving Participant outlives all beneficiaries but dies
within the Minimum Guaranteed Period, we will pay to such Participant's estate
the Present Value of any payments remaining due. If a beneficiary dies while
entitled to receive payments, the Present Value of any payments still due to him
or her will be paid to the surviving person or persons named to receive it. If
no one so named is then living, the Present Value will be paid to the estate of
such beneficiary.
Payments are subject to the provisions of any method of payment agreement
or any beneficiary designation in effect under this certificate.
3. PRESENT VALUE. The Present (discounted) Value is a one-sum amount paid
in lieu of a series of payments. The Present Value of future payments is
computed in accordance with the Rules of the Fund.
4. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
5. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. At your request, CREF
will change to equivalent payments made annually, semi-annually or quarterly.
However, CREF will have the right to decline a change to less frequent payments.
CREF will also have the right to decline any change that would result in
payments of less than $25 each. After your death, the Second Participant will be
able to request a change in frequency of payments.
6. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made
under this certificate will be the last payment due before the death of the last
to die of you or Second Participant, unless such death occurs within the Minimum
Guaranteed Period. In that case, the final payment will be the last payment due
within that period. However, payments may end at an earlier date if a
beneficiary receives the then present value of the payments due him or her.
<PAGE>
7. YOUR BENEFICIARY. Beneficiaries are persons you name, in form
satisfactory to CREF, to receive any payments remaining due after the death of
both you and the Second Participant. You may designate different classes of
beneficiaries, such as primary (first) and contingent (secondary). These classes
set the order of payment. If a class contains more than one person, any payments
remaining due will be paid to the then living persons in the class in equal
shares, unless you provide otherwise. For example, if you die during the Period
of Annuity Payments having named your mother as primary beneficiary and
"children" as equal contingent beneficiaries, your mother would receive any
payments remaining due if she survived you. But if your mother did not survive
you, then your children would receive equal shares of any payments remaining
due.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
You, or after your death the Second Participant, may change, add or delete
beneficiaries as explained in Section 14, unless otherwise specified on Page 5.
8. BENEFITS BASED ON INCORRECT DATA. If the amount of benefits is
determined by data as to a person's age and sex and if that data is incorrect,
benefits will be recalculated on the basis of the correct data. If any
overpayments or underpayments have been made by CREF, adjustments will be made
in accordance with the Rules of the Fund.
9. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory
proof that you, the Second Participant or any other person named to receive
benefits under the terms of this certificate is alive on the date each payment
is due. If this proof is not received after requested in writing, or if we
receive notice of the death of either Participant after excess payment has been
made, CREF has the following rights: A) to make reduced payments of an amount
determined by us until such excess is recovered; or B) to withhold payments
until such excess is recovered.
10. OWNERSHIP. You own this certificate. If the Second Participant
survives you, he or she becomes the owner of the certificate at your death. The
owner may, to the extent permitted by law, exercise every right given by it
without the consent of any other person.
11. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
12. NO LOANS. This certificate does not provide for loans.
13. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at
CREF's home office in New York, NY.
14. PROCEDURE FOR ELECTIONS AND CHANGES. You, the Second Participant or a
beneficiary, when having the right to do so, may elect or change, in accordance
with the terms of your certificate,
<PAGE>
any of the following by written notice satisfactory to CREF sent to its home
office in New York, NY:
A) the method of payment to the beneficiary as explained in Section 3;
B) the beneficiary as explained in Section 5;
C) the frequency of payments as explained in Section 4; or
D) the surrender of this certificate for its Present Value (only a
beneficiary may have this right).
No such notice will take effect unless it has been received by CREF. When
received it will take effect as of the date it was signed, whether or not the
signer is living at the time we receive it. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability because our
acts were contrary to what was stated in the notice.
15. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
16. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you or any other person under this certificate are exempt from the
claims of creditors or legal process to the fullest extent permitted by law.
This protection is contained in the statute of the State of New York
establishing CREF.
17. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF reserves the right to pay in
one sum the Present Value of any benefits due an estate, corporation,
partnership, trustee or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
18. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
UNIT-ANNUITY CERTAIN
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CERTIFICATE DATE OF FIRST PAYMENT FREQUENCY OF DATE OF LAST PAYMENT
NUMBER MO. DAY YR. PAYMENT MO. DAY YR.
IA00000-0 10 01 87 MONTHLY 09 01 97
PARTICIPANT [DOE, JOHN]
2.023 $100.58 10 YEARS
----- ------- --------
ANNUITY UNITS PAYABLE AMOUNT OF FIRST PERIOD OF
ANNUITY PAYMENT ANNUITY PAYMENTS
</TABLE>
This is to certify that you, as the owner (Participant) of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations as between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide an income to you, while you are living,
for a specified period of years. If you die within this period, payments will
continue to the end of the period to the beneficiary. Unless otherwise specified
on Page 5, the present value of these payments may be paid in one sum.
You, or your beneficiary, will be paid an income of a fixed number of
annuity units. The amount of dollars payable per unit will change primarily with
the changes in the value of CREF's investments. There is no guarantee of any
dollar amount; you, or your beneficiary, are assured of full participation in
CREF. All dollar amounts payable are determined by actuarial methods.
/s/John H. Biggs
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COUNTERSIGNED---------------------------------------
REGISTRAR
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE
FOR LOANS. THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR
AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Assignment -- Void and of no effect..................................... 12
Beneficiary............................................................... 8
Certificate.............................................................. 14
Claims of Creditors -- Protection against................................ 16
Consideration............................................................ 1
Correspondence with us.................................................... 18
Loans -- No provision for................................................. 13
Ownership............................................................... 11
Payment to an Estate, Trustee, etc........................................ 17
Present Value............................................................. 3
Procedure for Elections and Changes...................................... 10
Proof of Survival........................................................ 9
Requests for Benefits..................................................... 18
Rules of the Fund........................................................ 4
Service of Process upon CREF............................................. 15
Surrender Right........................................................... 5
Unit Annuity Payments.................................................... 2
- Change of frequency............................................ 6
- Termination of.................................................. 7
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Date of Date of
Certificate First Frequency Last
Number Payment of Payment Payment Date of
Birth
IA00000-0 10 01 87 MONTHLY MO DA YR
Participant [DOE, JOHN] 09 23 22
</TABLE>
2.023
STOCK ACCOUNT $100.58 10 YEARS
Annuity Units Amount of Period of
Payable First Annuity Annuity
Payment Payments
DATE OF ISSUE
MO DA YR
10 01 87
PROVISIONS
1. CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO CREF OF
CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF [$10,000.00]
TO THIS CERTIFICATE. THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE
THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
<PAGE>
This page is intentionally blank.
<PAGE>
BENEFICIARY DESIGNATION
CLASS I BENEFICIARIES
NAME RELATIONSHIP TO PARTICIPANT
MARY DOE WIFE
CLASS II BENEFICIARIES
NAME RELATIONSHIP TO PARTICIPANT
JANE DOE DAUGHTER
<PAGE>
2. UNIT ANNUITY PAYMENTS. Your income will begin as of the Date of First Payment
if you are then alive. Payments will continue to you during the period of
Annuity Payments as long as you live. If you die before the end of the Period of
Annuity Payments, we will continue payments to the beneficiary to the end of
that Period. No payments will be made after the Period of Annuity Payments. In
lieu of payments due the beneficiary the Present Value of any payments may be
paid to the beneficiary in one sum unless otherwise specified on Page 5. The
Date of First Payment, Frequency of Payment, Period of Annuity Payments, Date of
Last Payment and the number of Annuity Units payable are shown on Page 3.
If you outlive all beneficiaries but die within the Period of Annuity
Payments, we will pay to your estate the Present Value of any payments remaining
due. If a beneficiary dies while entitled to receive payments, the Present Value
of any payments still due to him or her will be paid to the surviving person or
persons named to received it. If no one so named is then living, the Present
Value will be paid to the estate of such beneficiary.
The dollar amount of each payment will be the current value on the date of
each payment of the number of Annuity Units stated on Page 3. The value of an
Annuity Unit will change from time to time to reflect CREF's investment,
mortality and expense experience and will be determined in accordance with the
Rules of the Fund, using actuarial methods.
Payments are subject to any method of payment agreement or the provisions
of any beneficiary designation in effect under this certificate.
3. PRESENT VALUE. The Present (discounted) Value is a one-sum amount paid
in lieu of a series of payments. The Present Value of future payments is
computed in accordance with the Rules of the Fund.
4. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
5. SURRENDER RIGHT. Unless otherwise specified on Page 5, you may surrender
this certificate for a one-sum payment. This payment will be equal to the
Present Value of all payments remaining due. A surrender may be made without
regard to the interest of any beneficiary.
6. CHANGE OF FREQUENCY OF UNIT ANNUITY PAYMENTS. You, or a beneficiary
receiving payments, may request a change to equivalent payments made annually,
semi-annually, quarterly or monthly. However, CREF has the right to decline any
change that would result in an initial payment of less than $25.
7. TERMINATION OF UNIT ANNUITY PAYMENTS. The final payment to be made under
this certificate will be the payment due on the Date of Last Payment, shown on
Page 3.
8. YOUR BENEFICIARY. Beneficiaries are persons named, in form satisfactory
to CREF, to receive any payments remaining due at your death. Different classes
of beneficiaries, such as primary (first) and contingent (secondary), may be
designated. These classes set the order of payment. If a class contains more
than one person, any payments remaining due at your death will be paid to the
then living persons in a class in equal shares, unless provided otherwise. For
example, if you die during the Period of Annuity Payments with your spouse
having been named as primary beneficiary and "my children" as equal contingent
beneficiaries, your spouse would receive any payments remaining due upon
surviving you. But if your spouse did not survive you, then your surviving
children would receive equal shares of any payments remaining due.
<PAGE>
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless otherwise specified, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
The beneficiary designation may be changed as explained below, unless
otherwise specified on Page 5.
9. PROOF OF SURVIVAL. CREF reserves the right to require satisfactory proof
that anyone named to receive benefits under the terms of your certificate is
alive on the date any payment is due. If this proof is not received by us after
requested in writing, CREF will have the right to withhold payments entirely
until such proof is received.
10. PROCEDURE FOR ELECTIONS AND CHANGES. You or a beneficiary, when having
the right to do so, may elect or change, in accordance with the terms of your
certificate, any of the following by written notice satisfactory to CREF sent to
its home office in New York, NY:
A) the method of payment to the beneficiary;
B) the beneficiary; or
C) the frequency of payments; or
D) the surrender of this certificate for its Present Value
(only a beneficiary may have this right).
No such notice will take effect unless it has been received by CREF. When
received it will take effect as of the date it was signed, whether or not the
signer is living at the time we receive it. Any action taken by CREF in good
faith before receiving the notice will not subject CREF to liability that is due
to our acts being contrary to what was stated in the notice.
11. OWNERSHIP. You own this certificate. During your lifetime, you may, to
the extent permitted by law, exercise every right given by it without the
consent of any other person.
12. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
13. NO LOANS. This certificate does not provide for loans.
14. THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at CREF
home office in New York, NY.
15. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
<PAGE>
16. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you or any other person under this certificate are exempt from the
claims of creditors or legal process to the fullest extent permitted by law.
This protection is contained in the statute of the State of New York
establishing CREF.
17. PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF reserves the right to pay in
one sum the Present Value of any benefits due an estate, corporation,
partnership, trustee or other entity not a natural person. CREF will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party to whom payment is made.
18. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
C1027
CREF MDO-Cash
College Retirement Equities Fund
730 Third Avenue, New York, N.Y. 10017
Telephone: 800-842-2733
Minimum Distribution Annuity Certificate
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Date of First
Certificate Annual Payment Calculation Date of Birth
Number Mo. Day Yr. Method Mo. Day Yr.
DA00000-0 12 01 1991
Payee DOE, JOHN J R 04 01 1920
Calculation DOE, MARY R 04 01 1923
Beneficiary
</TABLE>
This Certificate states that you, as the owner ("Payee") of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF" or "Fund").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations of both CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide Annual Payments to you. The Annual Payments
will vary each year in accordance with the procedure described in Part C. Annual
Payments will continue until the year in which the Life Expectancy, as defined
in Part C, is less than or equal to one year, when your remaining Accumulation
will be paid to you in one sum.
Your life expectancy and the life expectancy of your Calculation
Beneficiary, if any, as shown above, will be used in the calculation of the
Initial and Annual Payments. If your Calculation Beneficiary dies while you are
receiving Annual Payments, you must notify us so that the calculation may be
changed as necessary to comply with Federal tax law.
If you die before the entire Accumulation is paid out, your remaining
Accumulation will provide a benefit for your Beneficiary under one of the
methods described in your certificate.
Any Considerations for this certificate must be transferred directly from
another CREF certificate. Each consideration paid to CREF purchases a number of
Accumulation Units representing your share in CREF. Before you attain age 90,
you may, to the extent permitted by Federal tax law, convert these into a
lifetime income of Annuity Units.
Once each year we will report to you on the then current value of your
remaining Accumulation Units. You may choose to withdraw all or part of
the current value of your remaining Accumulation Units. You, or your
Beneficiary at your death, may have CREF pay the value of some or all of
your remaining
Accumulation Units to Teachers Insurance and Annuity Association of America
("TIAA") for the purchase of a fixed dollar pay-out annuity contract, as
explained in your certificate.
INDEX ON NEXT PAGE Ed. 1-93
/s/John H. Biggs
-------------
Chairman and
Chief Executive Officer
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF BENEFITS.
<PAGE>
Section
Accounts
Definition ..............................................1
Accumulation
Definition ..............................................3
Accumulation Units
Definition ..............................................2
Number of ...............................................4
Annual Payments ............................................24
Allocation Among Accounts ..............................31
Amount of ..............................................25
Calculation Beneficiary ................................10
Calculation Method .....................................28
Change of Calculation Beneficiary ......................29
Definition ..............................................5
Excluded Amount ........................................26
Initial Payment ........................................30
Life Expectancy ........................................27
Annuity Benefit ............................................35
Annuity Unit ............................................6
Benefits Based on Incorrect Data .......................37
Number of Annuity Units ................................36
Single Life Unit-Annuity ...............................17
Survivor Unit-Annuity ..................................19
Unit-Annuity ............................................7
Assignment
Void and of No Effect ..................................44
Business Day ................................................9
Certificate
Changes of .............................................22
Claims of Creditors
Protection Against .....................................46
Commuted Value
Definition .............................................11
Compliance with Laws and Regulations .......................53
Considerations .............................................23
Section
Correspondence .............................................54
Death Benefit
Beneficiary .............................................8
Change of Beneficiary ..................................34
Definition .............................................12
Methods of Payment .....................................33
Payment of .............................................32
Elections and Changes
Procedure ..............................................47
ERISA
Definition .............................................13
IRC
Definition .............................................14
Loans
No Provision for .......................................45
Lump-sum Benefit ...........................................39
Definition..............................................15
Ownership of certificate ...................................43
Payment to an Estate, Guardian, Trustee, etc. ..............48
Proof of Survival...........................................50
Report of Accumulation .....................................42
Right to Amend .............................................51
Right to Split Your Certificate ............................52
Rules of the Fund
Definition .............................................16
Service of Process upon CREF................................49
Spouse's Rights ............................................40
Definition .............................................18
Waiver of ..............................................41
Transfer....................................................38
Definition .............................................20
Valuation Day
Definition .............................................21
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
BENEFICIARY DESIGNATION
PRIMARY BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[* Mary Doe 04 01 1923 wife ]
CONTINGENT BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[ Jane Doe 06 23 1946 daughter ]
[ * Calculation Beneficiary ]
<PAGE>
PART A: TERMS USED IN THIS CONTRACT
1. Accounts. CREF maintains the following four investment Accounts, each
with its own distinct investment portfolio:
The CREF Stock Account maintains a broadly diversified portfolio consisting
primarily of common stocks.
The CREF Money Market Account maintains a portfolio consisting primarily of
short-term debt securities.
The CREF Bond Market Account maintains a portfolio consisting primarily of
investment grade bonds.
The CREF Social Choice Account maintains a portfolio consisting primarily
of common stocks, investment grade bonds, and short-term debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
CREF may delete the CREF Bond Market Account, the CREF Social Choice
Account, and any future Account. As of the date of such deletion, CREF will
transfer your Accumulation Units, if any, in such Account, to the CREF Money
Market Account unless you notify CREF otherwise.
2. Accumulation Units. Each CREF Account maintains a separate Accumulation Unit
value. The value of each Accumulation Unit will change from time to time to
reflect the CREF Account's investment experience, and will be determined in
accordance with the Rules of the Fund.
3. Your Accumulation is the sum of the value of all of your Accumulation Units
in all of the Accounts under this Certificate. It will provide the benefits
described in this certificate.
4. Number of Accumulation Units. The number of your Accumulation Units at issue
and the Accounts under your Certificate in which they participate are shown on
Page 3. The number of your Accumulation Units in any Account under your
Certificate will be increased by:
A) any Considerations paid to that Account under your Certificate;
B) any Transfers to that Account under your Certificate from another CREF
Account; and reduced by:
C) any Initial and Annual Payments paid from that Account;
D) any application of Accumulation Units from that Account to provide a
Unit-Annuity; E) any Lump-sum Benefits paid from that Account; and F) any
Transfers from that Account to TIAA, another CREF account, or another
funding vehicle.
5. The Annual Payment is the amount payable to you each December 1 as described
in Part C.
6. An Annuity Unit is the unit of payment for all Unit-Annuity benefits. The
CREF Stock and CREF Money Market Accounts maintain separate Annuity Units. All
CREF Unit-Annuity Income Options and Methods of Payment of the Death Benefit are
available from the CREF Stock Account and the CREF Money Market Account. The
current value of an Annuity Unit will change from time to time to reflect
changes in CREF's investment, mortality, and expense experience. The dollar
value of any Unit-Annuity payment will be the product of the number of Annuity
Units to be paid and the then current value of an Annuity Unit.
7. A Unit-Annuity is a series of payments of the then current value of a fixed
number of Annuity Units. The number of Annuity Units to be paid and their then
current value will be determined in accordance with the Rules of the Fund using
actuarial methods. A Unit-Annuity Benefit may be elected subject to the
restrictions described in Part E.
<PAGE>
8. The Beneficiary is the person you name to receive any payments remaining due
at your death. The primary and contingent beneficiaries are named on Page 5.
9. A Business Day is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
10. Calculation Beneficiary. The life expectancy of a Calculation Beneficiary
may be used in the calculation of the Annual Payment. If you have selected a
Calculation Beneficiary, that person is named on Page 3.
11. Commuted Value. The commuted (discounted) value is a one-sum amount paid in
lieu of a series of payments. The Commuted Value of a series of payments of
Annuity Units is computed in accordance with the Rules of the Fund, in which it
is referred to as the Present Value.
12. The Death Benefit is the current value of your Accumulation Units. It will
be used to pay your Beneficiary an income under one of the methods set forth in
Part D.
13. ERISA is the Employee Retirement Income Security Act of 1974, as amended.
14. The IRC is the Internal Revenue Code of 1986, as amended.
15. Lump-sum Benefit. You may choose to receive a Lump-sum Benefit from some or
all of a specified Account's Accumulation Units. The provisions concerning this
benefit are detailed in Part G.
16. The Rules of the Fund govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of New York as not being unfair, unjust, inequitable
or prejudicial to the interest of anyone in the Fund. A copy of the Rules of the
Fund was furnished to you when this certificate was issued; you will be notified
of all amendments to such Rules.
17. A Single Life Unit-Annuity provides a payment to you each month for as long
as you live. Subject to applicable restrictions, you may choose a guaranteed
period of 10, 15 or 20 years, or no guaranteed period. If you die before the end
of a chosen guaranteed period, the monthly payments will continue to the end of
that period. Once payments have begun under this option no change may be made. A
Single Life Unit-Annuity may be available to you as described in Part E.
18. Spouse's Rights. If your Accumulation is subject to ERISA, your spouse may
have rights to a Survivor Retirement Benefit, as explained in Part H. Your
spouse's right to these benefits may limit your choice of Unit-Annuity Benefit,
Beneficiary, Lump-sum Benefit, or Transfer.
19. A Survivor Unit-Annuity provides a payment to you each month for as long as
you live, and will be continued to your Calculation Beneficiary for his or her
life if he or she survives you. Payments after the death of you or your
Calculation Beneficiary may be reduced in accordance with the annuity option you
choose. Subject to applicable restrictions, you may choose a guaranteed period
of 10, 15 or 20 years, or no guaranteed period. If you and your Calculation
Beneficiary die before the end of a chosen guaranteed period, the monthly
payments will continue to the end of that period. Once payments have begun under
this option no change may be made. A Survivor Unit-Annuity may be available to
you as described in Part E.
<PAGE>
20. A Transfer is the use of the value of some or all of your Accumulation Units
to purchase fixed-dollar benefits under a TIAA pay-out annuity contract,
Accumulation Units in another CREF Account, or benefits through another Funding
Vehicle not offered by TIAA or CREF. The conditions applying to Transfers are
set forth in Part F.
21. A Valuation Day is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
PART B: CERTIFICATE AND CONSIDERATIONS
22. The Certificate. We have issued this certificate in return for your
completed application and the consideration as stated on Page 3. Any endorsement
or amendment of this certificate, or waiver of any of its provisions will be
valid only if in writing and signed by an Executive Officer or Registrar of
CREF. All considerations and benefits are payable at CREF's home office in New
York, NY.
23. Considerations are all amounts paid to purchase benefits under this
contract. Any Considerations for this certificate must be transferred directly
from a CREF Supplemental Retirement Unit-Annuity Certificate or CREF Group
Supplemental Retirement Unit-Annuity Certificate. CREF will accept
Considerations any time while this certificate is in force.
PART C: YOUR ANNUAL PAYMENT
24. Annual Payments will be made to you each December, beginning as of the Date
of First Annual Payment if you are then alive. Annual payments will continue to
you until the year in which the Life Expectancy is less than or equal to one
year, when your Annual Payment will include your remaining Accumulation. No
further payments will be made to you after the Annual Payment in the year in
which the Life Expectancy is less than or equal to one.
25. Amount of Annual Payments. The amount of the payment to be made each
December will be the Accumulation as of the previous December 31, less the
Excluded Amount, all divided by the Life Expectancy as of the current year. The
Annual Payment may be adjusted if additional Considerations have been paid or
amounts have been withdrawn during the current calendar year. In no case will
the Annual Payment exceed your total Accumulation as of the date the payment is
made. If the calculated value is less than $25, the Annual Payment will be $25,
or if less, your total Accumulation.
26. The Excluded Amount is that portion of the Accumulation that will not be
included in the calculation of the Annual Payment. The initial Excluded Amount
is shown on Page 3. The Excluded Amount will be adjusted if any Lump-sum
Benefits or Transfers are paid, and if any Considerations after the Initial
Consideration are received. The Excluded Amount may be reduced at your request,
or if required by Federal tax law, and will be reduced to zero upon your
attainment of age 75.
27. The Life Expectancy as of any year will be calculated in accordance with IRC
Section 401(a)(9) and the regulations issued thereunder.
If your Calculation Beneficiary dies while you are receiving Annual
Payments, you must notify us so that the calculation may be changed as necessary
to comply with Federal tax law.
<PAGE>
28. The Calculation Method shown on Page 3 will determine how the Life
Expectancy is calculated. Use of the Recalculation Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
recalculated each year. Use of the Straight-line Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
calculated at the Date of Issue, and reduced by one for each calendar year that
has elapsed since that date.
29. Change of Calculation Beneficiary. If you have selected a Calculation
Beneficiary, that person is named on Page 3. Your right to change the
Calculation Beneficiary may be limited by Federal tax law. If you change a
primary Beneficiary after the Date of Issue, or if you have more than one
primary Beneficiary, the Calculation Beneficiary, if any, may have to be changed
to comply with Federal tax law.
30. An Initial Payment may be made to you as of the Date of Issue if necessary
to meet the requirements of IRC Section 401(a)(9). The amount of any Initial
Payment is shown on Page 3. If an Initial Payment is made, the first Annual
Payment will be reduced by the amount of the Initial Payment divided by the Life
Expectancy as of the year of the first Annual Payment.
31. Allocation Among Accounts. Your Accumulation will be reduced by the amount
of each Annual Payment. You may tell us how to allocate the reduction among the
Accounts under your Certificate. You may reduce your Accumulation Units in an
Account by any whole number percentage of the Annual Payment. You may change
your allocation from time to time, as explained in Section 47. If we do not have
a valid allocation, or if the value of your Accumulation Units in any Account
under your Certificate is not sufficient to cover the allocated portion of the
Annual Payment, your Accumulation Units in the Accounts under your Certificate
will be reduced in proportion to their share of your total Accumulation.
PART D: DEATH BENEFIT
32. Payment of the Death Benefit. If you die before the entire Accumulation is
paid out, CREF will pay the Death Benefit to your Beneficiary under one of the
Methods of Payment set forth in Section 33. You may choose the Method during
your lifetime as explained in Section 47. If you do not so choose, your
Beneficiary will make the choice when he or she becomes entitled to payments.
You may change the Method at any time before payments begin. After your death,
your Beneficiary may change the Method chosen by you, if you so provide.
33. Methods of Payment. The Death Benefit will be paid to your Beneficiary as
follows:
A) your Accumulation may be paid in one sum;
B) your Accumulation may be applied to a Unit-Annuity, as described in Part
E; or
C) if a surviving Beneficiary is the Calculation Beneficiary, Annual
Payments may be continued under a new Minimum Distribution Annuity
Certificate.
34. The Beneficiary is the person you name to receive any payments remaining due
at your death. Different classes of beneficiaries, such as primary (first) and
contingent (secondary), may be designated. These classes set the order of
payment. If a class contains more than one person, any payments remaining due at
your death will be paid to the then living persons in a class in equal shares,
unless provided otherwise. For example, if you die before the entire
Accumulation is paid out with your spouse having been named as primary
beneficiary and "my children" as equal contingent beneficiaries, your spouse
would receive any payments remaining due upon surviving you. But if your spouse
did not survive you, then your surviving children would receive equal shares of
any payments remaining due.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless otherwise specified, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your brother or
your sister.
<PAGE>
If you name your estate as beneficiary, or if none of the beneficiaries you
have named is alive at the time of your death, the Death Benefit will be paid to
your estate in one sum.
If you die never having named a beneficiary, your estate and your surviving
spouse become the beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid to your
estate in one sum; B) if you leave a surviving spouse, your spouse will
receive one-half of your Accumulation in one sum, and your estate will
receive one-half of your Accumulation in one sum.
You may change your Beneficiary or add or delete Beneficiaries, unless
otherwise specified on Page 5, by written notice to CREF as explained in Section
47. Any change in Beneficiary is subject to the rights of your spouse, if any,
as described in Part H. Any change in a primary Beneficiary may require a change
in the Calculation Beneficiary, if any, to comply with Federal tax law.
PART E: UNIT-ANNUITY BENEFIT
35. Choosing an Annuity. You or your surviving Beneficiary may apply your
Accumulation to purchase a Unit-Annuity for a Fixed Period of no less than five
years, nor more than the lesser of 30 years or the Life Expectancy. If you or
your surviving Calculation Beneficiary are under the Recalculation Method and
have not yet attained age 90, you may alternatively choose a Single Life
Unit-Annuity with or without a Guaranteed Period. If you and your surviving
Calculation Beneficiary are both under the Recalculation Method and have not yet
attained age 90, you may alternatively choose any Survivor Unit-Annuity then
being offered by CREF, with or without a Guaranteed Period.
No guaranteed or fixed period can extend beyond the Life Expectancy, as
calculated in the calendar year in which you begin Annuity Payments. The choice
of any annuity is subject to Federal tax law limitations.
If your Accumulation is subject to ERISA, then your choice of an annuity is
subject to the right of your spouse, if any, to benefits as explained in Part H.
36. The Number of Annuity Units in each Account under your pay-out certificate
will be determined in accordance with the Rules of the Fund as of the date
annuity payments start by:
A) the value of your Accumulation Units in that Account under your
Certificate at that time; B) the form of annuity chosen; C) if you choose a
lifetime Unit-Annuity, your age, and the age of your Second Participant, if
any; and D) the value of that Account's Annuity Unit at that time.
If your initial Unit-Annuity payment would be less than $25 a month, CREF will
have the right to change to quarterly, semi-annual or annual payments, whichever
will result in payments of $25 or more and the shortest interval between
payments.
37. Benefits Based on Incorrect Data. If the amount of Annuity Benefits is
determined by data as to a person's age or any other factor that is incorrect,
benefits will be recalculated on the basis of the correct data. If any
overpayments or underpayments have been made by CREF, adjustments will be made
in accordance with the Rules of the Fund.
PART F: TRANSFERS
38. You may Transfer some or all of your Accumulation Units from a CREF Account
under your Certificate (a) to purchase Accumulation Units in one of the other
CREF Accounts under your Certificate, (b) to purchase a fixed dollar TIAA
pay-out annuity contract, or (c) to a Funding Vehicle not offered by CREF or
TIAA.
<PAGE>
If your Contract qualifies under IRC Section 403(b), then a tax-free
Transfer may be made only to a Funding Vehicle established under IRC Section
403(b).
If your Accumulation is subject to ERISA, your right to Transfer to some
Funding Vehicles may be subject to the rights of your spouse, if any, as
described in Part H.
If you choose to Transfer, we will pay your Accumulation, or any part
thereof not less than $1,000. All values will be determined as of the end
of the Business Day in which CREF has received, in a form
acceptable to CREF:
A) your request for a Transfer; and
B) when required by law, if your Accumulation is subject to the ERISA
requirements described in Part H, a Waiver of Spouse's Rights or proof that
you are not married.
You may choose to defer the effective date of the Transfer until the last day of
any month following the date on which we receive the above requirements, and all
values will be determined as of the end of such effective date. The request for
a Transfer cannot be revoked after the effective date of such Transfer.
If you Transfer to a TIAA pay-out annuity, you will have the same rights
under the TIAA contract as any person then being issued a similar contract.
If all of your Accumulation Units under your Certificate are withdrawn as a
Transfer, all obligations of CREF to you under the contract are fulfilled.
CREF may limit Transfers to not more than twice in any calendar year.
PART G: LUMP-SUM BENEFIT
39. Lump-sum Benefit. You may choose to receive a Lump-sum Benefit from some or
all of a specified Account's Accumulation Units. Any choice of Lump-sum Benefit
must be made by written notice to CREF as explained in Section 47.
If your Accumulation is subject to ERISA, your right to receive a Lump-sum
Benefit is subject to the rights of your spouse, if any, as described in Part H.
All values will be determined as of the end of the Business Day in which CREF
has received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit; and
B) if your Accumulation is subject to the ERISA requirements described in
Part H, a Waiver of Spouse's Rights or proof that you are not married.
You may choose to defer the effective date of the Lump-sum Benefit until the
last day of any month following the date on which we receive the above
requirements, and all values will be determined as of the end of such effective
date. The request for a Lump-sum Benefit cannot be revoked after the effective
date of such Lump-sum Benefit.
If all of your Accumulation Units under your Certificate are withdrawn as a
Lump-sum Benefit, all obligations of CREF to you under this Certificate are
fulfilled.
PART H: SPOUSE'S RIGHTS TO BENEFITS
40. Spouse's Right to Benefits. If A) you are married on the date you elect an
Annuity or Lump-sum Benefit, or on the date you request a change in Beneficiary,
and
B) all or part of your Accumulation is attributable to contributions made
under a retirement plan or tax deferred annuity plan subject to ERISA, and
C) a plan contribution has been paid on your behalf after August 22, 1984,
then, only to the extent required by the IRC or ERISA, your rights to choose a
Unit-Annuity Benefit, change a Beneficiary for the Death Benefit, or receive a
Lump-sum Benefit are restricted by the right of your spouse to a Survivor
Retirement Benefit. Transfers to some Funding Vehicles may also be restricted
under this section.
<PAGE>
Your spouse may consent to a waiver of his or her rights to this benefit,
as explained in Section 41.
41. Waiver of Spouse's Rights. Your spouse must consent to a waiver of his or
her right to survivor benefits before you can choose:
A) a Unit-Annuity Benefit other than a Survivor Unit-Annuity with your
spouse as Second Participant;
B) Beneficiaries who are not your spouse for more than half of the Death
Benefit;
C) a Lump-sum Benefit; or
D) to the extent required by law, a Transfer.
In order to waive the right to a Survivor Retirement Benefit we must
receive, in form satisfactory to CREF, your spouse's written consent, or
verification that your spouse cannot be located. A waiver of rights with respect
to a Unit-Annuity or Lump-sum Benefit may be made by you and consented to by
your spouse no earlier than 90 days before the date you elect the Benefit.
Verification of your marital status may be required, in a form satisfactory
to CREF, for purposes of establishing your spouse's right to benefits or a
waiver of these rights. You may revoke a waiver of your spouse's rights to
benefits at any time during your lifetime. Your spouse may not revoke a consent
after the consent has been given.
PART I: GENERAL PROVISIONS
42. Report of Accumulation. Once each year we will mail you a report for the
year just ended. It will show the value of your Accumulation as of the end of
the year.
43. Ownership of certificate. You own this certificate. During your lifetime,
you may, to the extent permitted by law, exercise every right given by it.
44. No Assignment. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
45. No Loans. This certificate does not provide for loans.
46. Protection Against Claims of Creditors. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
47. Procedure for Elections and Changes. An election or change may be made, in
accordance with the terms of your contract, by written notice satisfactory to
CREF. No such notice will take effect unless it is received by CREF at its home
office in New York, NY. When notice of a change in Beneficiary or person named
to receive payments remaining due is received, it will take effect as of the
date it was signed, whether or not the signer is living at the time we receive
it. When any other notice is received, it will take effect as of the date it is
received.
Any action taken by CREF in good faith before receiving the notice will not
subject CREF to liability even though our acts were contrary to what was stated
in the notice.
48. Payment to an Estate, Guardian, Trustee, etc. CREF may pay in one sum the
Commuted Value of any benefits due an estate, corporation, partnership, trustee
or other entity not a natural person. CREF will not be responsible for the acts
or neglects of any executor, trustee, guardian, or other third party to whom
payment is made.
<PAGE>
49. Service of Process upon CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico, or Canada, provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
50. Proof of Survival. CREF may require satisfactory proof that anyone named to
receive benefits, or anyone whose life expectancy is used in the calculation of
benefits under the terms of your certificate is alive on the date any payment is
due. If this proof is not received after requested in writing, CREF will have
the right to make reduced payments or to withhold payments entirely until such
proof is received. If under a Survivor Unit-Annuity Option CREF has overpaid
benefits because of a death of which we were not notified, subsequent payments
will be reduced or withheld until the amount of the overpayment has been
recovered.
51. Right to Amend. CREF reserves the right to:
A) apply the provisions of this certificate in a manner which CREF believes
is consistent with Federal tax law; and B) amend this certificate if
necessary to comply with Federal tax law.
When required by law, CREF will obtain the approval of any appropriate
regulatory authority.
52. CREF's Right to Split Your Certificate. If your right to a Lump-sum Benefit,
a Unit-Annuity for a Fixed Period, or a Transfer does not apply uniformly to all
your Accumulation Units, CREF may split your certificate into two or more CREF
certificates. A Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and certain
Transfers may not be available to you until CREF has split your certificate.
53. Compliance with Laws and Regulations. CREF will administer this certificate
to comply with all laws and regulations pertaining to the terms and conditions
of this certificate. If, as of the Date of Issue, this certificate conflicts
with any applicable State law or regulation, such State law or regulation will
prevail.
The choice of Unit-Annuity Benefit, Lump-sum Benefit, Method of Payment of
the Death Benefit, Beneficiary, or Second Participant as set forth in the
certificate is subject to the applicable restrictions, distribution
requirements, and incidental benefit requirements of ERISA and the IRC and any
rulings and regulations issued under ERISA and the IRC.
54. Correspondence. No notice, application, or form will be deemed to be
received by us unless it is received at our home office in New York, NY. All
benefits are payable at our home office in New York, NY. Any questions about
this certificate or inquiries about our service should be directed to us at our
address:
CREF
730 Third Avenue
New York, NY 10017
<PAGE>
MINIMUM DISTRIBUTION ANNUITY CERTIFICATE
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Date of First
Certificate Annual Payment Calculation Date of Birth
Number Mo. Day Yr. Method Mo. Day Yr.
DA00000-0 12 01 1991
Payee DOE, JOHN J R 04 01 1920
Calculation DOE, MARY R 04 01 1923
Beneficiary
</TABLE>
This Certificate states that you, as the owner ("Payee") of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF" or "Fund").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations of both CREF and
you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide Annual Payments to you. The Annual Payments
will vary each year in accordance with the procedure described in Part C. Annual
Payments will continue until the year in which the Life Expectancy, as defined
in Part C, is less than or equal to one year, when your remaining Accumulation
will be paid to you in one sum.
Your life expectancy and the life expectancy of your Calculation
Beneficiary, if any, as shown above, will be used in the calculation of the
Initial and Annual Payments. If your Calculation Beneficiary dies while you are
receiving Annual Payments, you must notify us so that the calculation may be
changed as necessary to comply with Federal tax law.
If you die before the entire Accumulation is paid out, your remaining
Accumulation will provide a benefit for your Beneficiary under one of the
methods described in your certificate.
Any Considerations for this certificate must be transferred directly from
another CREF certificate. Each consideration paid to CREF purchases a number of
Accumulation Units representing your share in CREF. Before you attain age 90,
you may, to the extent permitted by Federal tax law, convert these into a
lifetime income of Annuity Units.
Once each year we will report to you on the then current value of your
remaining Accumulation Units.
You may also be permitted to choose a Lump-sum Benefit payment after
Termination of Employment, in accordance with the Rules of the Fund.
You, or your Beneficiary at your death, may have CREF pay the value of
some or all of your remaining Accumulation Units to Teachers Insurance and
Annuity Association of America ("TIAA") for the purchase of a fixed dollar
pay-out annuity contract, as explained in your certificate.
You may also have CREF pay the value of some or all of your remaining
Accumulation Units to other Funding Vehicles offered under your Employer's
Retirement Plan.
Chairman and
Chief Executive Officer
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF BENEFITS.
<PAGE>
Section
Accounts
Definition ..............................................1
Accumulation
Definition ..............................................3
Accumulation Units
Definition ..............................................2
Number of ...............................................4
Annual Payments ............................................28
Allocation Among Accounts ..............................35
Amount of ..............................................29
Calculation Beneficiary ................................10
Calculation Method .....................................32
Change of Calculation
Beneficiary .......................................33
Definition ..............................................5
Excluded Amount ........................................30
Initial Payment ........................................34
Life Expectancy ........................................31
Annuity Benefit ............................................39
Annuity Unit ............................................6
Benefits Based on Incorrect Data .......................41
Number of Annuity Units ................................40
Single Life Unit-Annuity ...............................20
Survivor Unit- Annuity .................................22
Unit-Annuity ............................................7
Assignment
Void and of No Effect ..................................48
Business Day ................................................9
Certificate
Changes of .............................................26
Claims of Creditors
Protection Against .....................................50
Commuted Value
Definition .............................................11
Compliance with Laws and Regulations .......................57
Considerations .............................................27
Correspondence .............................................58
Section
Death Benefit
Beneficiary .............................................8
Change of Beneficiary ..................................38
Definition .............................................12
Methods of Payment .....................................37
Payment of .............................................36
Elections and Changes
Procedure ..............................................51
Employer
Definition .............................................13
ERISA
Definition .............................................14
Funding Vehicle
Definition .............................................15
IRC
Definition .............................................16
Loans
No Provision for .......................................49
Lump-sum Benefit ...........................................43
Definition .............................................17
Ownership of certificate ...................................47
Payment to an Estate, Guardian, Trustee, etc. ..............52
Proof of Survival ..........................................54
Report of Accumulation .....................................46
Retirement Plan
Definition..............................................18
Right to Amend .............................................55
Right to Split Your Certificate ............................56
Rules of the Fund
Definition .............................................19
Service of Process upon CREF ...............................53
Spouse's Rights ............................................44
Definition .............................................21
Waiver of ..............................................45
Termination of Employment ..................................23
Transfer ...................................................42
Definition .............................................24
Valuation Day
Definition .............................................25
<PAGE>
<TABLE>
<CAPTION>
COLLEGE RETIREMENT EQUITIES FUND
<S> <C> <C> <C> <C>
Date of First Date
Certificate Annual Calculation of
Number Payment Method * Birth
DA00000-0 12 01 1991
Payee DOE, John J R 04 01 1920
Calculation DOE, Mary R 04 01 1923
Beneficiary
Date of Issue Social Security
Issue Number
[ 04/01/1991 999-99-9999 ]
</TABLE>
INITIAL CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR APPLYING PROCEEDS OF [ $10,000.00 ]
FROM CERTIFICATE NUMBER [ P000000-0 ] TO THIS CERTIFICATE.
THE INITIAL CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
THE INITIAL CONSIDERATION HAS BEEN APPLIED TO PURCHASE THE FOLLOWING
ACCUMULATION UNITS:
ACCUMULATION
UNITS AT ISSUE
STOCK ACCOUNT: 100.000
MONEY MARKET ACCOUNT: 100.000
SOCIAL CHOICE ACCOUNT: 100.000
BOND ACCOUNT: 100.000
GLOBAL EQUITIES ACCOUNT: 100.000
GROWTH ACCOUNT: 100.000
EQUITY INDEX ACCOUNT: 100.000
INITIAL PAYMENT.
THE INITIAL PAYMENT IS $500.
INITIAL EXCLUDED AMOUNT.
THE INITIAL EXCLUDED AMOUNT IS [ $6,500.00 ]
* R = RECALCULATION METHOD
Y = STRAIGHT-LINE METHOD
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
BENEFICIARY DESIGNATION
PRIMARY BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[ * Mary Doe 04 01 1923 wife ]
CONTINGENT BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[ Jane Doe 06 23 1946 daughter ]
[ * Calculation Beneficiary ]
<PAGE>
PART A: TERMS USED IN THIS CONTRACT
1. Accounts. CREF maintains the following four investment Accounts,each with its
own distinct investment portfolio:
The CREF Stock Account maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF Money Market Account maintains a portfolio consisting primarily
of short-term debt securities.
The CREF Bond Market Account maintains a portfolio consisting primarily of
investment grade bonds.
The CREF Social Choice Account maintains a portfolio consisting primarily
of common stocks, investment grade bonds, and short-term debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
CREF may delete the CREF Bond Market Account, the CREF Social Choice
Account, and any future Account. As of the date of such deletion, CREF will
transfer your Accumulation Units, if any, in such Account, to the CREF Money
Market Account unless you notify CREF otherwise.
2. Accumulation Units. Each CREF Account maintains a separate Accumulation Unit
value. The value of each Accumulation Unit will change from time to time to
reflect the CREF Account's investment experience, and will be determined in
accordance with the Rules of the Fund.
3. Your Accumulation is the sum of the value of all of your Accumulation Units
in all of the Accounts under this Certificate. It will provide the benefits
described in this certificate.
4. Number of Accumulation Units. The number of your Accumulation Units at issue
and the Accounts under your Certificate in which they participate are shown on
Page 3. The number of your Accumulation Units in any Account under your
Certificate will be increased by:
A) any Considerations paid to that Account under your Certificate;
B) any Transfers to that Account under your Certificate from another CREF
Account; and reduced by:
C) any Initial and Annual Payments paid from that Account;
D) any application of Accumulation Units from that Account to provide a
Unit-Annuity; E) any Lump-sum Benefits paid from that Account; and F) any
Transfers from that Account to TIAA, another CREF account, or another
funding vehicle.
5. The Annual Payment is the amount payable to you each December 1 as described
in Part C.
6. An Annuity Unit is the unit of payment for all Unit-Annuity benefits. The
CREF Stock and CREF Money Market Accounts maintain separate Annuity Units. All
CREF Unit-Annuity Income Options and Methods of Payment of the Death Benefit are
available from the CREF Stock Account and the CREF Money Market Account. The
current value of an Annuity Unit will change from time to time to reflect
changes in CREF's investment, mortality, and expense experience. The dollar
value of any Unit-Annuity payment will be the product of the number of Annuity
Units to be paid and the then current value of an Annuity Unit.
7. A Unit-Annuity is a series of payments of the then current value of a fixed
number of Annuity Units. The number of Annuity Units to be paid and their then
current value will be determined in accordance with the Rules of the Fund using
actuarial methods. A Unit-Annuity Benefit may be elected subject to the
restrictions described in Part E.
<PAGE>
8. The Beneficiary is the person you name to receive any payments remaining due
at your death. The primary and contingent beneficiaries are named on Page 5.
9. A Business Day is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
10. Calculation Beneficiary. The life expectancy of a Calculation Beneficiary
may be used in the calculation of the Annual Payment. If you have selected a
Calculation Beneficiary, that person is named on Page 3.
11. Commuted Value. The commuted (discounted) value is a one-sum amount paid in
lieu of a series of payments. The Commuted Value of a series of payments of
Annuity Units is computed in accordance with the Rules of the Fund, in which it
is referred to as the Present Value.
12. The Death Benefit is the current value of your Accumulation Units. It will
be used to pay your Beneficiary an income under one of the methods set forth in
Part D.
13. Your Employer is the organization that remitted premiums to the certificate
named on Page 3 that provided the consideration for this certificate. More than
one Employer may have remitted premiums to that certificate.
14. ERISA is the Employee Retirement Income Security Act of 1974, as amended.
15. A Funding Vehicle is an annuity or other investment fund established to
provide retirement benefits from monies remitted under a Retirement Plan.
16. The IRC is the Internal Revenue Code of 1986, as amended.
17. A Lump-sum Benefit may be available to you after Termination of Employment.
The availability and amount of the Lump-sum Benefit may be limited under the
Rules of the Fund. The provisions concerning this benefit are detailed in Part
G.
18. A Retirement Plan is an Employer's plan, qualified under IRC Sections
401(a), 403(a), or 403(b), for providing retirement benefits for employees.
19. The Rules of the Fund govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of New York as not being unfair, unjust, inequitable
or prejudicial to the interest of anyone in the Fund. A copy of the Rules of the
Fund was furnished to you when this certificate was issued; you will be notified
of all amendments to such Rules.
20. A Single Life Unit-Annuity provides a payment to you each month for as long
as you live. Subject to applicable restrictions, you may choose a guaranteed
period of 10, 15 or 20 years, or no guaranteed period. If you die before the end
of a chosen guaranteed period, the monthly payments will continue to the end of
that period. Once payments have begun under this option no change may be made. A
Single Life Unit-Annuity may be available to you as described in Part E.
21. Spouse's Rights. If your Accumulation is subject to ERISA, your spouse may
have rights to a Survivor Retirement Benefit, as explained in Part H. Your
spouse's right to these benefits may limit your choice of Unit-Annuity Benefit,
Beneficiary, Lump-sum Benefit, or Transfer.
22. A Survivor Unit-Annuity provides a payment to you each month for as long as
you live, and will be continued to your Calculation Beneficiary for his or her
life if he or she survives you. Payments after the death of you or your
Calculation Beneficiary may be reduced in accordance with the annuity option you
choose. Subject to applicable restrictions, you may choose a guaranteed period
of 10, 15 or 20 years, or no guaranteed period. If you and your Calculation
Beneficiary die before the end of a chosen guaranteed period, the monthly
payments will continue to the end of that period. Once payments have begun under
this option no change may be made. A Survivor Unit-Annuity may be available to
you as described in Part E.
<PAGE>
23. Termination of Employment is a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the Retirement
Plan; changes in the name or affiliation of your Employer; leaves of absence,
with or without pay; vacations or other events not in fact a termination of
employment will not be considered a Termination of Employment.
24. A Transfer is the use of the value of some or all of your Accumulation Units
to purchase fixed-dollar benefits under a TIAA pay-out annuity contract,
Accumulation Units in another CREF Account, or benefits through another Funding
Vehicle not offered by TIAA or CREF. The conditions applying to Transfers are
set forth in Part F.
25. A Valuation Day is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
PART B: CERTIFICATE AND CONSIDERATIONS
26. The Certificate. We have issued this certificate in return for your
completed application and the consideration as stated on Page 3. Any endorsement
or amendment of this certificate, or waiver of any of its provisions will be
valid only if in writing and signed by an Executive Officer or Registrar of
CREF. All considerations and benefits are payable at CREF's home office in New
York, NY.
27. Considerations are all amounts paid to purchase benefits under this
contract. Any Considerations for this certificate must be transferred directly
from another CREF certificate. CREF will accept Considerations any time while
this certificate is in force.
PART C: YOUR ANNUAL PAYMENT
28. Annual Payments will be made to you each December, beginning as of the Date
of First Annual Payment if you are then alive. Annual payments will continue to
you until the year in which the Life Expectancy is less than or equal to one
year, when your Annual Payment will include your remaining Accumulation. No
further payments will be made to you after the Annual Payment in the year in
which the Life Expectancy is less than or equal to one.
29. Amount of Annual Payments. The amount of the payment to be made each
December will be the Accumulation as of the previous December 31, less the
Excluded Amount, all divided by the Life Expectancy as of the current year. The
Annual Payment may be adjusted if additional Considerations have been paid or
amounts have been withdrawn during the current calendar year. In no case will
the Annual Payment exceed your total Accumulation as of the date the payment is
made. If the calculated value is less than $25, the Annual Payment will be $25,
or if less, your total Accumulation.
30. The Excluded Amount is that portion of the Accumulation that will not be
included in the calculation of the Annual Payment. The initial Excluded Amount
is shown on Page 3. The Excluded Amount will be adjusted if any Lump-sum
Benefits or Transfers are paid, and if any Considerations after the Initial
Consideration are received. The Excluded Amount may be reduced at your request,
or if required by Federal tax law, and will be reduced to zero upon your
attainment of age 75.
<PAGE>
31. The Life Expectancy as of any year will be calculated in accordance with
IRC Section 401(a)(9) and the regulations issued thereunder.
If your Calculation Beneficiary dies while you are receiving Annual
Payments, you must notify us so that the calculation may be changed as necessary
to comply with Federal tax law.
32. The Calculation Method shown on Page 3 will determine how the Life
Expectancy is calculated. Use of the Recalculation Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
recalculated each year. Use of the Straight-line Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
calculated at the Date of Issue, and reduced by one for each calendar year that
has elapsed since that date.
33. Change of Calculation Beneficiary. If you have selected a Calculation
Beneficiary, that person is named on Page 3. Your right to change the
Calculation Beneficiary may be limited by Federal tax law. If you change a
primary Beneficiary after the Date of Issue, or if you have more than one
primary Beneficiary, the Calculation Beneficiary, if any, may have to be changed
to comply with Federal tax law.
34. An Initial Payment may be made to you as of the Date of Issue if necessary
to meet the requirements of IRC Section 401(a)(9). The amount of any Initial
Payment is shown on Page 3. If an Initial Payment is made, the first Annual
Payment will be reduced by the amount of the Initial Payment divided by the Life
Expectancy as of the year of the first Annual Payment.
35. Allocation Among Accounts. Your Accumulation will be reduced by the amount
of each Annual Payment. You may tell us how to allocate the reduction among the
Accounts under your Certificate. You may reduce your Accumulation Units in an
Account by any whole number percentage of the Annual Payment. You may change
your allocation from time to time, as explained in Section 51. If we do not have
a valid allocation, or if the value of your Accumulation Units in any Account
under your Certificate is not sufficient to cover the allocated portion of the
Annual Payment, your Accumulation Units in the Accounts under your Certificate
will be reduced in proportion to their share of your total Accumulation.
PART D: DEATH BENEFIT
36. Payment of the Death Benefit. If you die before the entire Accumulation is
paid out, CREF will pay the Death Benefit to your Beneficiary under one of the
Methods of Payment set forth in Section 37. You may choose the Method during
your lifetime as explained in Section 51. If you do not so choose, your
Beneficiary will make the choice when he or she becomes entitled to payments.
You may change the Method at any time before payments begin. After your death,
your Beneficiary may change the Method chosen by you, if you so provide.
37. Methods of Payment. The Death Benefit will be paid to your Beneficiary as
follows: A) your Accumulation may be paid in one sum; B) your Accumulation
may be applied to a Unit-Annuity, as described in Part E; or
C) if a surviving Beneficiary is the Calculation Beneficiary, Annual
Payments may be continued under a new Minimum
Distribution Annuity Certificate.
38. The Beneficiary is the person you name to receive any payments remaining due
at your death. Different classes of beneficiaries, such as primary (first) and
contingent (secondary), may be designated. These classes set the order of
payment. If a class contains more than one person, any payments remaining due at
your death will be paid to the then living persons in a class in equal shares,
unless provided otherwise. For example, if you die before the entire
Accumulation is paid out with your spouse having been named as primary
beneficiary and "my children" as equal contingent beneficiaries, your spouse
would receive any payments remaining due upon surviving you. But if your spouse
did not survive you, then your surviving children would receive equal shares of
any payments remaining due.
<PAGE>
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless otherwise specified, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your brother or
your sister.
If you name your estate as beneficiary, or if none of the beneficiaries
you have named is alive at the time of your death, the Death Benefit will be
paid to your estate in one sum.
If you die never having named a beneficiary, your estate and your
surviving spouse become the beneficiaries as follows: A) if you leave no
surviving spouse, the Death Benefit will be paid to your estate in one
sum; B) if you leave a surviving spouse, your spouse will receive one-half
of your Accumulation in one sum, and your estate will receive one-half of
your Accumulation in one sum.
You may change your Beneficiary or add or delete Beneficiaries, unless
otherwise specified on Page 5, by written notice to CREF as explained in Section
51. Any change in Beneficiary is subject to the rights of your spouse, if any,
as described in Part H. Any change in a primary Beneficiary may require a change
in the Calculation Beneficiary, if any, to comply with Federal tax law.
PART E: UNIT-ANNUITY BENEFIT
39. Choosing an Annuity. You or your surviving Beneficiary may apply your
Accumulation to purchase a Unit-Annuity for a Fixed Period of no less than five
years, nor more than the lesser of 30 years or the Life Expectancy. A
Unit-Annuity for a Fixed Period is only available after Termination of
Employment. If you or your surviving Calculation Beneficiary are under the
Recalculation Method and have not yet attained age 90, you may alternatively
choose a Single Life Unit-Annuity with or without a Guaranteed Period. If you
and your surviving Calculation Beneficiary are both under the Recalculation
Method and have not yet attained age 90, you may alternatively choose any
Survivor Unit-Annuity then being offered by CREF, with or without a Guaranteed
Period.
No guaranteed or fixed period can extend beyond the Life Expectancy, as
calculated in the calendar year in which you begin Annuity Payments. The choice
of any annuity is subject to Federal tax law limitations.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to receive a Unit-Annuity for a Fixed Period may
be limited in accordance with the Rules of the Fund.
If your Accumulation is subject to ERISA, then your choice of an annuity
is subject to the right of your spouse, if any, to benefits as explained in Part
H.
40. The Number of Annuity Units in each Account under your pay-out certificate
will be determined in accordance with the Rules of the Fund as of the date
annuity payments start by:
A) the value of your Accumulation Units in that Account under your
Certificate at that time;
B) the form of annuity chosen;
C) if you choose a lifetime Unit-Annuity, your age, and the age of your
Second Participant if any; and
D) the value of that Account's Annuity Unit at that time.
If your initial Unit-Annuity payment would be less than $25 a month, CREF will
have the right to change to quarterly, semi-annual or annual payments, whichever
will result in payments of $25 or more and the shortest interval between
payments.
41. Benefits Based on Incorrect Data. If the amount of Annuity Benefits is
determined by data as to a person's age or any other factor that is incorrect,
benefits will be recalculated on the basis of the correct data. If any
overpayments or underpayments have been made by CREF, adjustments will be made
in accordance with the Rules of the Fund.
<PAGE>
PART F: TRANSFERS
42. You may Transfer some or all of your Accumulation Units from a CREF Account
under your Certificate (a) to purchase Accumulation Units in one of the other
CREF Accounts under your Certificate, (b) to purchase a fixed dollar TIAA
pay-out annuity contract, or (c) to a Funding Vehicle not offered by CREF or
TIAA.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to transfer to the Bond Market Account, to the
Social Choice Account, to any future CREF Account, or to a Funding Vehicle not
offered by CREF or TIAA, may be limited in accordance with the Rules of the
Fund.
If your Contract qualifies under IRC Section 403(b), then a tax-free
Transfer may be made only to a Funding Vehicle established under IRC Section
403(b).
If your Accumulation is subject to ERISA, your right to Transfer to some
Funding Vehicles may be subject to the rights of your spouse, if any, as
described in Part H.
If you choose to Transfer, we will pay your Accumulation, or any part
thereof not less than $1,000.
All values will be determined as of the end of the Business Day in which
CREF has received, in a form acceptable to CREF:(a) your request for a Transfer;
and
(b) when required by law, if your Accumulation is subject to the ERISA
requirements described in Part H, a Waiver of Spouse's Rights or proof
that you are not married.
You may choose to defer the effective date of the Transfer until the last day of
any month following the date on which we receive the above requirements, and all
values will be determined as of the end of such effective date. The request for
a Transfer cannot be revoked after the effective date of such Transfer.
If you Transfer to a TIAA pay-out annuity, you will have the same rights
under the TIAA contract as any person then being issued a similar contract.
If all of your Accumulation Units under your Certificate are withdrawn as
a Transfer, all obligations of CREF to you under the contract are fulfilled.
CREF may limit Transfers to not more than twice in any calendar year.
PART G: LUMP-SUM BENEFIT
43. LUMP-SUM BENEFIT. After Termination of Employment, you may choose to receive
a Lump-sum Benefit from some or all of a specified Account's Accumulation Units.
Any choice of Lump-sum Benefit must be made by written notice to CREF as
explained in Section 51.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to a Lump-sum Benefit may be limited in accordance
with the Rules of the Fund.
If your Accumulation is subject to ERISA, your right to receive a Lump-sum
Benefit is subject to the rights of your spouse, if any, as described in Part H.
All values will be determined as of the end of the Business Day in which CREF
has received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit;
B) if your Accumulation is subject to the ERISA requirements described
in Part H, a Waiver of Spouse's Rights or proof
that you are not married; and
C) verification of Termination of Employment.
You may choose to defer the effective date of the Lump-sum Benefit until the
last day of any month following the date on which we receive the above
requirements, and all values will be determined as of the end of such effective
date. The request for a Lump-sum Benefit cannot be revoked after the effective
date of such Lump-sum Benefit.
<PAGE>
If all of your Accumulation Units under your Certificate are withdrawn as
a Lump-sum Benefit, all obligations of CREF to you under this Certificate are
fulfilled.
PART H: SPOUSE'S RIGHTS TO BENEFITS
44. Spouse's Right to Benefits. If A) you are married on the
date you elect an Annuity or Lump-sum Benefit, or on the date you
request a change in Beneficiary, and
B) all or part of your Accumulation is attributable to contributions made
under a retirement plan or tax deferred annuity plan subject to ERISA, and
C) a plan contribution has been paid on your behalf after August 22, 1984,
then, only to the extent required by the IRC or ERISA, your rights to choose a
Unit-Annuity Benefit, change a Beneficiary for the Death Benefit, or receive a
Lump-sum Benefit are restricted by the right of your spouse to a Survivor
Retirement Benefit.
Transfers to some Funding Vehicles may also be restricted under this section.
Your spouse may consent to a waiver of his or her rights to this benefit,
as explained in Section 45.
45. Waiver of Spouse's Rights. Your spouse must consent to a waiver of his or
her right to survivor benefits before you can choose: A) a Unit-Annuity
Benefit other than a Survivor Unit-Annuity with your spouse as Second
Participant; B) Beneficiaries who are not your spouse for more than half
of the Death Benefit; C) a Lump-sum Benefit; or D) to the extent required
by law, a Transfer.
In order to waive the right to a Survivor Retirement Benefit we must
receive, in form satisfactory to CREF, your spouse's written consent, or
verification that your spouse cannot be located. A waiver of rights with respect
to a Unit-Annuity or Lump-sum Benefit may be made by you and consented to by
your spouse no earlier than 90 days before the date you elect the Benefit.
Verification of your marital status may be required, in a form
satisfactory to CREF, for purposes of establishing your spouse's right to
benefits or a waiver of these rights. You may revoke a waiver of your spouse's
rights to benefits at any time during your lifetime. Your spouse may not revoke
a consent after the consent has been given.
PART I: GENERAL PROVISIONS
46. Report of Accumulation. Once each year we will mail you a report for the
year just ended. It will show the value of your Accumulation as of the end of
the year.
47. Ownership of certificate. You own this certificate. During your lifetime,
you may, to the extent permitted by law, exercise every right given by it.
48. No Assignment. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
49. No Loans. This certificate does not provide for loans.
<PAGE>
50. Protection Against Claims of Creditors. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
51. Procedure for Elections and Changes.An election or change may be made, in
accordance with the terms of your contract, by written notice satisfactory to
CREF. No such notice will take effect unless it is received by CREF at its home
office in New York, NY. When notice of a change in Beneficiary or person named
to receive payments remaining due is received, it will take effect as of the
date it was signed, whether or not the signer is living at the time we receive
it. When any other notice is received, it will take effect as of the date it is
received.
Any action taken by CREF in good faith before receiving the notice will
not subject CREF to liability even though our acts were contrary to what was
stated in the notice.
52. Payment to an Estate, Guardian, Trustee, etc. CREF may pay in one sum the
Commuted Value of any benefits due an estate, corporation, partnership, trustee
or other entity not a natural person. CREF will not be responsible for the acts
or neglects of any executor, trustee, guardian, or other third party to whom
payment is made.
53. Service of Process upon CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico, or Canada, provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
54. Proof of Survival. CREF may require satisfactory proof that anyone named to
receive benefits, or anyone whose life expectancy is used in the calculation of
benefits under the terms of your certificate is alive on the date any payment is
due. If this proof is not received after requested in writing, CREF will have
the right to make reduced payments or to withhold payments entirely until such
proof is received. If under a Survivor Unit-Annuity Option CREF has overpaid
benefits because of a death of which we were not notified, subsequent payments
will be reduced or withheld until the amount of the overpayment has been
recovered.
55. Right to Amend. CREF reserves the right to:
A) apply the provisions of this certificate in a manner which CREF
believes is consistent with Federal tax law; and B) amend this certificate
if necessary to comply with Federal tax law.
When required by law, CREF will obtain the approval of any appropriate
regulatory authority.
56. CREF's Right to Split Your Certificate. If your right to a Lump-sum Benefit,
a Unit-Annuity for a Fixed Period, or a Transfer does not apply uniformly to all
your Accumulation Units, CREF may split your certificate into two or more CREF
certificates. A Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and certain
Transfers may not be available to you until CREF has split your certificate.
57. Compliance with Laws and Regulations. CREF will administer this certificate
to comply with all laws and regulations pertaining to the terms and conditions
of this certificate. If, as of the Date of Issue, this certificate conflicts
with any applicable State law or regulation, such State law or regulation will
prevail.
The choice of Unit-Annuity Benefit, Lump-sum Benefit, Method of Payment of
the Death Benefit, Beneficiary, or Second Participant as set forth in the
certificate is subject to the applicable restrictions, distribution
requirements, and incidental benefit requirements of ERISA and the IRC and any
rulings and regulations issued under ERISA and the IRC.
<PAGE>
58. Correspondence. No notice, application, or form will be deemed to be
received by us unless it is received at our home office in New York, NY. All
benefits are payable at our home office in New York, NY. Any questions about
this certificate or inquiries about our service should be directed to us at our
address:
CREF
730 Third Avenue
New York, NY 10017
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017
TELEPHONE: 800-842-2733
MINIMUM DISTRIBUTION ANNUITY CERTIFICATE
Date of First
Certificate Annual Payment Calculation Date of Birth
Number Mo. Day Yr. Method Mo. Day Yr.
DA00000-0 12 01 1991
Payee DOE, JOHN J R 04 01 1920
Calculation DOE, MARY R 04 01 1923
Beneficiary
This Certificate states that you, as the owner ("Payee") of this
certificate, are entitled to share in the benefits of COLLEGE RETIREMENT
EQUITIES FUND ("CREF" or "Fund").
This page refers briefly to some of the features of your certificate. The
next pages set forth in detail the rights and obligations of both CREF and you
under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide Annual Payments to you. The Annual Payments
will vary each year in accordance with the procedure described in Part C. Annual
Payments will continue until the year in which the Life Expectancy, as defined
in Part C, is less than or equal to one year, when your remaining Accumulation
will be paid to you in one sum.
Your life expectancy and the life expectancy of your Calculation
Beneficiary, if any, as shown above, will be used in the calculation of the
Initial and Annual Payments. If your Calculation Beneficiary dies while you are
receiving Annual Payments, you must notify us so that the calculation may be
changed as necessary to comply with Federal tax law.
If you die before the entire Accumulation is paid out, your remaining
Accumulation will provide a benefit for your Beneficiary under one of the
methods described in your certificate.
Any Considerations for this certificate must be transferred directly from
another CREF certificate. Each consideration paid to CREF purchases a number of
Accumulation Units representing your share in CREF. Before you attain age 90,
you may, to the extent permitted by Federal tax law, convert these into a
lifetime income of Annuity Units.
Once each year we will report to you on the then current value of your
remaining Accumulation Units. You may also be permitted to choose a Lump-sum
Benefit payment after Termination of Employment, in accordance with the Rules of
the Fund.
You, or your Beneficiary at your death, may have CREF pay the value of some
or all of your remaining Accumulation Units to Teachers Insurance and Annuity
Association of America ("TIAA") for the purchase of a fixed dollar pay-out
annuity contract, as explained in your certificate.
You may also have CREF pay the value of some or all of your remaining
Accumulation Units to other Funding Vehicles offered under your Employer's
Retirement Plan.
/s/ John H. Biggs
------------------------
Chairman and
Chief Executive Officer
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT PROVIDE FOR LOANS.
THIS CERTIFICATE DOES NOT GUARANTEE ANY FIXED DOLLAR AMOUNT OF BENEFITS.
<PAGE>
INDEX OF PROVISIONS
Section
Accounts
Definition ..............................................1
Accumulation
Definition ..............................................3
Accumulation Units
Definition ..............................................2
Number of ...............................................4
Annual Payments ............................................28
Allocation Among Accounts ..............................35
Amount of ..............................................29
Calculation Beneficiary ................................10
Calculation Method .....................................32
Change of Calculation
Beneficiary .......................................33
Definition ..............................................5
Excluded Amount ........................................30
Initial Payment ........................................34
Life Expectancy ........................................31
Annuity Benefit ............................................39
Annuity Unit ............................................6
Benefits Based on Incorrect Data .......................41
Number of Annuity Units ................................40
Single Life Unit-Annuity ...............................20
Survivor Unit- Annuity .................................22
Unit-Annuity ............................................7
Assignment
Void and of No Effect ..................................48
Business Day ................................................9
Certificate
Changes of .............................................26
Claims of Creditors
Protection Against .....................................50
Commuted Value
Definition .............................................11
Compliance with Laws and Regulations .......................57
Considerations .............................................27
Correspondence .............................................58
Death Benefit
Beneficiary .............................................8
Change of Beneficiary ..................................38
Definition .............................................12
Methods of Payment .....................................37
Payment of .............................................36
Elections and Changes
Procedure ..............................................51
Employer
Definition .............................................13
ERISA
Definition .............................................14
Funding Vehicle
Definition .............................................15
IRC
Definition .............................................16
Loans
No Provision for .......................................49
Lump-sum Benefit ...........................................43
Definition .............................................17
Ownership of certificate ...................................47
Payment to an Estate, Guardian, Trustee, etc. ..............52
Proof of Survival ..........................................54
Report of Accumulation .....................................46
Retirement Plan
Definition..............................................18
Right to Amend .............................................55
Right to Split Your Certificate ............................56
Rules of the Fund
Definition .............................................19
Service of Process upon CREF ...............................53
Spouse's Rights ............................................44
Definition .............................................21
Waiver of ..............................................45
Termination of Employment ..................................23
Transfer ...................................................42
Definition .............................................24
Valuation Day
Definition .............................................25
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Date of First Date
Certificate Annual Calculation of
Number Payment Method * Birth
DA00000-0 12 01 1991
Payee DOE, John J R 04 01 1920
Calculation DOE, Mary R 04 01 1923
Beneficiary
Date of Issue Social Security
Issue Number
[ 04/01/1991 999-99-9999 ]
</TABLE>
INITIAL CONSIDERATION.
THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR APPLYING PROCEEDS OF [ $10,000.00 ]
FROM CERTIFICATE NUMBER [ P000000-0 ] TO THIS CERTIFICATE.
THE INITIAL CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME
OFFICE IN NEW YORK, NEW YORK.
THE INITIAL CONSIDERATION HAS BEEN APPLIED TO PURCHASE THE FOLLOWING
ACCUMULATION UNITS:
ACCUMULATION
UNITS AT ISSUE
STOCK ACCOUNT: 100.000
MONEY MARKET ACCOUNT: 100.000
SOCIAL CHOICE ACCOUNT: 100.000
BOND ACCOUNT: 100.000
GLOBAL EQUITIES ACCOUNT: 100.000
GROWTH ACCOUNT: 100.000
EQUITY INDEX ACCOUNT: 100.000
INITIAL PAYMENT.
THE INITIAL PAYMENT IS $500.
INITIAL EXCLUDED AMOUNT.
THE INITIAL EXCLUDED AMOUNT IS [ $6,500.00 ]
* R = RECALCULATION METHOD
Y = STRAIGHT-LINE METHOD
<PAGE>
This page is intentionally blank.
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
BENEFICIARY DESIGNATION
PRIMARY BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[ * Mary Doe 04 01 1923 wife ]
CONTINGENT BENEFICIARIES
NAME DATE OF BIRTH RELATIONSHIP TO PARTICIPANT
[ Jane Doe 06 23 1946 daughter ]
[ * Calculation Beneficiary ]
<PAGE>
PART A: TERMS USED IN THIS CONTRACT
1. ACCOUNTS. CREF maintains the following four investment Accounts, each with
its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio consisting
primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting primarily of
short-term debt securities.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting primarily of
investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting primarily
of common stocks, investment grade bonds, and short-term debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
CREF may delete the CREF Bond Market Account, the CREF Social Choice
Account, and any future Account. As of the date of such deletion, CREF will
transfer your Accumulation Units, if any, in such Account, to the CREF Money
Market Account unless you notify CREF otherwise.
2. ACCUMULATION UNITS. Each CREF Account maintains a separate Accumulation Unit
value. The value of each Accumulation Unit will change from time to time to
reflect the CREF Account's investment experience, and will be determined in
accordance with the Rules of the Fund.
3. Your ACCUMULATION is the sum of the value of all of your Accumulation Units
in all of the Accounts under this Certificate. It will provide the benefits
described in this certificate.
4. NUMBER OF ACCUMULATION UNITS. The number of your Accumulation Units at issue
and the Accounts under your Certificate in which they participate are shown on
Page 3. The number of your Accumulation Units in any Account under your
Certificate will be increased by:
A) any Considerations paid to that Account under your Certificate;
B) any Transfers to that Account under your Certificate from another CREF
Account; and reduced by:
C) any Initial and Annual Payments paid from that Account;
D) any application of Accumulation Units from that Account to provide a
Unit-Annuity;
E) any Lump-sum Benefits paid from that Account; and
F) any Transfers from that Account to TIAA, another CREF account, or
another funding vehicle.
5. The ANNUAL PAYMENT is the amount payable to you each December 1 as described
in Part C.
<PAGE>
6. An ANNUITY UNIT is the unit of payment for all Unit-Annuity benefits. The
CREF Stock and CREF Money Market Accounts maintain separate Annuity Units. All
CREF Unit-Annuity Income Options and Methods of Payment of the Death Benefit are
available from the CREF Stock Account and the CREF Money Market Account. The
current value of an Annuity Unit will change from time to time to reflect
changes in CREF's investment, mortality, and expense experience. The dollar
value of any Unit-Annuity payment will be the product of the number of Annuity
Units to be paid and the then current value of an Annuity Unit.
7. A UNIT-ANNUITY is a series of payments of the then current value of a fixed
number of Annuity Units. The number of Annuity Units to be paid and their then
current value will be determined in accordance with the Rules of the Fund using
actuarial methods. A Unit-Annuity Benefit may be elected subject to the
restrictions described in Part E.
8. The BENEFICIARY is the person you name to receive any payments remaining due
at your death. The primary and contingent beneficiaries are named on Page 5.
9. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
10. CALCULATION BENEFICIARY. The life expectancy of a Calculation Beneficiary
may be used in the calculation of the Annual Payment. If you have selected a
Calculation Beneficiary, that person is named on Page 3.
11. COMMUTED VALUE. The commuted (discounted) value is a one-sum amount paid in
lieu of a series of payments. The Commuted Value of a series of payments of
Annuity Units is computed in accordance with the Rules of the Fund, in which it
is referred to as the Present Value.
12. The DEATH BENEFIT is the current value of your Accumulation Units. It will
be used to pay your Beneficiary an income under one of the methods set forth in
Part D.
13. Your EMPLOYER is the organization that remitted premiums to the certificate
named on Page 3 that provided the consideration for this certificate. More than
one Employer may have remitted premiums to that certificate.
14. ERISA is the Employee Retirement Income Security Act of 1974, as amended.
15. A FUNDING VEHICLE is an annuity or other investment fund established to
provide retirement benefits from monies remitted under a Retirement Plan.
16. The IRC is the Internal Revenue Code of 1986, as amended.
17. A LUMP-SUM BENEFIT may be available to you after Termination of Employment.
The availability and amount of the Lump-sum Benefit may be limited under the
Rules of the Fund. The provisions concerning this benefit are detailed in Part
G.
<PAGE>
18. A RETIREMENT PLAN is an Employer's plan, qualified under IRC Sections
401(a), 403(a), or 403(b), for providing retirement benefits for employees.
19. The RULES OF THE FUND govern all matters affecting the interest of anyone in
the Fund to the extent such matters are not specifically provided in this
certificate. The Board of Trustees of CREF may amend the Rules of the Fund from
time to time. Amendments to such Rules are effective only when approved by the
Superintendent of Insurance of New York as not being unfair, unjust, inequitable
or prejudicial to the interest of anyone in the Fund. A copy of the Rules of the
Fund was furnished to you when this certificate was issued; you will be notified
of all amendments to such Rules.
20. A SINGLE LIFE UNIT-ANNUITY provides a payment to you each month for as long
as you live. Subject to applicable restrictions, you may choose a guaranteed
period of 10, 15 or 20 years, or no guaranteed period. If you die before the end
of a chosen guaranteed period, the monthly payments will continue to the end of
that period. Once payments have begun under this option no change may be made. A
Single Life Unit-Annuity may be available to you as described in Part E.
21. SPOUSE'S RIGHTS. If your Accumulation is subject to ERISA, your spouse may
have rights to a Survivor Retirement Benefit, as explained in Part H. Your
spouse's right to these benefits may limit your choice of Unit-Annuity Benefit,
Beneficiary, Lump-sum Benefit, or Transfer.
22. A SURVIVOR UNIT-ANNUITY provides a payment to you each month for as long as
you live, and will be continued to your Calculation Beneficiary for his or her
life if he or she survives you. Payments after the death of you or your
Calculation Beneficiary may be reduced in accordance with the annuity option you
choose. Subject to applicable restrictions, you may choose a guaranteed period
of 10, 15 or 20 years, or no guaranteed period. If you and your Calculation
Beneficiary die before the end of a chosen guaranteed period, the monthly
payments will continue to the end of that period. Once payments have begun under
this option no change may be made. A Survivor Unit-Annuity may be available to
you as described in Part E.
23. TERMINATION OF EMPLOYMENT is a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the Retirement
Plan; changes in the name or affiliation of your Employer; leaves of absence,
with or without pay; vacations or other events not in fact a termination of
employment will not be considered a Termination of Employment.
24. A TRANSFER is the use of the value of some or all of your Accumulation Units
to purchase fixed-dollar benefits under a TIAA pay-out annuity contract,
Accumulation Units in another CREF Account, or benefits through another Funding
Vehicle not offered by TIAA or CREF. The conditions applying to Transfers are
set forth in Part F.
25. A VALUATION DAY is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for determining
Valuation Days is contained in the Rules of the Fund.
<PAGE>
PART B: CERTIFICATE AND CONSIDERATIONS
26. THE CERTIFICATE. We have issued this certificate in return for your
completed application and the consideration as stated on Page 3. Any endorsement
or amendment of this certificate, or waiver of any of its provisions will be
valid only if in writing and signed by an Executive Officer or Registrar of
CREF. All considerations and benefits are payable at CREF's home office in New
York, NY.
27. CONSIDERATIONS are all amounts paid to purchase benefits under this
contract. Any Considerations for this certificate must be transferred directly
from another CREF certificate. CREF will accept Considerations any time while
this certificate is in force.
PART C: YOUR ANNUAL PAYMENT
28. ANNUAL PAYMENTS will be made to you each December, beginning as of the Date
of First Annual Payment if you are then alive. Annual payments will continue to
you until the year in which the Life Expectancy is less than or equal to one
year, when your Annual Payment will include your remaining Accumulation. No
further payments will be made to you after the Annual Payment in the year in
which the Life Expectancy is less than or equal to one.
29. AMOUNT OF ANNUAL PAYMENTS. The amount of the payment to be made each
December will be the Accumulation as of the previous December 31, less the
Excluded Amount, all divided by the Life Expectancy as of the current year. The
Annual Payment may be adjusted if additional Considerations have been paid or
amounts have been withdrawn during the current calendar year. In no case will
the Annual Payment exceed your total Accumulation as of the date the payment is
made. If the calculated value is less than $25, the Annual Payment will be $25,
or if less, your total Accumulation.
30. The EXCLUDED AMOUNT is that portion of the Accumulation that will not be
included in the calculation of the Annual Payment. The initial Excluded Amount
is shown on Page 3. The Excluded Amount will be adjusted if any Lump-sum
Benefits or Transfers are paid, and if any Considerations after the Initial
Consideration are received. The Excluded Amount may be reduced at your request,
or if required by Federal tax law, and will be reduced to zero upon your
attainment of age 75.
31. The LIFE EXPECTANCY as of any year will be calculated in accordance with IRC
Section 401(a)(9) and the regulations issued thereunder.
If your Calculation Beneficiary dies while you are receiving Annual
Payments, you must notify us so that the calculation may be changed as necessary
to comply with Federal tax law.
32. The CALCULATION METHOD shown on Page 3 will determine how the Life
Expectancy is calculated. Use of the Recalculation Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
recalculated each year. Use of the Straight-line Method for an individual
indicates that the Life Expectancy, with respect to that individual, will be
<PAGE>
calculated at the Date of Issue, and reduced by one for each calendar year that
has elapsed since that date.
33. CHANGE OF CALCULATION BENEFICIARY. If you have selected a Calculation
Beneficiary, that person is named on Page 3. Your right to change the
Calculation Beneficiary may be limited by Federal tax law. If you change a
primary Beneficiary after the Date of Issue, or if you have more than one
primary Beneficiary, the Calculation Beneficiary, if any, may have to be changed
to comply with Federal tax law.
34. An INITIAL PAYMENT may be made to you as of the Date of Issue if necessary
to meet the requirements of IRC Section 401(a)(9). The amount of any Initial
Payment is shown on Page 3. If an Initial Payment is made, the first Annual
Payment will be reduced by the amount of the Initial Payment divided by the Life
Expectancy as of the year of the first Annual Payment.
35. ALLOCATION AMONG ACCOUNTS. Your Accumulation will be reduced by the amount
of each Annual Payment. You may tell us how to allocate the reduction among the
Accounts under your Certificate. You may reduce your Accumulation Units in an
Account by any whole number percentage of the Annual Payment. You may change
your allocation from time to time, as explained in Section 51. If we do not have
a valid allocation, or if the value of your Accumulation Units in any Account
under your Certificate is not sufficient to cover the allocated portion of the
Annual Payment, your Accumulation Units in the Accounts under your Certificate
will be reduced in proportion to their share of your total Accumulation.
PART D: DEATH BENEFIT
36. PAYMENT OF THE DEATH BENEFIT. If you die before the entire Accumulation is
paid out, CREF will pay the Death Benefit to your Beneficiary under one of the
Methods of Payment set forth in Section 37. You may choose the Method during
your lifetime as explained in Section 51. If you do not so choose, your
Beneficiary will make the choice when he or she becomes entitled to payments.
You may change the Method at any time before payments begin. After your death,
your Beneficiary may change the Method chosen by you, if you so provide.
37. METHODS OF PAYMENT. The Death Benefit will be paid to your Beneficiary as
follows:
A) your Accumulation may be paid in one sum;
B) your Accumulation may be applied to a Unit-Annuity, as described in
Part E; or
C) if a surviving Beneficiary is the Calculation Beneficiary, Annual
Payments may be continued under a new Minimum Distribution Annuity
Certificate.
38. The BENEFICIARY is the person you name to receive any payments remaining due
at your death. Different classes of beneficiaries, such as primary (first) and
contingent (secondary), may be designated. These classes set the order of
payment. If a class contains more than one person, any payments remaining due at
your death will be paid to the then living persons in a class in equal shares,
unless provided otherwise. For example, if you die before the entire
Accumulation is paid out with your spouse having been named as primary
beneficiary and "my children" as equal contingent beneficiaries, your spouse
would receive any payments remaining due upon
<PAGE>
surviving you. But if your spouse did not survive you, then your surviving
children would receive equal shares of any payments remaining due.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless otherwise specified, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your brother or
your sister.
If you name your estate as beneficiary, or if none of the beneficiaries you
have named is alive at the time of your death, the Death Benefit will be paid to
your estate in one sum.
If you die never having named a beneficiary, your estate and your surviving
spouse become the beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit will be paid to your
estate in one sum;
B) if you leave a surviving spouse, your spouse will receive one-half of
your Accumulation in one sum, and your estate will receive one-half of your
Accumulation in one sum.
You may change your Beneficiary or add or delete Beneficiaries, unless
otherwise specified on Page 5, by written notice to CREF as explained in Section
51. Any change in Beneficiary is subject to the rights of your spouse, if any,
as described in Part H. Any change in a primary Beneficiary may require a change
in the Calculation Beneficiary, if any, to comply with Federal tax law.
PART E: UNIT-ANNUITY BENEFIT
39. CHOOSING AN ANNUITY. You or your surviving Beneficiary may apply your
Accumulation to purchase a Unit-Annuity for a Fixed Period of no less than five
years, nor more than the lesser of 30 years or the Life Expectancy. A
Unit-Annuity for a Fixed Period is only available after Termination of
Employment. If you or your surviving Calculation Beneficiary are under the
Recalculation Method and have not yet attained age 90, you may alternatively
choose a Single Life Unit-Annuity with or without a Guaranteed Period. If you
and your surviving Calculation Beneficiary are both under the Recalculation
Method and have not yet attained age 90, you may alternatively choose any
Survivor Unit-Annuity then being offered by CREF, with or without a Guaranteed
Period.
No guaranteed or fixed period can extend beyond the Life Expectancy, as
calculated in the calendar year in which you begin Annuity Payments. The choice
of any annuity is subject to Federal tax law limitations.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to receive a Unit-Annuity for a Fixed Period may
be limited in accordance with the Rules of the Fund.
If your Accumulation is subject to ERISA, then your choice of an annuity is
subject to the right of your spouse, if any, to benefits as explained in Part H.
40. THE NUMBER OF ANNUITY UNITS in each Account under your pay-out certificate
will be determined in accordance with the Rules of the Fund as of the date
annuity payments start by:
<PAGE>
A) the value of your Accumulation Units in that Account under your
Certificate at that time;
B) the form of annuity chosen;
C) if you choose a lifetime Unit-Annuity, your age, and the age of your
Second Participant if any; and
D) the value of that Account's Annuity Unit at that time.
If your initial Unit-Annuity payment would be less than $25 a month, CREF will
have the right to change to quarterly, semi-annual or annual payments, whichever
will result in payments of $25 or more and the shortest interval between
payments.
41. BENEFITS BASED ON INCORRECT DATA. If the amount of Annuity Benefits is
determined by data as to a person's age or any other factor that is incorrect,
benefits will be recalculated on the basis of the correct data. If any
overpayments or underpayments have been made by CREF, adjustments will be made
in accordance with the Rules of the Fund.
PART F: TRANSFERS
42. You may TRANSFER some or all of your Accumulation Units from a CREF Account
under your Certificate (a) to purchase Accumulation Units in one of the other
CREF Accounts under your Certificate, (b) to purchase a fixed dollar TIAA
pay-out annuity contract, or (c) to a Funding Vehicle not offered by CREF or
TIAA.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to transfer to the Bond Market Account, to the
Social Choice Account, to any future CREF Account, or to a Funding Vehicle not
offered by CREF or TIAA, may be limited in accordance with the Rules of the
Fund.
If your Contract qualifies under IRC Section 403(b), then a tax-free
Transfer may be made only to a Funding Vehicle established under IRC Section
403(b).
If your Accumulation is subject to ERISA, your right to Transfer to some
Funding Vehicles may be subject to the rights of your spouse, if any, as
described in Part H.
If you choose to Transfer, we will pay your Accumulation, or any part
thereof not less than $1,000. All values will be determined as of the end of the
Business Day in which CREF has received, in a form acceptable to CREF:(a) your
request for a Transfer; and
(b) when required by law, if your Accumulation is subject to the ERISA
requirements described in Part H, a Waiver of Spouse's Rights or proof that
you are not married.
You may choose to defer the effective date of the Transfer until the last
day of any month following the date on which we receive the above requirements,
and all values will be determined as of the end of such effective date. The
request for a Transfer cannot be revoked after the effective date of such
Transfer.
If you Transfer to a TIAA pay-out annuity, you will have the same rights
under the TIAA contract as any person then being issued a similar contract.
If all of your Accumulation Units under your Certificate are withdrawn as a
Transfer, all obligations of CREF to you under the contract are fulfilled.
CREF may limit Transfers to not more than twice in any calendar year.
<PAGE>
PART G: LUMP-SUM BENEFIT
43. LUMP-SUM BENEFIT. After Termination of Employment, you may choose to receive
a Lump-sum Benefit from some or all of a specified Account's Accumulation Units.
Any choice of Lump-sum Benefit must be made by written notice to CREF as
explained in Section 51.
For Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan, your right to a Lump-sum Benefit may be limited in accordance
with the Rules of the Fund.
If your Accumulation is subject to ERISA, your right to receive a Lump-sum
Benefit is subject to the rights of your spouse, if any, as described in Part H.
All values will be determined as of the end of the Business Day in which CREF
has received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit;
B) if your Accumulation is subject to the ERISA requirements described in
Part H, a Waiver of Spouse's Rights or proof that you are not married; and
C) verification of Termination of Employment.
You may choose to defer the effective date of the Lump-sum Benefit until the
last day of any month following the date on which we receive the above
requirements, and all values will be determined as of the end of such effective
date. The request for a Lump-sum Benefit cannot be revoked after the effective
date of such Lump-sum Benefit.
If all of your Accumulation Units under your Certificate are withdrawn as a
Lump-sum Benefit, all obligations of CREF to you under this Certificate are
fulfilled.
PART H: SPOUSE'S RIGHTS TO BENEFITS
44. SPOUSE'S RIGHT TO BENEFITS. If
A) you are married on the date you elect an Annuity or Lump-sum Benefit, or
on the date you request a change in Beneficiary, and
B) all or part of your Accumulation is attributable to contributions made
under a retirement plan or tax deferred annuity plan subject to ERISA, and
C) a plan contribution has been paid on your behalf after August 22, 1984,
then, only to the extent required by the IRC or ERISA, your rights to choose a
Unit-Annuity Benefit, change a Beneficiary for the Death Benefit, or receive a
Lump-sum Benefit are restricted by the right of your spouse to a Survivor
Retirement Benefit. Transfers to some Funding Vehicles may also be restricted
under this section.
Your spouse may consent to a waiver of his or her rights to this benefit,
as explained in Section 45.
45. WAIVER OF SPOUSE'S RIGHTS. Your spouse must consent to a waiver of his or
her right to survivor benefits before you can choose:
A) a Unit-Annuity Benefit other than a Survivor Unit-Annuity with your
spouse as Second Participant;
B) Beneficiaries who are not your spouse for more than half of the Death
Benefit;
<PAGE>
C) a Lump-sum Benefit; or
D) to the extent required by law, a Transfer.
In order to waive the right to a Survivor Retirement Benefit we must
receive, in form satisfactory to CREF, your spouse's written consent, or
verification that your spouse cannot be located. A waiver of rights with respect
to a Unit-Annuity or Lump-sum Benefit may be made by you and consented to by
your spouse no earlier than 90 days before the date you elect the Benefit.
Verification of your marital status may be required, in a form satisfactory
to CREF, for purposes of establishing your spouse's right to benefits or a
waiver of these rights. You may revoke a waiver of your spouse's rights to
benefits at any time during your lifetime. Your spouse may not revoke a consent
after the consent has been given.
PART I: GENERAL PROVISIONS
46. REPORT OF ACCUMULATION. Once each year we will mail you a report for the
year just ended. It will show the value of your Accumulation as of the end of
the year.
47. OWNERSHIP OF CERTIFICATE. You own this certificate. During your lifetime,
you may, to the extent permitted by law, exercise every right given by it.
48. NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
49. NO LOANS. This certificate does not provide for loans.
50. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under this certificate are exempt from the claims of
creditors or legal process to the fullest extent permitted by law. This
protection is contained in the statute of the State of New York establishing
CREF.
51. PROCEDURE FOR ELECTIONS AND CHANGES. An election or change may be made, in
accordance with the terms of your contract, by written notice satisfactory to
CREF. No such notice will take effect unless it is received by CREF at its home
office in New York, NY. When notice of a change in Beneficiary or person named
to receive payments remaining due is received, it will take effect as of the
date it was signed, whether or not the signer is living at the time we receive
it. When any other notice is received, it will take effect as of the date it is
received.
Any action taken by CREF in good faith before receiving the notice will
not subject CREF to liability even though our acts were contrary to what was
stated in the notice.
52. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. CREF may pay in one sum the
Commuted Value of any benefits due an estate, corporation, partnership, trustee
or other entity not a natural person. CREF will not be responsible for the acts
or neglects of any executor, trustee, guardian, or other third party to whom
payment is made.
<PAGE>
53. SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico, or Canada, provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
54. PROOF OF SURVIVAL. CREF may require satisfactory proof that anyone named to
receive benefits, or anyone whose life expectancy is used in the calculation of
benefits under the terms of your certificate is alive on the date any payment is
due. If this proof is not received after requested in writing, CREF will have
the right to make reduced payments or to withhold payments entirely until such
proof is received. If under a Survivor Unit-Annuity Option CREF has overpaid
benefits because of a death of which we were not notified, subsequent payments
will be reduced or withheld until the amount of the overpayment has been
recovered.
55. RIGHT TO AMEND. CREF reserves the right to:
A) apply the provisions of this certificate in a manner which CREF believes
is consistent with Federal tax law; and
B) amend this certificate if necessary to comply with Federal tax law.
When required by law, CREF will obtain the approval of any appropriate
regulatory authority.
56. CREF'S RIGHT TO SPLIT YOUR CERTIFICATE. If your right to a Lump-sum Benefit,
a Unit-Annuity for a Fixed Period, or a Transfer does not apply uniformly to all
your Accumulation Units, CREF may split your certificate into two or more CREF
certificates. A Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and certain
Transfers may not be available to you until CREF has split your certificate.
57. COMPLIANCE WITH LAWS AND REGULATIONS. CREF will administer this certificate
to comply with all laws and regulations pertaining to the terms and conditions
of this certificate. If, as of the Date of Issue, this certificate conflicts
with any applicable State law or regulation, such State law or regulation will
prevail.
The choice of Unit-Annuity Benefit, Lump-sum Benefit, Method of Payment of
the Death Benefit, Beneficiary, or Second Participant as set forth in the
certificate is subject to the applicable restrictions, distribution
requirements, and incidental benefit requirements of ERISA and the IRC and any
rulings and regulations issued under ERISA and the IRC.
58. CORRESPONDENCE. No notice, application, or form will be deemed to be
received by us unless it is received at our home office in New York, NY. All
benefits are payable at our home office in New York, NY. Any questions about
this certificate or inquiries about our service should be directed to us at our
address:
CREF
730 Third Avenue
New York, NY 10017
COLLEGE RETIREMENT EQUITIES FUND
NEW YORK, N.Y.
ACCUMULATION-UNIT DEPOSIT CERTIFICATE
Certificate Maturity Date
Number Mo. Day Year
P-990000-0
Participant John J. Doe 03 01 2020
Accumulation 100.000 UNITS IN THE STOCK ACCOUNT
Units 100.000 UNITS IN THE MONEY MARKET ACCOUNT
On Deposit 100.000 UNITS IN THE BOND MARKET ACCOUNT
At Issue: 100.000 UNITS IN THE SOCIAL CHOICE ACCOUNT
This is to certify that you, as the owner (Participant) of this certificate, are
entitled to share in the benefits of COLLEGE RETIREMENT EQUITIES FUND ("CREF").
This page refers briefly to some of the features of your certificate.
The next pages set forth in detail the rights and obligations between CREF
and you under the certificate. PLEASE READ YOUR CERTIFICATE. IT IS IMPORTANT.
GENERAL DESCRIPTION
This certificate will provide a payment to you on the Maturity Date, if you are
then living. If you die before the Maturity Date payment will be made to your
beneficiary.
The amount payable will be the value of all Accumulation Units credited to this
certificate as of the date of payment. The amount of dollars payable per unit
will change primarily with the changes in the value of CREF's investments. There
is no guarantee of any dollar amount; you, or your beneficiary, are assured of
full participation in CREF. All dollar amounts payable are determined by
actuarial methods.
Unless otherwise specified on Page 5, you may make withdrawals reducing the
number of Accumulation Units on deposit from each CREF Account.
You may also use the value of some or all of your Accumulation Units to provide
for payments under any form of pay-out unit annuity then offered by CREF.
Transfers between CREF Accounts may be made subject to the conditions found in
Section 9. In addition, you may request CREF to transfer the value of some or
all of your Accumulation Units to Teachers Insurance and Annuity Association of
America ("TIAA") to purchase a pay-out annuity. The conditions applicable to
these Transfers are contained in Section 10.
/s/John H. Biggs
--------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
THIS CERTIFICATE CANNOT BE ASSIGNED NOR DOES IT
PROVIDE FOR LOANS. THIS CERTIFICATE DOES NOT GUARANTEE
ANY FIXED DOLLAR AMOUNT OF ANNUITY PAYMENTS.
<PAGE>
INDEX OF PROVISIONS
Section
Accounts ....................................................... 4
Accumulation Unit Payments ..................................... 2
Assignment - Void and of no effect .............................. 15
Beneficiary ..................................................... 11
Business Day.................................................... 6
Certificate ..................................................... 17
Change to a Pay-out Unit Annuity................................ 8
Claims of creditors - Protection against ........................ 19
Compliance with Laws and Regulations ............................ 22
Consideration .................................................. 1
Correspondence with CREF ........................................ 21
Loans - No provision for ........................................ 16
Ownership ....................................................... 14
Payment to an Estate, Trustee, etc. ............................. 20
Procedure for Elections and Changes ............................. 13
Proof of Survival .............................................. 12
Requests for Benefits ........................................... 21
Rules of the Fund .............................................. 3
Service of Process upon CREF .................................... 18
Transfer to a TIAA Dollar Pay-out Contract ...................... 10
Transfer to Another CREF Account ............................... 9
Valuation Day ................................................. 5
Withdrawal of Accumulation Units ............................... 7
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
Certificate Maturity
Number Date
P-990000-0 Mo. Day Year
Participant John J. Doe 03 01 2020
Accumulation 100.000 UNITS IN THE STOCK ACCOUNT
Units 100.000 UNITS IN THE MONEY MARKET ACCOUNT
On Deposit 100.000 UNITS IN THE BOND MARKET ACCOUNT
At Issue: 100.000 UNITS IN THE SOCIAL CHOICE ACCOUNT
DATE OF ISSUE
MO DA YEAR
03 01 1990
PROVISIONS
1. CONSIDERATION. THIS CERTIFICATE IS ISSUED IN EXCHANGE FOR THE SURRENDER TO
CREF OF CERTIFICATE NUMBER [P000000-0] AND THE APPLYING OF ITS PROCEEDS OF
$10,000 TO THIS CERTIFICATE.
THESE ACTS FULFILL ALL OBLIGATIONS OF THE CERTIFICATE THAT HAS BEEN SURRENDERED.
THE CONSIDERATION FOR THIS CERTIFICATE HAS BEEN DELIVERED AT CREF'S HOME OFFICE,
730 THIRD AVENUE, NEW YORK, NY 10017.
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
BENEFICIARY DESIGNATION
PRIMARY BENEFICIARY(IES) - CLASS I
NAME RELATIONSHIP TO PARTICIPANT
MARY DOE WIFE
SECONDARY BENEFICIARY(IES) - CLASS II
NAME RELATIONSHIP TO PARTICIPANT
JANE DOE DAUGHTER
<PAGE>
2. ACCUMULATION UNIT PAYMENT. If you are living on the Maturity Date, a
one-sum payment will be made to you. If you die before that date, a one-sum
payment will be made as a Death Benefit to the beneficiary or, if no beneficiary
is then living, to your estate. A payment of the Death Benefit will be made
after CREF receives this certificate and proof of your death.
The dollar amount of a one-sum payment from any Account will be the
product of the value of one Accumulation Unit in the Account and the number of
Accumulation Units on Deposit in that Account. The number of Accumulation Units
on Deposit at Issue, the Account in which they participate, and the Maturity
Date are shown on Page 3. The number of Accumulation Units on Deposit in any
Account will be reduced by withdrawals in accordance with Section 7, by changes
to a pay-out unit annuity in accordance with Section 8, and by transfers to a
TIAA pay-out contract in accordance with Section 10, and will be reduced or
increased by transfers to or from another CREF Account in accordance with
Section 9. The value of an Accumulation Unit will change from time to time to
reflect the CREF Account's investment experience and will be determined in
accordance with the Rules of the Fund.
Payments are subject to any method of payment agreement or the provisions
of any beneficiary designation in effect under this certificate.
3. RULES OF THE FUND. The Rules of the Fund govern all matters affecting
the interest of anyone in the Fund to the extent such matters are not
specifically provided in this certificate. The Board of Trustees of CREF may
amend the Rules of the Fund from time to time. Amendments to such Rules are
effective only when approved by the Superintendent of Insurance of the State of
New York as not being unfair, unjust, inequitable or prejudicial to the interest
of anyone in the Fund. A copy of the Rules was furnished to you when this
certificate was issued; you will be notified of all amendments to the Rules.
4. ACCOUNTS. CREF maintains the following four investment Accounts, each
with its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting
primarily of short-term debt securities.
The CREF BOND MARKET ACCOUNT contains a portfolio consisting primarily
of investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting
primarily of common stocks, investment grade bonds, and short-term debt
securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
DELETION OF A CREF ACCOUNT. CREF reserves the right to delete the CREF
Bond Market Account, the CREF Social Choice Account, and any future
Account. As of the date of such deletion, CREF will transfer your
Accumulation, if any, in such Account, to the CREF Money Market Account
unless you notify CREF otherwise.
5. A VALUATION DAY is a day on which dollar values of Accumulation Units
in the CREF Accounts are established. The procedure for determining Valuation
Days is contained in the Rules of the Fund.
<PAGE>
6. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if earlier, the
time trading on the New York Stock Exchange closes for that day.
7. WITHDRAWAL OF ACCUMULATION UNITS. If the right of withdrawal is not
restricted on Page 5, you may at any time before the Maturity Date withdraw some
or all of your Accumulation Units. The value of each such withdrawal must be at
least $1,000. A withdrawal will be effective as of the Business Day CREF
receives your written request or, if you so specify, the last day of the then
current month or of a specified future month provided any withdrawal is prior to
the Maturity Date. You must specify the Account or Accounts from which a
withdrawal is to be made. The number of Accumulation Units on Deposit will be
reduced by any Units withdrawn. If, as a result of a withdrawal, the value of
all Accumulation Units on Deposit is less than $5,000, CREF reserves the right
to pay you the entire value of all Accumulation Units on Deposit and to
terminate this certificate.
8. CHANGE TO A PAY-OUT UNIT ANNUITY. You may have CREF apply the value of
some or all of your Accumulation Units in an Account to provide benefits under
any form of pay-out unit annuity then being offered by CREF. The initial monthly
payment provided by such unit annuity must be at least $25. In addition, the
value of the Accumulation Units remaining to your credit under this certificate
must be at least $5,000 on the effective date of the unit annuity payments.
Federal pension law may restrict your right to elect a pay-out unit annuity.
The unit annuity payments will be effective as of the first day of the
month following the Business Day in which we receive your request, or, if you
choose, the first day of a specified future month. You may not revoke this
change once the unit annuity payments become effective.
9. TRANSFER TO ANOTHER CREF ACCOUNT. You may have CREF use the value of
some or all of your Accumulation Units to purchase Accumulation Units in any
other CREF Account at their then current value. The request for such transfer is
subject to the following conditions:
A) the transfer will take effect and all values will be determined as
of the end of the Business Day in which CREF receives your request
for transfer, or, if you choose, the last day of the current month
or of a specified future month;
B) the request for a transfer cannot be revoked after the effective
date of such transfer;
C) if less than the full Accumulation in an Account is being
transferred,the amount transferred from one Account to another
must be at least $1,000; and
D) CREF reserves the right to limit such transfers to not more than
twice in any calendar year.
10.TRANSFER TO A TIAA DOLLAR PAY-OUT CONTRACT. You may have CREF transfer
the value of some or all of your Accumulation Units to TIAA for the purchase of
an individual pay-out contract on your life in any form then being issued by
TIAA for such transfers, or for the purchase of an Annuity-Certain contract, or
for the purchase of an Interest Payments contract. The pay-out rates for the
TIAA contract will be the rates applying to such transfers at that time; the
contract will give you the same rights as any person then applying for a similar
TIAA contract. The transfer will take effect and all values will be determined
as of the end of the Business Day in which we receive your request for transfer,
or, if you choose, the last day
<PAGE>
of the current month or of a specified future month. You must specify the
Account or Accounts from which a transfer is to be made. The request for such a
transfer cannot be revoked after the effective date of such transfer. The amount
transferred from any Account must be at least $1,000; however, if a TIAA
Interest Payment contract is to be purchased with the amount transferred, the
transfer must be at least $5,000. In addition, a transfer may be denied if the
amount would cause the value of all Accumulation Units on Deposit under this
certificate to fall below $5,000. Federal pension law may restrict your right to
a pay-out contract from TIAA. CREF reserves the right to limit such transfers to
not more than twice in any calendar year.
11.YOUR BENEFICIARY. Beneficiaries are persons you name, in a form
satisfactory to CREF, to receive any payments remaining due at your death. You
may designate different classes of beneficiaries, such as primary (first) and
contingent (secondary). These classes set the order of payment. If a class
contains more than one person, any payments remaining due at your death will be
paid to the then living persons in a class in equal shares, unless you provide
otherwise. For example, if you die before the Maturity Date having named your
spouse as primary beneficiary and "children" as equal contingent beneficiaries,
your spouse would receive the Death Benefit if he or she survived you. But if
your spouse did not survive you, then your children would receive equal shares
of the Death Benefit.
You may change, add, or delete beneficiaries, unless otherwise specified
on Page 5.
The terms "children" or "my children" may be used to name a class of
beneficiaries, either primary or contingent. Unless you specify otherwise, these
terms will mean all children born of your marriage or marriages and any children
legally adopted by you. The term "children" also has the same inclusive meaning
when used to name as beneficiaries the children of your spouse, your child, your
brother or your sister.
12.PROOF OF SURVIVAL. CREF reserves the right to require satisfactory
proof that anyone named to receive benefits under the terms of your certificate
is alive on the date any payment is due. If this proof is not received by us
after requested in writing, CREF will have the right to withhold payments
entirely until such proof is received.
13.PROCEDURE FOR ELECTIONS AND CHANGES. You may elect or change, in
accordance with the terms of your certificate, any of the following by written
notice satisfactory to CREF sent to its home office in New York, NY:
A) the beneficiary;
B) a withdrawal of Accumulation Units;
C) a transfer of Accumulation Units to another CREF Account;
D) the application of Accumulation Units to provide benefits
under a CREF pay-out unit annuity; or
E) the transfer of Accumulation Units to TIAA.
No such notice will take effect unless it has been received by CREF. When
received the notice will take effect as of the date it was signed, whether or
not the signer is living at the time we receive it. Any action taken by CREF in
good faith before receiving the notice will not subject CREF to liability that
is due to our acts being contrary to what was stated in the notice.
<PAGE>
14.OWNERSHIP. You own this certificate. During your lifetime, you may, to
the extent permitted by law, exercise every right given by this certificate
without the consent of any other person.
15.NO ASSIGNMENT. Neither you nor any other person may assign, pledge, or
transfer ownership of this certificate or any benefits under its terms. Any such
action will be void and of no effect.
16.NO LOANS. This certificate does not provide for loans.
17.THE CERTIFICATE. Any endorsement or amendment of this certificate or
waiver of any of its provisions will be valid only if in writing and signed by
an Executive Officer or Registrar of CREF.
The consideration has been delivered and all benefits are payable at
CREF's home office in New York, NY.
18.SERVICE OF PROCESS UPON CREF. We will accept service of process in any
action or suit against us on this certificate in any court of competent
jurisdiction in the United States, Puerto Rico or Canada provided such process
is properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district, territory, or province in
which the action or suit is brought. This Section does not waive any of our
rights, including the right to remove such action or suit to another court.
19.PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights
accruing to you or any other person under this certificate are exempt from the
claims of creditors or legal process to the fullest extent permitted by law.
This protection is contained in the statute of the State of New York
establishing CREF.
20.PAYMENT TO AN ESTATE, TRUSTEE, ETC. CREF will not be responsible for
the acts or neglects of any executor, trustee, guardian, or other third party to
whom payment is made.
21.CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form,
or request for benefits will be deemed to be received by us unless it is
received at our home office. Any questions about this certificate or inquiries
about our service should be sent to us at our address:
CREF
730 Third Avenue
New York, NY 10017.
22.COMPLIANCE WITH LAWS AND REGULATIONS. CREF will administer this
certificate to comply with all laws and regulations pertaining to the terms and
conditions of this certificate. If this certificate conflicts with any
applicable law or regulation, such law or regulation will prevail.
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are available
from the Global Equities Account. The Rules of the Fund may limit your right to
allocate premiums to this Account, Transfer funds to this Account, or choose an
Income Option from this Account. CREF may delete the Global Equities Account or
stop providing Unit-Annuities in the Global Equities Account.
RESTRICTIONS ON DISTRIBUTION
OF ACCUMULATION ARISING FROM ELECTIVE DEFERRALS
This certificate may be used as part of a tax-deferred annuity plan as specified
under IRC Section 403(b). IRC Section 403(b) prohibits the distribution to you
of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this certificate from a
custodial account established under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section 403(b)(1)
annuity contract as elective deferrals under a salary reduction
agreement (within the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B) determined as of
December 31, 1988; until you:
(1) attain age 59 1/2;
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die; or
(4) become disabled within the meaning of IRC Section 72(m)(7).
In the case of hardship, IRC Section 403(b) requires that any earnings credited
after December 31, 1988 and, in addition any contributions paid after December
31, 1988 to a custodial account established under IRC Section 403(b)(7) that are
not elective deferrals under a salary reduction agreement, will not be available
for distribution.
Any request for an early withdrawal due to disability must be submitted with
evidence of the disability on forms satisfactory to CREF and not inconsistent
with applicable law.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: [________, 1993]
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable you
to meet the minimum distribution requirements under federal tax law. A
payment will be made to you each year until your Accumulation is entirely
paid out, or until your prior death. If required to meet the minimum
distribution requirements, an initial payment will be made on the Annuity
Starting Date, generally on or before the April 1 following the calendar
year in which you attain age 70 1/2. This option may not provide a lifetime
income in all situations.
If you die before the Accumulation has been entirely paid out, a death
benefit equal to the remaining Accumulation will be paid to the Beneficiary
you name when electing this option.
This option is only available when you must begin receiving income in
order to avoid penalties under federal tax law.
A new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to enable
your Beneficiary to meet the minimum distribution requirements under
federal tax law. A payment will be made for each year that a distribution
is required until your Accumulation is entirely paid out, or until the
prior death of your Beneficiary. This method may not provide a lifetime
income in all situations.
If your Beneficiary dies before your Accumulation has been entirely
paid out, the remaining accumulation will be paid in one sum to the payee
named to receive it.
<PAGE>
The portion of the TRANSFERS provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
/s/ John H. Biggs
------------------------------------
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement is part of your agreement with CREF. The purpose of an
endorsement is to make changes to the provisions of your certificate. Please
read this endorsement in conjunction with your certificate.
Provisions regarding the CREF Accounts are added:
Accounts. CREF maintains the following five investment Accounts, each
with its own distinct investment portfolio:
The CREF Stock Account maintains a broadly diversified
portfolio consisting primarily of common stocks.
The CREF Money Market Account maintains a portfolio consisting
primarily of short-term debt securities and money market
instruments.
The CREF Bond Market Account maintains a portfolio consisting
primarily of investment grade fixed income securities.
The CREF Social Choice Account maintains a portfolio
consisting of common stocks, investment grade fixed income
securities, and short-term debt securities.
The CREF Global Equities Account maintains a broadly
diversified portfolio consisting primarily of foreign and
domestic common stocks.
In the future, CREF may establish other Accounts with other investment
portfolios.
Deletion of a CREF Account or a Unit-Annuity. CREF may delete the CREF
Bond Market Account, the CREF Social Choice Account, the CREF Global
Equities Account, and any future Account. Also, CREF may stop providing
Unit-Annuities in the CREF Social Choice Account, the CREF Global
Equities Account or in any future Account.
Accumulation. If you have Accumulation Units in a CREF Account
that is deleted, you must transfer them to another CREF
Account. If you do not make a choice, CREF will transfer your
Accumulation in such Account to the CREF Money Market Account.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
Unit-Annuity. If a CREF Account is deleted or if a CREF
Account stops providing Unit-Annuities, any Annuity Units in
such Account must be converted to a Unit-Annuity in any other
CREF Account that maintains Annuity Units. If no choice is
made, any Unit-Annuity in the Account will be converted to a
Unit-Annuity in the CREF Money Market Account. All elections
and choices made in connection with an Income Option or a
Method of Payment of the Death Benefit and in effect as of the
date of conversion will remain in effect. The number of
Annuity Units in the Account to which the Unit-Annuity is
converted will be determined in accordance with the Rules of
the Fund.
The Accumulation Units provision is replaced with:
Each CREF Account maintains a separate Accumulation Unit value. The
current value of each Account's Accumulation Unit is based generally on
the market value of that Account's investments and will be determined
in accordance with the Rules of the Fund.
The following is added to the Annuity Starting Date provision:
Your Annuity Starting Date may not be deferred beyond April 1 of the
calendar year following the calendar year in which you reach age 70
1/2.
The following is added to the Annuity Units provision:
The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are
available from these Accounts.
The Transfer term in the Terms Used in This Certificate is replaced with:
A Transfer is the use of the value of some or all of your Accumulation
Units to purchase fixed-dollar benefits under a TIAA annuity contract,
or to purchase Accumulation Units in another CREF Account. The
conditions applying to Transfers are set forth below.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The following Terms Used in This Certificate are added:
A Business Day is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if
earlier, the time trading on the New York Stock Exchange closes for
that day.
ERISA is the Employee Retirement Income Security Act of 1974, as
amended.
The IRC is the Internal Revenue Code of 1986, as amended.
A Valuation Day is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for
determining Valuation Days is contained in the Rules of the Fund.
The following is added to the Premium Amount provision:
You may allocate any whole number percentage of a premium to a CREF
Account. CREF will credit your premiums among the Accounts according to
the most recent instructions CREF has received from you.
A new option is added to the Income Options provision:
Minimum Distribution Annuity. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
The Naming Your Beneficiary provision is modified by the following:
If you die prior to the Annuity Starting Date never having named a
Beneficiary, your estate and your surviving spouse, if any, become the
Beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit
will be paid to your estate in one sum;
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
B) if you leave a surviving spouse, your spouse will
receive a Death Benefit, payable under one of
the Methods of Payment, which is the actuarial
equivalent of one-half of your Accumulation, as of
the date Death Benefit payments are paid or begin.
The remainder of your Accumulation will be paid to
your estate in one sum.
The following is added to the Methods of Payment of the Death Benefit provision:
In accordance with federal tax law requirements, a fixed or guaranteed
period chosen under any Method of Payment may not exceed your
Beneficiary's life expectancy. The Death Benefit must be applied under
a chosen Method of Payment within one year of the date of your death;
otherwise payments will be made to your Beneficiary beginning on the
first day of the month in which the first anniversary of your date of
death occurs, under the Unit-Annuity for a Fixed Period method for a
period of five years with payments made annually.
A new method is added to the Methods of Payment of the Death Benefit provision:
Minimum Distribution Annuity. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The Transfers provision is replaced with:
You may apply some or all of your Accumulation Units from a CREF
Account under your certificate: (a) to purchase Accumulation Units in
one of the other CREF Accounts under your certificate, or (b) to
purchase a TIAA fixed-dollar annuity.
If you choose to Transfer, we will pay your Accumulation, or
any part thereof not less than $1,000.
All values will be determined as of the end of the Business
Day in which CREF has received, in a form acceptable to CREF:
A) your request for a Transfer; and
B) when required by law, if your Accumulation is subject to
the ERISA requirements described in the Spouse's Right to
Benefits provision below, a Waiver of Spouse's Rights or
proof that you are not married.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
You may choose to defer the effective date of the Transfer
until the last day of any month following the date on which we receive
the above requirements, and all values will be determined as of the end
of such effective date.
The request for a Transfer cannot be revoked after the
effective date of such Transfer. If you Transfer to a TIAA
annuity, you will have the same rights under the TIAA contract
as any person
then being issued a similar contract.
The number of your Accumulation Units will be reduced by the
number of units Transferred. If all of your Accumulation Units under
your certificate are withdrawn as a Transfer, all obligations of CREF
to you under this certificate are fulfilled. CREF may limit Transfers
from each Account to not more than one in each calendar quarter.
Provisions on Spouse's Rights to Benefits is added:
Spouse's Rights to Benefits. If
A) you are married, and
B) all or part of your Accumulation is attributable to
contributions made under a retirement plan or
tax-deferred annuity plan subject to ERISA, and
C) a plan contribution has been paid on your behalf after
August 22, 1984,
then, only to the extent required by the IRC or ERISA, your rights to
choose an Income Option, name a Beneficiary for the Death Benefit,
receive a Lump-sum Benefit, or Transfer are restricted by the rights of
your spouse to benefits as follows:
Spouse's Survivor Retirement Benefit. If you are married on
the Annuity Starting Date, your Income Benefit must be paid
under a Survivor Unit-Annuity Option with your spouse as
Second Participant.
Spouse's Survivor Death Benefit. If you die before the Annuity
Starting Date and your spouse survives you, the payment of the
Death Benefit to your named Beneficiary is subject to your
spouse's right to receive a Death Benefit of a Unit-Annuity
which is the actuarial equivalent as of the date such
Unit-Annuity begins of one-half of your Accumulation, if any,
attributable to contributions made under a plan subject to
ERISA.
Your spouse may consent to a waiver of his or her rights to
these benefits, as explained in the following section.
WAIVER OF SPOUSE'S RIGHTS. Your spouse must consent to a waiver of his
or her rights to survivor benefits before you can choose:
A) an Income Option other than a Survivor Unit-Annuity with
your spouse as Second Participant;
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
B) Beneficiaries who are not your spouse for more than half of
the Death Benefit;
C) a Lump-sum Benefit; or
D) to the extent such waiver is required by law, a Transfer.
In order to waive the rights to spousal survivor benefits we must
receive, in form satisfactory to CREF, your spouse's written consent,
or verification that your spouse cannot be located. A waiver of rights
with respect to an Income Option may be made by you and consented to by
your spouse no earlier than 90 days before the Annuity Starting Date. A
waiver of the Survivor Death Benefit may not be effective if it is made
prior to the plan year in which you reach age 35, or, if earlier, your
separation from service of your Employer. Generally, a waiver of rights
with respect to the portion of the Accumulation to be used for a
Lump-sum Benefit or Transfer may be made no earlier than 90 days before
the effective date of such Lump-sum Benefit or Transfer.
Verification of your marital status may be required, in form
satisfactory to CREF, for purposes of establishing your spouse's rights
to benefits or a waiver of these rights. You may revoke a waiver of
your spouse's rights to benefits at any time during your lifetime. Your
spouse may not revoke a consent after the consent has been given.
The Procedure for Election and Changes provision is replaced by:
An election or change may be made, in accordance with the terms of your
certificate, by written notice satisfactory to CREF. No such notice
will take effect unless it is received by CREF at its home office in
New York, NY. Any notice of change in Beneficiary or other person named
to receive payments will take effect as of the date it was signed,
whether or not the signer is living at the time we received it. Any
other notice will take effect as of the date it is received. Any action
taken by CREF in good faith before receiving the notice will not
subject CREF to liability even though our acts were contrary to what
was stated in the notice.
The following General Provisions are added:
Restrictions on Distribution of Accumulation Arising from Elective
Deferrals. This certificate may be used as part of a tax-deferred
annuity plan as specified under IRC Section 403(b). IRC Section 403(b)
prohibits the distribution, in accordance with the provisions of the
contract, to you of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this
certificate from a custodial account established under
IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section
403(b)(1) annuity contract as elective deferrals under a
salary reduction agreement (within the meaning of IRC
Section 403(b)(11)); less
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
C) the value, if any, of the amounts described in (B)
determined as of December 31, 1988;
until you:
(1) reach age 59 1/2;
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die;
(4) become disabled within the meaning of IRC Section
72(m)(7); or
(5) encounter financial "hardship" within the meaning of
IRC Section 403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings
credited after December 31, 1988 and, in addition any contributions
paid after December 31, 1988 to a custodial account established under
IRC Section 403(b)(7) that are not elective deferrals under a salary
reduction agreement, will not be available for distribution.
Any request for an early withdrawal due to disability or
hardship must be submitted with evidence of the disability or hardship
on forms satisfactory to CREF and not inconsistent with applicable law.
An individual shall be considered to be disabled if he or she is unable
to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or to be of long-continued and indefinite
duration.
Compliance with Laws and Regulations. CREF will administer this
certificate to comply with all laws and regulations pertaining to the
terms and conditions of this certificate. If this certificate conflicts
with any applicable law or regulation, such law or regulation will
prevail.
The choice of Income Option, Annuity Starting Date,
Beneficiary, Second Participant, Method of Payment of the Death
Benefit, and the availability of Lump-sum Benefits and Transfers as set
forth in this certificate are subject to the applicable restrictions,
distribution requirements, and incidental benefit requirements of ERISA
and the IRC, and any rulings and regulations issued under ERISA and the
IRC.
/s/John H. Biggs
-------------
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are available
from the Global Equities Account. The Rules of the Fund may limit your right to
allocate premiums to this Account, Transfer funds to this Account, or choose an
Income Option from this Account. CREF may delete the Global Equities Account or
stop providing Unit-Annuities in the Global Equities Account.
RESTRICTIONS ON DISTRIBUTION
OF ACCUMULATION ARISING FROM ELECTIVE DEFERRALS
This certificate may be used as part of a tax-deferred annuity plan as specified
under IRC Section 403(b). IRC Section 403(b) prohibits the distribution to you
of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this certificate from a
custodial account established under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section 403(b)(1)
annuity contract as elective deferrals under a salary reduction
agreement (within the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B) determined as of
December 31, 1988; until you:
(1) attain age 59 1/2;
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die; or
(4) become disabled within the meaning of IRC Section 72(m)(7).
Any request for an early withdrawal due to disability must be submitted with
evidence of the disability on forms satisfactory to CREF and not inconsistent
with applicable law.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF RETIREMENT UNIT-ANNUITY CERTIFICATES
Effective Date: [--------, 1993]
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable you
to meet the minimum distribution requirements under federal tax law. A
payment will be made to you each year until your Accumulation is entirely
paid out, or until your prior death. If required to meet the minimum
distribution requirements, an initial payment will be made on the Annuity
Starting Date, generally on or before the April 1 following the calendar
year in which you reach age 70 1/2. This option may not provide a lifetime
income in all situations.
If you die before the Accumulation has been entirely paid out, a death
benefit equal to the remaining Accumulation will be paid to the Beneficiary
you name when electing this option.
This option is only available when you must begin receiving income in
order to avoid penalties under federal tax law.
The UNIT-ANNUITY FOR A FIXED PERIOD portion of the INCOME OPTIONS provision is
replaced with the following:
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each month
for a fixed period of not less than two nor more than thirty years, as
chosen. At the end of the period chosen, no further payments will be made.
If you die before the end of the period chosen, the monthly payments will
continue to the end of that period, as explained in your certificate. A
Unit-Annuity for a Fixed Period is subject to the terms set forth in your
certificate for the other types of Unit-Annuities. The Rules of the Fund
may limit your right to receive a Unit-Annuity for a Fixed Period.
The term TERMINATION OF EMPLOYMENT is replaced with the following:
TERMINATION OF EMPLOYMENT IS a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the
Retirement Plan; changes in the name
<PAGE>
or affiliation of your Employer; leaves of absence, with or without pay;
vacations; or other events not in fact a termination of employment will not
be considered a Termination of Employment.
Two new methods are added to the METHODS OF PAYMENT of the DEATH BENEFIT
provision:
SINGLE-SUM PAYMENT. The Death Benefit will be paid to your Beneficiary in
one sum.
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to enable
your Beneficiary to meet the minimum distribution requirements under
federal tax law. A payment will be made for each year that a distribution
is required until your Accumulation is entirely paid out, or until the
prior death of your Beneficiary. This method may not provide a lifetime
income in all situations.
If your Beneficiary dies before your Accumulation has been entirely
paid out, the remaining accumulation will be paid in one sum to the payee
named to receive it.
The LUMP-SUM BENEFITS provision is replaced with the following:
1. AVAILABILITY OF LUMP-SUM BENEFITS. On or before the Annuity Starting
Date you may choose to withdraw, as a Lump-sum Benefit, all or part of a
specified Account's Accumulation Units. The Rules of the Fund may limit
your right to a Lump-sum Benefit. Any choice of Lump-sum Benefit must be
made by written notice to CREF.
If you are married and your Accumulation is subject to ERISA, your
right to receive a Lump-sum Benefit is subject to the rights of your spouse
as described in your certificate.
2. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum Benefit, the
minimum amount you may withdraw as a Lump-sum Benefit from a CREF Account
is $1,000, or, if less, the value of all Accumulation Units in an Account.
All values will be determined as of the end of the Business Day in which
CREF has received, in a form acceptable to CREF:
A. your request for a Lump-sum Benefit;
B. verification of your eligibility for a Lump-sum Benefit for those
Accumulation Units purchased by premiums remitted on your behalf under
a Retirement Plan; and
C. if your Accumulation is subject to the ERISA requirements described in
your certificate, a Waiver of Spouse's Rights and consent to that
waiver by your spouse, or proof that you are not married.
You may choose to defer the effective date of the Lump-sum Benefit
until the last day of any month following the date on which we receive the
above requirements, and all values will be determined as of the end of such
effective date. The request for a Lump-sum Benefit cannot be revoked after
the effective date of such Lump-sum Benefit.
<PAGE>
If all of your Accumulation Units under this certificate are withdrawn
as a Lump-sum Benefit, all obligations of CREF to you under this
certificate are fulfilled.
The portion of the TRANSFERS provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
Endorsement to Your CREF
Retirement Unit-Annuity Certificate
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
Endorsement to CREF Retirement Unit-Annuity Certificate
This endorsement is part of your agreement with CREF. The purpose of an
endorsement is to make changes to the provisions of your certificate. Please
read this endorsement in conjunction with your certificate.
Provisions regarding the CREF Accounts are added:
Accounts. CREF maintains the following five investment Accounts, each
with its own distinct investment portfolio:
The CREF Stock Account maintains a broadly diversified
portfolio consisting primarily of common stocks.
The CREF Money Market Account maintains a portfolio consisting
primarily of short-term debt securities and money market
instruments.
The CREF Bond Market Account maintains a portfolio consisting
primarily of investment grade fixed income securities.
The CREF Social Choice Account maintains a portfolio
consisting primarily of common stocks, investment grade fixed
income securities, and short-term debt securities.
The CREF Global Equities Account maintains a broadly
diversified portfolio consisting primarily of foreign and
domestic common stocks.
In the future, CREF may establish other Accounts with other investment
portfolios.
Deletion of a CREF Account or a Unit-Annuity. CREF may delete the CREF
Bond Market Account, the CREF Social Choice Account, the CREF Global
Equities Account, and any future Account. Also, CREF may stop providing
Unit-Annuities in the CREF Social Choice Account, CREF Global Equities
Account or in any future Account.
Accumulation. If you have Accumulation Units in a CREF Account
that is deleted, you must transfer them to another CREF
Account. If you do not make
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
a choice, CREF will transfer your Accumulation in such Account
to the CREF Money Market Account.
Unit-Annuity. If a CREF Account is deleted or if a CREF
Account stops providing Unit-Annuities, any Annuity Units in
such Account must be converted to a Unit-Annuity in any other
CREF Account that maintains Annuity Units. If no choice is
made, any Unit-Annuity in the Account will be converted to a
Unit-Annuity in the CREF Money Market Account. All elections
and choices made in connection with an Income Option or a
Method of Payment of the Death Benefit and in effect as of the
date of conversion will remain in effect. The number of
Annuity Units in the Account to which the Unit-Annuity is
converted will be determined in accordance with the Rules of
the Fund.
The Accumulation Units provision is replaced with:
Each CREF Account maintains a separate Accumulation Unit value. The
current value of each Account's Accumulation Unit is based generally on
the market value of that Account's investments and will be determined
in accordance with the Rules of the Fund.
The following is added to the Annuity Starting Date provision:
Your Annuity Starting Date may not be deferred beyond April 1 of the
calendar year following the calendar year in which you attain age 70
1/2.
The following is added to the Annuity Units provision:
The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are
available from these Accounts. For Accumulation Units purchased by
premiums remitted on your behalf under a Retirement Plan, your right to
choose an Income Option from the CREF Social Choice or CREF Global
Equities Accounts or any future Account may be limited in accordance
with the Rules of the Fund.
The Transfer term in the Terms Used in this Certificate is replaced with:
A Transfer is the use of the value of some or all of your Accumulation
Units to purchase fixed-dollar benefits under a TIAA annuity contract,
to purchase Accumulation Units in another CREF Account, or to purchase
benefits through another Funding Vehicle. The conditions applying to
Transfers are set forth below.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The following Terms Used in This Certificate are added:
A Business Day is any day that the New York Stock Exchange is open for
trading. A Business Day ends at 4:00 p.m. New York time, or, if
earlier, the time trading on the New York Stock Exchange closes for
that day.
Employer. Your Employer is the organization that remits premiums to
this certificate. More than one Employer may have remitted premiums to
this certificate.
ERISA is the Employee Retirement Income Security Act of 1974, as
amended.
A Funding Vehicle is an annuity or an investment fund established to
provide retirement benefits from monies remitted under a Retirement
Plan.
The IRC is the Internal Revenue Code of 1986, as amended.
A Retirement Plan is an Employer's plan, qualified under Section
401(a), 403(a), or 403(b) of the Internal Revenue Code of 1986 as
amended, for providing retirement benefits for employees.
A Valuation Day is a day on which the dollar values of the Accumulation
Units in the CREF Accounts are established. The procedure for
determining Valuation Days is contained in the Rules of the Fund.
The following is added to the Premium Amount provision:
You may allocate any whole number percentage of a premium to a CREF
Account. CREF will credit your premiums among the Accounts according to
the most recent instructions CREF has received from you. For premiums
remitted on your behalf as part of a Retirement Plan, your right to
allocate such premiums to the CREF Bond Market Account, to the CREF
Social Choice Account, to the CREF Global Equities Account, and to any
future CREF Account may be limited in accordance with the Rules of the
Fund.
Two new options are added to the Income Options provision. The first option, the
Unit-Annuity for a Fixed Period, does not provide a lifetime income for you. The
second option, the Minimum Distribution Annuity, may not provide a lifetime
income in all situations; however, this option may be converted to an option
that provides a lifetime income, subject to federal tax law limitations.
Unit-Annuity for a Fixed Period. A payment will be made to you each
month for a fixed period of not less than two nor more than thirty
years, as chosen. At the end of the period chosen, no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period, as explained
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
in your certificate. A Unit-Annuity for a Fixed Period is subject to
the terms set forth in your certificate for the other types of
Unit-Annuities. The Rules of the Fund may limit your right to receive a
Unit-Annuity for a Fixed Period.
Minimum Distribution Annuity. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
The Naming Your Beneficiary provision is modified by the following:
If you die prior to the Annuity Starting Date never having named a
Beneficiary, your estate and your surviving spouse, if any, become the
Beneficiaries as follows:
A) if you leave no surviving spouse, the Death Benefit
will be paid to your estate in one sum;
B) if you leave a surviving spouse, your spouse will
receive a Death Benefit, payable under one of the
Methods of Payment, which is the actuarial equivalent
of one-half of your Accumulation, as of the date
Death Benefit payments are paid or begin. The
remainder of your Accumulation will be paid to your
estate in one sum.
The following is added to the Methods of Payment of the Death Benefit provision:
In accordance with federal tax law requirements, a fixed or guaranteed
period chosen under any Method of Payment may not exceed your
Beneficiary's life expectancy. The Death Benefit must be applied under
a chosen Method of Payment within one year of the date of your death;
otherwise payments will be made to your Beneficiary beginning on the
first day of the month in which the first anniversary of your date of
death occurs, under the Unit-Annuity for a Fixed Period method for a
period of five years with payments made annually.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
Two new methods are added to the Methods of Payment of the Death Benefit
provision:
Single-sum Payment. The Death Benefit will be paid to your Beneficiary
in one sum.
Minimum Distribution Annuity. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The provision on Transfers is replaced with:
You may Transfer some or all of your Accumulation Units from a CREF
Account under your certificate: (a) to purchase Accumulation Units in
one of the other CREF Accounts under your certificate, (b) to purchase
a TIAA fixed-dollar annuity, or (c) to a Funding Vehicle not offered by
CREF or TIAA.
For Accumulation Units purchased by premiums remitted on your
behalf under a Retirement Plan, your right to Transfer to the CREF Bond
Market Account, to the CREF Social Choice Account, to the CREF Global
Equities Account, to any future CREF Account, and/or to a Funding
Vehicle not offered by CREF or TIAA, may be limited in accordance with
the Rules of the Fund.
If you choose to Transfer, we will pay your Accumulation,
or any part thereof not less than $1,000.
All values will be determined as of the end of the Business
Day in which CREF has received, in a form acceptable to CREF:
A) your request for a Transfer; and
B) when required by law, if your Accumulation is subject to
the ERISA requirements described in the Spouse's Right to
Benefits provision below, a Waiver of Spouse's Rights or
proof that you are not married.
You may choose to defer the effective date of the Transfer
until the last day of any month following the date on which we receive
the above requirements, and all values will be determined as of the end
of such effective date.
The request for a Transfer cannot be revoked after the
effective date of such Transfer. If you Transfer to a TIAA
annuity, you will have the same rights under the TIAA contract
as any
person then being issued a similar contract.
The number of your Accumulation Units will be reduced by the
number of units Transferred. If all of your Accumulation Units under
your certificate are withdrawn as a Transfer, all obligations of CREF
to you under this certificate are fulfilled. CREF may limit Transfers
from each Account to not more than one in each calendar quarter.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
A provision on LUMP-SUM BENEFITS is added:
AVAILABILITY OF LUMP-SUM BENEFITS. On or before the Annuity Starting
Date you may choose to withdraw, as a Lump-sum Benefit, all or part of
a specified Account's Accumulation Units. The Rules of the Fund may
limit your right to a Lump-sum Benefit. Any choice of Lump-sum Benefit
must be made by written notice to CREF.
If you are married and your Accumulation is subject to ERISA,
your right to receive a Lump-sum Benefit is subject to the rights of
your spouse as described in your certificate. Federal tax law may
restrict distributions before age 59 1/2, as described in the
Restrictions on Distribution of Accumulation Arising from Elective
Deferrals provision below.
PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum Benefit,
the minimum amount you may withdraw as a Lump-sum Benefit from a CREF
Account is $1,000, or, if less, the value of all Accumulation Units in
an Account. All values will be determined as of the end of the Business
Day in which CREF has received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit;
B) verification of your eligibility for a Lump-sum Benefit
for those Accumulation Units purchased by premiums
remitted on your behalf under a Retirement Plan; and
C) if your Accumulation is subject to the ERISA requirements
described in your certificate, a Waiver of Spouse's
Rights and consent to that waiver by your spouse, or
proof that you are not married.
You may choose to defer the effective date of the Lump-sum
Benefit until the last day of any month following the date on which we
receive the above requirements, and all values will be determined as of
the end of such effective date.
The request for a Lump-sum Benefit cannot be revoked after the
effective date of such Lump-sum Benefit.
If all of your Accumulation Units under this certificate are
withdrawn as a Lump-sum Benefit, all obligations of CREF to you under
this certificate are fulfilled.
A provision on SPOUSE'S RIGHTS TO BENEFITS is added:
Spouse's Rights to Benefits. If
A) you are married, and
B) all or part of your Accumulation is attributable to
contributions made under a retirement plan or
tax-deferred annuity plan subject to ERISA, and
C) a plan contribution has been paid on your behalf after
August 22, 1984,
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
then, only to the extent required by the IRC or ERISA, your rights to
choose an Income Option, name a Beneficiary for the Death Benefit,
receive a Lump-sum Benefit, or Transfer your Accumulation are
restricted by the rights of your spouse to benefits as follows:
SPOUSE'S SURVIVOR RETIREMENT BENEFIT. If you are married on
the Annuity Starting Date, your Income Benefit must be paid
under a Survivor Unit-Annuity Option with your spouse as
Second Participant.
SPOUSE'S SURVIVOR DEATH BENEFIT. If you die before the Annuity
Starting Date and your spouse survives you, the payment of the
Death Benefit to your named Beneficiary is subject to your
spouse's right to receive a Death Benefit of a Unit-Annuity
which is the actuarial equivalent as of the date such
Unit-Annuity begins of one-half of your Accumulation, if any,
attributable to contributions made under a plan subject to
ERISA.
Your spouse may consent to a waiver of his or her rights to
these benefits, as explained in the following section.
WAIVER OF SPOUSE'S RIGHTS. Your spouse must consent to a waiver
of his or her rights to survivor benefits before you can choose:
A) an Income Option other than a Survivor Unit-Annuity with
your spouse as Second Participant;
B) Beneficiaries who are not your spouse for more than half of
the Death Benefit;
C) a Lump-sum Benefit; or
D) to the extent such waiver is required by law, a Transfer.
In order to waive the rights to spousal survivor benefits we must
receive, in form satisfactory to CREF, your spouse's written consent,
or verification that your spouse cannot be located. A waiver of rights
with respect to an Income Option may be made by you and consented to by
your spouse no earlier than 90 days before the Annuity Starting Date. A
waiver of the Survivor Death Benefit may not be effective if it is made
prior to the plan year in which you reach age 35, or, if earlier, your
separation from service of your Employer. Generally, a waiver of rights
with respect to the portion of the Accumulation to be used for a
Lump-sum Benefit or Transfer may be made no earlier than 90 days before
the effective date of such Lump-sum Benefit or Transfer.
Verification of your marital status may be required, in form
satisfactory to CREF, for purposes of establishing your spouse's rights
to benefits or a waiver of these rights. You may revoke a waiver of
your spouse's rights to benefits at any time during your lifetime. Your
spouse may not revoke a consent after the consent has been given.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The Procedure for Elections and Changes provision is replaced by:
An election or change may be made, in accordance with the terms of your
certificate, by written notice satisfactory to CREF. No such notice
will take effect unless it is received by CREF at its home office in
New York, NY. Any notice of change in Beneficiary or other person named
to receive payments will take effect as of the date it was signed,
whether or not the signer is living at the time we received it. Any
other notice will take effect as of the date it is received. Any action
taken by CREF in good faith before receiving the notice will not
subject CREF to liability even though our acts were contrary to what
was stated in the notice.
The following General Provisions are added:
CREF's Right to Split Your Certificate. If your right to a Lump-sum
Benefit, a Unit-Annuity for a Fixed Period, or a Transfer does not
apply uniformly to all your Accumulation Units, CREF reserves the right
to split your certificate into two or more CREF certificates. A
Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and certain
Transfers may not be available to you until CREF has split your
certificate.
Restrictions on Distribution of Accumulation Arising from Elective
Deferrals. This certificate may be used as part of a tax-deferred
annuity plan as specified under IRC Section 403(b). IRC Section 403(b)
prohibits the distribution, in accordance with the provisions of the
contract, to you of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this
certificate from a custodial account established under
IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section
403(b)(1) annuity contract as elective deferrals under a
salary reduction agreement (within the meaning of IRC
Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B)
determined as of December 31, 1988; until you:
(1) reach age 59 1/2;
(2) separate from service of the employer under whose plan
the aforementioned portion is attributable;
(3) die;
(4) become disabled within the meaning of IRC Section
72(m)(7); or (5) encounter financial "hardship" within the
meaning of IRC Section 403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings
credited after December 31, 1988 and, in addition any contributions
paid after December 31, 1988 to a custodial account established under
IRC Section 403(b)(7) that are not elective deferrals under a salary
agreement, will not be available for distribution.
<PAGE>
ENDORSEMENT TO YOUR CREF SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
Any request for an early withdrawal due to disability or
hardship must be submitted with evidence of the disability or hardship
on forms satisfactory to CREF and not inconsistent with applicable law.
An individual shall be considered to be disabled if he or she is unable
to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or to be of long-continued and indefinite
duration.
Compliance with Laws and Regulations. CREF will administer this
certificate to comply with all laws and regulations pertaining to the
terms and conditions of this certificate. If this certificate conflicts
with any applicable law or regulation, such law or regulation will
prevail.
The choice of Income Option, Annuity Starting Date,
Beneficiary, Second Participant, Method of Payment of the Death
Benefit, and the availability of Lump-sum Benefits and Transfers as set
forth in this certificate are subject to the applicable restrictions,
distribution requirements, and incidental benefit requirements of ERISA
and the IRC, and any rulings and regulations issued under ERISA and the
IRC.
/s/John H. Biggs
-------------
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are available
from the Global Equities Account. The Rules of the Fund may limit your right to
allocate premiums to this Account, Transfer funds to this Account, or choose an
Income Option from this Account. CREF may delete the Global Equities Account or
stop providing Unit-Annuities in the Global Equities Account.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
ENDORSEMENT TO YOUR CREF GROUP SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE PAGE 2 OF 2
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: [________, 1993]
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
A new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
<PAGE>
The portion of the TRANSFERS provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
ENDORSEMENT TO YOUR CREF GROUP SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
Endorsement to CREF Group Supplemental Retirement Unit-Annuity Certificate
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement in conjunction with
your certificate.
The following is added to the Accounts provision:
CREF maintains, in addition to its other investment Accounts, the
Global Equities Account. This Account maintains separate Accumulation
Unit and Annuity Unit values. Your right to allocate premiums or
transfer funds to this Account may be limited under the terms of your
Employer's Tax Deferred Annuity Plan.
The CREF Global Equities Account maintains a broadly
diversified investment portfolio consisting primarily of
foreign and domestic common stocks.
Deletion of a CREF Account or a Unit-Annuity. CREF may delete the CREF
Bond Market Account, the CREF Social Choice Account, the CREF Global
Equities Account, and any future Account. Also, CREF may stop providing
Unit-Annuities in the CREF Social Choice Account, the CREF Global
Equities Account or in any future Account.
Accumulation. If you have Accumulation Units in a CREF Account
that is deleted, you must transfer them to another CREF
Account. If you do not make a choice, CREF will transfer your
Accumulation in such Account to the CREF Money Market Account.
Unit-Annuity. If a CREF Account is deleted or if a CREF
Account stops providing Unit-Annuities, any Annuity Units in
such Account must be converted to a Unit-Annuity in any other
CREF Account that maintains Annuity Units. If no choice is
made, any Unit-Annuity in the Account will be converted to a
Unit-Annuity in the CREF Money Market Account. All elections
and choices made in connection with an Income Option or a
Method of Payment of the Death Benefit and in effect as of the
date of conversion will remain in effect. The number of
Annuity Units in the Account to which the Unit-Annuity is
converted will be determined in accordance with the Rules of
the Fund.
<PAGE>
ENDORSEMENT TO YOUR CREF GROUP SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The following is added to the Annuity Units provision:
The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are
available from these Accounts. Your right to choose an Income Option
from the CREF Social Choice or CREF Global Equities Accounts or any
future Account may be limited under the terms of your Employer's Tax
Deferred Annuity Plan.
A new option is added to the Income Options provision:
Minimum Distribution Annuity. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
A new method is added to the Methods of Payment of the Death Benefit provision:
Minimum Distribution Annuity. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The portion of the Transfers provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
/s/John H. Biggs
-------------
Chairman and
Chief Executive Officer
ENDORSEMENT TO YOUR CREF GROUP SUPPLEMENTAL
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 THIRD AVENUE, NEW YORK, NY 10017-3206
ENDORSEMENT TO CREF GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement is part of your agreement with CREF. The purpose of an
endorsement is to make changes to the provisions of your Certificate. Please
read this endorsement in conjunction with your Certificate.
The ANNUITY STARTING DATE provision is modified by the following:
The Annuity Starting Date is the date your Income Benefit begins. You
may not start your Income Benefit any earlier than the earliest date
allowed under your Employer's Tax Deferred Annuity Plan, nor any later
than the April first following the calendar year in which you reach age
70 1/2. At any time before you begin to receive your Income Benefit,
you may change your Annuity Starting Date to the first of any month
after the change, as described in your Certificate, as long as the new
date satisfies the preceding conditions.
The following TERMS USED IN THIS CERTIFICATE are replaced by the following:
A FUNDING VEHICLE is an annuity contract, custodial account, or trust
designated to receive contributions under the Tax Deferred Annuity
Plan.
A TAX DEFERRED ANNUITY PLAN is an employee benefit plan established by
your Employer which contains an arrangement described in IRC Section
401(k), under which you may make salary reduction contributions to an
annuity contract.
The following is added to the AVAILABILITY OF LUMP-SUM BENEFIT provision:
A Lump-sum Benefit will not be available before the earliest date
permitted under your Employer's Tax Deferred Annuity Plan.
<PAGE>
The Restrictions on Elective Deferrals provision is replaced with:
This Certificate is designed to be used under a cash or deferred
arrangement described in IRC Section 401(k). IRC Section 401(k)
prohibits the distribution of the portion of an Annuitant's
Accumulation attributable to Premiums paid as elective deferrals,
except as a tax-free transfer to another Funding Vehicle, until the
Annuitant:
A) attains age 59 1/2, in the case of a profit-sharing plan;
B) separates from service of the employer under whose plan
the aforementioned portion is attributable;
C) dies;
D) becomes disabled within the meaning of IRC Section 72(m)(7); E)
encounters financial "hardship" within the meaning of IRC Section
401(k).
or, if earlier, upon the termination of the Tax Deferred Annuity Plan.
In the case of hardship, IRC Section 401(k) requires that any
earnings credited after December 31, 1988 be unavailable for
distribution.
Any request for an early withdrawal due to disability or hardship
must be submitted with evidence of the disability or hardship on forms
satisfactory to CREF and not inconsistent with applicable law.
/s/John H. Biggs
--------------
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are available
from the Global Equities Account. The Rules of the Fund may limit your right to
allocate premiums to this Account, Transfer funds to this Account, or choose an
Income Option from this Account. CREF may delete the Global Equities Account or
stop providing Unit-Annuities in the Global Equities Account.
/s/C.R. Wharton
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are available
from the Global Equities Account. The Rules of the Fund may limit your right to
allocate premiums to this Account, Transfer funds to this Account, or choose an
Income Option from this Account. CREF may delete the Global Equities Account or
stop providing Unit-Annuities in the Global Equities Account.
RESTRICTIONS ON DISTRIBUTION
OF ACCUMULATION ARISING FROM ELECTIVE DEFERRALS
This certificate may be used as part of a tax-deferred annuity plan as specified
under IRC Section 403(b). IRC Section 403(b) prohibits the distribution to you
of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this certificate from a
custodial account established under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC Section 403(b)(1)
annuity contract as elective deferrals under a salary reduction
agreement (within the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B) determined as of
December 31, 1988; until you:
(1) attain age 59 1/2;
(2) separate from service of the employer under whose plan the
aforementioned portion is attributable;
(3) die;
(4) become disabled within the meaning of IRC Section 72(m)(7); or
(5) encounter financial "hardship" within the meaning of IRC Section
403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings credited
after December 31, 1988 and, in addition any contributions paid after December
31, 1988 to a custodial account established under IRC Section 403(b)(7) that are
not elective deferrals under a salary reduction agreement, will not be available
for distribution.
Any request for an early withdrawal due to disability or hardship must be
submitted with evidence of the disability or hardship on forms satisfactory to
CREF and not inconsistent with applicable law.
/s/C.R. Wharton
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
ENDORSEMENT TO SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement adds the following provision to your Supplemental Retirement
Unit-Annuity Certificate:
Once each calendar year a transfer will be made from your Supplemental
Retirement Unit-Annuity Certificate and applied as Consideration for your
Minimum Distribution Annuity Certificate. The amount of the transfer will be the
Accumulation in this Supplemental Retirement Unit-Annuity Certificate as of
December 31 of the previous calendar year, adjusted for any subsequent transfers
to or from such Certificate, but not to exceed the total Accumulation on the
date of the transfer. If the total Accumulation is less than $25, the total
Accumulation will be transferred. The transfer will be made on a prorata basis
from all the CREF Accounts as of the date of the transfer, and will be allocated
to the corresponding CREF Accounts under your Minimum Distribution Annuity
Certificate. CREF will notify you when the Accumulation has been transferred.
This endorsement does not change any other rights or obligations you may have
under your Supplemental Retirement Unit-Annuity Certificate.
Supplemental Retirement Unit-Annuity Certificate Number: DA0000-0
Minimum Distribution Annuity Certificate Number: DA00000-1
Effective Date of this Endorsement: December 1, 1991
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1994
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
The ANNUITY STARTING DATE provision is modified by the following:
You may not start annuity benefits any earlier than the earliest date
allowed under your Employer's Retirement Plan, nor any later than the
April first following the calendar year in which you reach age 70 1/2.
You may change your Annuity Starting Date at any time, as long as the
new date satisfies the preceding conditions and conforms to the terms
of your certificate.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
The UNIT-ANNUITY FOR A FIXED PERIOD portion of the INCOME OPTIONS provision is
replaced with the following:
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than two nor more than thirty
years, as chosen. At the end of the period chosen, no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period, as explained
in your certificate. A Unit-Annuity for a Fixed Period is subject to
the terms set forth in your certificate for the other types of
Unit-Annuities. Your Employer's Retirement Plan may limit your right to
receive a Unit-Annuity for a Fixed Period.
The term TERMINATION OF EMPLOYMENT is replaced with the following:
TERMINATION OF EMPLOYMENT IS a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the
Retirement Plan; changes in the name or affiliation of your Employer;
leaves of absence, with or without pay; vacations; or other events not
in fact a termination of employment will not be considered a
Termination of Employment.
A new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The LUMP-SUM BENEFITS provision is replaced with the following:
1. AVAILABILITY OF LUMP-SUM BENEFITS. On or before the Annuity
Starting Date you may choose to withdraw, as a Lump-sum
Benefit, all or part of a specified Account's Accumulation
Units. Your Employer's Retirement Plan may limit your right to
a Lump-sum Benefit. Any choice of Lump-sum Benefit must be
made by written notice to CREF.
If you are married and your Accumulation is subject
to ERISA, your right to receive a Lump-sum Benefit is subject
to the rights of your spouse as described in your certificate.
2. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum
Benefit, the minimum amount you may withdraw as a Lump-sum
Benefit from a CREF Account is $1,000, or, if less, the value
of all Accumulation Units in an Account. All values will be
determined as of the end of the Business Day in which CREF has
received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit;
B) verification of your eligibility for a Lump-sum
Benefit; and
<PAGE>
C) if your Accumulation is subject to the ERISA
requirements described in your certificate, a Waiver
of Spouse's Rights and consent to that waiver by your
spouse, or proof that you are not married.
You may choose to defer the effective date of the
Lump-sum Benefit until the last day of any month following the
date on which we receive the above requirements, and all
values will be determined as of the end of such effective
date.
The request for a Lump-sum Benefit cannot be revoked
after the effective date of such Lump-sum Benefit.
If all of your Accumulation Units under this
certificate are withdrawn as a Lump-sum Benefit, all
obligations of CREF to you under this certificate are
fulfilled.
The portion of the TRANSFER provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective Date: July 1, 1994
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
The ANNUITY STARTING DATE provision is modified by the following:
You may not start annuity benefits any earlier than the earliest date
allowed under your Employer's Retirement Plan, nor any later than the
April first following the calendar year in which you reach age 70 1/2.
You may change your Annuity Starting Date at any time, as long as the
new date satisfies the preceding conditions and conforms to the terms
of your certificate.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
The UNIT-ANNUITY FOR A FIXED PERIOD portion of the INCOME OPTIONS provision is
replaced with the following:
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than two nor more than thirty
years, as chosen. At the end of the period chosen, no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period, as explained
in your certificate. A Unit-Annuity for a Fixed Period is subject to
the terms set forth in your certificate for the other types of
Unit-Annuities. Your Employer's Retirement Plan may limit your right to
receive a Unit-Annuity for a Fixed Period.
The term TERMINATION OF EMPLOYMENT is replaced with the following:
TERMINATION OF EMPLOYMENT IS a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the
Retirement Plan; changes in the name or affiliation of your Employer;
<PAGE>
leaves of absence, with or without pay; vacations; or other events not
in fact a termination of employment will not be considered a
Termination of Employment.
A new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required on December 1 until your Accumulation is
entirely paid out, or until the prior death of your Beneficiary. This
method may not provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The LUMP-SUM BENEFITS provision is replaced with the following:
1. AVAILABILITY OF LUMP-SUM BENEFITS. On or before the Annuity
Starting Date you may choose to withdraw, as a Lump-sum
Benefit, all or part of a specified Account's Accumulation
Units. Your Employer's Retirement Plan may limit your right to
a Lump-sum Benefit. Any choice of Lump-sum Benefit must be
made by written notice to CREF.
If you are married and your Accumulation is subject
to ERISA, your right to receive a Lump-sum Benefit is subject
to the rights of your spouse as described in your certificate.
Federal tax law may restrict distributions before age
59 1/2, as described in the Restrictions of Distributions of
Accumulation Arising from Elective Deferrals provision below.
2. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum
Benefit, the minimum amount you may withdraw as a Lump-sum
Benefit from a CREF Account is $1,000, or, if less, the value
of all Accumulation Units in an Account. All values will be
determined as of the end of the Business Day in which CREF has
received, in a form acceptable to CREF:
<PAGE>
A) your request for a Lump-sum Benefit;
B) verification of your eligibility for a Lump-sum
Benefit; and
C) if your Accumulation is subject to the ERISA
requirements described in your certificate, a Waiver
of Spouse's Rights and consent to that waiver by your
spouse, or proof that you are not married.
You may choose to defer the effective date of the
Lump-sum Benefit until the last day of any month following the
date on which we receive the above requirements, and all
values will be determined as of the end of such effective
date.
The request for a Lump-sum Benefit cannot be revoked
after the effective date of such Lump-sum Benefit.
If all of your Accumulation Units under this
certificate are withdrawn as a Lump-sum Benefit, all
obligations of CREF to you under this certificate are
fulfilled.
The portion of the TRANSFER provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
The following GENERAL PROVISION is added:
RESTRICTIONS ON DISTRIBUTION OF ACCUMULATION ARISING FROM ELECTIVE
DEFERRALS. This certificate may be used as part of a tax-deferred
annuity plan as specified under IRC Section 403(b). IRC Section 403(b)
prohibits the distribution, in accordance with the provisions of the
contract, to you of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this
certificate from a custodial account established
under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC
Section 403(b)(1) annuity contract as elective
deferrals under a salary reduction agreement (within
the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B)
determined as of December 31, 1988;
until you:
(1) reach age 59 1/2;
(2) separate from service of the employer under whose
plan the aforementioned portion is attributable;
(3) die;
<PAGE>
(4) become disabled within the meaning of IRC Section
72(m)(7); or
(5) encounter financial "hardship" within the meaning of
IRC Section 403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings
credited after December 31, 1988 and, in addition any contributions
paid after December 31, 1988 to a custodial account established under
IRC Section 403(b)(7) that are not elective deferrals under a salary
reduction agreement, will not be available for distribution.
Any request for an early withdrawal due to disability or
hardship must be submitted with evidence of the disability or hardship
on forms satisfactory to CREF and not inconsistent with applicable law.
An individual shall be considered to be disabled if he or she is unable
to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or to be of long-continued and indefinite
duration.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, NEW YORK 10017
ENDORSEMENT TO ALL RETIREMENT UNIT ANNUITY CERTIFICATES, ALL SUPPLEMENTAL
RETIREMENT UNIT ANNUITY CERTIFICATES, ALL GROUP RETIREMENT UNIT ANNUITY
CERTIFICATES AND ALL ACCUMULATION UNIT DEPOSIT CERTIFICATES.
Effective at the close of business on December 31, 1986, the Accumulation Unit
value will be restated. The number of Accumulation Units credited to you will be
increased so that your Accumulation based on the new Accumulation Unit value
will be equal to your Accumulation based on the old Accumulation Unit value.
Effective on January 1, 1987, net dividend income will be reflected in the value
of each Accumulation Unit and will no longer be used to purchase additional
Accumulation Units. The Accumulation Unit value will then vary in accordance
with net dividend income, as well as capital gains and losses.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
Endorsement to Your CREF Unit-Annuity Certificate
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO RETIREMENT UNIT-ANNUITY CERTIFICATE, SUPPLEMENTAL RETIREMENT
UNIT-ANNUITY CERTIFICATE, GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE, GROUP
SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE, ROLLOVER INDIVIDUAL RETIREMENT
UNIT-ANNUITY CERTIFICATE, MINIMUM DISTRIBUTION ANNUITY CERTIFICATE AND
ACCUMULATION-UNIT DEPOSIT CERTIFICATE
This endorsement is part of your agreement with CREF, which also includes any
prior endorsements. The purpose of an endorsement is to make changes to the
provisions of your certificate. Please read this endorsement, then attach it to
your certificate.
The Accounts provision is modified by adding the Growth and Equity Index
Accounts, available as of July 1, 1994, as follows:
Accounts. CREF maintains the following seven investment Accounts, each
with its own distinct investment portfolio:
The CREF Stock Account maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF Money Market Account maintains a portfolio consisting
primarily of short-term debt securities and money market instruments.
The CREF Bond Market Account maintains a portfolio consisting primarily
of investment grade fixed income securities.
The CREF Social Choice Account maintains a portfolio consisting
primarily of common stocks, investment grade fixed income securities,
and short-term debt securities.
The CREF Global Equities Account maintains a broadly diversified
portfolio consisting primarily of foreign and domestic common stocks.
The CREF Growth Account maintains a portfolio consisting primarily of
common stocks that present the opportunity for exceptional growth.
The CREF Equity Index Account maintains a portfolio consisting
primarily of domestic stocks selected to track the overall U.S. stock
market.
In the future, CREF may establish other Accounts with other investment
portfolios.
/s/John H. Biggs
-------------
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF ACCOUNTS
ACCOUNTS. CREF maintains the following four investment Accounts, each with its
own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio consisting
primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting primarily of
short-term debt securities.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting primarily of
investment grade bonds.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting primarily of
common stocks, investment grade bonds, and short-term debt securities.
In the future, CREF may establish other Accounts with other investment
portfolios.
TERMS USED IN THIS CERTIFICATE
ACCUMULATION UNITS. Each CREF Account maintains a separate Accumulation Unit
value.
ANNUITY UNITS. The CREF Stock, CREF Money Market, and CREF Social Choice
Accounts each maintain separate Annuity Units. All CREF Annuity Income Options
and Methods of Payment of the Death Benefit are available from these Accounts.
For Accumulation Units purchased by premiums remitted on your behalf under a
Retirement Plan, your right to choose a Unit-Annuity Income Option from the CREF
Social Choice Account may be limited in accordance with your Employer's
Retirement Plan.
A VALUATION DAY is a day on which the dollar values of the Accumulation Units in
the CREF Accounts are established. The procedure for determining Valuation Days
is contained in the Rules of the Fund.
A BUSINESS DAY is any day that the New York Stock Exchange is open for trading.
A Business Day ends at 4:00 p.m. New York time, or, if earlier, the time trading
on the New York Stock Exchange closes for that day.
<PAGE>
A FUNDING VEHICLE is an annuity or an investment fund established to provide
retirement benefits from monies remitted under a Retirement Plan.
A TRANSFER is the use of the value of some or all of your Accumulation Units to
purchase fixed-dollar benefits under a TIAA annuity contract, to purchase
Accumulation Units in another CREF Account, or to purchase benefits through
another Funding Vehicle. The conditions applying to Transfers are set forth
below.
ALLOCATION OF PREMIUMS
You may allocate any whole number percentage of a premium to a CREF Account.
CREF will credit your premiums among the Accounts according to the most recent
instructions CREF has received from you. For premiums remitted on your behalf as
part of a Retirement Plan, your right to allocate such premiums to the CREF Bond
Market Account, to the CREF Social Choice Account, and to any future CREF
Account may be limited in accordance with your Employer's Retirement Plan.
TRANSFERS
You may Transfer some or all of your Accumulation Units from a CREF Account (a)
to purchase Accumulation Units in one of the other CREF Accounts, (b) to
purchase a TIAA fixed-dollar annuity, or (c) to Transfer to a Funding Vehicle
not offered by CREF or TIAA.
Your request for a Transfer must be made before the Annuity Starting Date and is
subject to the following conditions:
(A) the Transfer will take effect and all values will be determined as of
the end of the Business Day in which CREF receives your request for
Transfer, or, if you choose, the last day of the current month or of a
specified future month;
(B) the request for a Transfer cannot be revoked after the effective date
of such Transfer;
(C) if less than the full Accumulation in an Account is being Transferred,
the amount Transferred must be at least $1,000; and
(D) for a Transfer to a TIAA fixed-dollar annuity, you will have the same
rights under the TIAA contract as any person then being issued a
similar contract, except that there will be no temporary right to
cancel.
The number of your Accumulation Units will be reduced by the number of units
Transferred.
CREF reserves the right to limit Transfers to not more than twice in any
calendar year.
For Accumulation Units purchased by premiums remitted on your behalf under a
Retirement Plan, your right to Transfer to the CREF Bond Market Account, to the
CREF Social Choice Account, to any future CREF Account, and/or to a Funding
Vehicle not offered by CREF or TIAA, may be limited in accordance your
Employer's Retirement Plan.
<PAGE>
LUMP-SUM BENEFITS
After Termination of Employment, you may choose to receive a LUMP-SUM BENEFIT
from some or all of a specified Account's Accumulation Units. For Accumulation
Units purchased by premiums remitted on your behalf under a Retirement Plan,
your right to a Lump-sum Benefit may be limited in accordance with your
Employer's Retirement Plan. Your request for a Lump-sum Benefit must be made
before the Annuity Starting Date, and is subject to the following conditions:
(A) all values will be determined as of the end of the Business Day in
which CREF has received:
(1) your request for a Lump-sum Benefit;
(2) verification of Termination of Employment; and
(3) all premiums to be paid to your certificate under your Retirement
Plan;
or, if you choose, the last day of the then-current month or of a
specified future month;
(B) the request for a Lump-sum Benefit cannot be revoked after the
effective date of such Lump-sum Benefit; and
(C) if the Lump-sum Benefit is less than the full Accumulation in an
Account, the Lump-sum Benefit must be at least $1,000.
CREF'S RIGHT TO SPLIT YOUR CERTIFICATE
If your right to a Lump-sum Benefit, a Unit-Annuity for a Fixed Period, or a
Transfer does not apply uniformly to all your Accumulation Units, CREF reserves
the right to split your certificate into two or more CREF certificates. A
Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and certain Transfers may
not be available to you until CREF has split your certificate.
PARTICIPANT INSTRUCTIONS
CREF will specify the acceptable form of instructions for requesting a Transfer,
a Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and the Allocation of
Premiums. CREF may reasonably rely on your instructions, where properly given,
for a Transfer, a Lump-sum Benefit, a Unit-Annuity for a Fixed Period, and the
Allocation of premiums.
DELETION OF A CREF ACCOUNT OR A UNIT-ANNUITY
CREF may delete the CREF Bond Market Account, the CREF Social Choice Account,
and any future Account. Also, CREF may stop providing Unit-Annuities in the CREF
Social Choice Account or in any future Account.
ACCUMULATION. If you have Accumulation Units in a CREF Account that is
deleted, you must transfer them to another CREF Account. If you do not make
a choice, CREF will transfer the Accumulation Units in such Account to the
CREF Money Market Account.
UNIT-ANNUITY. If a CREF Account is deleted or if a CREF Account stops
providing Unit-Annuities, any Annuity Units in such Account must be
converted to a Unit-Annuity in any other CREF Account that maintains
Annuity Units. If no choice is made, any Unit-Annuity in the Account will
be converted to a Unit-Annuity in the CREF Money Market Account. All
elections and choices made in connection with an Income Option or a Method
of Payment of the Death Benefit and in effect as of the date of conversion
will remain in effect. The number of Annuity Units in the Account to which
the Unit-Annuity is converted will be determined in accordance with the
Rules of the Fund.
<PAGE>
OVERPAYMENTS OF PREMIUMS
Any payments of premiums by the Employer in excess of those required by the
Retirement Plan made in error, will be refunded to the Employer if requested in
writing by the Employer prior to the Annuity Starting Date, subject, however, to
prior Transfers or Lump-sum Benefits made from such funds. CREF is entitled to
rely on information provided by the Employer. The Employer shall indemnify CREF
and hold CREF harmless for any action taken in reliance on such request.
COMPLIANCE WITH LAWS AND REGULATIONS
CREF will administer this certificate to comply with all laws and regulations
pertaining to the terms and conditions of this certificate. If this certificate
conflicts with any applicable law or regulation, such law or regulation will
prevail.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
ENDORSEMENT TO RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement adds the following provision to your Retirement Unit-Annuity
Certificate:
Once each calendar year a transfer will be made from your Retirement
Unit-Annuity Certificate and applied as Consideration for your Minimum
Distribution Annuity Certificate. The amount of the transfer will be the
Accumulation in this Retirement Unit-Annuity Certificate as of December 31 of
the previous calendar year, adjusted for any subsequent transfers to or from
such Certificate, but not to exceed the total Accumulation on the date of the
transfer. If the total Accumulation is less than $25, the total Accumulation
will be transferred. The transfer will be made on a prorata basis from all the
CREF Accounts as of the date of the transfer, and will be allocated to the
corresponding CREF Accounts under your Minimum Distribution Annuity Certificate.
CREF will notify you when the Accumulation has been transferred.
This endorsement does not change any other rights or obligations you may have
under your Retirement Unit-Annuity Certificate.
Retirement Unit-Annuity Certificate Number: DA0000-0
Minimum Distribution Annuity Certificate Number: DA00000-1
Effective Date of this Endorsement: December 1, 1991
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
ENDORSEMENT TO SUPPLEMENTAL RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement adds the following provision to your Supplemental Retirement
Unit-Annuity Certificate:
Once each calendar year a transfer will be made from your Supplemental
Retirement Unit-Annuity Certificate and applied as Consideration for your
Minimum Distribution Annuity Certificate. The amount of the transfer will be the
Accumulation in this Supplemental Retirement Unit-Annuity Certificate as of
December 31 of the previous calendar year, adjusted for any subsequent transfers
to or from such Certificate, but not to exceed the total Accumulation on the
date of the transfer. If the total Accumulation is less than $25, the total
Accumulation will be transferred. The transfer will be made on a prorata basis
from all the CREF Accounts as of the date of the transfer, and will be allocated
to the corresponding CREF Accounts under your Minimum Distribution Annuity
Certificate. CREF will notify you when the Accumulation has been transferred.
This endorsement does not change any other rights or obligations you may have
under your Supplemental Retirement Unit-Annuity Certificate.
Supplemental Retirement Unit-Annuity Certificate Number: DA0000-0
Minimum Distribution Annuity Certificate Number: DA00000-1
Effective Date of this Endorsement: December 1, 1991
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
ENDORSEMENT TO GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement adds the following provision to your Group Retirement
Unit-Annuity Certificate:
Once each calendar year a transfer will be made from your Group Retirement
Unit-Annuity Certificate and applied as Consideration for your Minimum
Distribution Annuity Certificate. The amount of the transfer will be the
Accumulation in this Group Retirement Unit-Annuity Certificate as of December 31
of the previous calendar year, adjusted for any subsequent transfers to or from
such Certificate, but not to exceed the total Accumulation on the date of the
transfer. If the total Accumulation is less than $25, the total Accumulation
will be transferred. The transfer will be made on a prorata basis from all the
CREF Accounts as of the date of the transfer, and will be allocated to the
corresponding CREF Accounts under your Minimum Distribution Annuity Certificate.
CREF will notify you when the Accumulation has been transferred.
This endorsement does not change any other rights or obligations you may have
under your Group Retirement Unit-Annuity Certificate.
Group Retirement Unit-Annuity Certificate Number: DA0000-0
Minimum Distribution Annuity Certificate Number: DA00000-1
Effective Date of this Endorsement: December 1, 1991
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 Third Avenue, New York, NY 10017-3206
ENDORSEMENT TO GROUP SUPPLEMENTAL RETIREMENT UNIT-ANNUITY
CERTIFICATE
This endorsement adds the following provision to your Group Supplemental
Retirement Unit-Annuity Certificate:
Once each calendar year a transfer will be made from your Group Supplemental
Retirement Unit-Annuity Certificate and applied as Consideration for your
Minimum Distribution Annuity Certificate. The amount of the transfer will be the
Accumulation in this Group Supplemental Retirement Unit-Annuity Certificate as
of December 31 of the previous calendar year, adjusted for any subsequent
transfers to or from such Certificate, but not to exceed the total Accumulation
on the date of the transfer. If the total Accumulation is less than $25, the
total Accumulation will be transferred. The transfer will be made on a prorata
basis from all the CREF Accounts as of the date of the transfer, and will be
allocated to the corresponding CREF Accounts under your Minimum Distribution
Annuity Certificate. CREF will notify you when the Accumulation has been
transferred.
This endorsement does not change any other rights or obligations you may have
under your Group Supplemental Retirement Unit-Annuity Certificate.
Group Retirement Unit-Annuity Certificate Number: DA0000-0
Minimum Distribution Annuity Certificate Number: DA00000-1
Effective Date of this Endorsement: December 1, 1991
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE, NEW YORK, N.Y. 10017-3206
1 800 842-2733
ENDORSEMENT TO YOUR CREF UNIT-ANNUITY CERTIFICATE
Added to all Life Unit-Annuity, Life Unit-Annuity with Minimum Guaranteed
Period, Last Survivor Life Unit-Annuity, Last Survivor Life Unit-Annuity with
Minimum Guaranteed Period, Joint and Survivor Life Unit-Annuity, Joint and
Survivor Life Unit-Annuity with Minimum Guaranteed Period, and Unit-Annuity
Certain certificates.
Effective Date: [ March 31, 1996, or issue date of new CREF
certificate (if later)]
This document, called an "endorsement," changes some of the provisions
of your CREF unit-annuity certificate and becomes part of it. IT DOES NOT TAKE
AWAY ANY OF THE RIGHTS ESTABLISHED UNDER YOUR CURRENT CERTIFICATE. It is
important that you read the endorsement, and attach it to your current
certificate.
In this endorsement "you" refers to the participant or after the
participant's death to the second participant, if any, or to a beneficiary
receiving payments after the death of the participant and any second
participant.
CREF now offers you the option of transferring some or all of the
Annuity Units payable from any Account under your CREF unit-annuity certificate
to any of the other CREF Accounts in order to receive future benefits from that
Account. In addition, you may transfer some or all of the Annuity Units payable
under your CREF unit-annuity certificate to a comparable annuity payable from
TIAA. Contracts are comparable if they have the same annuity option, remaining
guaranteed period (if any), first annuitant (or participant), and second
annuitant (or participant) if any. Teachers Insurance and Annuity Association
(TIAA) is a companion company of CREF.
A PROVISION ON TRANSFERS IS ADDED TO YOUR CERTIFICATE:
TRANSFERS. You may transfer some or all of the Annuity Units payable under your
CREF certificate from one CREF Account to another CREF Account then offering
unit-annuities, or to a comparable TIAA fixed-dollar or Real Estate Account
contract. You cannot transfer out of a TIAA fixed-dollar annuity contract so any
transfers you make to TIAA fixed-dollar annuity contract must remain in that
contract. Transfers to the Real Estate Account, however, may subsequently be
transferred out of the Real Estate Account. We may limit, in accordance with the
Rules of the Fund, your right to transfer to a CREF Account which is added after
March 31, 1996.
If you are receiving unit-annuity payments from a comparable TIAA Real
Estate Account unit-annuity contract, you can (subject to its provisions)
transfer annuity units from that certificate to your CREF unit-annuity
certificate.
Contracts are comparable if they have the same annuity option,
remaining guaranteed period (if any), first annuitant (or participant), and
second annuitant (or participant) if any.
All transfers will be effective on March 31. CREF must receive, in an
acceptable form, your request for a transfer on or before the end of the last
Business Day in March in order for the transfer to be effective on March 31. You
cannot revoke a transfer after its effective date.
The number of Annuity Units payable from an Account under your CREF
unit-annuity certificate will be reduced by the number of Annuity Units you
transfer out of that Account. The number of Annuity Units payable from an
Account under your CREF unit-annuity certificate will be increased, in
accordance with the Rules of the Fund, by any transfers you make to that
Account.
<PAGE>
ENDORSEMENT TO YOUR CREF UNIT-ANNUITY CERTIFICATE
Any unit-annuity payment due on the day after a transfer (April 1)
will be made based on the number of Annuity Units payable in each Account prior
to the transfer. Unit-annuity payments due on and after the following May 1 will
be made based on the number of Annuity Units in each Account after the transfer.
TWO PROVISIONS ON THE CREF ACCOUNtS ARE ADDED TO YOUR CERTIFICATE:
ACCOUNTS. CREF maintains the following seven investment Accounts, each with
its own distinct investment portfolio:
The CREF STOCK ACCOUNT maintains a broadly diversified portfolio
consisting primarily of common stocks.
The CREF MONEY MARKET ACCOUNT maintains a portfolio consisting
primarily of short-term debt securities and money market
instruments.
The CREF BOND MARKET ACCOUNT maintains a portfolio consisting
primarily of investment grade fixed income securities.
The CREF SOCIAL CHOICE ACCOUNT maintains a portfolio consisting
primarily of common stocks, investment grade fixed income
securities, and short-term debt securities.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified
portfolio consisting primarily of foreign and domestic common
stocks.
The CREF GROWTH ACCOUNT maintains a portfolio consisting primarily
of common stocks that we believe present the opportunity for
exceptional growth.
The CREF EQUITY INDEX ACCOUNT maintains a portfolio consisting
primarily of domestic stocks selected to track the overall U.S.
stock market.
In the future, CREF may establish other Accounts with other investment
portfolios.
DELETION OF A CREF ACCOUNT OR UNIT-ANNUITIES FROM AN ACCOUNT. CREF can
delete or stop providing unit-annuities in any Account, including any future
Accounts, except the Stock Account and the Money Market Account. If an
Account in which you hold Annuity Units is deleted or stops providing
unit-annuities, you'll have to transfer your Annuity Units to another CREF
Account or to TIAA as described above. If you don't tell us which Account
you want to transfer your Annuity Units to, we'll move them to the CREF
Money Market Account.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
IF YOU HAVE ANY QUESTIONS ABOUT YOUR CERTIFICATE OR NEED HELP TO RESOLVE A
PROBLEM, YOU CAN CONTACT US AT THE ADDRESS OR PHONE NUMBER ON THE OPPOSITE SIDE.
ENDORSEMENT TO YOUR CREF GROUP
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017-3206
ENDORSEMENT TO CREF GROUP RETIREMENT UNIT-ANNUITY CERTIFICATE
This endorsement is part of your agreement with CREF. The purpose of an
endorsement is to make changes to the provisions of your certificate. Please
read this endorsement in conjunction with your certificate.
The following is added to the ACCOUNTS provision:
CREF maintains, in addition to its other investment Accounts, the
Global Equities Account. This Account maintains separate Accumulation
Unit and Annuity Unit values. Your right to allocate premiums or
Transfer funds to this Account may be limited under the terms of your
Employer's Retirement Plan.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly
diversified investment portfolio consisting primarily of
foreign and domestic common stocks.
DELETION OF A CREF ACCOUNT OR A UNIT-ANNUITY. CREF may delete the CREF
Bond Market Account, the CREF Social Choice Account, the CREF Global
Equities Account, and any future Account. Also, CREF may stop providing
Unit-Annuities in the CREF Social Choice Account, the CREF Global
Equities Account or in any future Account.
ACCUMULATION. If you have Accumulation Units in a CREF Account
that is deleted, you must transfer them to another CREF
Account. If you do not make a choice, CREF will transfer your
Accumulation in such Account to the CREF Money Market Account.
UNIT-ANNUITY. If a CREF Account is deleted or if a CREF
Account stops providing Unit-Annuities, any Annuity Units in
such Account must be converted to a Unit-Annuity in any other
CREF Account that maintains Annuity Units. If no choice is
made, any Unit-Annuity in the Account will be converted to a
Unit-Annuity in the CREF Money Market Account. All elections
and choices made in connection with an Income Option or a
Method of Payment of the Death Benefit and in effect as of the
date of conversion will remain in effect. The number of
Annuity Units in the Account to which the Unit-Annuity is
converted will be determined in accordance with the Rules of
the Fund.
- --------------------------------------------------------------------------------
<PAGE>
ENDORSEMENT TO YOUR CREF GROUP
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The ANNUITY STARTING DATE provision is modified by the following:
You may not start annuity benefits any earlier than the earliest date
allowed under your Employer's Retirement Plan, nor any later than the
April first following the calendar year in which you reach age 70 1/2.
You may change your Annuity Starting Date at any time, as long as the
new date satisfies the preceding conditions and conforms to the terms
of your certificate.
The following is added to the ANNUITY UNITS provision:
The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF
Annuity Income Options and Methods of Payment of the Death Benefit are
available from these Accounts. Your right to choose an Income Option
from the CREF Social Choice or CREF Global Equities Accounts or any
future Account may be limited under the terms of your Employer's
Retirement Plan.
A new option is added to the INCOME OPTIONS provision:
MINIMUM DISTRIBUTION ANNUITY. This Income Option is designed to enable
you to meet the minimum distribution requirements under federal tax
law. A payment will be made to you each year until your Accumulation is
entirely paid out, or until your prior death. If required to meet the
minimum distribution requirements, an initial payment will be made on
the Annuity Starting Date, generally on or before the April 1 following
the calendar year in which you reach age 70 1/2. This option may not
provide a lifetime income in all situations.
If you die before the Accumulation has been entirely paid out,
a death benefit equal to the remaining Accumulation will be paid to the
Beneficiary you name when electing this option.
This option is only available when you must begin receiving
income in order to avoid penalties under federal tax law.
The UNIT-ANNUITY FOR A FIXED PERIOD portion of the INCOME OPTIONS provision is
replaced with the following:
UNIT-ANNUITY FOR A FIXED PERIOD. A payment will be made to you each
month for a fixed period of not less than two nor more than thirty
years, as chosen. At the end of the period chosen, no further payments
will be made. If you die before the end of the period chosen, the
monthly payments will continue to the end of that period, as explained
in your certificate. A Unit-Annuity for a Fixed Period is subject to
the terms set forth in your certificate for the other types of
Unit-Annuities. Your Employer's Retirement Plan may limit your right to
receive a Unit-Annuity for a Fixed Period.
- --------------------------------------------------------------------------------
<PAGE>
ENDORSEMENT TO YOUR CREF GROUP
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
The term TERMINATION OF EMPLOYMENT is replaced with the following:
TERMINATION OF EMPLOYMENT IS a bona fide cessation of an employment
relationship with your Employer. Dissolution or modification of the
Retirement Plan; changes in the name or affiliation of your Employer;
leaves of absence, with or without pay; vacations; or other events not
in fact a termination of employment will not be considered a
Termination of Employment.
A new method is added to the METHODS OF PAYMENT of the DEATH BENEFIT provision:
MINIMUM DISTRIBUTION ANNUITY. This Method of Payment is designed to
enable your Beneficiary to meet the minimum distribution requirements
under federal tax law. A payment will be made for each year that a
distribution is required until your Accumulation is entirely paid out,
or until the prior death of your Beneficiary. This method may not
provide a lifetime income in all situations.
If your Beneficiary dies before your Accumulation has been
entirely paid out, the remaining accumulation will be paid in one sum
to the payee named to receive it.
The LUMP-SUM BENEFITS provision is replaced with the following:
1. AVAILABILITY OF LUMP-SUM BENEFITS. On or before the Annuity
Starting Date you may choose to withdraw, as a Lump-sum
Benefit, all or part of a specified Account's Accumulation
Units. Your Employer's Retirement Plan may limit your right to
a Lump-sum Benefit. Any choice of Lump-sum Benefit must be
made by written notice to CREF.
If you are married and your Accumulation is subject
to ERISA, your right to receive a Lump-sum Benefit is subject
to the rights of your spouse as described in your certificate.
Federal tax law may restrict distributions before age
59 1/2, as described in the Restrictions of Distributions of
Accumulation Arising from Elective Deferrals provision below.
2. PAYMENT OF THE LUMP-SUM BENEFIT. If you choose the Lump-sum
Benefit, the minimum amount you may withdraw as a Lump-sum
Benefit from a CREF Account is $1,000, or, if less, the value
of all Accumulation Units in an Account. All values will be
determined as of the end of the Business Day in which CREF has
received, in a form acceptable to CREF:
A) your request for a Lump-sum Benefit;
B) verification of your eligibility for a Lump-sum
Benefit; and
C) if your Accumulation is subject to the ERISA
requirements described in your certificate, a Waiver
of Spouse's Rights and consent to that waiver by your
spouse, or proof that you are not married.
- --------------------------------------------------------------------------------
<PAGE>
ENDORSEMENT TO YOUR CREF GROUP
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
You may choose to defer the effective date of the
Lump-sum Benefit until the last day of any month following the
date on which we receive the above requirements, and all
values will be determined as of the end of such effective
date.
The request for a Lump-sum Benefit cannot be revoked
after the effective date of such Lump-sum Benefit.
If all of your Accumulation Units under this
certificate are withdrawn as a Lump-sum Benefit, all
obligations of CREF to you under this certificate are
fulfilled.
The portion of the TRANSFER provision relating to frequency of transfers is
modified to read as follows:
CREF may limit Transfers from each Account to not more than one in each
calendar quarter.
The following GENERAL PROVISION is added:
RESTRICTIONS ON DISTRIBUTION OF ACCUMULATION ARISING FROM ELECTIVE
DEFERRALS. This certificate may be used as part of a tax-deferred
annuity plan as specified under IRC Section 403(b). IRC Section 403(b)
prohibits the distribution, in accordance with the provisions of the
contract, to you of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this
certificate from a custodial account
established under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC
Section 403(b)(1) annuity contract as elective
deferrals under a salary reduction agreement (within
the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B)
determined as of December 31, 1988;
until you:
(1) reach age 59 1/2;
(2) separate from service of the employer under whose
plan the aforementioned portion is attributable;
(3) die;
(4) become disabled within the meaning of IRC Section
72(m)(7); or
(5) encounter financial "hardship" within the meaning of
IRC Section 403(b).
In the case of hardship, IRC Section 403(b) requires that any earnings
credited after December 31, 1988 and, in addition any contributions
paid after December 31, 1988 to
- --------------------------------------------------------------------------------
<PAGE>
ENDORSEMENT TO YOUR CREF GROUP
RETIREMENT UNIT-ANNUITY CERTIFICATE
- --------------------------------------------------------------------------------
a custodial account established under IRC Section 403(b)(7) that are
not elective deferrals under a salary reduction agreement, will not be
available for distribution.
Any request for an early withdrawal due to disability or
hardship must be submitted with evidence of the disability or hardship
on forms satisfactory to CREF and not inconsistent with applicable law.
An individual shall be considered to be disabled if he or she is unable
to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or to be of long-continued and indefinite
duration.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
- --------------------------------------------------------------------------------
<PAGE>
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF ROLLOVER INDIVIDUAL RETIREMENT UNIT-ANNUITY CERTIFICATE
Effective date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other
investment Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified
investment portfolio consisting primarily of foreign and domestic
common stocks. This Account maintains separate Accumulation Unit and
Annuity Unit values. All CREF Annuity Income Options and Methods of
Payment of the Death Benefit are available from the Global Equities
Account. CREF may delete the Global Equities Account or stop providing
Unit-Annuities in the Global Equities Account.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF MINIMUM DISTRIBUTION ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other
investment Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All
CREF Annuity Income Options and Methods of Payment of the Death Benefit are
available from the Global Equities Account. The Rules of the Fund may limit
your right to allocate Considerations to this Account, Transfer funds to
this Account, or choose an Income Option from this Account. CREF may delete
the Global Equities Account or stop providing Unit-Annuities in the Global
Equities Account.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
Endorsement to CREF Minimum Distribution Annuity Certificate
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF Global Equities Account maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. The Rules
of the Fund may limit your right to allocate Considerations or Transfer funds to
this Account.
TERMS USED IN THIS CERTIFICATE
Annuity Units. An Annuity Unit is the unit of payment for all Unit-Annuity
benefits. The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF Unit-Annuity
Income Options and Methods of Payment of the Death Benefit are available from
these Accounts. For Accumulation Units purchased by Considerations remitted on
your behalf under a Retirement Plan, your right to choose a Unit-Annuity Income
Option from the CREF Social Choice Account or CREF Global Equities Account or
any future Account may be limited in accordance with the Rules of the Fund. The
current value of an Annuity Unit will change from time to time to reflect
changes in CREF's investment, mortality, and expense experience. The dollar
value of any Unit-Annuity payment will be the product of the number of Annuity
Units to be paid and the then-current value of an Annuity Unit.
DELETION OF A CREF ACCOUNT OR A UNIT-ANNUITY
CREF may delete the CREF Bond Market Account, the CREF Social Choice Account,
the CREF Global Equities Account, and any future Account. Also, CREF may stop
providing Unit-Annuities in the CREF Social Choice Account, the CREF Global
Equities Account or in any future Account.
Accumulation. If you have Accumulation Units in a CREF Account that is
deleted, you must transfer them to another CREF Account. If you do not
make a choice, CREF will transfer your Accumulation in such Account to the
CREF Money Market Account.
Unit-Annuity. If a CREF Account is deleted or if a CREF Account stops
providing Unit-Annuities, any Annuity Units in such Account must be
converted to a Unit-Annuity in any other CREF Account that maintains
Annuity Units. If no choice is made, any Unit-Annuity in the Account will
be converted to a Unit-Annuity in the CREF Money Market Account. All
elections and choices made in connection with an Income Option or a Method
of Payment of the Death Benefit and in effect as of the date of conversion
will remain in effect. The number of Annuity Units in the Account to which
the Unit-Annuity is converted will be determined in accordance with the
Rules of the Fund.
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF MINIMUM DISTRIBUTION ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other
investment Accounts, the Global Equities Account.
The CREF GLOBAL EQUITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values. All
CREF Annuity Income Options and Methods of Payment of the Death Benefit are
available from the Global Equities Account. CREF may delete the Global
Equities Account or stop providing Unit-Annuities in the Global Equities
Account.
/s/John H. Biggs
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
<PAGE>
RESTRICTIONS ON DISTRIBUTION
OF ACCUMULATION ARISING FROM ELECTIVE DEFERRALS
This certificate may be used as part of a tax-deferred annuity plan as
specified under IRC Section 403(b). IRC Section 403(b) prohibits the
distribution to you of the portion, if any, of your Accumulation equal to:
A) amounts attributable to funds transferred to this
certificate from a custodial account established
under IRC Section 403(b)(7); plus
B) amounts attributable to premiums paid to an IRC
Section 403(b)(1) annuity contract as elective
deferrals under a salary reduction agreement (within
the meaning of IRC Section 403(b)(11)); less
C) the value, if any, of the amounts described in (B)
determined as of December 31, 1988; until you:
(1) attain age 59 1/2;
(2) separate from service of the employer under whose
plan the aforementioned portion is attributable; (3)
die; or
(4) become disabled within the meaning of IRC Section
72(m)(7).
Any request for an early withdrawal due to disability must be submitted with
evidence of the disability on forms satisfactory to CREF and not inconsistent
with applicable law.
/s/
----------------
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF MINIMUM DISTRIBUTION ANNUITY CERTIFICATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF Global Equities Account maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values.
TERMS USED IN THIS CERTIFICATE
Annuity Units. An Annuity Unit is the unit of payment for all Unit-Annuity
benefits. The CREF Stock, CREF Money Market, CREF Social Choice, and CREF Global
Equities Accounts each maintain separate Annuity Units. All CREF Unit-Annuity
Income Options and Methods of Payment of the Death Benefit are available from
these Accounts. The current value of an Annuity Unit will change from time to
time to reflect changes in CREF's investment, mortality, and expense experience.
The dollar value of any Unit-Annuity payment will be the product of the number
of Annuity Units to be paid and the then-current value of an Annuity Unit.
DELETION OF A CREF ACCOUNT OR A UNIT-ANNUITY
CREF may delete the CREF Bond Market Account, the CREF Social Choice Account,
the CREF Global Equities Account, and any future Account. Also, CREF may stop
providing Unit-Annuities in the CREF Social Choice Account, the CREF Global
Equities Account or in any future Account.
Accumulation. If you have Accumulation Units in a CREF Account that is deleted,
you must transfer them to another CREF Account. If you do not make a choice,
CREF will transfer your Accumulation in such Account to the CREF Money Market
Account.
Unit-Annuity. If a CREF Account is deleted or if a CREF Account stops
providing Unit-Annuities, any Annuity Units in such Account must be
converted to a Unit-Annuity in any other CREF Account that maintains
Annuity Units. If no choice is made, any Unit-Annuity in the Account will
be converted to a Unit-Annuity in the CREF Money Market Account. All
elections and choices made in connection with an Income Option or a Method
of Payment of the Death Benefit and in effect as of the date of conversion
will remain in effect. The number of Annuity Units in the Account to which
the Unit-Annuity is converted will be determined in accordance with the
Rules of the Fund.
Chairman and
Chief Executive Officer
COLLEGE RETIREMENT EQUITIES FUND
(CREF)
730 Third Avenue, New York, New York 10017
ENDORSEMENT TO CREF UNIT-ANNUITY CERTIELCATE
Effective Date: July 1, 1992
This endorsement adds the following to the corresponding provisions of your
certificate and/or adds the following provisions to your certificate. This
endorsement is to be read in conjunction with your certificate.
CREF GLOBAL EQUITIES ACCOUNT
As of the effective date, CREF maintains, in addition to its other investment
Accounts, the Global Equities Account.
The CREF GLOBAL EQLOITIES ACCOUNT maintains a broadly diversified investment
portfolio consisting primarily of foreign and domestic common stocks. This
Account maintains separate Accumulation Unit and Annuity Unit values.
DELETION OF A UNIT-ANNUITY
CREF may stop providing Unit-Annuities in the CREF Social Choice Account, CREF
Global Equities Account or in any future Account. If a CREF Account stops
providing Unit-Annuities, any Annuity Units in such Account must be converted to
a Unit-Annuity in any other CREF Account that maintains Annuity Units. If no
choice is made, any Unit-Annuity in the Account will be converted to a
Unit-Annuity in the CREF Money Market Account. All elections and choices made in
connection with an Income Option or a Method of Payment of the Death Benefit and
in effect as of the date of conversion will remain in effect. The number of
Annuity Units in the Account to which the Unit-Annuity is converted will be
determined in accordance with the Rules of the Fund.
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
File: FLRAE.TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(FLA.) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each contract at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the application. A spouse's consent will not be valid with respect
to any different spouse you may have in the future.
<PAGE>
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of your CREF or TIAA Real Estate accumulations.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit. Your spouse cannot revoke consent once it has been given. Any
survivor benefits payable before annuity income payments begin will be paid to
the beneficiary(ies) you named. (Your spouse's signature must be witnessed by
your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard RA (ERISA) 9/97 FLA.
Application for TIAA and CREF Retirement Annuity Contracts
Please type or print in ink and provide all information requested. A
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals, but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles. CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed) With this consent I am voluntarily and
irrevocably giving up my right to a qualified preretirement survivor death
benefit under ERISA. I recognize that any preretirement death benefit payable
under these contracts will be paid to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.34.3E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree. (C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: CARAE.TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition (CA) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
<PAGE>
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued
in California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each contract at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the application. A spouse's consent will not be valid with respect
to any different spouse you may have in the future.
<PAGE>
4. note:
The TIAA Traditional Annuity does not provide any cash
surrender value. However, you may transfer all or part of your TIAA Traditional
Annuity accumulation to CREF in substantially equal annual amounts over a
ten-year period. Also, if permitted by your employer's plan, you may receive a
full or partial cash withdrawal of your CREF accumulations.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual &
Institutional Services. Standard RA (ERISA) 9/97 CA Application for TIAA and
CREF Retirement Annuity Contracts Please type or print in ink and provide all
information requested. A
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals, but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles. CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
<PAGE>
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.34.3E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (ERISA) 9/97 CA
<PAGE>
File: CARAE.TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA)
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE APPLICATION
1. PERSONAL INFORMATION
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you
provide the Existing Contracts information in this section.
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%. NOTE: In the future,
CREF may restrict transfers from any of the CREF accounts to one per calendar
quarter.
YOU CAN CHANGE YOUR ALLOCATION OF FUTURE PREMIUMS ANYTIME. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your application, any premiums will go
to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives the entire accumulation.
If you leave a spouse, he or she will receive 50% of the value of your
accumulation under each contract; the remainder will be paid to your estate. If
you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
NOTICE OF SPOUSE'S RIGHT TO ANNUITY DEATH BENEFITS Your employer's retirement
plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Under ERISA, your surviving spouse has a right to an annuity worth 50% of the
value of your accumulation under each contract at your date of death, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefits, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
4. NOTE:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of your CREF accumulations.
5. WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by
naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
<PAGE>
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services.
Standard RA (ERISA) 9/97
Application for TIAA and CREF Retirement Annuity Contracts
Please type or print in ink and provide all information requested.
A
1. PERSONAL INFORMATION
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
EXISTING CONTRACTS Will these annuity contracts replace an existing annuity
from another company? n Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. YOUR PREMIUM ALLOCATION
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% N/A % % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies)
Relationship to You Date of Birth Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
4.
You cannot assign or take loans from these contracts. Distributions before age
591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals, but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts. Under ERISA, each
contract gives your spouse the right to an annuity worth 50% of the value of
your accumulations at the date of your death. Your spouse must consent below to
any beneficiary designation that doesn't meet this requirement. I have read and
understood all provisions of this application. I have received a current CREF
prospectus and a current Real Estate Account prospectus. Signed Date
5. CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you have waived your spouse's right to a preretirement survivor death
benefit under ERISA by naming other primary beneficiaries for more than 50% of
any death benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code 10.34.3E (10/95)
CA (C) 1997 Teachers Insurance and Annuity Association o
College Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (ERISA) 9/97 CA
File: RA(N).TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of your CREF or TIAA Real Estate accumulations. CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard RA (Non-ERISA) 9/97
Application for TIAA and CREF Retirement Annuity Contracts (FOR PLANS NOT
COVERED BY ERISA)
<PAGE>
Please type or print in ink and provide all information requested. B
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of . 2.
Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This application is for contracts issued under a retirement plan not covered
by the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
application. I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.34.3N (10/95)
<PAGE>
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (Non-ERISA) 9/97
<PAGE>
File: FLRAN.TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(FLA.) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation You
can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and Money
Market accounts, and to any of the other TIAA and CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of your CREF or TIAA Real Estate accumulations. CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard RA (Non-ERISA) 9/97 FLA.
Application for TIAA and CREF Retirement Annuity Contracts (FOR PLANS NOT
COVERED BY ERISA)
Please type or
print in ink and provide all information requested. B
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
<PAGE>
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This application is for contracts issued under a retirement plan not covered
by the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
application. I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.34.3N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (Non-ERISA) 9/97 FLA.
<PAGE>
File: RA(N).TXT
APPLICATION
FOR TIAA-CREF
RETIREMENT ANNUITY CONTRACTS
FOR PLANS NOT COVERED BY ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the application
<PAGE>
1. PERSONAL INFORMATION
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you
provide the Existing Contracts information in this section.
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF
Stock and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to any
account (other than the TIAA Traditional Annuity) please read the current
prospectus. Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
YOU CAN CHANGE YOUR ALLOCATION OF FUTURE PREMIUMS ANYTIME. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate. If you do not have the date
of birth and / or Social Security number for one of your beneficiaries, you can
send in this form now and forward the information to us later. The beneficiary
designations that you provide on this form will apply only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. NOTE:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of your CREF or TIAA Real Estate accumulations.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard RA (Non-ERISA) 9/97
<PAGE>
APPLICATION FOR TIAA AND CREF RETIREMENT ANNUITY CONTRACTS (FOR PLANS NOT
COVERED BY ERISA)
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION requested.
B
1. PERSONAL INFORMATION
Last Name First Middle n Mr. n Mrs. n Ms. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number
Sex Date of Birth Social Security Number Spouse's Name ( ) n M n F
Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
EXISTING CONTRACTS Will these annuity contracts replace an existing annuity
from another company? n Yes n No
From what company? Contract Number
YOUR RETIREMENT INCOME STARTING DATE The first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
4. This application is for contracts issued under a retirement plan not covered
by the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these contracts. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS APPLICATION. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
SIGNED DATE
If you would like to receive CREF's Statement of
Additional Information, which supplements the CREF prospectus, check here. n
Code 10.34.3N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any
materially false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning
any fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (Non-ERISA) 9/97
FOR PLANS COVERED BY ERISA
APPLICATION
FOR
TIAA-CREF
SUPPLEMENTAL
RETIREMENT
ANNUITY
CONTRACTS
Welcome to the TIAA-CRiF retirement system. If you have any questions or would
like additional information, please call our Enrollment Hotline toll free at 1
800 842-2888.
10/95 edition
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE APPLICATION
- --------------------------------------------------------------------------------
1. > PERSONAL INFORMATION
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you
provide the Existing Contracts information in this section.
- ---------------------------------------
2. > YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
You can change your allocation of future premiums any time. If your
allocation does not total 100%, or if we receive your premiums before we receive
your application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
- ---------------------------------------
3. > YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
Unless you tell us differently or unless state law provides otherwise, we
consider your "children" as your offspring from all your marriages, and any
persons you've adopted.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you have questions about naming your beneficiary(ies), please call us
toll free at 1 800 842-2776.
NOTICE OF SPOUSE'S RIGHT TO ANNUITY DEATH BENEFITS
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
contract at your date of death, unless your spouse consents to the designation
of another primary beneficiary. To permit someone other than your spouse to
receive more than 50% of the annuity death benefit, your spouse must sign the
consent in Section 5 of the application. A spouse's consent will not be valid
with respect to any different spouse you may have in the future.
- ---------------------------------------
4. > NOTE:
Please read all information and sign where indicated.
5. > WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by
naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF Certificates are distributed by TIAA-CREF Individual & Institutional
Services Standard SRA (ERISA) 10/95
Please detach here and keep instructions for your reference. ~~
<PAGE>
APPLICATION FOR TIAA AND CREF
SUPPLEMENTAL RETIREMENT ANNUITY CONTRACTS K
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
1. > PERSONAL INFORMATION
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth
( ) [ ] M [ ] F Mo. Day Yr.
Social Security Number Spouse's Name
Employing Institution Campus/Branch Job Title/Position
EXISTING CONTRACTS Will these annuity contracts replace an existing annuity from
another company? [ ]Yes [ ] No
From what company? Contract Number
YOUR RETIREMENT INCOME STARTING DATE
The first day of (Month) (Year) , or at the age of .
2. > YOUR PREMIUM ALLOCATION
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global Equities Growth Equity Index
Annuity Account Account Account Account Account Account Account Account
% % % % % % % % % = 100%
</TABLE>
3. > YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. > You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS APPLICATION. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
Signed Date
5.> CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH
BENEFIT
If you have waived your spouse's right to a preretirement survivor death
benefit under ERISA by naming other primary beneficiaries for more than 50% of
any death benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
SIGNED (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. [ ]
DO NOT FILL IN THESE BLANKS Region Code
1210.2.3E (10195)
<PAGE>
- --------------------------------------------------------------------------------
Ohio and Kentucky residents, please note: Any person who, with intent to defraud
or knowing that he is facilitating a fraud against an insurer or other person,
submits an application or files a claim containing a false or deceptive
statement is guilty of insurance fraud.
LOGO
Teachers
Insurance and
Annuity
Association
College
Retirement
Equities
Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
2 1 2 490-9000
Standard SRA (ERISA) 10/95
1995 Teachers Insurance and Annuity Association College Retirement Equities Fund
@ Printed on Recycled Paper
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: FLSRAE.TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition (FLA.) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, or if we receive your premiums before we receive your
application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits Your employer's tax-deferred
annuity plan is subject to the Employee Retirement Income Security Act of 1974
(ERISA). Under ERISA, your surviving spouse has a right to an annuity worth 50%
of the value of your accumulation under each contract at your date of death,
unless your spouse consents to the designation of another primary beneficiary.
To permit someone other than your spouse to receive more than 50% of the annuity
death benefit, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
4. NOTE:
Please read all information and sign where indicated.
<PAGE>
5. Waiver of spouse's right to a preretirement survivor death benefit If you are
married and you have not named your spouse as your primary beneficiary for at
least 50% of your annuity death benefits, then by signing this application, you
are waiving your spouse's right to a preretirement survivor death benefit and
your spouse must agree to this waiver by signing the consent. Generally, you can
make this waiver only if you're at least 35. If you're under 35, please contact
your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit. Your spouse cannot revoke consent once it has been given. Any
survivor benefits payable before annuity income payments begin will be paid to
the beneficiary(ies) you named. (Your spouse's signature must be witnessed by
your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA
Real Estate Account are distributed by TIAA-CREF Individual & Institutional
Services. Standard SRA (ERISA) 9/97 FLA. Application for TIAA and CREF
SUPPLEMENTAL Retirement Annuity Contracts
Please type or print in ink and provide all information requested. K
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed) With this consent I am voluntarily and
irrevocably giving up my right to a qualified preretirement survivor death
benefit under ERISA. I recognize that any preretirement death benefit payable
under these contracts will be paid to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: CASRAE.TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan. It's Easy to Enroll Just complete the
application and return it to your benefits office. Questions? Call our
Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition (CA)
Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, or if we receive your premiums
before we receive your application, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
<PAGE>
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
contract at your date of death, unless your spouse consents to the designation
of another primary beneficiary. To permit someone other than your spouse to
receive more than 50% of the annuity death benefit, your spouse must sign the
consent in Section 5 of the application. A spouse's consent will not be valid
with respect to any different spouse you may have in the future.
4. NOTE: Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
<PAGE>
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit. Your spouse cannot revoke consent once it has been given. Any
survivor benefits payable before annuity income payments begin will be paid to
the beneficiary(ies) you named. (Your spouse's signature must be witnessed by
your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. Standard SRA (ERISA) 9/97 CA Application for TIAA and CREF
SUPPLEMENTAL Retirement Annuity Contracts
Please type or print in ink and provide all information requested. K
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
<PAGE>
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver. Consent by Spouse (must be
witnessed) With this consent I am voluntarily and irrevocably giving up my right
to a qualified preretirement survivor death benefit under ERISA. I recognize
that any preretirement death benefit payable under these contracts will be paid
to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o
College Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: CARAN.TXT
APPLICATION
For TIAA-CREF
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA)
Instructions for filling out the application
1. Personal Information Your
retirement income starting date is when you plan to start receiving TIAA-CREF
retirement income. You can change it any time. If you do not select a date or an
age, we will assume age 65 when preparing your benefit illustrations. We are
complying with a regulatory agency requirement in asking that you provide the
Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
<PAGE>
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of your CREF accumulations.
CREF certificates are distributed by TIAA-CREF Individual &
Institutional Services. Standard RA (Non-ERISA) 9/97 CA Application for TIAA and
CREF Retirement Annuity Contracts (FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. B
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This application is for contracts issued under a retirement plan not covered
by the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.34.3N (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard RA (Non-ERISA) 9/97 CA
File: SRA(N).TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition
Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, or if we receive your premiums before we receive your
application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard SRA (Non-ERISA) 9/97
Application for TIAA and CREF
SUPPLEMENTAL Retirement Annuity Contracts
(FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. K
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
<PAGE>
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of . 2.
Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This application is for contracts issued under a tax-deferred annuity plan
not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Premiums must be remitted under the terms
of your employer's tax-deferred annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
application. I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed Date
<PAGE>
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a policyholder or to a claimant for the purpose of defrauding
or attempting to defraud the policyholder or the claimant with regard to a
settlement or award payable from the insurance proceeds shall be reported to the
Colorado Division of Insurance within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (Non-ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: CASRAN.TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition (CA) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation You
can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and Money
Market accounts, and to any of the other CREF accounts available under your
employer's retirement plan. Before allocating money to any account (other than
the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, or if we receive your premiums before we receive your
application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services.
Standard SRA (Non-ERISA) 9/97 CA
Application for TIAA and CREF
SUPPLEMENTAL Retirement Annuity Contracts
(FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. K
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. This application is for contracts issued under a tax-deferred annuity plan
not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Premiums must be remitted under the terms
of your employer's tax-deferred annuity plan. CREF account accumulations and
benefit payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3N (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (Non-ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: FLSRAN.TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Not Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition (FLA.) Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, or if we receive your premiums before we receive your
application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives the entire accumulation. If you leave a spouse,
he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated. CREF certificates and
interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services. Standard SRA (Non-ERISA) 9/97 FLA.
Application for TIAA and CREF SUPPLEMENTAL Retirement Annuity Contracts (FOR
PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. K
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This application is for contracts issued under a tax-deferred annuity plan
not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Premiums must be remitted under the terms
of your employer's tax-deferred annuity plan. CREF account accumulations and
benefit payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts.
<PAGE>
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (Non-ERISA) 9/97 FLA.
<PAGE>
File: SRA(N).TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
FOR PLANS NOT COVERED BY ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan. It's Easy to Enroll Just complete the
application and return it to your benefits office. Questions? Call our
Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the application
1. PERSONAL INFORMATION
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you
provide the Existing Contracts information in this section.
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your
allocation does not total 100%, or if we receive your premiums before we receive
your application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on this
form will apply only to this contract. If you have other TIAA-CREF contracts,
you may want to make sure your beneficiary designations reflect your current
intentions. For any questions about naming your beneficiary(ies), please call us
at 1 800 842-2776.
4. NOTE:
Please read all information and sign where indicated.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard SRA (Non-ERISA) 9/97
<PAGE>
APPLICATION FOR TIAA AND CREF SUPPLEMENTAL RETIREMENT ANNUITY CONTRACTS (FOR
PLANS NOT COVERED BY ERISA)
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
K
1. PERSONAL INFORMATION
Last Name First Middle n Mr. n Mrs. n Ms. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity
from another company? n Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market
Global Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth
Social Security Number Name(s) of Contingent Beneficiary(ies)
Relationship to You Date of Birth Social Security Number
4. This application is for contracts issued under a tax-deferred annuity plan
not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
You cannot assign or take loans from these contracts. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS APPLICATION. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
SIGNED DATE
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. [ ] Code
1210.2.3N (10/95)
<PAGE>
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (Non-ERISA) 9/97
[LOGO]
TIAA-CREF
APPLICATION
For Institutionally Owned Retirement Annuity Contracts
For Nonqualified
Deferred Compensation Plans
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA) Instructions for filling out the APPLICATION (FOR NONQUALIFIED DEFERRED
COMPENSATION PLANS)
1. Personal Information In this application, the employer is
the applicant. You or your refers to the employee. The information in Items 1
and 2 applies to the employee. Your retirement income starting date is when you
plan to start receiving TIAA-CREF retirement income. You can change it any time.
If you do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations. We are complying with a regulatory agency requirement in
asking that you provide the Existing Contracts information in this section.
2.
Your premium allocation You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other CREF
accounts available under your employer's retirement plan. Before allocating
money to any account (other than the TIAA Traditional Annuity) please read the
current prospectus. Premium allocations have to be in whole percentages and
total 100%. NOTE: In the future, CREF may restrict transfers from any of the
CREF accounts to one per calendar quarter. You can change your allocation of
future premiums anytime. If your allocation does not total 100%, or if we
receive your premiums before we receive your application, any premiums will go
to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus. CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued
in California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. NOTE:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of the CREF accumulations. Non-qualified deferred compensation plans
of non-profit employers are subject to special tax rules under Internal Revenue
Code Section 457(f). You may be taxed on the amounts deferred as soon as they
are vested regardless of whether you have access to the funds. Make sure you
have discussed these tax consequences with your employer and/or tax advisor.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. CO Deferred Comp 9/97 CA
APPLICATION FOR INSTITUTIONALLY OWNED TIAA And CREF Retirement Annuity CONTRACTS
(FOR Nonqualified Deferred Compensation PLANS)
Please type or print in ink and provide all information requested. CO 1.
Personal Information Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ]
Other Mailing Address Street City State Zip Code Daytime Telephone Number Sex
Date of Birth Social Security Number ( ) [ ] M [ ] F Mo. Day Yr. Spouse's Name
Employing Institution Campus/Branch Job Title/Position
Existing Contracts
Will these annuity contracts replace an existing annuity from another company?
[ ] Yes [ ] No
From what company? Contract Number
Your Retirement Income Starting Date
The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% N/A % % % % % % % % % = 100%
3. Subject to the terms of your employer's deferred compensation retirement
plan, your employer exercises all rights under these annuity contracts. You
cannot assign or take loans from these contracts. Distributions before age
591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. CREF account accumulations and benefit
payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts. I have
read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus. Signed
(Employee) Date Signed (Applicant) Date (Employer's Authorized Official or Plan
Representative) If you would like to receive CREF's Statement of Additional
Information, which supplements the CREF prospectus, check here. n Code 10.36.3
(10/95) CA (C) 1997 Teachers Insurance and Annuity Association o College
Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
CO Deferred Comp 9/97 CA
<PAGE>
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
For Nonqualified
Deferred Compensation Plans
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA)
Instructions for filling out the APPLICATION (FOR NONQUALIFIED DEFERRED
COMPENSATION PLANS)
1. Personal Information In this application, the employer is the applicant. You
or your refers to the employee. The information in Items 1 and 2 applies to the
employee. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, or if we receive your premiums
before we receive your application, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of the CREF accumulations. Non-qualified deferred compensation plans
of non-profit employers are subject to special tax rules under Internal Revenue
Code Section 457(f). You may be taxed on the amounts deferred as soon as they
are vested regardless of whether you have access to the funds. Make sure you
have discussed these tax consequences with your employer and/or tax advisor.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. CO Deferred Comp 9/97 CA APPLICATION FOR INSTITUTIONALLY OWNED TIAA
And CREF Retirement Annuity CONTRACTS (FOR Nonqualified Deferred Compensation
PLANS)
Please type or print in ink and provide all information requested. CO
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number ( ) n M n F Mo. Day Yr. Spouse's Name Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Subject to the terms of your employer's deferred compensation retirement
plan, your employer exercises all rights under these annuity contracts.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. CREF account accumulations and benefit
payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts. I have
read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code
10.36.3 (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
CO Deferred Comp 9/97 CA
File: RADV(E).TXT
APPLICATION
FOR
INSTITUTIONALLY
OWNED
TIAA-CREF
RETIREMENT
ANNUITY
CONTRACTS
WITH
DELAYED VESTING
FOR PLANS COVERED BY ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your application, any premiums will go
to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable.
If you leave a spouse, he or she will receive 50% of the value of any death
benefit payable under each contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on this
form will apply only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
NOTICE OF SPOUSE'S RIGHT TO ANNUITY DEATH BENEFITS
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each contract, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
4. NOTE:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
5. WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by
naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard DV (ERISA) 9/97
<PAGE>
APPLICATION FOR INSTITUTIONALLY OWNED TIAA AND CREF RETIREMENT
ANNUITY CONTRACTS WITH DELAYED VESTING
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
DV
1. PERSONAL INFORMATION
Last Name First Middle
n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity
from another company? n Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. YOUR PREMIUM ALLOCATION
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond
% % % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies)
Relationship to You Date of Birth Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth
50% of any death benefit specified by your employer's retirement plan. Your
spouse must consent below to any beneficiary designation that doesn't meet this
requirement.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS APPLICATION. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
Signed (Employee) Date Signed (Applicant) Date
(EMPLOYER'S AUTHORIZED OFFICIAL OR PLAN REPRESENTATIVE)
CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information,
which supplements the CREF prospectus, check here. [ ] Code
10.35.4E (10/95)
<PAGE>
For your protection, some states require a warning against fraud to appear on
this form.
These states, including Colorado, Kentucky, New York, and Ohio, require a
warning substantially similar to the following warning. People who file
applications for insurance or statements of claim commit a fraudulent insurance
act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (ERISA) 9/97
<PAGE>
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA)
Instructions for filling out the APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant.
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity
contracts are issued in California, where the TIAA Real Estate Account is not
available. California residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each contract, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
<PAGE>
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of the CREF accumulations.
5. Waiver of spouse's right to a preretirement survivor death benefit If you are
married and you have not named your spouse as your primary beneficiary for at
least 50% of the annuity death benefit, if any, then by signing this
application, you are waiving your spouse's right to a preretirement survivor
death benefit and your spouse must agree to this waiver by signing the consent.
Generally, you can make this waiver only if you're at least 35. If you're under
35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit, if any. Your spouse cannot revoke consent once it has been
given. Any survivor benefit payable before annuity income payments begin will be
paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. Standard DV (ERISA) 9/97 CA APPLICATION FOR INSTITUTIONALLY OWNED TIAA
and CREF Retirement Annuity CONTRACTS WITH DELAYED VESTING
Please type or print in ink and provide all information requested. DV
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch Job
Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of any death benefit specified by your employer's retirement plan. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this application. I
have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
<PAGE>
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.35.4E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (ERISA) 9/97 CA
FOR PLANS NOT COVERED BY ERISA
APPLICATION
FOR
INSTITUTIONALLY
OWNED
TIAA-CREF
RETIREMENT
ANNUITY
CONTRACTS
WITH
DELAYED VESTING
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.)
[LOGO]
TIAA-CREF
<PAGE>
Instructions for filling out the APPLICATION
- --------------------------------------------------------------------------------
1. > PERSONAL INFORMATION
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
- ---------------------------------------
2. > YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%. NOTE: TIAA
limits transfers from the Real Estate Account to one per calendar month. In the
future, TIAA and CREF may restrict transfers from the Real Estate Account or
from any of the CREF accounts to one per calendar quarter. TIAA has the right to
stop accepting premiums and/or transfers to the Real Estate Account. You can
change your allocation of future premiums anytime. If your allocation does not
total 100%, if it violates any plan limitations, or if we receive your premiums
before we receive your application, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
- ---------------------------------------
3. > YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate. If you do not
have the date of birth and / or Social Security number for one of your
beneficiaries, you can send in this form now and forward the information to us
later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
- ---------------------------------------
4. > NOTE:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard DV (Non-ERISA) 9/97 FLA.
Please detach here and keep instructions for your reference.
<PAGE>
APPLICATION FOR INSTITUTIONALLY OWNED TIAA AND CREF DV
RETIREMENT ANNUITY CONTRACTS WITH DELAYED VESTING
(FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested.
1. > PERSONAL INFORMATION
Last Name First Middle
[ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other _________
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth
( ) [ ] M [ ] F Mo. Day Yr.
Social Security Number Spouse's Name
Employing Institution Campus/Branch Job Title/Position
EXISTING CONTRACTS Will these annuity contracts replace an existing annuity
from another company? [ ] Yes [ ] No From what company? Contract Number
YOUR RETIREMENT INCOME STARTING DATE The first day of (Month) (Year) , or
at the age of .
2. > YOUR PREMIUM ALLOCATION
TIAA TIAA CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market
Annuity Account Account Account Account Account
% % % % %
CREF CREF CREF CREF
Global Equities Growth Equity Index Inflation-Linked Bond
Account Account Account
% % % % % = 100%
3. > YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies)
Relationship to You
Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies)
Relationship to You
Date of Birth
Social Security Number
4. > Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested
under the plan. Afterward, you exercise these rights yourself.
This application is for contracts issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. THIS COULD AFFECT YOUR
BENEFICIARY DESIGNATION if you have named someone other than your spouse.
You cannot assign or take loans from these contracts. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS APPLICATION. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
<PAGE>
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information,
which supplements the CREF prospectus, check here. n Code 10.35.4N (10/95)
FLA. Any person who knowingly and with intent to injure, defraud, or
deceive any insurer files a statement of claim or an application containing
any false, incomplete, or misleading information, is guilty of a felony of
the third degree. (C) 1997 Teachers Insurance and Annuity Association o
College Retirement Equities Fund
Printed on Recycled Paper
Teachers
Insurance and
Annuity
Association
College
Retirement
Equities
Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (Non-ERISA) 9/97 FLA.
<PAGE>
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the
APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE:
TIAA limits transfers from the Real Estate Account to one per calendar month. In
the future, TIAA and CREF may restrict transfers from the Real Estate Account or
from any of the CREF accounts to one per calendar quarter. TIAA has the right to
stop accepting premiums and/or transfers to the Real Estate Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3.
Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations. CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services.
<PAGE>
Standard DV (Non-ERISA) 9/97 APPLICATION FOR INSTITUTIONALLY OWNED TIAA and CREF
Retirement Annuity CONTRACTS WITH DELAYED VESTING (FOR PLANS NOT COVERED BY
ERISA)
Please type or print in ink and provide all information
requested. DV
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
This application is for contracts issued under a retirement plan not covered by
the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
<PAGE>
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
application. I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.35.4N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
<PAGE>
New York residents, please note: Civil penalties shall not exceed $5,000 and the
stated value of the claim for each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a policyholder or to a claimant for the purpose of defrauding
or attempting to defraud the policyholder or the claimant with regard to a
settlement or award payable from the insurance proceeds shall be reported to the
Colorado Division of Insurance within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (Non-ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
(CA)
Instructions for filling out the APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity,
the CREF Stock and Money Market accounts, and to any of the other CREF accounts
available under your employer's retirement plan. Before allocating money to any
account (other than the TIAA Traditional Annuity) please read the current
prospectus. Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE:
In the future, CREF may restrict transfers from any of the CREF accounts to one
per calendar quarter. You can change your allocation of future premiums anytime.
If your allocation does not total 100%, if it violates any plan limitations, or
if we receive your premiums before we receive your application, any premiums
will go to the CREF Money Market Account. Upon receiving a valid allocation, we
will apply all future premiums accordingly. For more information, please see the
CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE:
These annuity contracts are issued in California, where the TIAA Real Estate
Account is not available. California residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate. If you do not
have the date of birth and / or Social Security number for one of your
beneficiaries, you can send in this form now and forward the information to us
later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF in substantially equal annual amounts over a ten-year period. Also, if
permitted by your employer's plan, you may receive a full or partial cash
withdrawal of the CREF accumulations.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. Standard DV (Non-ERISA) 9/97 CA APPLICATION FOR INSTITUTIONALLY OWNED
TIAA and CREF Retirement Annuity CONTRACTS WITH DELAYED VESTING (FOR PLANS NOT
COVERED BY ERISA)
<PAGE>
Please type or print in ink and provide all information requested. DV
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
This application is for contracts issued under a retirement plan not covered by
the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
<PAGE>
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles. CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts. I have read and
understood all provisions of this application. I have received a current CREF
prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code 10.35.4N (10/95) CA (C) 1997
Teachers Insurance and Annuity Association o College Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (Non-ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the APPLICATION
1. Personal Information In
this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate. If you do not
have the date of birth and / or Social Security number for one of your
beneficiaries, you can send in this form now and forward the information to us
later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard DV (Non-ERISA) 9/97
FLA. APPLICATION FOR INSTITUTIONALLY OWNED TIAA and CREF Retirement Annuity
CONTRACTS WITH DELAYED VESTING (FOR PLANS NOT COVERED BY ERISA)
<PAGE>
Please type or print in ink and provide all information requested. DV
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
This application is for contracts issued under a retirement plan not covered by
the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
<PAGE>
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles. CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts. I have read and
understood all provisions of this application. I have received a current CREF
prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) (Employer's
Authorized Official or Plan Representative) Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.35.4N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (Non-ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office. Questions? Call
our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the
APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each contract, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
<PAGE>
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named
your spouse as your primary beneficiary for at least 50% of the annuity death
benefit, if any, then by signing this application, you are waiving your spouse's
right to a preretirement survivor death benefit and your spouse must agree to
this waiver by signing the consent. Generally, you can make this waiver only if
you're at least 35. If you're under 35, please contact your Benefits Office for
more information. You can revoke the waiver any time before your annuity income
begins by naming your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard DV (ERISA) 9/97
APPLICATION FOR INSTITUTIONALLY OWNED TIAA and CREF Retirement Annuity CONTRACTS
WITH DELAYED VESTING
Please type or print in ink and provide all information requested. DV
<PAGE>
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of . 2.
Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of any death benefit specified by your employer's retirement plan. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this application.
<PAGE>
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
Consent to Waiver of Spouse's Right to a Preretirement Survivor
Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver. Consent by Spouse (must be
witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.35.4E (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages.
<PAGE>
New York residents, please note: Civil penalties shall not exceed $5,000 and the
stated value of the claim for each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a policyholder or to a claimant for the purpose of defrauding
or attempting to defraud the policyholder or the claimant with regard to a
settlement or award payable from the insurance proceeds shall be reported to the
Colorado Division of Insurance within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
With Delayed Vesting
For Plans Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings.
It's Easy to Enroll Just complete the application and return it to your benefits
office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 9/97 edition (FLA.)
Instructions for filling out the APPLICATION
1. Personal Information
In this application, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations. We are complying with a regulatory agency requirement in asking
that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your application, any premiums will go to the CREF
Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the contracts' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to
Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each contract, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
application. A spouse's consent will not be valid with respect to any different
spouse you may have in the future.
<PAGE>
4. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit, if any. Your spouse cannot revoke consent once it has been
given. Any survivor benefit payable before annuity income payments begin will be
paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509. CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard DV (ERISA) 9/97 FLA.
APPLICATION FOR INSTITUTIONALLY OWNED TIAA and CREF Retirement Annuity CONTRACTS
WITH DELAYED VESTING
Please type or print in ink and provide all information requested. DV
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under these annuity contracts until you become vested under
the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA contract does not allow
single-sum withdrawals but does allow transfers from the Traditional Annuity
accumulation to CREF over a ten-year period. Real Estate Account accumulations
may be transferred to CREF in a single sum. We may be required under your CREF
contract to limit withdrawals, transfers among the CREF accounts, or transfers
to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of any death benefit specified by your employer's retirement plan. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this application. I
have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed (Employee) Date
Signed (Applicant) (Employer's
Authorized Official or Plan Representative) Date
<PAGE>
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these contracts will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
Code
10.35.4E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard DV (ERISA) 9/97 FLA.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a
beneficiary, and leave no spouse, your estate receives the entire accumulation.
If you leave a spouse, he or she will receive 50% of the value of your
accumulation under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement
plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Under ERISA, your surviving spouse has a right to an annuity worth 50% of the
value of your accumulation under each certificate at your date of death, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefits, your spouse must sign the consent in Section 5 of the enrollment
form. A spouse's consent will not be valid with respect to any different spouse
you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
<PAGE>
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information. You
can revoke the waiver any time before your annuity income begins by naming your
spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates and
interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services. Standard GRA (ERISA) 9/97 ENROLLMENT FORM
for TIAA and CREF GROUP retirement annuity CERTIFICATES
Please type or print in ink and provide all information requested. G
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
<PAGE>
3. Your Designation of Beneficiary Name(s) of Primary Beneficiary(ies)
Relationship to You Date of Birth Social Security Number Name(s) of Contingent
Beneficiary(ies) Relationship to You Date of Birth Social Security Number
4. You cannot assign or take loans from these certificates. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this enrollment form.
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor
Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
<PAGE>
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code
G10.1.3E (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or o knowingly conceal information for the
purpose of misleading concerning any fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages.
New York residents, please note: Civil penalties shall not exceed $5,000 and the
stated value of the claim for each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a policyholder or to a claimant for the purpose of defrauding
or attempting to defraud the policyholder or the claimant with regard to a
settlement or award payable from the insurance proceeds shall be reported to the
Colorado Division of Insurance within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
<PAGE>
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
For Nonqualified
Deferred Compensation Plans
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings. It's Easy to Enroll Just
complete the application and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.) Instructions for filling out the APPLICATION (FOR
NONQUALIFIED DEFERRED COMPENSATION PLANS)
1. Personal Information In this application, the employer is
the applicant. You or your refers to the employee. The information in Items 1
and 2 applies to the employee. Your retirement income starting date is when you
plan to start receiving TIAA-CREF retirement income. You can change it any time.
If you do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations. We are complying with a regulatory agency requirement in
asking that you provide the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, or if we receive your premiums before we receive your
application, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
Non-qualified deferred compensation plans of non-profit employers are subject to
special tax rules under Internal Revenue Code Section 457(f). You may be taxed
on the amounts deferred as soon as they are vested regardless of whether you
have access to the funds. Make sure you have discussed these tax consequences
with your employer and/or tax advisor.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. CO Deferred Comp 9/97 FLA.
APPLICATION FOR INSTITUTIONALLY OWNED TIAA And CREF Retirement Annuity CONTRACTS
(FOR Nonqualified Deferred Compensation PLANS) Please type or print in ink and
provide all information requested. CO
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of
Birth Social Security Number ( ) n M n F Mo. Day Yr.
Spouse's Name Employing
Institution Campus/Branch Job Title/Position
<PAGE>
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No
From what company? Contract Number
Your Retirement Income Starting Date
The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Subject to the terms of your employer's deferred compensation retirement
plan, your employer exercises all rights under these annuity contracts.
You cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
application. I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed (Employee) Date
Signed (Applicant) (Employer's
Authorized Official or Plan Representative) Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.36.3 (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association * College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
CO Deferred Comp 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For Institutionally Owned
TIAA-CREF Retirement Annuity Contracts
For Nonqualified
Deferred Compensation Plans
For Plans Not Covered By ERISA
IMPORTANT: Use this application to enroll in your institution's basic retirement
plan only, not for personal tax-deferred savings.
It's Easy to Enroll
Just complete the application and return it to your benefits office. Questions?
Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97
edition
Instructions for filling out the APPLICATION (FOR NONQUALIFIED DEFERRED
COMPENSATION PLANS)
1. Personal Information
In this application, the employer is the applicant. You or your refers to the
employee. The information in Items 1 and 2 applies to the employee. Your
retirement income starting date is when you plan to start receiving TIAA-CREF
retirement income. You can change it any time. If you do not select a date or an
age, we will assume age 65 when preparing your benefit illustrations. We are
complying with a regulatory agency requirement in asking that you provide the
Existing Contracts information in this section. 2. Your premium allocation You
can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and Money
Market accounts, and to any of the other TIAA and CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one
per calendar month. In the future, TIAA and CREF may restrict transfers from the
Real Estate Account or from any of the CREF accounts to one per calendar
quarter. TIAA has the right to stop accepting premiums and/or transfers to the
Real Estate Account. You can change your allocation of future premiums anytime.
If your allocation does not total 100%, or if we receive your premiums before we
receive your application, any premiums will go to the CREF Money Market Account.
Upon receiving a valid allocation, we will apply all future premiums
accordingly. For more information, please see the CREF prospectus.
3. note:
The TIAA Traditional Annuity does not provide any cash surrender value. However,
you may transfer all or part of your TIAA Traditional Annuity accumulation to
CREF or TIAA Real Estate in substantially equal annual amounts over a ten-year
period. Also, if permitted by your employer's plan, you may receive a full or
partial cash withdrawal of the CREF or TIAA Real Estate accumulations.
Non-qualified deferred compensation plans of non-profit employers are subject to
special tax rules under Internal Revenue Code Section 457(f). You may be taxed
on the amounts deferred as soon as they are vested regardless of whether you
have access to the funds. Make sure you have discussed these tax consequences
with your employer and/or tax advisor.
CREF certificates and interests in the
TIAA Real Estate Account are distributed by TIAA-CREF Individual & Institutional
Services. CO Deferred Comp 9/97 APPLICATION FOR INSTITUTIONALLY OWNED TIAA And
CREF retirement annuity cONTRACTS (FOR Nonqualified Deferred Compensation PLANS)
Please type or print in ink and provide all information requested. CO
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number ( ) n M n F Mo. Day Yr. Spouse's Name Employing
Institution Campus/Branch Job Title/Position
<PAGE>
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Subject to the terms of your employer's deferred compensation retirement
plan, your employer exercises all rights under these annuity contracts. You
cannot assign or take loans from these contracts. Distributions before age
59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. CREF account accumulations and benefit
payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts. I have
read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
10.36.3 (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and
penalties may include imprisonment, fines, denial of insurance, and civil
damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
CO Deferred Comp 9/97
ENROLLMENT FORM
For
Institutionally
Owned
TIAA-CREF
Group
Retirement
Annuity
Certificates
With
Delayed Vesting
For Plans Not Covered by ERISA
IMPORTANT: Use this enrollment form to enroll in your
institution's basic retirement plan only, not for
personal tax-deferred savings.
It's easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888
8am-11pm ET weekdays
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
- --------------------------------------------------------------------------------
1. PERSONAL INFORMATION
In this enrollment form, you and your refer to the employee. The employer
is the applicant.
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select
a date or an age, we will assume age 65 when preparing your benefit
illustrations.
- --------------------------------------------------------------------------------
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock
and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to
any account (other than the TIAA Traditional Annuity) please read the current
prospectus. Premium allocations have to be in whole percentages and total
100%.
- --------------------------------------------------------------------------------
NOTE:
TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real
Estate Account or from any of the CREF accounts to one per calendar quarter.
TIAA has the right to stop accepting premiums and/or transfers to the Real
Estate Account.
You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums
will go to the CREF Money Market Account. Upon receiving a valid allocation,
we will apply all future premiums accordingly. For more information, please
see the CREF prospectus.
- --------------------------------------------------------------------------------
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies)
will receive the death benefit, if any, specified by your employer's
retirement plan, payable from the certificates' accumulations. If no primary
beneficiary lives longer than you, any death benefit payable will go to your
contingent beneficiary(ies). For example, a married person with children
might name the spouse as primary beneficiary and the children as contingent
beneficiaries.
- --------------------------------------------------------------------------------
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave
a spouse, he or she will receive 50% of the value of any death benefit
payable under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and/or Social Security number for one
of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on
this form will apply only to this contract. If you have other TIAA-CREF
contracts, you may want to make sure your beneficiary designations reflect
your current intentions. For any questions about naming your
beneficiary(ies), please call us at 1 800 842-2776.
- --------------------------------------------------------------------------------
4. NOTE: Please read all information and sign where indicated.
ENROLLMENT FORM FOR INSTITUTIONALLY OWNED TIAA AND CREF
GROUP RETIREMENT ANNUITY CERTIFICATES WITH DELAYED VESTING
(FOR PLANS NOT COVERED BY ERISA)
- --------------------------------------------------------------------------------
Subject to the terms of your employer's retirement plan, your employer
exercises all rights under your annuity certificates until you become vested
under the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these certificates. Distributions
before age 591/2, or before termination of service, may be prohibited, limited,
and/or subject to substantial tax penalties.
This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you hare employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
Your TIAA certificate allows transfers to CREF from your Traditional
Annuity accumulation over a ten-year period and from your Real Estate Account
accumulation in a single sum. Cash withdrawals from your Traditional Annuity
accumulations are allowed, if permitted by your employer's retirement plan and
subject to a surrender charge, only within 120 days after termination of
employment. Your CREF certificate may limit, in accordance with the terms of
your employer's retirement plan, cash withdrawals, transfers among the CREF
accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee)__________________________________________ Date________________
IF YOU WOULD LIKE TO RECEIVE CREF'S STATEMENT OF ADDITIONAL INFORMATION, WHICH
SUPPLEMENTS THE CREF PROSPECTUS, CHECK HERE.[ ]
- -------------------------------------------------------------------------------
Code
<PAGE>
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they: o knowingly do so with intent to injure,
defraud, or deceive any insurance company or another person; and/or o knowingly
include in their application or statement of claim any materially false or
misleading information; and/or o knowingly conceal information for the purpose
of misleading concerning any fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages.
New York residents, please note: Civil penalties shall not exceed $5,000 and the
stated value of the claim for each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who knowingly provides false, incomplete, or misleading facts
or information to a policyholder or to a claimant for the purpose of defrauding
or attempting to defraud the policyholder or the claimant with regard to a
settlement or award payable from the insurance proceeds shall be reported to the
Colorado Division of Insurance within the Department of Regulatory Agencies.
File: GRA(E).TXT
ENROLLMENT
FORM FOR
TIAA-CREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES
For Plans Covered By ERISA
<PAGE>
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information Your retirement income starting date is when you plan to
start receiving TIAA-CREF retirement income. You can change it any time. If you
do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations. 2. Your premium allocation You can allocate premiums to
the TIAA Traditional Annuity, the CREF Stock and Money Market accounts, and to
any of the other TIAA and CREF accounts available under your employer's
retirement plan. Before allocating money to any account (other than the TIAA
Traditional Annuity) please read the current prospectus. Premium allocations
have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account. You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums will
go to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate. If you do not have the
date of birth and / or Social Security number for one of your beneficiaries, you
can send in this form now and forward the information to us later. The
beneficiary designations that you provide on this form will apply only to this
contract. If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776. Notice of
Spouse's Right to Annuity Death Benefits Your employer's retirement plan is
subject to the Employee Retirement Income Security Act of 1974 (ERISA). Under
ERISA, your surviving spouse has a right to an annuity worth 50% of the value of
your accumulation under each certificate at your date of death, unless your
spouse consents to the designation of another primary beneficiary. To permit
someone other than your spouse to receive more than 50% of the annuity death
benefits, your spouse must sign the consent in Section 5 of the enrollment form.
A spouse's consent will not be valid with respect to any different spouse you
may have in the future.
4. note:
Please read all information and sign where indicated. 5. Waiver of spouse's
right to a preretirement survivor death benefit If you are married and you have
not named your spouse as your primary beneficiary for at least 50% of your
annuity death benefits, then by signing this enrollment form, you are waiving
your spouse's right to a preretirement survivor death benefit and your spouse
must agree to this waiver by signing the consent. Generally, you can make this
waiver only if you're at least 35. If you're under 35, please contact your
Benefits Office for more information. You can revoke the waiver any time before
your annuity income begins by naming your spouse as your primary beneficiary.
Consent by Spouse By signing this consent, your spouse is giving up all rights
to receive the preretirement survivor benefit. Your spouse cannot revoke consent
once it has been given. Any survivor benefits payable before annuity income
payments begin will be paid to the beneficiary(ies) you named. (Your spouse's
signature must be witnessed by your employer's plan representative or a notary
public.) CREF certificates and interests in the TIAA Real Estate Account are
distributed by TIAA-CREF Individual & Institutional Services. Standard GRA
(ERISA) 9/97
<PAGE>
ENROLLMENT FORM FOR TIAA AND CREF GROUP RETIREMENT ANNUITY CERTIFICATES
Please type or print in ink and provide all information requested. G
1. Personal Information
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number Spouse's Name
( )[ ] M [ ]F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these certificates. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this enrollment form.
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3E (10/95)
<PAGE>
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
<PAGE>
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each certificate at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the enrollment form. A spouse's consent will not be valid with
respect to any different spouse you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
<PAGE>
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You
can revoke the waiver any time before your annuity income begins by naming your
spouse as your primary beneficiary. Consent by Spouse By signing this consent,
your spouse is giving up all rights to receive the preretirement survivor
benefit. Your spouse cannot revoke consent once it has been given. Any survivor
benefits payable before annuity income payments begin will be paid to the
beneficiary(ies) you named.
(Your spouse's signature must be witnessed by your employer's plan
representative or a notary public.) CREF certificates are distributed by
TIAA-CREF Individual & Institutional Services. Standard GRA (ERISA) 9/97 CA
ENROLLMENT FORM for TIAA and CREF GROUP Retirement Annuity CERTIFICATES Please
type or print in ink and provide all information requested.
G
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % N/A % % % % % % % % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
<PAGE>
4. You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. Under ERISA, each certificate gives your spouse
the right to an annuity worth 50% of the value of your accumulations at the date
of your death. Your spouse must consent below to any beneficiary designation
that doesn't meet this requirement. I have read and understood all provisions of
this enrollment form. I have received a current CREF prospectus and a current
Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries
as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association* College Retirement Equities
Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.) Instructions for filling out the ENROLLMENT FORM
1. Personal Information Your retirement income starting date is when you plan to
start receiving TIAA-CREF retirement income. You can change it any time. If you
do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations.
2. Your premium allocation You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other TIAA
and CREF accounts available under your employer's retirement plan. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectus. Premium allocations have to be in whole percentages
and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a
beneficiary, and leave no spouse, your estate receives the entire accumulation.
If you leave a spouse, he or she will receive 50% of the value of your
accumulation under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each certificate at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the enrollment form. A spouse's consent will not be valid with
respect to any different spouse you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
<PAGE>
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.) CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard GRA (ERISA) 9/97 FLA.
ENROLLMENT FORM for TIAA and CREF GROUP Retirement Annuity CERTIFICATES
Please type or print in ink and provide all information requested. G
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
<PAGE>
4. You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this enrollment form.
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (ERISA) 9/97 FLA.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.) Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated. CREF certificates
and interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services. Standard GRA (Non-ERISA) 9/97 FLA.
ENROLLMENT FORM for TIAA and CREF GROUP Retirement Annuity CERTIFICATES (FOR
PLANS NOT COVERED BY ERISA) Please type or print in ink and provide all
information requested. G
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
<PAGE>
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
enrollment form. I have received a current CREF prospectus and a current Real
Estate Account prospectus.
<PAGE>
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association* College Retirement Equities
Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (Non-ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy to Enroll Just complete the enrollment form and return it to your
benefits office. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am -
11pm ET weekdays 9/97 edition (CA) Instructions for filling out the ENROLLMENT
FORM
1. Personal Information Your retirement income starting date is when you plan to
start receiving TIAA-CREF retirement income. You can change it any time. If you
do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, if it violates any plan
limitations, or if we receive your premiums before we receive your enrollment
form, any premiums will go to the CREF Money Market Account. Upon receiving a
valid allocation, we will apply all future premiums accordingly.
<PAGE>
For more information, please see the CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note: Please read all
information and sign where indicated.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. Standard GRA (Non-ERISA) 9/97 CA ENROLLMENT FORM for TIAA and CREF
GROUP Retirement Annuity CERTIFICATES (FOR PLANS NOT COVERED BY ERISA) Please
type or print in ink and provide all information requested. G
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
<PAGE>
2. Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % N/A % % % % % % % % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
<PAGE>
I have read and understood all provisions of this
enrollment form. I have received a current CREF prospectus and a current Real
Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3N (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association* College Retirement Equities
Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (Non-ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%. NOTE: TIAA
limits transfers from the Real Estate Account to one per calendar month. In the
future, TIAA and CREF may restrict transfers from the Real Estate Account or
from any of the CREF accounts to one per calendar quarter. TIAA has the right to
stop accepting premiums and/or transfers to the Real Estate Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated
beneficiary(ies) will receive the total value of your accumulations as a death
benefit. If no primary beneficiary lives longer than you, death benefits will go
to your contingent beneficiary(ies). For example, a married person with children
might name the spouse as primary beneficiary and the children as contingent
beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated. CREF certificates and
interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services. Standard GRA (Non-ERISA) 9/97 ENROLLMENT
FORM for TIAA and CREF GROUP Retirement Annuity CERTIFICATES (FOR PLANS NOT
COVERED BY ERISA) Please type or print in ink and provide all information
requested.
1. Personal Information Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
<PAGE>
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
<PAGE>
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.1.3N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
<PAGE>
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (Non-ERISA) 9/97
<PAGE>
File: GRA(N).TXT
ENROLLMENT
FORM FOR
TIAA-CREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES
For Plans Not Covered By ERISA
<PAGE>
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97
edition Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
You can allocate premiums to the TIAA
Traditional Annuity, the CREF Stock and Money Market accounts, and to any of the
other TIAA and CREF accounts available under your employer's retirement plan.
Before allocating money to any account (other than the TIAA Traditional Annuity)
please read the current prospectus. Premium allocations have to be in whole
percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account. You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums will
go to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives the entire accumulation. If you leave a spouse,
he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate. If you do not have the
date of birth and / or Social Security number for one of your beneficiaries, you
can send in this form now and forward the information to us later. The
beneficiary designations that you provide on this form will apply only to this
contract. If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated.
<PAGE>
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard GRA (Non-ERISA) 9/97
ENROLLMENT FORM for TIAA and CREF GROUP Retirement Annuity CERTIFICATES (FOR
PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested.
1. Personal Information
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number Spouse's Name
( )[ ] M [ ] F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
enrollment form. I have received a current CREF prospectus and a current Real
Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. [ ]
Code
G10.1.3N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning. People who
file applications for insurance or statements of claim commit a fraudulent
insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA (Non-ERISA) 9/97
File: IRA.TXT
APPLICATION For TIAA-CREF Rollover Individual Retirement Annuity Contracts
including a Transfer/Rollover Authorization to TIAA-CREF It's Easy to Enroll
Just complete these forms and return them to us in the enclosed Business Reply
Envelope. Questions?
Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 8/97
edition Instructions
1. Personal Information
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section. To prepare your benefit
illustrations, we will assume age 65 as your retirement income starting date.
You can change this date anytime by calling 1 800 842-2888.
2. Your premium allocation
You can allocate premiums to any of the TIAA and CREF accounts. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectuses. Premium allocations have to be in whole
percentages and total 100%. If your allocation does not total 100%, any premiums
received will go to the CREF Money Market Account. Upon receiving a valid
allocation, we will allocate the then-current value of your accumulation among
the accounts you have selected. NOTE: TIAA limits transfers from the Real Estate
Account to one per calendar month. In the future, TIAA and CREF may restrict
transfers from the Real Estate Account or from any of the CREF accounts to one
per calendar quarter. TIAA has the right to stop accepting premiums and/or
transfers to the Real Estate Account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulation as a death benefit. If no primary
beneficiary lives longer than you, death benefits go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start and have not named a beneficiary, your
estate receives the entire accumulation. If you do not have the date of birth
and / or Social Security number for one of your beneficiaries, you can send in
this form now and forward the information to us later. The beneficiary
designations that you provide on this form will apply only to this contract. If
you have other TIAA-CREF contracts, you may want to make sure your beneficiary
designations reflect your current intentions. For any questions about naming
your beneficiary(ies), please call us at 1 800 842-2888.
4. YOUR SOURCE OF PREMIUMS If TIAA-CREF receives your funds directly from
another carrier (financial institution or company), complete sections 7 and 8 on
the Transfer/Rollover Authorization. Complete this section only if you are
sending a personal check.
5. NOTE
Please read the information and sign where indicated.
6.-11. Transfer/Rollover Authorization to TIAA-CREF
Complete this section if you are transferring funds from an IRA or rolling over
accumulations from an employer's pension plan to TIAA-CREF. We'll send you a
letter of acknowledgement and contact your current carrier. A separate transfer
/ rollover authorization must be completed for each carrier from which you wish
to move funds to TIAA-CREF. Please photocopy the form, or call us at 1 800
842-2888 to request additional copies. Please remember that each copy, which we
send to the other carrier, must bear an original signature. If you are over age
701/2, you may need to begin distributions on this amount during this calendar
year. Please contact us.
7. Eligibility Information Now more people are eligible for TIAA-CREF Rollover
IRAs. You can open a TIAA-CREF Rollover IRA if you are one of the following:
o you are a TIAA-CREF participant;
o you are employed by an eligible institution;*
o you retired at age 55 or older after working at an
eligible institution for at least 5 years;
o you are a former employee of an eligible institution and your rollover is from
any eligible institution's pension plan (Note: spouses of former employees are
not eligible to roll over accumulations to TIAA-CREF);
o you are the spouse of a person who is in one of the first three categories
listed above;
o you are the surviving spouse of a deceased TIAA-CREF participant and you have
received or are receiving a death benefit; or
o you are the former spouse of a TIAA-CREF participant and you are an alternate
payee under a qualified domestic relations order (QDRO). Please call us at 1 800
842-2888 if you have questions. *An eligible institution is (or could be) part
of the TIAA-CREF system, including public K-12 educational institutions.
However, TIAA-CREF Rollover IRAs are not available to New York State public K-12
employees.
8. IRS Qualification Information
Now you can roll over funds from these tax-deferred sources: funds from other
IRAs; distributions from any former employer's pension plan; and distributions
from any plan at an eligible institution. If you are the surviving spouse of a
deceased employee who at death was employed at an eligible institution, or who
at death was retired from an eligible institution, you may roll over death
benefits from any employer's pension plan. If you are the former spouse of a
TIAA-CREF participant, payments made under a Qualified Domestic Relations Order
also may be rolled over.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Rollover IRA and Transfer 8/97
Application for TIAA and CREF Rollover
Individual Retirement Annuity Contracts
Please type or print in ink and provide all information requested. IRA
1. Personal Information
[ ] Mr.[ ] Mrs.[ ] Ms.[ ] Dr.[ ] Other
Last Name First Middle
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
( )[ ] M [ ] F Mo. Day Yr.
Employer Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company?[ ] Yes[ ] No From what company? Contract Number
Your Retirement Income Starting Date The first day of (Month) N/A (Year) N/A ,
or at the age of N/A .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. YOUR SOURCE OF PREMIUMS
Name of Educational, Research, or Related Organization
1.
2.
Your Rollover Contribution originated from: [ ] 403(b) Plan [ ]
401(a)/403(a)/401(k)-Qualified Plan
Is your Rollover Contribution from another Rollover IRA? [ ] Yes [ ] No
5. You cannot assign your TIAA and CREF Rollover Individual Retirement Annuity
contracts, and they do not allow loans.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
If I am opening this IRA with a distribution from a retirement plan, I certify
that such a distribution qualifies for rollover treatment and irrevocably elect
to treat this contribution as a rollover contribution.
And, I certify under penalty of perjury, that my Social Security Number as shown
above is correct. I have read and understood all provisions of this application,
and the IRA Disclosure Statement.
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
13.01.1 (10/95)
<PAGE>
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
Transfer/Rollover
Authorization to TIAA-CREF
6. Personal Information[ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other
Last Name First Middle
Social Security Number
7. Eligibility Information
Please read the instructions on eligibility before completing this section.
Your eligibility is based on (check the appropriate boxes):[ ] you
[ ] your spouse[ ] your employment in K-12
8. IRS Qualification Information
Are the funds currently in a Rollover IRA? [ ] Yes [ ] No
What is the IRS qualification of the funds you are transferring?
[ ] 403(b)[ ] 403(b)(7)[ ] 401(a)[ ] 403(a)[ ] 401(k)[ ] 414(h)
[ ] Other (please describe):
Note: If you do not know the qualification of the funds, contact your current
carrier for this information.
9. Current Carrier Information
Name of carrier from which you will transfer/roll over funds:
Street Address City State Zip Code
Telephone Number ( )
Account name(s) and number(s)
10. Amount of Transfer
Please indicate the amount that you are transferring/rolling over to TIAA-CREF:
[ ] Total amount in my account(s) or [ ] $
11. Your Authorization and Signature
I authorize the carrier listed in Section 9 to transfer/roll over the amount
stated in Section 10 from my account listed in Section 9 for immediate deposit
into my TIAA and CREF Rollover IRA contracts, and to release information
pertaining to the contributions and earnings attributable to the
transfer/rollover amount, as requested by TIAA-CREF. I also authorize TIAA-CREF
to contact this carrier on my behalf to arrange the transfer/rollover of these
funds. Signature Date TA TDI
F9284 (8/97)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Arizona, Arkansas, California, Colorado,
Delaware, Indiana, Kentucky, Minnesota, New York, and Ohio, require a warning
substantially similar to the following warning. People who file applications for
insurance or statements of claim commit a fraudulent insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or o knowingly include in their application or
statement of claim any materially false or misleading information; and/or o
knowingly conceal information for the purpose of misleading concerning any fact
material to the application or claim. A fraudulent insurance act is a crime, and
penalties may include imprisonment, fines, denial of insurance, and civil
damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies. Delaware and Indiana residents,
please note:
Any person who commits insurance fraud is guilty of a felony.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
IRA/DT
Rollover IRA and Transfer 8/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION
For TIAA-CREF Rollover
Individual Retirement Annuity
Contracts
including a Transfer/Rollover Authorization
to TIAA-CREF
It's Easy
to
Enroll
Just complete these forms and
return them to us in the enclosed Business Reply Envelope.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
8/97 edition
Instructions
1. Personal Information
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section. To prepare your benefit
illustrations, we will assume age 65 as your retirement income starting date.
You can change this date anytime by calling 1 800 842-2888.
2. Your premium allocation
You can allocate premiums to any of the TIAA and CREF accounts. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectuses. Premium allocations have to be in whole
percentages and total 100%.
If your allocation does not total 100%, any premiums received will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will allocate
the then-current value of your accumulation among the accounts you have
selected.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
3. Your designation of beneficiary
<PAGE>
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulation as a death benefit. If no primary
beneficiary lives longer than you, death benefits go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start and have not named a beneficiary, your
estate receives the entire accumulation.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2888.
4. YOUR SOURCE OF PREMIUMS
If TIAA-CREF receives your funds directly from another carrier (financial
institution or company), complete sections 7 and 8 on the Transfer/Rollover
Authorization. Complete this section only if you are sending a personal check.
5. NOTE
Please read the information and sign where indicated.
6.-11. Transfer/Rollover Authorization to TIAA-CREF
Complete this section if you are transferring funds from an IRA or rolling over
accumulations from an employer's pension plan to TIAA-CREF. We'll send you a
letter of acknowledgement and contact your current carrier. A separate transfer
/ rollover authorization must be completed for each carrier from which you wish
to move funds to TIAA-CREF. Please photocopy the form, or call us at 1 800
842-2888 to request additional copies.
Please remember that each copy, which we send to the other carrier, must bear an
original signature. If you are over age 70 1/2, you may need to begin
distributions on this amount during this calendar year. Please contact us.
7. Eligibility Information Now more people are eligible for
TIAA-CREF Rollover IRAs. You can open a TIAA-CREF Rollover IRA if you are one of
the following:
<PAGE>
* you are a TIAA-CREF participant;
* you are employed by an eligible institution;*
* you retired at age 55 or older after working at an eligible institution for at
least 5 years;
* you are a former employee of an eligible institution and your rollover is from
any eligible institution's pension plan (Note: spouses of former employees are
not eligible to roll over accumulations to TIAA-CREF);
* you are the spouse of a person who is in one of the first three categories
listed above;
* you are the surviving spouse of a deceased TIAA-CREF participant and you have
received or are receiving a death benefit; or (Degree) you are the former spouse
of a TIAA-CREF participant and you are an alternate payee under a qualified
domestic relations order (QDRO). Please call us at 1 800 842-2888 if you have
questions.
*An eligible institution is (or could be) part of the TIAA-CREF
system, including public K-12 educational institutions. However, TIAA-CREF
Rollover IRAs are not available to New York State public K-12 employees.
8. IRS Qualification Information
Now you can roll over funds from these tax-deferred sources: funds from other
IRAs; distributions from any former employer's pension plan; and distributions
from any plan at an eligible institution. If you are the surviving spouse of a
deceased employee who at death was employed at an eligible institution, or who
at death was retired from an eligible institution, you may roll over death
benefits from any employer's pension plan.
If you are the former spouse of a TIAA-CREF participant, payments made under a
Qualified Domestic Relations Order also may be rolled over.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Rollover IRA and Transfer 8/97
Application for TIAA and CREF Rollover
Individual Retirement Annuity Contracts
<PAGE>
Please type or print in ink and provide all information requested. IRA
1. Personal Information n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number ( ) n M n F Mo. Day Yr. Employer Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) N/A (Year) N/A , or at the age of
N/A .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. YOUR SOURCE OF PREMIUMS
Name of Educational, Research, or Related Organization
1.
2.
Your Rollover Contribution originated from: n 403(b) Plan n
401(a)/403(a)/401(k)-Qualified Plan Is your Rollover Contribution from another
Rollover IRA? n Yes n No
5. You cannot assign your TIAA and CREF Rollover Individual Retirement Annuity
contracts, and they do not allow loans. CREF account accumulations and benefit
payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts.
<PAGE>
If I am opening this IRA with a distribution from a retirement plan, I certify
that such a distribution qualifies for rollover treatment and irrevocably elect
to treat this contribution as a rollover contribution. And, I certify under
penalty of perjury, that my Social Security Number as shown above is correct. I
have read and understood all provisions of this application, and the IRA
Disclosure Statement. I have received a current CREF prospectus and a current
Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
13.01.1 (10/95)
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
Transfer/Rollover
Authorization to TIAA-CREF
6. Personal Information n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle
Social Security Number
7. Eligibility Information
Please read the instructions on eligibility before completing this section. Your
eligibility is based on (check the appropriate boxes): n you n your spouse n
your employment in K-12
8. IRS Qualification Information
Are the funds currently in a Rollover IRA? n Yes n No What is the IRS
qualification of the funds you are transferring? n 403(b) n 403(b)(7) n 401(a) n
403(a) n 401(k) n 414(h) n Other (please describe):
Note: If you do not know the qualification of the funds, contact your current
carrier for this information.
9. Current Carrier Information Name of carrier from which you will transfer/roll
over funds:
<PAGE>
Street Address City State Zip Code Telephone Number ( ) Account
name(s) and number(s)
10. Amount of Transfer
Please indicate the amount that you are transferring/rolling over to TIAA-CREF:
n Total amount in my account(s) or n $
11. Your Authorization and Signature
I authorize the carrier listed in Section 9 to transfer/roll over the amount
stated in Section 10 from my account listed in Section 9 for immediate deposit
into my TIAA and CREF Rollover IRA contracts, and to release information
pertaining to the contributions and earnings attributable to the
transfer/rollover amount, as requested by TIAA-CREF. I also authorize TIAA-CREF
to contact this carrier on my behalf to arrange the transfer/rollover of these
funds.
Signature Date
TA TDI
F9284 (8/97)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Arizona, Arkansas, California, Colorado,
Delaware, Indiana, Kentucky, Minnesota, New York, and Ohio, require a warning
substantially similar to the following warning. People who file applications for
insurance or statements of claim commit a fraudulent insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance,
and civil damages.
New York residents, please note: Civil penalties shall not exceed $5,000 and the
stated value of the claim for each such violation.
Colorado residents, please note: Any insurance company or any agent of an
insurance company who
<PAGE>
knowingly provides false, incomplete, or misleading facts or information to a
policyholder or to a claimant for the purpose of defrauding or attempting to
defraud the policyholder or the claimant with regard to a settlement or award
payable from the insurance proceeds shall be reported to the Colorado Division
of Insurance within the Department of Regulatory Agencies.
Delaware and Indiana residents, please note: Any person who commits insurance
fraud is guilty of a felony.
(C) 1997 Teachers Insurance and Annuity Association* College Retirement Equities
Fund Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
IRA/DT
Rollover IRA and Transfer 8/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION For TIAA-CREF Rollover Individual Retirement Annuity Contracts
including a Transfer/Rollover Authorization to TIAA-CREF It's Easy to Enroll
Just complete these forms and return them to us in the enclosed Business Reply
Envelope. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 8/97 edition (FLA.)
Instructions
1. Personal Information
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section. To prepare your benefit
illustrations, we will assume age 65 as your retirement income starting date.
You can change this date anytime by calling 1 800 842-2888.
2. Your premium allocation You can allocate premiums to any of the TIAA and CREF
accounts. Before allocating money to any account (other than the TIAA
Traditional Annuity) please read the current prospectuses. Premium allocations
have to be in whole percentages and total 100%.
If your allocation does not total 100%, any premiums received will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will allocate
the then-current value of your accumulation among the accounts you have
selected.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
3. Your designation of beneficiary
<PAGE>
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulation as a death benefit. If no primary
beneficiary lives longer than you, death benefits go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start and have not named a beneficiary, your
estate receives the entire accumulation.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2888.
4. YOUR SOURCE OF PREMIUMS
If TIAA-CREF receives your funds directly from another carrier
(financial institution or company), complete sections 7 and 8 on the
Transfer/Rollover Authorization. Complete this section only if you are sending a
personal check.
5. NOTE
Please read the information and sign where indicated.
6.-11. Transfer/Rollover Authorization to TIAA-CREF
Complete this section if you are transferring funds from an IRA or rolling over
accumulations from an employer's pension plan to TIAA-CREF. We'll send you a
letter of acknowledgement and contact your current carrier.
A separate transfer / rollover authorization
must be completed for each carrier from which you wish to move funds to
TIAA-CREF. Please photocopy the form, or call us at 1 800 842-2888 to request
additional copies. Please remember that each copy, which we send to the other
carrier, must bear an original signature.
If you are over age 701/2, you may need to begin distributions on this amount
during this calendar year. Please contact us.
7. Eligibility Information
Now more people are eligible for TIAA-CREF Rollover IRAs. You can open a
TIAA-CREF Rollover IRA if you are one of the following:
<PAGE>
* you are a TIAA-CREF participant;
* you are employed by an eligible institution;*
* you retired at age 55 or older after working at an eligible institution for at
least 5 years;
* you are a former employee of an eligible institution and your rollover is from
any eligible institution's pension plan (Note: spouses of former employees are
not eligible to roll over accumulations to TIAA-CREF);
* you are the spouse of a person who is in one of the first three categories
listed above;
* you are the surviving spouse of a deceased TIAA-CREF participant and you have
received or are receiving a death benefit; or
* you are the former spouse of a TIAA-CREF participant and you are an alternate
payee under a qualified domestic relations order (QDRO).
Please call us at 1 800 842-2888 if you have questions.
*An eligible institution is (or could be) part of the TIAA-CREF
system, including public K-12 educational institutions. However, TIAA-CREF
Rollover IRAs are not available to New York State public K-12 employees.
8. IRS Qualification Information
Now you can roll over funds from these tax-deferred sources: funds from other
IRAs; distributions from any former employer's pension plan; and distributions
from any plan at an eligible institution.
If you are the surviving spouse of a deceased employee who at death was employed
at an eligible institution, or who at death was retired from an eligible
institution, you may roll over death benefits from any employer's pension plan.
If you are the former spouse of a TIAA-CREF participant, payments made under a
Qualified Domestic Relations Order also may be rolled over.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Rollover IRA and Transfer 8/97
FLA.
Application for TIAA and CREF Rollover
Individual Retirement Annuity Contracts
Please type or print in ink and provide all information requested. IRA
<PAGE>
1. Personal Information n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number ( ) n M n F Mo. Day Yr. Employer Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) N/A (Year) N/A , or at the age of
N/A .
2. Your Premium Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary Name(s) of Primary
Beneficiary(ies)Relationship to You Date of Birth Social Security Number Name(s)
of Contingent Beneficiary(ies) Relationship to You Date of Birth Social Security
Number
4. YOUR SOURCE OF PREMIUMS Name of Educational, Research, or Related
Organization 1. 2. Your Rollover Contribution originated from: n 403(b) Plan n
401(a)/403(a)/401(k)-Qualified Plan Is your Rollover Contribution from another
Rollover IRA? n Yes n No
5. You cannot assign your TIAA and CREF Rollover Individual Retirement Annuity
contracts, and they do not allow loans. CREF account accumulations and benefit
payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts.
If I am opening this IRA with a distribution from a retirement plan, I
<PAGE>
certify that such a distribution qualifies for rollover treatment and
irrevocably elect to treat this contribution as a rollover contribution. And, I
certify under penalty of perjury, that my Social Security Number as shown above
is correct. I have read and understood all provisions of this application, and
the IRA Disclosure Statement.
I have received a current CREF prospectus and a current Real Estate
Account prospectus.
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code 13.01.1 (10/95) FLA.
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
Transfer/Rollover
Authorization to TIAA-CREF
6. Personal Information
n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle Social Security Number
7. Eligibility Information
Please read the instructions on eligibility before completing this section. Your
eligibility is based on (check the appropriate boxes): n you n your spouse n
your employment in K-12
8. IRS Qualification Information
Are the funds currently in a Rollover IRA? n Yes n No What is the IRS
qualification of the funds you are transferring? n 403(b) n 403(b)(7) n 401(a) n
403(a) n 401(k) n 414(h) n Other (please describe):
Note: If you do not know the qualification of the funds, contact your current
carrier for this information.
9. Current Carrier Information
<PAGE>
Name of carrier from which you will transfer/roll over funds: Street Address
City State Zip Code Telephone Number ( ) Account name(s) and number(s)
10. Amount of Transfer
Please indicate the amount that you are transferring/rolling over to TIAA-CREF:
n Total amount in my account(s) or n $
11. Your Authorization and Signature
I authorize the carrier listed in Section 9 to transfer/roll over the amount
stated in Section 10 from my account listed in Section 9 for immediate deposit
into my TIAA and CREF Rollover IRA contracts, and to release information
pertaining to the contributions and earnings attributable to the
transfer/rollover amount, as requested by TIAA-CREF. I also authorize TIAA-CREF
to contact this carrier on my behalf to arrange the transfer/rollover of these
funds.
Signature Date
TA TDI
F9284 (8/97) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association* College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
<PAGE>
IRA/DT FLA.
Rollover IRA and Transfer 8/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
APPLICATION For TIAA-CREF Rollover Individual Retirement Annuity Contracts
including a Transfer/Rollover Authorization to TIAA-CREF It's Easy to Enroll
Just complete these forms and return them to us in the enclosed Business Reply
Envelope. Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET
weekdays 8/97 edition (CA)
Instructions
1. Personal Information
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section. To prepare your benefit
illustrations, we will assume age 65 as your retirement income starting date.
You can change this date anytime by calling 1 800 842-2888.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity and CREF accounts.
Before allocating money to any account (other than the TIAA Traditional Annuity)
please read the current prospectuses. Premium allocations have to be in whole
percentages and total 100%. If your allocation does not total 100%, any premiums
received will go to the CREF Money Market Account. Upon receiving a valid
allocation, we will allocate the then-current value of your accumulation among
the accounts you have selected.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
<PAGE>
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulation as a death benefit. If no primary
beneficiary lives longer than you, death benefits go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start and have not named a beneficiary, your
estate receives the entire accumulation. If you do not have the date of birth
and / or Social Security number for one of your beneficiaries, you can send in
this form now and forward the information to us later. The beneficiary
designations that you provide on this form will apply only to this contract. If
you have other TIAA-CREF contracts, you may want to make sure your beneficiary
designations reflect your current intentions. For any questions about naming
your beneficiary(ies), please call us at 1 800 842-2888.
4. YOUR SOURCE OF PREMIUMS
If TIAA-CREF receives your funds directly from another carrier (financial
institution or company), complete sections 7 and 8 on the Transfer/Rollover
Authorization. Complete this section only if you are sending a personal check.
5. NOTE Please read the information and sign where indicated.
6.-11. Transfer/Rollover Authorization to TIAA-CREF
Complete this section if you are transferring funds from an IRA or rolling over
accumulations from an employer's pension plan to TIAA-CREF. We'll send you a
letter of acknowledgement and contact your current carrier.
A separate transfer / rollover authorization must be completed for each carrier
from which you wish to move funds to TIAA-CREF. Please photocopy the form, or
call us at 1 800 842-2888 to request additional copies. Please remember that
each copy, which we send to the other carrier, must bear an original signature.
If you are over age 70 1/2, you may need to begin distributions on this amount
during this calendar year. Please contact us.
7. Eligibility Information
Now more people are eligible for TIAA-CREF Rollover IRAs. You can open a
TIAA-CREF Rollover IRA if you are one of the following:
<PAGE>
* you are a TIAA-CREF participant;
* you are employed by an eligible institution;*
* you retired at age 55 or older after working at an eligible institution for at
least 5 years;
* you are a former employee of an eligible institution and your rollover is from
any eligible institution's pension plan (Note: spouses of former employees are
not eligible to roll over accumulations to TIAA-CREF);
* you are the spouse of a person who is in one of the first three categories
listed above;
* you are the surviving spouse of a deceased TIAA-CREF participant and you have
received or are receiving a death benefit; or
* you are the former spouse of a TIAA-CREF participant and you are an alternate
payee under a qualified domestic relations order (QDRO).
Please call us at 1 800 842-2888 if you have questions.
*An eligible institution is (or could be) part of the TIAA-CREF system,
including public K-12 educational institutions. However, TIAA-CREF Rollover IRAs
are not available to New York State public K-12 employees.
8. IRS Qualification Information
Now you can roll over funds from these tax-deferred sources: funds from other
IRAs; distributions from any former employer's pension plan; and distributions
from any plan at an eligible institution. If you are the surviving spouse of a
deceased employee who at death was employed at an eligible institution, or who
at death was retired from an eligible institution, you may roll over death
benefits from any employer's pension plan. If you are the former spouse of a
TIAA-CREF participant, payments made under a Qualified Domestic Relations Order
also may be rolled over.
Application for TIAA and CREF Rollover
Individual Retirement Annuity Contracts
Please type or print in ink and provide all information requested. IRA
1. Personal Information n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle
Mailing Address Street City State Zip Code Daytime Telephone Number Sex Date of
Birth Social Security Number
<PAGE>
( ) n M n F Mo. Day Yr. Employer Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No
From what company? Contract Number Your Retirement Income Starting Date The
first day of (Month) N/A (Year) N/A , or at the age of N/A . 2. Your Premium
Allocation TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real
Estate Stock Money Market Social Choice Bond Market Global Equities Growth
Equity Index Inflation-Linked Bond % N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. YOUR SOURCE OF PREMIUMS
Name of Educational, Research, or Related Organization
1.
2.
Your Rollover Contribution originated from: n 403(b) Plan n
401(a)/403(a)/401(k)-Qualified Plan Is your Rollover Contribution from another
Rollover IRA? n Yes n No
5. You cannot assign your TIAA and CREF Rollover
Individual Retirement Annuity contracts, and they do not allow loans. CREF
account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. If I am opening this IRA with a distribution from
a retirement plan, I certify that such a distribution qualifies for rollover
treatment and irrevocably elect to treat this contribution as a rollover
contribution. And, I certify under penalty of perjury, that my Social Security
Number as shown above is correct.
<PAGE>
I have read and understood all provisions of this application, and the IRA
Disclosure Statement. I have received a current CREF prospectus and a current
Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code 13.01.1 (10/95) CA
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
Transfer/Rollover
Authorization to TIAA-CREF
6. Personal Information
n Mr. n Mrs. n Ms. n Dr. n Other Last Name First Middle Social Security Number
7. Eligibility Information
Please read the instructions on eligibility before completing this section. Your
eligibility is based on (check the appropriate boxes): n you n your spouse n
your employment in K-12
8. IRS Qualification Information
Are the funds currently in a Rollover IRA? n Yes n No What is the IRS
qualification of the funds you are transferring? n 403(b) n 403(b)(7) n 401(a) n
403(a) n 401(k) n 414(h) n Other (please describe):
Note: If you do not know the qualification of the funds, contact your current
carrier for this information.
9. Current Carrier Information
Name of carrier from which you will transfer/roll over funds: Street Address
City State Zip Code Telephone Number ( ) Account name(s) and number(s)
10. Amount of Transfer
<PAGE>
Please indicate the amount that you are transferring/rolling over to TIAA-CREF:
n Total amount in my account(s) or n $
11. Your Authorization and Signature
I authorize the carrier listed in Section 9 to transfer/roll over the amount
stated in Section 10 from my account listed in Section 9 for immediate deposit
into my TIAA and CREF Rollover IRA contracts, and to release information
pertaining to the contributions and earnings attributable to the
transfer/rollover amount, as requested by TIAA-CREF. I also authorize TIAA-CREF
to contact this carrier on my behalf to arrange the transfer/rollover of these
funds.
Signature Date
TA TDI
F9284 (8/97) CA
For your protection, some states require a warning against fraud to appear on
this form. These states, including California, Colorado, Kentucky, New York, and
Ohio, require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
* knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
* knowingly include in their application or statement of claim any materially
false or misleading information; and/or
* knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim. A fraudulent insurance act is a
crime, and penalties may include imprisonment, fines, denial of insurance, and
civil damages.
(C) 1997 Teachers Insurance and Annuity Association* College Retirement Equities
Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
IRA/DT CA
Rollover IRA and Transfer 8/97 CA
AUTHORIZATION TO BEGIN
RETIREMENT INCOME FROM
RETIREMENT ANNUITIES OR
GROUP RETIREMENT ANNUITIES
[LOGO]
TIAA-CREF
TEACHERS
INSURANCE AND
ANNUITY
ASSOCIATION
College
Retirement
Equities
Fund
730 Third Avenue
New York
NY 10017-3206
<PAGE>
INSTRUCTIONS
Authorizing us to start your retirement income payments calls for
several important decisions. Please read the booklet that accompanies
this form. You may want to talk to a retirement planning consultant or
call us at 1 800 8422776 if you have questions. Because some of your
decisions are irrevocable once retirement income begins, be sure to
consider each instruction you give us carefully.
================================================================================
1. PERSONAL INFORMATION. Be sure all items are completed. Your citizenship is
required for tax withholding. If you're not a U.S. citizen and we haven't
included tax withholding information, please contact us.
2. PAYMENT START DATE AND FREQUENCY. Please specify the month and year that you
would like your retirement income to begin and the frequency of your payments.
Annuity payments are effective the first day of the month.
3. CHOOSING AN ANNUITY INCOME OPTION. Unless you tell us otherwise, the option
you select will apply to all your accounts. If you want to choose different
options for different accounts, please include a written statement of
explanation. If you need assistance, please contact us.
4. CHOOSING THE AMOUNT. Tell us if you'd like to base your payments on all or
only a portion of your accumulation. There is a $10,000 minimum requirement for
each account.
5. CHOOSING THE TIAA GRADED PAYMENT METHOD. You may request the Graded Payment
Method for all or part of your lifetime TIAA Traditional annuity income. This
method doesn't apply to the TIAA Installment Refund Annuity or to the TIAA Real
Estate Account. Leave this section blank if you'd like your income paid under
the Standard Payment Method.
6. CHOOSING YOUR BENEFCIARY. Be sure to name a beneficiary if you're choosing
the TIAA Installment Refund Annuity or an annuity income option with a
guaranteed payment period. Also review the sample designations in your "Forms to
Complete" packet.
7. SELECTING A RETIREMENT TRANSITION BENEFIT (if permitted under the terms of
your employer's retirement plan). You can receive a Retirement Transition
Benefit of 10% or less (from any or all accounts) of the accumulation that you
will receive income from. Federal tax laws subject your payment to 20% mandatory
income tax withholding unless your payment is directly rolled over to an IRA or
an employer's similar retirement plan. This will maintain the tax-deferred
status on the amount. Please read the booklet and notice accompanying this form
for more information. If you'd like the benefit, let us know the amount, from
which accounts, and if you want to directly roll over this payment. If you don't
want the benefit, leave this section blank.
8. YOUR AGREEMENT AND SIGNATURE. Please sign this section after completing this
authorization.
9. EXEMPTION FROM SPOUSAL RIGHTS TO SURVIVOR BENEFITS. If your retirement plan
participation since August 23, 1984, has been only in plans of publicly
supported institutions, such as those of a state university, or those of certain
churches, Section 10 doesn't apply to you. Your institution's plan
representative also can tell you if you're exempt. If you are exempt, check the
box and skip Section 10.
10. SPOUSE'S WAIVER OR UNMARRIED DETERMINATION. You or your spouse must complete
this section if you did not answer "yes" in Section 9 and you:
o request a Retirement Transition Benefit;
o choose a one-life lifetime annuity option; or
o name a person other than your spouse as your annuity partner.
YOUR SPOUSE should complete Section A if you're married. Federal law states that
your spouse has certain rights to your annuity. If you're married when you sign
and send us this request, we need your spouse's written consent to the annuity
benefits. Your spouse has to sign the waiver within 90 days of the date you
begin income, and the date he or she signs must be the same or a later date than
the date you sign Section 8. Your spouse has to be present when the signature is
witnessed by the plan representative or a notary public.
YOU should complete Section B if you're unmarried. If you're currently employed,
your marital status must be established by your employer's plan representative.
================================================================================
Use the enclosed "Payment Destination Instructions" form to authorize
us to deposit your payments in your bank account, or to mail your
checks to an address other than your current home.
F6647(3/96) RA/GRA Private
<PAGE>
AUTHORIZATION TO BEGIN RETIREMENT INCOME FROM P
RETIREMENT ANNUITIES OR GROUP RETIREMENT ANNUITIES
================================================================================
1 PERSONAL
INFORMATION
Name Social Security Number
Date of Birth Daytime Telephone Citizenship (if other than U.S.)
TIAA Number(s) CREF Number(s)
Will you have terminated employment from all institutions that contributed to
this contract? [ ] Yes [ ] No
If not, when do you expect to terminate employment?_____/_____/_____
================================================================================
2 PAYMENT START
DATE AND
FREQUENCY
Start Retirement Income (THE FIRST OF WHAT MONTH) ___________ (year)___________
Payment Frequency [ ] Monthly [ ] Quarterly [ ] Semiannually [ ] Annually
================================================================================
3 CHOOSING AN
ANNUITY
INCOME
OPTION
ONE-LIFE ANNUITY INCOME OPTIONS
[ ] Single life annuity (all payments end at your death). Do not name a
beneficiary in Section 6.
[ ] Life annuity with guaranteed period of [ ] 10 [ ] 15 [ ] 20 years. NAME a
beneficiary in Section 6.
[ ] TIAA Installment Refund Annuity (available only under TIAAs Standard
Payment Method for TIAA Traditional accumulations in contracts issued
before January 1, 1985. Not available for TIAA Real Estate or CREF
accumulations).NAME a beneficiary in Section 6.
If YOU choose a one-life option, you or your spouse may have to complete Section
10.
TWO-LIFE ANNUITY INCOME OPTIONS
[ ] Full benefit to survivor (you or your annuity partner)
[ ] Two-thirds benefit to survivor (you or your annuity partner)
[ ] Half benefit to annuity partner
GUARANTEED PERIOD OF
[ ] 10 years
[ ] 15 years
[ ] 20 years
Name a beneficiary in Section 6.
[ ] No guaranteed period
Name of Annuity Partner
(the person to receive lifetime income if he or she survives you)
________________________________________________________________________________
Relationship to You Date of Birth
________________________________________________________________________________
Social Security Number Citizenship (if not U.S.)
________________________________________________________________________________
================================================================================
TA_SR
F6647(3/96) RA/GRA Private
<PAGE>
4 CHOOSING THE
AMOUNT
I'D LIKE TO BASE MY LIFETIME ANNUITY INCOME ON
[ ] 100% OF MY TIAA AND CREF ACCUMULATIONS OR
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please write out in words either a dollar
amount or a percentage for each TIAA and CREF account. The minimum for each
account is $10,000 (written as "ten thousand dollars").
TIAA Traditional
________________________________________________________________________________
TIAA Real Estate
________________________________________________________________________________
CREF Stock
________________________________________________________________________________
CREF Money Market
________________________________________________________________________________
CREF Social Choice
________________________________________________________________________________
CREF Bond Market
________________________________________________________________________________
CREF Global Equities
________________________________________________________________________________
CREF Growth
________________________________________________________________________________
CREF Equity Index
________________________________________________________________________________
================================================================================
5 CHOOSING THE
TIAA GRADED
PAYMENT
METHOD
If you choose this option for less than your total TIAA Traditional
accumulation, please write out in words either a dollar amount or a percentage.
[ ] I CHOOSE THE GRADED PAYMENT METHOD FOR ALL OF MY TIAA TRADITIONAL
ACCUMULATION BEING CONVERTED TO ANNUITY INCOME.
[ ] I CHOOSE THE GRADED PAYMENT METHOD FOR _______ OF MY TIAA TRADITIONAL
ACCUMULATION BEING CONVERTED TO ANNUITY INCOME. (The minimum is $10,000 or your
entire accumulation.)
================================================================================
6 CHOOSING YOUR
BENEFICIARY
Tell us who should receive any payments due after you (and your annuity partner,
if any) have died.
Name of Social Security Date of
Primary Beneficiary Number Relationship Birth
________________________________________________________________________________
Name of Social Security Date of
Contingent Beneficiary Number Relationship Birth
________________________________________________________________________________
================================================================================
TA_SR
F6647/(3/96) RA/GRA} rRAlGRA Private
<PAGE>
7 SELECTING A
RETIREMENT
TRANSITION
BENEFIT
I'D LIKE MY RETIREMENT TRANSITION BENEFIT ON
[ ] 10% OF MY TIAA AND CREF ACCUMULATIONS BEING CONVERTED TO ANNUITY INCOME
or
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please tell us the percentage or dollar
amount you want from each fund that you' I be receiving income from.
TIAA Traditional
________________________________________________________________________________
TIAA Real Estate
________________________________________________________________________________
CREF Stock
________________________________________________________________________________
CREF Money Market
________________________________________________________________________________
CREF Social Choice
________________________________________________________________________________
CREF Bond Market
________________________________________________________________________________
CREF Global Equities
________________________________________________________________________________
CREF Growth
________________________________________________________________________________
CREF Equity Index
________________________________________________________________________________
If your Retirement Transition Benefit is to be a direct rollover, please provide
the necessary information.
MAKE MY DIRECT ROLLOVER TO
[ ] MY TIAA-CREF ROLLOVER IRAS: Ira Number(s)___________________________________
[ ] MY NEW TIAACREF ROLLOVER IRAS (please also complete an application)
[ ] ANOTHER COMPANY/INSTITUTION (please complete the following or provide us
with the other company's equivalent form that has been completed)
Please indicate the type of account set up to receive these funds:
[ ] IRA [ ] 403(b) [ ] 401(a) or 403(a)
Company Telephone
________________________________________________________________________________
Check-Mailing Address
________________________________________________________________________________
City State Zip
________________________________________________________________________________
Participant Account Number
________________________________________________________________________________
================================================================================
TA_SR
F6647/3/96) RA/GRA Private
<PAGE>
================================================================================
8 YOUR
AGREEMENT
By signing, you agree that:
o The retirement income starting date cannot be prior to the first day of the
month following the date we receive all necessary papers;
o The final premium from your employer must be due and payment received or
guaranteed by the last day of the month in which your retirement income
starts;
o You can't change your annuity income option, income under the TIAA standard
payment method, or annuity partner after annuity income payments begin;
o Your signature authorizes TIAA-CREF to send your payments directly to the IRA
or employer plan if you so indicated; and
o Once a contract's entire value has been used to provide benefits, that
contract won't have any value, but you're not required to return the contracts
to begin benefit payments.
YOUR
SIGNATURE
Signature Date
________________________________________________________________________________
================================================================================
9 EXEMPTION
FROM SPOUSAL
RIGHTS TO
SURVIVOR
BENEFITS
If you participated only in retirement plans of publicly supported institutions,
such as those of state university systems, or in those of certain churches, you
are exempt from federal spousal survivor benefits requirements. And if you did
not participate in the plan of a private employer since August 23, 1984, you are
also exempt. If you are in either category, please check the box and skip
Section 10.
[ ] YES, I AM EXEMPT FROM FEDERAL SPOUSAL RIGHTS TO SURVIVOR BENEFITS
REQUIREMENTS.
================================================================================
10 SPOUSE'S
WAIVER
A. SPOUSE'S CONSENT TO WAIVER OF SURVIVOR BENEFITS
(To be read and signed by the spouse of the annuity owner.)
Under federal law, you have certain rights to your spouse's annuity. Your spouse
has to receive benefits from a "two-life income option," where you'll receive a
lifetime income when he or she dies. If your spouse would like to choose a
one-life option, or a two-life option that provides someone other than you with
a lifetime income, he or she must have your written consent. Please note: a
one-life annuity generally provides a higher income than a two-life annuity.
(For more information, see the enclosed income illustration.) If your spouse
chooses a Retirement Transition Benefit (RTB) payment, you also have to consent
because that amount will not be available for lifetime income. If you consent,
you will not receive a lifetime income from the amount being "annuitized" -- or
received as an RTB payment - if your spouse dies before you.
If your spouse has selected an RTB payment, a one-life option, or a two-life
option with someone other than you receiving lifetime income, you have to read
and sign the following statement, and have your signature witnessed.
TA_SR
F6647(3/96) RA/GRA Private SPOUSE'S WAIVER CONTINUED ON NEXT PAGE
<PAGE>
================================================================================
10 SPOUSE'S
WAIVER
(continued)
I UNDERSTAND AND AGREE THAT I'M GIVING UP MY RIGHT TO RECEIVE LIFETIME ANNUITY
INCOME AT MY SPOUSE'S DEATH FOR THE ACCUMULATIONS INDICATED ON THIS
AUTHORIZATION. I RELEASE TIAA AND CREF FROM ALL LIABILITY FOR MAKING PAYMENT
BASED ON THIS AUTHORIZATION.
Spouse's Signature Date
________________________________________________________________________________
Spouse's Signature Witnessed by Plan Representative for (NAME OF INSTITUTION)
________________________________________________________________________________
Authorized Signature Title Date
________________________________________________________________________________
OR
Spouse's Signature Witnessed by Notary Public
State of )
County of )
On __________________________, 19_______________ , BEFORE ME PERSONALLY APPEARED
__________________________, TO ME KNOWN AND KNOWN TO ME TO BE THE INDIVIDUAL WHO
SIGNED THE ABOVE SPOUSAL CONSENT AND ACKNOWLEDGED TO ME THAT HE/SHE SIGNED THE
CONSENT.
__________________________
Notary Public
================================================================================
UNMARRIED
DETERMINATION
B. ESTABLISHING YOUR UNMARRIED STATUS
(To be completed by the annuity owner if applicable.)
I'M NOT MARRIED. IF I'M EMPLOYED, MY EMPLOYER'S PLAN REPRESENTATIVE MUST
ESTABLISH MY UNMARRIED STATUS TO HIS/HER SATISFACTION AND SIGN BELOW.
Your Signature Date
________________________________________________________________________________
Established by Plan Representative for (NAME OF INSTITUTION)
________________________________________________________________________________
Authorized Signature Title Date
________________________________________________________________________________
================================================================================
Ohio and Kentucky residents, please note:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other persons submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
TA_SR
F6647(3/96) RA/GRA Private
Printed on recycled paper
<PAGE>
F6647(3/96) RA/GRA Private
<PAGE>
AUTHORIZATION TO BEGIN
RETIREMENT INCOME FROM
RETIREMENT ANNUITIES OR
GROUP RETIREMENT ANNUITIES
[LOGO]
TEACHERS
INSURANCE AND
ANNUITY
ASSOCIATION
COLLEGE
RETIREMENT
EQUITIES
FUND
730 Third Avenue PUBLIC
New York
NY 10017-3206
INSTRUCTIONS
Authorizing us to start your retirement income payments calls for
several important decisions. Please read the booklet that accompanies
this form. You may want to talk to a retirement planning consultant or
call us at l 800 8422776 if you have questions. Because some of your
decisions are irrevocable once retirement income begins, be sure to
consider each instruction you give us carefully.
================================================================================
1. PERSONAL INFORMATION. Be sure all items are completed. Your citizenship is
required for tax withholding. If you're not a U.S. citizen and we haven't
included tax withholding information, please contact us.
2. PAYMENT START DATE AND FREQUENCY. Please specify the month and year that you
would like your retirement income to begin and the frequency of your payments.
Annuity payments are effective on the first day of the month.
3. CHOOSING AN ANNUITY INCOME OPTION. Unless you tell us otherwise, the option
you select will apply to all your accounts. If you want to choose different
options for different accounts, please include a written statement of
explanation. If you need assistance, please contact us.
4. CHOOSING THE AMOUNT. Tell us if you'd like to base your payments on all or
only a portion of your accumulation. There is a $10,000 minimum requirement for
each account.
5. CHOOSING THE TIAA GRADED PAYMENT METHOD. You may request the Graded Payment
Method for all or part of your lifetime TIAA Traditional annuity income. This
method doesn't apply to the TIAA Installment Refund Annuity or the Real Estate
Account. Leave this section blank if you'd like your income paid under the
Standard Payment Method.
6. CHOOSING YOUR BENEFICIARY. Be sure to name a beneficiary if you're choosing
the TIAA Installment Refund Annuity or an annuity income option with a
guaranteed payment period. Also review the sample designations in your "Forms to
Complete" packet.
7. SELECTING A RETIREMENT TRANSITION BENEFIT (if permitted under the terms of
your employer's retirement plan). You can receive a Retirement Transition
Benefit of 10% or less (from any or all accounts) of the accumulation that you
will receive income from. Federal tax laws subject your payment to 20% mandatory
income tax withholding unless your payment is directly rolled over to an IRA or
an employer's similar retirement plan. This will maintain the tax-deferred
status on the amount. Please read the booklet and notice accompanying this form
for more information. If you'd like the benefit, let us know the amount, from
which accounts, and if you want to directly roll over this payment. If you don't
want the benefit, leave this section blank.
8. YOUR AGREEMENT AND SIGNATURE. Please sign this section after completing this
authorization.
================================================================================
USE THE ENCLOSED "PAYMENT DESTINATION INSTRUCTIONS" FORM TO AUTHORIZE US TO
DEPOSIT YOUR PAYMENTS IN YOUR BANK ACCOUNT, OR TO MAIL YOUR CHECKS TO AN
ADDRESS OTHER THAN YOUR CURRENT HOME.
F7322 (3/96)
<PAGE>
AUTHORIZATION TO BEGIN RETIREMENT INCOME FROM P
RETIREMENT ANNUITIES OR GROUP RETIREMENT ANNUITIES
1 PERSONAL
INFORMATION
Name Social Security Number
________________________________________________________________________________
Date of Birth Daytime Telephone Citizenship (if not U.S.)
________________________________________________________________________________
TIAA Number CREF Number
________________________________________________________________________________
Will you have terminated employment from all institutions that contributed to
this contract?
[ ] Yes [ ] No
If not, when do you expect to terminate employment?_____/_____/_____
================================================================================
2 PAYMENT START
DATE AND
FREQUENCY
Start retirement income on (THE FIRST OF WHAT MONTH)_____________ (year)_______
Payment Frequency [ ] Monthly [ ] Quarterly [ ] Semiannually [ ] Annually
================================================================================
3 CHOOSING AN
ANNUITY
INCOME
OPTION
ONE-LIFE ANNUITY INCOME OPTIONS
[ ] Single life annuity (all payments end at your death). DO NOT name a
beneficiary in Section 6.
[ ] Life annuity with guaranteed period of [ ] 10 [ ] 15 [ ] 20 years.
NAME a beneficiary in Section 6.
[ ] TIAA Installment Refund Annuity (available only under TIAAs Standard
Payment Method for TIAA Traditional accumulations in contracts issued
before January 1, 1985. Not available for TIAA Real Estate or CREF
accumulations). NAME a beneficiary in Section 6.
TWO-LIFE ANNUITY INCOME OPTIONS
[ ] Full benefit to survivor (you or your annuity partner)
[ ] Two-thirds benefit to survivor (you or your annuity partner)
[ ] Half benefit to annuity partner
GUARANTEED PERIOD OF
[ ] 10 years
[ ] 15 years
[ ] 20 years
Name a beneficiary in Section 6.
[ ] No guaranteed period
Name of Annuity Partner
(the person to receive lifetime income if he or she survives you)
________________________________________________________________________________
Relationship to You Date of Birth
________________________________________________________________________________
Social Security Number Citizenship (if not U.S.)
________________________________________________________________________________
================================================================================
TA-SR
F7322 (3/96)
<PAGE>
================================================================================
4 CHOOSING THE
AMOUNT
I'D LIKE TO BASE MY LIFETIME ANNUITY INCOME ON
[ ] 100% OF THE TIAA AND CREF ACCUMULATIONS or
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please write out in words either a dollar
amount or a percentage for each account; the minimum for each account is $10,000
(written as "ten thousand dollars").
TIAA TRADITIONAL
________________________________________________________________________________
TIAA REAL ESTATE
________________________________________________________________________________
CREF STOCK
________________________________________________________________________________
CREF MONEY MARKET
________________________________________________________________________________
CREF SOCIAL CHOICE
________________________________________________________________________________
CREF BOND MARKET
________________________________________________________________________________
CREF GLOBAL EQUITIES
________________________________________________________________________________
CREF GROWTH
________________________________________________________________________________
CREF EQUITY INDEX
________________________________________________________________________________
================================================================================
5 CHOOSING THE
TIAA GRADED
PAYMENT
METHOD
If you choose this option for less than your total TIAA Traditional
accumulation, please write out in words either a dollar amount or a percentage.
[ ] I CHOOSE THE TIAA GRADED PAYMENT METHOD FOR ALL OF MY TLAA TRADITIONAL
ACCUMULATION BEING CONVERTED TO ANNUITY INCOME.
[ ] I CHOOSE THE TIAA GRADED PAYMENT METHOD FOR OF MY TIAA TRADITIONAL
ACCUMULATION BEING CONVERTED TO ANNUITY INCOME. (The minimum is $10.000
or your entire accumulation.)
================================================================================
6 CHOOSING YOUR
BENEFICIARY
Tell us who should receive any payments due after you (and your annuity partner,
if any) have died.
Name of Social Security Date of
Primary Beneficiary Number Relationship Birth
________________________________________________________________________________
Name of Social Security Date of
Contingent Beneficiary Number Relationship Birth
________________________________________________________________________________
================================================================================
TA-SR
F7322 (3/96)
<PAGE>
================================================================================
7 SELECTING A
RETIREMENT
TRANSITION
BENEFIT
I'D LIKE MY RETIREMENT TRANSITION BENEFIT ON
[ ] 10% OF MY TIAA AND CREF ACCUMULATIONS BEING CONVERTED TO ANNUITY INCOME
OR
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please tell us the percentage or dollar
amount you want from each fund that you'll be receiving income from.
TIAA Traditional
________________________________________________________________________________
TIAA Real Estate
________________________________________________________________________________
CREF Stock
________________________________________________________________________________
CREF Money Market
________________________________________________________________________________
CREF Social Choice
________________________________________________________________________________
CREF Bond Market
________________________________________________________________________________
CREF Global Equities
________________________________________________________________________________
CREF Growth
________________________________________________________________________________
CREF Equity Index
________________________________________________________________________________
If your Retirement Transition Benefit is to be a direct rollover, please provide
the necessary information.
MAKE MY DIRECT ROLLOVER TO
[ ] MY TIAA-CREF ROLLOVER IRAS: IRA Number(s)
[ ] MY NEW TIAA-CREF ROLLOVER IRAS (please also complete an application)
[ ] ANOTHER COMPANY/INSTITUTION (please complete the following or provide us
with the other company's equivalent form that has been completed)
Please indicate the type of account set up to receive these funds:
[ ] IRA [ ] 403(b) [ ] 401(a) or 403(a)
Company Telephone
________________________________________________________________________________
Check-Mailing Address
________________________________________________________________________________
City State Zip
________________________________________________________________________________
Participant Account Number
________________________________________________________________________________
================================================================================
TA-SR
F7322 (3/96)
<PAGE>
================================================================================
8 YOUR
AGREEMENT
By signing you agree that:
o The retirement income starting date cannot be prior to the first day of the
month following the date we receive all necessary papers;
o The final premium from your employer must be due and payment received or
guaranteed by the last day of the month in which your retirement income
starts;
o You can't change your annuity income option, income under the TIAA standard
payment method, or annuity partner after annuity income payments begin;
o Your signature authorizes TIAA-CREF to send your payments directly to the IRA
or employer plan if you so indicated; and
o Once a contract's entire value has been used to provide benefits, that
contract won't have any value, but you're not required to return the
contracts to begin benefit payments.
YOUR
SIGNATURE
Signature Date
________________________________________________________________________________
================================================================================
Ohio and Kentucky residents, please note:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other person, submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
TA-SR
F7322 (3/96) Printed on recycled paper
<PAGE>
AUTHORIZATION TO BEGIN
FIXED-PERIOD INCOME FROM
RETIREMENT ANNUITIES OR
GROUP RETIREMENT ANNUITIES
[LOGO]
TIAA-CREF
TEACHERS
INSURANCE AND
ANNUITY
ASSOCIATION
COLLEGE
RETIREMENT
EQUITIES
FUND PUBLIC
730 Third Avenue
New York
NY 10017-3206
<PAGE>
INSTRUCTIONS
Authorizing us to start your retirement income payments calls for
several important decisions. Please read the booklet that accompanies
this form. Also review your employer's retirement plan provisions: You
may be subject to limitations on the number of years and/or the amount
you can choose. You may want to talk to a retirement counselor or call
us at 1 800 842-2776 if you have questions. Because some of your
decisions are irrevocable once retirement income begins, be sure to
consider each instruction you give us carefully.
================================================================================
1. PERSONAL INFORMATION. Be sure all items are completed. Your citizenship is
required for tax withholding. If you're not a U.S. citizen and we haven't
included tax withholding information, please contact us.
2. PAYMENT START DATE AND FREQUENCY. Please specify the month and year that you
would like your income to begin and the frequency of your payments. Annuity
payments begin on the first day of the month.
3. SELECTING A RETIREMENT TRANSITION BENEFIT (if permitted under the terms of
your employer's retirement plan). Your can receive a Retirement Transition
Benefit of 10% or less (from any or all accounts) of the accumulation that you
will receive income from. Federal tax laws subject your payment to 20% mandatory
income tax withholding unless your payment is directly rolled over to an IRA or
an employer's similar retirement plan. Please read the booklet and notice
accompanying this form for more information.
4. CHOOSING THE FIXED-PERIOD OPTION. To choose the period of time that you want,
write in the number. Payments from 5 to 30 years are available from TIAA
Traditional GRAs, and from 2 to 30 years from CREF accounts in Retirement
Annuities and Group Retirement Annuities. Payments from the TIAA Real Estate
Account cannot be made from this option. Payments from TIAA Traditional
Retirement Annuities also are not available. Federal tax law and/or your
employer's plan may limit the number of years you can choose. Federal income tax
withholding and rollover rules will apply. If you choose a period of time that
is for 10 years or longer, your payments will be subject to ordinary federal
income taxes and are not eligible to be rolled over. If you choose a period of
time that is less than 10 years, you are subject to 20% mandatory federal income
tax withholding unless your payments are directly rolled over to an IRA or an
employer's similar retirement plan. Please read the booklet and notice
accompanying this form for more information.
If you'd like to defer taxes on your payments by requesting a direct rollover,
also complete Section 6.
5. CHOOSING THE AMOUNT. Tell us if you'd like to base your payments on all or
only a portion of your accumulation. There is a $10,000 minimum requirement for
each account.
If you plan on beginning income on your full accumulation, be sure to transfer
the full value of your CREF Bond Market Account, if any, to another account.
6. DIRECT ROLLOVER. If you choose a Retirement Transition Benefit or a
fixed-period payout option for less than 10 years, you can continue the benefit
of tax deferral and maintain access to your payments by directly rolling it over
to an IRA. You also may directly roll over your payment(s) to an employer's
similar retirement plan. Please read the booklet and notice accompanying this
form for more information. If you're interested in choosing a rollover, complete
this section. If you don't want a direct rollover, leave this section blank.
7. CHOOSING YOUR BENEFICIARY. Be sure to name a beneficiary to receive benefits
if you die. Also review the sample designations in your "Forms to Complete"
packet.
8. YOUR AGREEMENT AND SIGNATURE. Please sign this section after completing this
authorization.
================================================================================
USE THE ENCLOSED "PAYMENT DESTINATION INSTRUCTIONS" FORM TO AUTHORIZE US TO
DEPOSIT YOUR PAYMENTS IN YOUR BANK ACCOUNT, OR TO MAIL YOUR CHECKS TO AN ADDRESS
OTHER THAN YOUR CURRENT HOME.
F7321 (7/95)
<PAGE>
Authorization to Begin Fixed-Period Income from
Retirement Annuities or Group Retirement Annuities P
================================================================================
1 PERSONAL
INFORMATION
Name Social Security Number
________________________________________________________________________________
Date of Birth Daytime Telephone Citizenship (if not U.S.)
________________________________________________________________________________
TIAA Number CREF Number
________________________________________________________________________________
Will you have terminated employment from all institutions that contributed to
this contract?
[ ] Yes [ ] No
If not, when do you expect to terminate employment?_____/_____/_____
================================================================================
2 PAYMENT
START DATE
AND
FREQUENCY
Start retirement income (THE FIRST OF WHAT MONTH) __________ (year)__________
Payment Frequency [ ] Monthly [ ] Quarterly [ ] Semiannually [ ] Annually
================================================================================
3 SELECTING A
RETIREMENT
TRANSITION
BENEFIT
I'D LIKE MY RETIREMENT TRANSITION BENEFIT ON
[ ] 10% OF MY TIAA AND CREF ACCUMULATIONS BEING CONVERTED TO FIXED-PERIOD
PAYMENTS
or
[ ] OTHER AMOUNT AS INDICATED BELOW. Please tell us the percentage or dollar
amount you want from each fund that you'll be receiving income from.
TIAA TRADITIONAL (FOR GROUP RETIREMENT ANNUITIES ONLY)
________________________________________________________________________________
CREF STOCK
________________________________________________________________________________
CREF MONEY MARKET
________________________________________________________________________________
CREF SOCIAL CHOICE
________________________________________________________________________________
CREF GLOBAL EQUITIES
________________________________________________________________________________
CREF GROWTH
________________________________________________________________________________
CREF EQUITY INDEX
________________________________________________________________________________
================================================================================
4 CHOOSING THE
FIXED-PERIOD
OPTION
FIXED-PERIOD INCOME OPTION
I'D LIKE TO RECEIVE ANNUITY PAYMENTS FROM MY ACCUMULATION FOR A FIXED PERIOD OF
_________________ YEARS.
================================================================================
TA_SF
F7321 (7/95)
<PAGE>
================================================================================
5 CHOOSING THE
AMOUNT
I'D LIKE TO BASE MY FIXED-PERIOD INCOME ON
[ ] 100% OF MY TIAA AND CREF ACCUMULATION
or
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please write out in words either a
dollar amount or a percentage for each account; the minimum for each account
is $10,000 (written as "ten thousand dollars").
TIAA Traditional (for Group Retirement Annuities only)
________________________________________________________________________________
CREF Stock
________________________________________________________________________________
CREF Money Market
________________________________________________________________________________
CREF Social Choice
________________________________________________________________________________
CREF Global Equities
________________________________________________________________________________
CREF Growth
________________________________________________________________________________
CREF Equity Index
________________________________________________________________________________
================================================================================
6 DIRECT
ROLLOVER
I'D LIKE TO DIRECTLY ROLL OVER MY
[ ] Retirement Transition Benefit
[ ] Fixed-Period Payout Option (must be less than 10 years)
MAKE MY DIRECT ROLLOVER TO
[ ] MY TIAA-CREF ROLLOVER IRAS: IRA Number(s)
[ ] MY NEW TIAA-CREF ROLLOVER IRAS (please also complete an application)
[ ] another company/institution (please complete the following or provide us
with the other company's equivalent form that has been completed)
Please indicate the type of account set up to receive these funds:
[ ] IRA [ ] 403(b) [ ] 401(a) or 403(a)
Company Telephone
________________________________________________________________________________
Check-Mailing Address
________________________________________________________________________________
City State Zip
________________________________________________________________________________
Participant Account Number
________________________________________________________________________________
TA_SF
F7321 (7/95)
<PAGE>
================================================================================
7 CHOOSING
YOUR
BENEFICIARY
Tell us who should receive any payments due after you have died.
Name of Social Security Date of
Primary Beneficiary Number Relationship Birth
________________________________________________________________________________
Name of Social Security Date of
Contingent Beneficiary Number Relationship Birth
________________________________________________________________________________
================================================================================
8 YOUR
AGREEMENT
By signing you agree that:
o The retirement income starting date cannot be prior to the first day of the
month following the date we receive all necessary papers;
o The final premium from your employer must be due and payment received or
guaranteed by the last day of the month in which your retirement income
starts;
o You can't change your income option after payment begins;
o Subject to the terms of your employer's retirement plan provisions, you may
receive the commuted value of the remaining payments at any time;
o Your signature authorizes TIAA-CREF to send your payments directly to the IRA
or employer plan if you so indicated; and
o Once a contract's entire value has been used to provide benefits, that
contract won't have any value, but you're not required to return the
contracts to begin benefit payments.
YOUR
SIGNATURE
Signature Date
________________________________________________________________________________
================================================================================
Ohio and Kentucky residents, please note:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other person, submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
TA_SF
F7321 (7/95) Printed on recycled paper
<PAGE>
AUTHORIZATION TO BEGIN
FIXED-PERIOD INCOME FROM
RETIREMENT ANNUITIES OR
GROUP RETIREMENT ANNUITIES
[LOGO]
TIAA-CREF
TEACHERS
INSURANCE AND
ANNUITY
ASSOCIATION
COLLEGE
RETIREMENT
EQUITIES
FUND
730 Third Avenue
New York
NY 100 17-3206
<PAGE>
INSTRUCTIONS
Authorizing us to start your retirement income payments calls for
several important decisions. Please read the booklet that accompanies
this form. Also review your employer's retirement plan provisions: You
may be subject to limitations on the number of years and/or the amount
you can choose. You may want to talk to a retirement counselor or call
us at 1 800 842-2776 if you have questions. Because some of your
decisions are irrevocable once retirement income begins, be sure to
consider each instruction you give us carefully.
================================================================================
1. PERSONAL INFORMATION. Be sure all items are completed. Your citizenship is
required for tax withholding. If you're not a U.S. citizen and we haven't
included tax withholding information, please contact us.
2. PAYMENT START DATE AND FREQUENCY. Please specify the month and year that you
would like your income to begin and the frequency of your payments. Annuity
payments begin on the first day of the month.
3. SELECTING A RETIREMENT TRANSITION Benefit (if permitted under the terms of
your employer's retirement plan). You can receive a Retirement Transition
Benefit of 10% or less (from any or all accounts) of the accumulation that you
will receive income from. Federal tax laws subject your payment to 20% mandatory
income tax withholding unless your payment is directly rolled over to an IRA or
an employer's similar retirement plan. Please read the booklet and notice
accompanying this form for more information.
If you'd like to defer taxes on your payments by requesting a direct rollover,
also complete Section 6. If you don't want the benefit, leave this section
blank.
4. CHOOSING THE FIXED-PERIOD OPTION. To choose the period of time from 5 to 30
years that you want, write in the number. Federal tax law and/or your employer's
plan may limit the number of years you can choose. Federal income tax
withholding and rollover rules will apply. If you choose a period of time that
is for 10 years or longer, your payments will be subject to ordinary federal
income taxes and are not eligible to be rolled over. If you choose a period of
time that is less than 10 years, you are subject to 20% mandatory federal income
tax withholding unless your payments are directly rolled over to an IRA or an
employer's similar retirement plan. Please read the booklet and notice
accompanying this form for more information. Payments for fixed periods of time
are not available from the Real Estate Account.
If you'd like to defer taxes on your payments by requesting a direct rollover,
also complete Section 6.
5. CHOOSING THE AMOUNT. Tell us if you'd like to base your payments on all or
only a portion of your accumulation. There is a $10,000 minimum requirement for
each account.
If you plan on beginning income on your full accumulation, be sure to transfer
the full value of your CREF Bond Market Account, if any, to another account.
6. DIRECT ROLLOVER. If you choose a Retirement Transition Benefit or a
fixed-period payout option for less than 10 years, you can continue the benefit
of tax deferral and maintain access to your payment(s) by directly rolling it
over to an IRA. You also may directly roll over your payment(s) to an employer's
similar retirement plan. Please read the booklet and notice accompanying this
form for more information. If you're interested in choosing a rollover, complete
this section. If you don't want a direct rollover, leave this section blank.
7. CHOOSING YOUR BENEFICIARY. Be sure to name a beneficiary to receive benefits
if you die. Also review the sample designations in your "Forms to Complete"
packet.
8. EXEMPTION FROM SPOUSAL WAIVER TO PRERETIREMENT SURVIVOR BENEFITS. If your
retirement plan participation since August 23, 1984, has been only in plans of
publicly supported institutions, such as those of a state university, or those
of certain churches, Section 9 doesn't apply to you. Your institution's plan
representative also can tell you if you're exempt. If you are exempt, check the
box and skip Section 9.
F7323 (7/95) RA/GRA Fixed Private
<PAGE>
9. SPOUSE'S WAIVER OR UNMARRIED DETERMINATION. You or your spouse must complete
this section if you did not answer "yes" in Section 8.
YOUR SPOUSE should complete Part A if you're married. Federal law states that
your spouse has certain rights to your annuity. If you're married when you sign
and send us this authorization, we need your spouse's written consent. Your
spouse has to sign the waiver within 90 days of the date you begin income, and
the date he or she signs must be the same or a later date than the date you sign
Section 10. Your spouse has to be present when the signature is witnessed by the
plan representative or a notary public.
YOU should complete Part B if you're unmarried. If you're currently employed,
your marital status must be established by your employer's plan representative.
10. YOUR AGREEMENT AND SIGNATURE. Please sign this section after completing this
authorization.
================================================================================
USE THE ENCLOSED "PAYMENT DESTINATION INSTRUCTIONS" FORM TO AUTHORIZE US TO
DEPOSIT YOUR PAYMENTS IN YOUR BANK ACCOUNT, OR TO MAIL YOUR CHECKS TO AN ADDRESS
OTHER THAN YOUR CURRENT HOME.
F7323 (7/95) RA / GRA Fixed Private
<PAGE>
AUTHORIZATION TO BEGIN FIXED-PERIOD INCOME FROM
RETIREMENT ANNUITIES OR GROUP RETIREMENT ANNUITIES P
================================================================================
1 PERSONAL
INFORMATION
Name Social Security Number
________________________________________________________________________________
Date of Birth Daytime Telephone Citizenship (if not U.S.)
________________________________________________________________________________
TIAA Number CREF Number
________________________________________________________________________________
Will you have terminated employment from all institutions that contributed to
this contract?
[ ] Yes [ ] No
If not, when do you expect to terminate employment?____/____/____
================================================================================
2 PAYMENT
START DATE
AND
FREQUENCY
Start Income (THE FIRST OF WHAT MONTH)_____________ (year)_________
Payment Frequency [ ] Monthly [ ] Quarterly [ ] Semiannually [ ] Annually
================================================================================
3 SELECTING A
RETIREMENT
TRANSITION
BENEFIT
I'D LIKE MY RETIREMENT TRANSITION BENEFIT ON
[ ] 10% OF MY TIAA AND CREF ACCUMULATIONS BEING CONVERTED TO FIXED-PERIOD
PAYMENTS
or
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please tell us the percentage or dollar
amount you want from each fund that you'll be receiving income from.
TIAA TRADITIONAL (FOR GROUP RETIREMENT ANNUITIES ONLY)
________________________________________________________________________________
CREF STOCK
________________________________________________________________________________
CREF MONEY MARKET
________________________________________________________________________________
CREF SOCIAL CHOICE
________________________________________________________________________________
CREF GLOBAL EQUITIES
________________________________________________________________________________
CREF GROWTH
________________________________________________________________________________
CREF EQUITY INDEX
________________________________________________________________________________
================================================================================
4 CHOOSING THE
FIXED-PERIOD
OPTION
FIXED-PERIOD INCOME OPTION
I'D LIKE TO RECEIVE ANNUITY PAYMENTS FROM MY ACCUMULATION FOR A FIXED PERIOD OF
_______________ YEARS.
================================================================================
TA-SF
F7323 (7/95) RA /GRA Fixed Private
<PAGE>
================================================================================
5 CHOOSING
THE AMOUNT
I'D LIKE TO BASE MY FIXED-PERIOD INCOME ON
[ ] 100% OF MY TIAA AND CREF ACCUMULATIONS
or
[ ] OTHER AMOUNTS AS INDICATED BELOW. Please write out in words either a dollar
amount or a percentage of each account; the minimum for each account is
$10,000 (written as "ten thousand dollars").
TIAA TRADITIONAL (FOR GROUP RETIREMENT ANNUITIES ONLY)
________________________________________________________________________________
CREF STOCK
________________________________________________________________________________
CREF MONEY MARKET
________________________________________________________________________________
CREF SOCIAL CHOICE
________________________________________________________________________________
CREF GLOBAL EQUITIES
________________________________________________________________________________
CREF GROWTH
________________________________________________________________________________
CREF EQUITY INDEX
________________________________________________________________________________
================================================================================
6 DIRECT
ROLLOVER
I'D LIKE TO DIRECTLY ROLL OVER MY
[ ] Retirement Transition Benefit
[ ] Fixed-Period Payout Option (must be less than 10 years)
MAKE MY DIRECT ROLLOVER TO
[ ] MY TIAA-CREF ROLLOVER IRAS: IRA Number(s)
[ ] MY NEW TIAA-CREF ROLLOVER IRAS (please also complete an application)
[ ] ANOTHER COMPANY/INSTITUTION (please complete the following or provide us
with the other company's equivalent form that has been completed) Please
indicate the type of account set up to receive these funds:
[ ] IRA [ ] 403(b) [ ] 401(a) or 403(a)
Company Telephone
________________________________________________________________________________
Check-Mailing Address
________________________________________________________________________________
City State Zip
________________________________________________________________________________
Participant Account Number
________________________________________________________________________________
================================================================================
TA-SF
F7323 (7/95) RA /GRA Fixed Private
<PAGE>
================================================================================
7 CHOOSING
YOUR
BENEFICIARY
Tell us who should receive any payments due after you have died.
Name of Social Security Date of
Primary Beneficiary Number Relationship Birth
________________________________________________________________________________
Name of Social Security Date of
Contingent Beneficiary Number Relationship Birth
________________________________________________________________________________
================================================================================
8 EXEMPTION
FROM SPOUSAL
WAIVER TO
PRERETIREMENT
SURVIVOR
BENEFITS
If you participated only in retirement plans of publicly supported institutions,
such as those of state university systems, or in those of certain churches, you
are exempt from federal spousal survivor ben fits requirements. And if you did
not participate in the plan of a private employer since August 23, 1984, you are
also exempt. If you are in either category, please check the box and skip
Section 9.
[ ] YES, I AM EXEMPT FROM FEDERAL SPOUSAL RIGHTS TO SURVIVOR BENEFITS
REQUIREMENTS.
================================================================================
TA-SF
F7323 (7/95) RA /GRA Fixed Private
<PAGE>
================================================================================
9 SPOUSE'S
WAIVER
A. SPOUSE'S CONSENT TO WAIVER OF PRERETIREMENT SURVIVOR BENEFITS
(To be read and signed by the spouse of the annuity owner.)
Under federal law, you have the right to receive a survivor benefit of at least
50% of the amount in this contract if your spouse dies before you. As a result,
your spouse must have your written consent before receiving payments from this
contract. If you consent to the authorization, you WILL NOT receive a survivor
benefit payment from the amount withdrawn. If you agree to the authorization,
please read and sign the statement below, and have your signature witnessed.
I AGREE TO THE PAYMENT OF FUNDS FROM THE CONTRACT(S) LISTED IN SECTION 1. 1
UNDERSTAND AND AGREE THAT I'M GIVING UP MY RIGHT TO RECEIVE A SURVIVOR BENEFIT
PAYMENT FROM TLAA-CREF FOR THE AMOUNT BEING PAID. I RELEASE TIAA AND CREF FROM
ALL LIABILITY FOR MAKING PAYMENT BASED ON THIS AUTHORIZATION.
Spouse's Signature Date
________________________________________________________________________________
Spouse's Signature Witnessed by Plan Representative for (NAME OF INSTITUTION)
________________________________________________________________________________
Authorized Signature Title Date
________________________________________________________________________________
OR
Spouse's Signature Witnessed by Notary Public
State of )
: ss
County of )
ON__________________, 19______, BEFORE ME PERSONALLY APPEARED _________________,
TO ME KNOWN AND KNOWN TO ME TO BE THE INDIVIDUAL WHO SIGNED THE ABOVE SPOUSAL
CONSENT AND ACKNOWLEDGED TO ME THAT HE/SHE SIGNED THE CONSENT.
____________________
Notary Public
UNMARRIED
DETERMINATION
B. ESTABLISHING YOUR UNMARRIED STATUS
(To be completed by the annuity owner if applicable.)
I'M NOT MARRIED. IF I'M EMPLOYED, MY EMPLOYER'S PLAN REPRESENTATIVE MUST
ESTABLISH MY UNMARRIED STATUS TO HIS/HER SATISFACTION AND SIGN BELOW.
Your Signature Date
________________________________________________________________________________
Established by Plan Representative for (NAME OF INSTITUTION)
________________________________________________________________________________
Authorized Signature Title Date
________________________________________________________________________________
================================================================================
<PAGE>
10 YOUR
AGREEMENT
By signing, you agree that:
o The retirement income starting date cannot be prior to the first day of the
month following the date we receive all necessary papers;
o The final premium from your employer must be due and payment received or
guaranteed by the last day of the month in which your retirement income
starts;
o You can't change your income option after payment begins;
o Subject to the terms of your employer's retirement plan provisions, you may
receive the commuted value of the remaining payments at any time;
o Your signature authorizes TIAA-CREF to send your payments directly to the IRA
or employer plan if you so indicated; and
o Once a contract's entire value has been used to provide benefits, that
contract won't have any value, but you're not required to return the contracts
to begin benefit payments.
YOUR
SIGNATURE
Signature Date
________________________________________________________________________________
================================================================================
Ohio and Kentucky residents, please note:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other person, submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
TA-SF
F7323 (7/95) RA / GRA Fixed Private Printed on recycled paper.
File: FLGSRAE.TXT
ENROLLMENT
FORM
FOR TIAA-CREF
GROUP
SUPPLEMENTAL
RETIREMENT
ANNUITY
CERTIFICATES
FOR PLANS COVERED BY ERISA
<PAGE>
IMPORTANT: This enrollment form is for personal tax-deferred savings only,
not your institution's basic retirement plan.
It's Easy to Enroll Just complete the enrollment form and return it to your
benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%. NOTE: TIAA
limits transfers from the Real Estate Account to one per calendar month. In the
future, TIAA and CREF may restrict transfers from the Real Estate Account or
from any of the CREF accounts to one per calendar quarter. TIAA has the right to
stop accepting premiums and/or transfers to the Real Estate Account. You can
change your allocation of future premiums anytime. If your allocation does not
total 100%, if it violates any plan limitations, or if we receive your premiums
before we receive your enrollment form, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
certificate at your date of death, unless your spouse consents to the
designation of another primary beneficiary. To permit someone other than your
spouse to receive more than 50% of the annuity death benefit, your spouse must
sign the consent in Section 5 of the enrollment form. A spouse's consent will
not be valid with respect to any different spouse you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information. You
can revoke the waiver any time before your annuity income begins by naming your
spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.) CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard GSRA (ERISA) 9/97 FLA.
<PAGE>
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number Spouse's Name
( ) [ ] M [ ] F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? [ ] Yes [ ] No
From what company? Contract Number
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties. The TIAA certificate may include a surrender charge to be deducted
from any cash withdrawals, transfers from TIAA, and loan defaults.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan. CREF account accumulations and
benefit payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts. Under
ERISA, each certificate gives your spouse the right to an annuity worth 50% of
the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver. Consent by Spouse (must be
witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. [ ]
Code
G10.3.2E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(c) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only,
not your institution's basic retirement plan.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age,
we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other TIAA
and CREF accounts available under your employer's retirement plan. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectus. Premium allocations have to be in whole percentages
and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one
per calendar month. In the future, TIAA and CREF may restrict transfers from the
Real Estate Account or from any of the CREF accounts to one per calendar
quarter. TIAA has the right to stop accepting premiums
<PAGE>
and/or transfers to the Real Estate Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary If you die before annuity payments start,
your designated beneficiary(ies) will receive the total value of your
accumulations as a death benefit. If no primary beneficiary lives longer than
you, death benefits will go to your contingent beneficiary(ies). For example, a
married person with children might name the spouse as primary beneficiary and
the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
certificate at your date of death, unless your spouse consents to the
designation of another primary beneficiary. To permit someone other than your
spouse to receive more than 50% of the annuity death benefit, your spouse must
sign the consent in Section 5 of the enrollment form. A spouse's consent will
not be valid with respect to any different spouse you may have in the future.
4. note:
Please read all information and sign where indicated.
<PAGE>
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by
TIAA-CREF Individual & Institutional Services.
Standard GSRA (ERISA) 9/97
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n
Other Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name
( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
<PAGE>
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % %
% % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
4. Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties. The TIAA certificate may include a surrender charge to be deducted
from any cash withdrawals, transfers from TIAA, and loan defaults.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor
death benefit under ERISA by naming other primary
beneficiaries for more than 50% of any death benefit, your spouse must
consent to the waiver.
Consent by Spouse (must be witnessed)
<PAGE>
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code
G10.3.2E (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file
applications for insurance or statements of claim commit a fraudulent insurance
act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of
misleading concerning any fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages.
New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation.
Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
<PAGE>
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (ERISA) 9/97
<PAGE>
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only,
not your institution's basic retirement plan.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary If you die before annuity payments start,
your designated beneficiary(ies) will receive the total value of your
accumulations as a death benefit. If no primary beneficiary lives longer than
you, death benefits will go to your contingent beneficiary(ies). For example, a
married person with children might name the spouse as primary beneficiary and
the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate. If you do not have the
date of birth and / or Social Security number for one of your beneficiaries, you
can send in this form now and forward the information to us later. The
beneficiary designations that you provide on this form will apply only to this
contract. If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits Your employer's tax-deferred
annuity plan is subject to the Employee Retirement Income Security Act of 1974
(ERISA). Under ERISA, your surviving spouse has a right to an annuity worth 50%
of the value of your accumulation under each certificate at your date of death,
unless your spouse consents to the designation of another primary beneficiary.
To permit someone other than your spouse to receive more than 50% of the annuity
death benefit, your spouse must sign the consent in Section 5 of the enrollment
form. A spouse's consent will not be valid with respect to any different spouse
you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a
<PAGE>
preretirement survivor death benefit
If you are married and you have not named
your spouse as your primary beneficiary for at least 50% of your annuity death
benefits, then by signing this enrollment form, you are waiving your spouse's
right to a preretirement survivor death benefit and your spouse must agree to
this waiver by signing the consent. Generally, you can make this waiver only if
you're at least 35. If you're under 35, please contact your Benefits Office for
more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard GSRA (ERISA) 9/97 FLA.
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number Spouse's
Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch Job
Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity
<PAGE>
Index Inflation-Linked Bond
% % % % % % %
% % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security
Number
4. Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties. The TIAA certificate may include a surrender charge to be deducted
from any cash withdrawals, transfers from TIAA, and loan defaults.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor
Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit
<PAGE>
payable under these certificates will be paid to the beneficiaries as specified
above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code
G10.3.2E (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College
Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (ERISA) 9/97 FLA.
<PAGE>
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only,
not your institution's basic retirement plan.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our
Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other CREF
accounts available under your employer's retirement plan. Before allocating
money to any account (other than the TIAA Traditional Annuity) please read the
current prospectus. Premium allocations have to be in whole percentages and
total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form,
<PAGE>
any premiums will go to the CREF Money Market Account. Upon receiving a
valid allocation, we will apply all future premiums accordingly. For more
information, please see the CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE:
These annuity certificates are issued in California, where the TIAA Real Estate
Account is not available. California residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
certificate at your date of death, unless your spouse consents to the
designation of another primary beneficiary. To permit someone other than your
spouse to receive more than 50% of the annuity death benefit, your spouse must
sign the consent in Section 5 of the enrollment form. A spouse's consent will
not be valid with respect to any different spouse you may have in the future.
4. note:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a
<PAGE>
preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit. Your spouse cannot revoke consent once it has been given. Any
survivor benefits payable before annuity income payments begin will be paid to
the beneficiary(ies) you named. (Your spouse's signature must be witnessed by
your employer's plan representative or a notary public.)
CREF certificates are
distributed by TIAA-CREF Individual & Institutional Services.
Standard GSRA (ERISA) 9/97 CA
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market
<PAGE>
Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond
% N/A % % % % %
% % % %
= 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security
Number
4. Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties. The TIAA certificate may include a surrender charge to be deducted
from any cash withdrawals, transfers from TIAA, and loan defaults.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan.
CREF account accumulations and
benefit payments, and Real Estate Account accumulations, are variable and not
guaranteed; they depend on the investment performance of these accounts.
Under
ERISA, each certificate gives your spouse the right to an annuity worth 50% of
the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor
Death Benefit
If you have waived your spouse's right to a preretirement survivor
death benefit under ERISA by naming other primary beneficiaries for more than
50% of any death benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit
<PAGE>
under ERISA. I recognize that any preretirement death benefit payable under
these certificates will be paid to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n Code
G10.3.2E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (ERISA) 9/97 CA
<PAGE>
File: CASRAE.TXT
APPLICATION
For TIAA-CREF Supplemental
Retirement Annuity Contracts
For Plans Covered By ERISA
IMPORTANT: This application is for personal tax-deferred savings only, not your
institution's basic retirement plan. It's Easy to Enroll Just complete the
application and return it to your benefits office. Questions? Call our
Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition (CA)
Instructions for filling out the application
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, or if we receive your premiums
before we receive your application, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
<PAGE>
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity contracts are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
contract; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's tax-deferred annuity plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a
right to an annuity worth 50% of the value of your accumulation under each
contract at your date of death, unless your spouse consents to the designation
of another primary beneficiary. To permit someone other than your spouse to
receive more than 50% of the annuity death benefit, your spouse must sign the
consent in Section 5 of the application. A spouse's consent will not be valid
with respect to any different spouse you may have in the future.
4. NOTE: Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
<PAGE>
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this application, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary. Consent by Spouse By signing this
consent, your spouse is giving up all rights to receive the preretirement
survivor benefit. Your spouse cannot revoke consent once it has been given. Any
survivor benefits payable before annuity income payments begin will be paid to
the beneficiary(ies) you named. (Your spouse's signature must be witnessed by
your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services. Standard SRA (ERISA) 9/97 CA Application for TIAA and CREF
SUPPLEMENTAL Retirement Annuity Contracts
Please type or print in ink and provide all information requested. K
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? n Yes n No From what company? Contract Number Your Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
<PAGE>
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these contracts. Distributions before
age 59 1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each contract gives your spouse the right to an annuity worth 50%
of the value of your accumulations at the date of your death. Your spouse must
consent below to any beneficiary designation that doesn't meet this requirement.
I have read and understood all provisions of this application. I have received a
current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver. Consent by Spouse (must be
witnessed) With this consent I am voluntarily and irrevocably giving up my right
to a qualified preretirement survivor death benefit under ERISA. I recognize
that any preretirement death benefit payable under these contracts will be paid
to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
1210.2.3E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard SRA (ERISA) 9/97 CA
File: FLGSRAN.TXT
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Not Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only, not
your institution's basic retirement plan. It's Easy to Enroll Just complete the
enrollment form and return it to your benefits office. Questions? Call our
Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE:
TIAA limits transfers from the Real Estate Account to one per calendar month. In
the future, TIAA and CREF may restrict transfers from the Real Estate Account or
from any of the CREF accounts to one per calendar quarter. TIAA has the right to
stop accepting premiums and/or transfers to the Real Estate Account. You can
change your allocation of future premiums anytime. If your allocation does not
total 100%, if it violates any plan limitations, or if we receive your premiums
before we receive your enrollment form, any premiums will go to the CREF Money
Market Account. Upon receiving a valid allocation, we will apply all future
premiums accordingly. For more information, please see the CREF prospectus.
3. Your designation of beneficiary
If you die before annuity payments start, your designated beneficiary(ies) will
receive the total value of your accumulations as a death benefit. If no primary
beneficiary lives longer than you, death benefits will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries. If
you die before annuity payments start, have not named a beneficiary, and leave
no spouse, your estate receives the entire accumulation. If you leave a spouse,
he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate. If you do not have the
date of birth and / or Social Security number for one of your beneficiaries, you
can send in this form now and forward the information to us later. The
beneficiary designations that you provide on this form will apply only to this
contract. If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard GSRA (Non-ERISA) 9/97
FLA.
ENROLLMENT FORM for TIAA and CREF GROUP SUPPLEMENTAL Retirement Annuity
CERTIFICATES (FOR PLANS NOT COVERED BY ERISA) Please type or print in ink and
provide all information requested. L
<PAGE>
1. Personal Information
Last Name First Middle [ ] Mr.[ ] Mrs.[ ] Ms.[ ] Dr. [ ] Other __________
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security Number Spouse's Name
( )[ ] M[ ] F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing annuity from
another company? [ ] Yes[ ] No From what company? Contract Number Your
Retirement
Income Starting Date The first day of (Month) (Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond % % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a tax-deferred annuity
plan not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties. Your right to transfer all or part of your TIAA and CREF
accumulations may be limited in accordance with your employer's plan.
The TIAA certificate may include a surrender charge to be deducted from any cash
withdrawals, transfers from TIAA, and loan defaults.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
enrollment form. I have received a current CREF prospectus and a current Real
Estate Account prospectus.
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.3.2N (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (Non-ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Not Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only, not
your institution's basic retirement plan. It's Easy to Enroll Just complete the
enrollment form and return it to your benefits office. Questions? Call our
Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays 9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information. Your retirement income starting date is when you plan
to start receiving TIAA-CREF retirement income. You can change it any time. If
you do not select a date or an age, we will assume age 65 when preparing your
benefit illustrations. We are complying with a regulatory agency requirement in
asking that you provide the Existing Contracts information in this section.
2. Your premium allocation. You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other TIAA
and CREF accounts available under your employer's retirement plan. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectus. Premium allocations have to be in whole percentages
and total 100%. NOTE: TIAA limits transfers from the Real Estate Account to one
per calendar month. In the future, TIAA and CREF may restrict transfers from the
Real Estate Account or from any of the CREF accounts to one per calendar
quarter. TIAA has the right to stop accepting premiums
<PAGE>
and/or transfers to the Real Estate Account. You can change your allocation of
future premiums anytime. If your allocation does not total 100%, if it violates
any plan limitations, or if we receive your premiums before we receive your
enrollment form, any premiums will go to the CREF Money Market Account. Upon
receiving a valid allocation, we will apply all future premiums accordingly. For
more information, please see the CREF prospectus.
3. Your designation of beneficiary If you die before annuity payments start,
your designated beneficiary(ies) will receive the total value of your
accumulations as a death benefit. If no primary beneficiary lives longer than
you, death benefits will go to your contingent beneficiary(ies). For example, a
married person with children might name the spouse as primary beneficiary and
the children as contingent beneficiaries. If you die before annuity payments
start, have not named a beneficiary, and leave no spouse, your estate receives
the entire accumulation. If you leave a spouse, he or she will receive 50% of
the value of your accumulation under each certificate; the remainder will be
paid to your estate. If you do not have the date of birth and / or Social
Security number for one of your beneficiaries, you can send in this form now and
forward the information to us later. The beneficiary designations that you
provide on this form will apply only to this contract. If you have other
TIAA-CREF contracts, you may want to make sure your beneficiary designations
reflect your current intentions. For any questions about naming your
beneficiary(ies), please call us at 1 800 842-2776.
4. note: Please read all information and sign where indicated. CREF certificates
and interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services. Standard GSRA (Non-ERISA) 9/97 ENROLLMENT
FORM for TIAA and CREF GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES (FOR
PLANS NOT COVERED BY ERISA) Please type or print in ink and provide all
information requested. L 1. Personal Information Last Name First Middle n Mr. n
Mrs. n Ms. n Dr. n Other
<PAGE>
Mailing Address Street City State Zip Code Daytime
Telephone Number Sex Date of Birth Social Security Number Spouse's Name ( ) n M
n F Mo. Day Yr. Employing Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % %
% % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
4. This enrollment form is for certificates issued under a tax-deferred annuity
plan not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties.
Your right to transfer all or part of your TIAA and CREF accumulations
<PAGE>
may be limited in accordance with your employer's plan. The TIAA certificate may
include a surrender charge to be deducted from any cash withdrawals, transfers
from TIAA, and loan defaults. CREF account accumulations and benefit payments,
and Real Estate Account accumulations, are variable and not guaranteed; they
depend on the investment performance of these accounts. I have read and
understood all provisions of this enrollment form. I have received a current
CREF prospectus and a current Real Estate Account prospectus.
Signed Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
G10.3.2N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any
materially false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association o College
<PAGE>
Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (Non-ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Not Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings
only,
not your institution's basic retirement plan.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our
Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation. You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other TIAA
and CREF accounts available under your employer's retirement plan. Before
allocating money to any account (other than the TIAA Traditional Annuity) please
read the current prospectus. Premium allocations have to be in whole percentages
and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
<PAGE>
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary If you die before annuity payments start,
your designated beneficiary(ies) will receive the total value of your
accumulations as a death benefit. If no primary beneficiary lives longer than
you, death benefits will go to your contingent beneficiary(ies). For example, a
married person with children might name the spouse as primary beneficiary and
the children as contingent beneficiaries. If you die before annuity payments
start, have not named a beneficiary, and leave no spouse, your estate receives
the entire accumulation. If you leave a spouse, he or she will receive 50% of
the value of your accumulation under each certificate; the remainder will be
paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read
all information and sign where indicated.
CREF certificates and interests in the
TIAA Real Estate Account are distributed by TIAA-CREF Individual & Institutional
Services.
Standard GSRA (Non-ERISA) 9/97 FLA.
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
(FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name
<PAGE>
( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % %
% % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
4. This enrollment form is for certificates issued under a tax-deferred annuity
plan not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan.
The TIAA certificate may include a surrender charge to be deducted from any cash
withdrawals, transfers from TIAA, and loan defaults.
<PAGE>
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus,
check here. n
Code
G10.3.2N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (Non-ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For TIAA-CREF Group
Supplemental Retirement Annuity
Certificates
For Plans Not Covered By ERISA
IMPORTANT: This enrollment form is for personal tax-deferred savings only,
not your institution's basic retirement plan.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
We are complying with a regulatory agency requirement in asking that you provide
the Existing Contracts information in this section.
2. Your premium allocation You can allocate premiums to the TIAA Traditional
Annuity, the CREF Stock and Money Market accounts, and to any of the other CREF
accounts available under your employer's retirement plan. Before allocating
money to any account (other than the TIAA Traditional Annuity) please read the
current prospectus. Premium allocations have to be in whole percentages and
total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, if it violates any plan
limitations, or if we receive your
<PAGE>
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary If you die before annuity payments start,
your designated beneficiary(ies) will receive the total value of your
accumulations as a death benefit. If no primary beneficiary lives longer than
you, death benefits will go to your contingent beneficiary(ies). For example, a
married person with children might name the spouse as primary beneficiary and
the children as contingent beneficiaries.
If you die before annuity payments
start, have not named a beneficiary, and leave no spouse, your estate receives
the entire accumulation. If you leave a spouse, he or she will receive 50% of
the value of your accumulation under each certificate; the remainder will be
paid to your estate.
If you do not have the date of birth and / or Social
Security number for one of your beneficiaries, you can send in this form now and
forward the information to us later. The beneficiary designations that you
provide on this form will apply only to this contract. If you have other
TIAA-CREF contracts, you may want to make sure your beneficiary designations
reflect your current intentions. For any questions about naming your
beneficiary(ies), please call us at 1 800 842-2776.
4. note:
Please read all information and sign where indicated.
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services.
Standard GSRA (Non-ERISA) 9/97 CA
ENROLLMENT FORM for TIAA and CREF
GROUP SUPPLEMENTAL Retirement Annuity CERTIFICATES
(FOR PLANS NOT COVERED BY ERISA)
Please type or print in ink and provide all information requested. L
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security
<PAGE>
Number Spouse's Name
( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch Job
Title/Position
Existing Contracts Will these annuity contracts replace an existing
annuity from another company? n
Yes n No
From what company? Contract Number
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% N/A % % % % %
% % % %
= 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security Number
4. This enrollment form is for certificates issued under a tax-deferred annuity
plan not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, tax-deferred annuity plans other than those of public institutions
and certain churches are covered by ERISA. If you are employed at any time by an
employer whose tax-deferred annuity plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights. This
could affect your beneficiary designation if you have named someone other than
your spouse.
Premiums must be remitted under the terms of your employer's tax-deferred
annuity plan.
You cannot assign these certificates. The TIAA certificate allows loans, if
provided for in your employer's tax-deferred annuity plan. The CREF certificate
does not allow loans. Distributions before age 591/2, or before termination of
service, may be prohibited, limited, and/or subject to substantial tax
penalties.
Your right to transfer all or part of your TIAA and CREF accumulations may be
limited in accordance with your employer's plan.
The TIAA certificate may include a surrender charge to be deducted
<PAGE>
from any cash withdrawals, transfers from TIAA, and loan defaults. CREF account
accumulations and benefit payments, and Real Estate Account accumulations, are
variable and not guaranteed; they depend on the investment performance of these
accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date If you would like to receive CREF's Statement of Additional
Information, which supplements the CREF prospectus, check here. n Code
G10.3.2N (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association o College
Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GSRA (Non-ERISA) 9/97 CA
Exhibit no longer required
ENROLLMENT
FORM FOR
INSTITUTIONALLY
OWNED
TIAACREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES
WITH
DELAYED VESTING
FOR PLANS COVERED BY ERISA
Welcome to the TIAA-CREF
retirement system. If you have
any questions or would like
additional information, please
call our Enrollment Hotline
toll free at 1 800 842-2888.
- ------------------
10/95 edition
- ------------------
[TIAA LOGO]
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
- --------------------------------------------------------------------------------
1. > PERSONAL INFORMATION
In this enrollment form, YOU and YOUR refer to the EMPLOYEE. The EMPLOYER
is the APPLICANT.
Your retirement income starting date is when you plan to start
receiving TLGACREF retirement income. You can change it any time. If you do
not select a date or an age, we will assume age 65 when preparing your
benefit illustrations.
- --------------------------------------------------------------------------------
2. > YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock
and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to
any account (other than the TIAA Traditional Annuity) please read the
current prospectus. Premium allocations have to be in whole percentages and
total 100%.
You can change your allocation of future premiums any time. If your
allocation does not total 100%, if it violates any plan limitations, or if
we receive your premiums before we receive your enrollment form, any
premiums will go to the CREF Money Market Account. Upon receiving a valid
allocation, we will apply all future premiums accordingly. For more
information, please see the CREF prospectus.
- --------------------------------------------------------------------------------
3. > YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies)
will receive the death benefit, if any, specified by your employer's
retirement plan, payable from the certificates' accumulations. If no
primary beneficiary lives longer than you, any death benefit payable will
go to your contingent beneficiary(ies). For example, a married person with
children might name the spouse as primary beneficiary and the children as
contingent beneficiaries. Unless you tell us differently or unless state
law provides otherwise, we consider your "children" as your offspring from
all your marriages, and any persons you've adopted.
If you die before annuity payments start, have not named a
beneficiary, and leave no spouse, your estate receives any death benefit
payable. If you leave a spouse, he or she will receive 50% of the value of
any death benefit payable under each certificate; the remainder will be
paid to your estate.
If you have questions about naming your beneficiary(ies), please call
us toll free at 1 800 8422776.
- --------------------------------------------------------------------------------
NOTICE OF SPOUSE'S RIGHT TO ANNUITY DEATH BENEFITS
Your employer's retirement plan is subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has
a right to an annuity worth 50% of the death benefit, if any, under each
certificate, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive
more than 50% of the annuity death benefit, if any, your spouse must sign
the consent in Section 5 of the enrollment form. A spouse's consent will
not be valid with respect to any different spouse you may have in the
future.
- --------------------------------------------------------------------------------
4. > NOTE:
Please read all information and sign where indicated.
- --------------------------------------------------------------------------------
5. > WAIVER OF SPOUSE'S RIGHT TO A
PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this enrollment form, you are waiving your spouse's right to a
preretirement survivor death benefit and your spouse must agree to this
waiver by signing the consent. Generally, you can make this waiver only if
you're at least 35. If you're under 35, please contact your Benefits
Offfice for more information.
You can revoke the waiver any time before your annuity income begins
by naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent
once it has been given. Any survivor benefit payable before annuity income
payments begin will be paid to the beneficiary(ies) you named. (Your
spouse's signature must be witnessed by your employer's plan representative
or a notary public.)
Please detach here and keep instructions for your reference.^
<PAGE>
ENROLLMENT FORM FOR INSTITUTIONALLY OWNED TIAA AND CREF
GROUP RETIREMENT ANNUITY CERTIFICATES WITH DELAYED VESTING
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED. GV
1. > PERSONAL INFORMATION
Last Name First Middle | [ ]Mr. [ ]Mrs. [ ]Ms. [ ] Other
------------------------------------------------------------------------
Mailing Address Street City State Zip Code
------------------------------------------------------------------------
Daytime Telephone Number | Sex [ ]M [ ]F
Date of Birth | ( ) | Mo. Day Yr.
Social Security Number | Spouse's Name
------------------------------------------------------------------------
Employing Institution | Campus/Branch | Job Title/Position
------------------------------------------------------------------------
YOUR RETIREMENT INCOME STARTING DATE The first day of (Month) (Year) ,
or at the age of
2. > YOUR PREMIUM ALLOCATION
<TABLE>
<CAPTION>
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Traditional Real Estate Stock Money Market Social Choice Bond Market Global Equities Growth Equity lndex
Annuity Account Account Account Account Account Account Account Account
% % % % % % % % = 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3. > YOUR DESIGNATION OF BENEFICIARY
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social Security Number
- ------------------------------------------------------------------------------------------------------------------------------------
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social Security Number
</TABLE>
4. > Subject to the terms of your employer's retirement plan, your employer
exercises all rights under your annuity certificates until you become vested
under the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these certificates. Distributions
before age 59 1/2, or before termination of service, may be prohibited, limited,
and/or subject to substantial tax penalties. Your TIAA certificate allows
transfers to CREF from your Traditional Annuity accumulation over a ten year
period and from your Real Estate Account accumulation in a single sum. Cash
withdrawals from your Traditional Annuity accumulation are allowed, if permitted
by your employer's retirement plan and subject to a surrender charge, only
within 120 days after termination of employment. Your CREF certificate may
limit, in accordance with the terms of your employer's retirement plan, cash
withdrawals, transfers among the CREF accounts and transfers to alternate
funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity
worth 50% of any death benefit specified by your employer's retirement plan.
Your spouse must consent below to any beneficiary designation that doesn't meet
this requirement. I have read and understood all provisions of this enrollment
form.
I HAVE RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT
PROSPECTUS.
Signed (Employee) Date
- --------------------------------------------------------------------------------
Signed (Applicant) Date
- --------------------------------------------------------------------------------
(Employer's Authorized Official or Plan Representative)
- --------------------------------------------------------------------------------
5. > CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR
DEATH BENEFIT
If you have waived your spouse's right to a preretirement survivor death
benefit under ERISA by naming other primary beneficiaries for more than 50% of
any death benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
- --------------------------------------------------------------------------------
Notary or Plan Representative Date Date
- --------------------------------------------------------------------------------
If you would like to receive CREF's Statement of Additional information, which
supplements the CREF prospectus, check here.
- --------------------------------------------------------------------------------
| DO NOT FILL IN THESE BLANKS Region Code
| F4933.3E (10/95)
<PAGE>
- --------------------------------------------------------------------------------
OHIO AND KENTUCKY RESIDENTS, PLEASE NOTE:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other person, submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
Teachers College 730 Third Avenue
[TIAA LOGO] Insurance and Retirement New York, NY 10017-3206
Annuity Equities 1 800 842-2733
Association Fund 212 490-9000
(c) 1995 Teachers Insurance and Annuity Association [ ] College Retirement
Equities Fund
[Recycle Logo] Printed on Recycled Paper
Standard GDV (ERISA) 10/95
ENROLLMENT FORM
- --------------------------------------------------------------------------------
FOR INSTITUTIONALLY OWNED
TIAA-CREF GROUP RETIREMENT ANNUITY
CERTIFICATES WITH DELAYED VESTING
For Plans Not Covered by ERISA
- --------------------------------------------------------------------------------
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
- --------------------------------------------------------------------------------
IT'S EASY
TO
ENROLL
Just complete the enrollment form
and return it to your benefits office.
QUESTIONS?
Call our Enrollment Hotline at
1 800 842-2888
8am-11pm ET weekdays
[LOGO]
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
- --------------------------------------------------------------------------------
1. PERSONAL INFORMATION
In this enrollment form, YOU and YOUR refer to the
EMPLOYEE. The EMPLOYER is the APPLICANT.
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
- --------------------------------------------------------------------------------
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock
and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to
any account (other than the TIAA Traditional Annuity) please read the
current prospectus. Premium allocations have to be in whole percentages and
total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per
calendar month. In the future, TIAA and CREF may restrict transfers from the
Real Estate Account or from any of the CREF accounts to one per calendar
quarter. TIAA has the right to stop accepting premiums and/or transfers to
the Real Estate Account.
- --------------------------------------------------------------------------------
YOU CAN CHANGE YOUR ALLOCATION OF FUTURE PREMIUMS ANYTIME. If your
allocation does not total 100%, if it violates any plan limitations, or if
we receive your premiums before we receive your enrollment form, any
premiums will go to the CREF Money Market Account. Upon receiving a valid
allocation, we will apply all future premiums accordingly. For more
information, please see the CREF prospectus.
- --------------------------------------------------------------------------------
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies)
will receive the death benefit, if any, specified by your employer's
retirement plan, payable from the certificates' accumulations. If no primary
beneficiary lives longer than you, any death benefit payable will go to your
contingent beneficiary(ies). For example, a married person with children
might name the spouse as primary beneficiary and the children as contingent
beneficiaries.
If you die before annuity payments start, have not named a beneficiary,
and leave no spouse, your estate receives any death benefit payable. If you
leave a spouse, he or she will receive 50% of the value of any death benefit
payable under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and/or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on
this form will apply only to this contract. If you have other TIAA-CREF
contracts, you may want to make sure your beneficiary designations reflect
your current intentions. For any questions about naming your
beneficiary(ies), please call us at 1 800 842-2776.
- --------------------------------------------------------------------------------
4. NOTE:
Please read all information and sign where indicated.
CREF certificates and interest in the TIAA Rea Estate Account are distributed by
TIAA-CREF Individual & Institutional Services.
Please detach here and keep instructions for your reference.
<PAGE>
ENROLLMENT FORM FOR INSTITUTIONALLY OWNED TIAA AND CREF
GROUP RETIREMENT ANNUITY CERTIFICATES WITH DELAYED VESTING GV
(FOR PLANS NOT COVERED BY ERISA)
---
Please type or print in ink and provide all information requested.
- --------------------------------------------------------------------------------
1. PERSONAL INFORMATION
Last Name First Middle
/ / Mr. / / Mrs. / / Ms. / / Dr. / / Other _______
- --------------------------------------------------------------------------------
Mailing Address Street City State Zip Code
- --------------------------------------------------------------------------------
Daytime Telephone Number Sex Date of Birth
( ) / / M / / F Mo. Day Yr.
Social Security Number Spouse's Name
- --------------------------------------------------------------------------------
Employing Institution Campus/Branch Job Title/Position
- --------------------------------------------------------------------------------
YOUR RETIREMENT INCOME STARTING DATE
The first day of (Month) (Year) , or at the age of
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. YOUR PREMIUM ALLOCATION
TIAA TIAA CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
% % % % %
CREF CREF CREF CREF CREF
Bond Market Global Equities Growth Equity Index Inflation-Linked
Bond
% % % % % = 100%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies)
Relationship to You Date of Birth Social Security Number
- --------------------------------------------------------------------------------
Name(s) of Contingent Beneficiary(ies)
Relationship to You Date of Birth Social Security Number
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under your annuity certificates until you become vested
under the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these certificates. Distributions
before age 591/2, or before termination of service, may be prohibited,
limited, and/or subject to substantial tax penalties.
This enrollment form is for certificates issued under a retirement plan
not covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and
certain churches are covered by ERISA. If you hare employed at any time by
an employer whose retirement plan is covered by ERISA, your benefits from
contributions made under that plan will be subject to your spouse's rights.
This could affect your beneficiary designation if you have named someone
other than your spouse.
Your TIAA certificate allows transfers to CREF from your Traditional
Annuity accumulation over a ten-year period and from your Real Estate
Account accumulation in a single sum. Cash withdrawals from your Traditional
Annuity accumulations are allowed, if permitted by your employer's
retirement plan and subject to a surrender charge, only within 120 days
after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash
withdrawals, transfers among the CREF accounts and transfers to alternate
funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the
investment performance of these accounts.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS ENROLLMENT FORM. I
HAVE RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT
PROSPECTUS.
SIGNED (Employee)_____________________________________________ Date_________
================================================================================
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here./ /
- --------------------------------------------------------------------------------
Code
<PAGE>
- --------------------------------------------------------------------------------
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
o knowingly do so with intent to injure, defraud, or deceive any insurance
company or another person; and/or
o knowingly include in their application or statement of claim any materially
false or misleading information; and/or
o knowingly conceal information for the purpose of misleading concerning any
fact material to the application or claim.
A FRAUDULENT INSURANCE ACT IS A CRIME, AND PENALTIES MAY INCLUDE IMPRISONMENT,
FINES, DENIAL OF INSURANCE, AND CIVIL DAMAGES.
NEW YORK RESIDENTS, PLEASE NOTE:
Civil penalties shall not exceed $5,000 and the stated value of the claim
for each such violation.
COLORADO RESIDENTS, PLEASE NOTE:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
[LOGO] Teachers College 730 Third Avenue
Insurance and Retirement New York, NY 10017-3206
Annuity Equities 1 800 842-2733
Association Fund 212 490-9000
<PAGE>
ENROLLMENT
FORM FOR
INSTITUTIONALLY
OWNED
TIAACREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES
WITH
DELAYED VESTING
Welcome to the TIAACREF retirement system. If you have any questions or would
like additional information, please call our Enrollment Hotline toll free at
1 800 842-2888.
10/95 edition
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
1. PERSONAL INFORMATION
In this enrollment form, you and your refer to the EMPLOYEE. The EMPLOYER
is the applicant.
Your retirement income starting date is when you plan to start receiving
TLGACREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. YOUR PREMIUM ALLOCATION
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
You can change your allocation offuture premiums any time. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums will
go to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
If you die before annuity payments start, your designated beneficiary(ies) will
receive the death benefit, if any, specified by your employer's retirement plan,
payable from the certificates' accumulations. If no primary beneficiary lives
longer than you, any death benefit payable will go to your contingent
beneficiary(ies). For example, a married person with children might name the
spouse as primary beneficiary and the children as contingent beneficiaries.
Unless you tell us differently or unless state law provides otherwise, we
consider your "children" as your offspring from all your marriages, and any
persons you've adopted.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you have questions about naming your beneficiary(ies), please call us
toll free at 1 800 8422776.
Notice of Spouse's Right to Annuity Death Benefits Your employer's retirement
plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Under ERISA, your surviving spouse has a right to an annuity worth 50% of the
death benefit, if any, under each certificate, unless your spouse consents to
the designation of another primary beneficiary. To permit someone other than
your spouse to receive more than 50% of the annuity death benefit, if any, your
spouse must sign the consent in Section 5 of the enrollment form. A spouse's
consent will not be valid with respect to any different spouse you may have in
the future.
4. NOTE:
Please read all information and sign where indicated.
5. WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this enrollment form, you are waiving your spouse's right to a
preretirement survivor death benefit and your spouse must agree to this waiver
by signing the consent. Generally, you can make this waiver only if you're at
least 35. If you're under 35, please contact your Benefits Offfice for more
information.
You can revoke the waiver any time before your annuity income begins by
naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
Please detach here and keep instructions for your reference.=
<PAGE>
ENROLLMENT FORM FOR INSTITUTIONALLY OWNED TIAA AND CREF GROUP RETIREMENT ANNUITY
CERTIFICATES WITH DELAYED VESTING
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
G
V
1. PERSONAL INFORMATION
Last Name First Middle | ClMr. ClMrs. C2Ms. C1 Other
Mailing Address Street City State Zip Code
Daytime Telephone Nurnber Sex Date of Birth Social Security Nurnber
Spouse's Name
( ) | g M LI F | Mo. Day Yr. l l
Employing Institution ] Campus/Branch | Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at
the age of
2. YOUR PREMIUM ALLOCATION
TIAA TLGA CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity lndex
Annuity Account Account Account Account Account Account Account Account
% % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social
Security Number
4. Subject to the terms of your employer's retirement plan, your employer
exercises all rights under your annuity certificates until you become vested
under the plan. Afterward, you exercise these rights yourself.
You cannot assign or take loans from these certificates. Distributions before
age 59-1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties.
Your TIAA certificate allows transfers to CREF from your Traditional Annuity
accumulation over a tenyear period and from your Real Estate Account
accumulation in a single sum. Cash withdrawals from your Traditional Annuity
accumulation are allowed, if permitted by your employer's retirement plan and
subject to a surrender charge, only within 120 days after termination of
employment. Your CREF certificate may limit, in accordance with the terms of
your employer's retirement plan, cash withdrawals, transfers among the CREF
accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of any death benefit specified by your employer's retirement plan. Your
spouse must consent below to any beneficiary designation that doesn't meet this
requirement. I have read and understood all provisions of this enrollment form.
I have received a current CREF prospectus and a current Real Estate Account
prospectus.
Signed (Employee) Date
Signed (Applicant) Date
(Employer's Authorized OJJicial or Plan Representative)
5. CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH
BENEFIT
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that
any preretirement death benefit payable under these certificates will be paid
to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. i 2 9 8 8 1 L L
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional kformation, which
supplements the CREF prospectus, check here. [ ]
DO NOT FILL IN THESE BLANKS Region Code
F4933.3E (10/95)
<PAGE>
Ohio and Kentucky residents, please note:
Any person who, with intent to defraud or knowing that he is facilitating a
fraud against an insurer or other person, submits an application or files a
claim containing a false or deceptive statement is guilty of insurance fraud.
Teachers
Insurance and
Annuity
Association
College
Retirement
Equities
Fund
730 Third Avenue
New York, NY 10017-3206
1800 842-2733
212-490-9000
(C) 1995 Teachers Insurance and Annuity Association N College Retirement
Printed on Recycled Paper
Standard GDV (ERISA) 10/95
File: FLGRAD2E.TXT
ENROLLMENT
FORM FOR
TWO SETS OF
TIAA-CREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES--
ONE SET
INSTITUTIONALLY
OWNED WITH
DELAYED VESTING
FOR PLANS COVERED BY ERISA
<PAGE>
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.)
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
1. PERSONAL INFORMATION
In this enrollment form, you and your refer to the employee. The employer is the
applicant.
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. YOUR PREMIUM ALLOCATION
Your institution's retirement plan has two components that provide for:
o Employer Premiums, tax-deferred under Internal Revenue Code Sections 401(a)
and 403(a), to be applied to a set of TIAA and CREF Group Retirement Annuity
Certificates that provide for delayed vesting, and
o Employee Premiums, remitted on your behalf by your institution on a tax-
deferred basis under Section 403(b), to be applied to a separate set of TIAA
and CREF Group Retirement Annuity Certificates that provide for full and
immediate vesting.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
YOU CAN CHANGE YOUR ALLOCATION OF FUTURE PREMIUMS ANYTIME. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable.
If you leave a spouse, he or she will receive 50% of the value of any death
benefit payable under each certificate; the remainder will be paid to your
estate.
If you do not have the date of birth and / or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on this
form will apply only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits Your employer's
retirement plan is subject to the Employee Retirement Income Security Act of
1974 (ERISA). Under ERISA, your surviving spouse has a right to an annuity worth
50% of the death benefit, if any, under each certificate, unless your spouse
consents to the designation of another primary beneficiary. To permit someone
other than your spouse to receive more than 50% of the annuity death benefit, if
any, your spouse must sign the consent in Section 5 of the enrollment form. A
spouse's consent will not be valid with respect to any different spouse you may
have in the future.
4. NOTE:
Please read all information and sign where indicated.
5. WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this enrollment form, you are waiving your spouse's right to a
preretirement survivor death benefit and your spouse must agree to this waiver
by signing the consent. Generally, you can make this waiver only if you're at
least 35. If you're under 35, please contact your Benefits Office for more
information. You can revoke the waiver any time before your annuity income
begins by naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
<PAGE>
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509. CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services. Standard GDV/GRA (ERISA) 9/97
FLA.
ENROLLMENT FORM FOR TWO SETS OF TIAA AND CREF GROUP RETIREMENT ANNUITY
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
GV/G
1. PERSONAL INFORMATION
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr. [ ] Other
Mailing Address Street City State
Zip Code Daytime Telephone Number Sex Date of Birth
Social Security Number Spouse's Name ( ) [ ] M [ ] F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. YOUR PREMIUM ALLOCATION
Fill in the amounts you are allocating between employer and employee premiums.
A. EMPLOYER PREMIUMS:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond
% % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
4.
For the certificate set used for employee premiums, subject to the terms of your
employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan.
You cannot transfer accumulations between these sets of certificates. You
cannot assign or take loans from these certificates. Distributions before age
59-1/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity
worth 50% of any death benefit specified by your employer's retirement plan.
Your spouse must consent below to any beneficiary designation that doesn't meet
this requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to Delayed Vesting GRA Certificates Date
<PAGE>
(EMPLOYER'S AUTHORIZED OFFICIAL OR PLAN REPRESENTATIVE)
5. CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you have waived your spouse's right to a preretirement survivor death
benefit under ERISA by naming other primary beneficiaries for more than 50% of
any death benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida
Licensed Agent LIC. NO. 593282667 Code
F4933.2a.1E (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers
Insurance and
Annuity
Association
College
Retirement
Equities
Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates--
One Set Institutionally Owned
With Delayed Vesting
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
In this enrollment form, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates that provide for delayed vesting, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates that provide
for full and immediate vesting.
<PAGE>
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
<PAGE>
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each certificate,
unless your spouse consents to the designation of another primary beneficiary.
To permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
enrollment form. A spouse's consent will not be valid with respect to any
different spouse you may have in the future.
4. NOTE:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this enrollment form, you are waiving your spouse's right to a
preretirement survivor death benefit and your spouse must agree to this waiver
by signing the consent. Generally, you can make this waiver only if you're at
least 35. If you're under 35, please contact your Benefits Office for more
information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services.
Standard GDV/GRA (ERISA) 9/97 CA
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP RETIREMENT Annuity
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING Please type or print in ink
and provide all information requested. GV/G
1. Personal Information
<PAGE>
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating
between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
B. Employee Premiums:
% N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of any death benefit specified by your employer's retirement plan. Your
spouse must consent below to any beneficiary designation that doesn't meet this
requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to Delayed Vesting GRA Certificates Date
(Employer's Authorized Official or Plan Representative)
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F4933.2a.1E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (ERISA) 9/97 CA
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates--
One Set Institutionally Owned
With Delayed Vesting
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
In this enrollment form, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates that provide for delayed vesting, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates that provide
for full and immediate vesting.
<PAGE>
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
<PAGE>
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the death benefit, if any, under each certificate,
unless your spouse consents to the designation of another primary beneficiary.
To permit someone other than your spouse to receive more than 50% of the annuity
death benefit, if any, your spouse must sign the consent in Section 5 of the
enrollment form. A spouse's consent will not be valid with respect to any
different spouse you may have in the future.
4. NOTE:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of the annuity death benefit, if any, then by
signing this enrollment form, you are waiving your spouse's right to a
preretirement survivor death benefit and your spouse must agree to this waiver
by signing the consent. Generally, you can make this waiver only if you're at
least 35. If you're under 35, please contact your Benefits Office for more
information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit, if any. Your spouse cannot revoke consent once
it has been given. Any survivor benefit payable before annuity income payments
begin will be paid to the beneficiary(ies) you named. (Your spouse's signature
must be witnessed by your employer's plan representative or a notary public.)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard GDV/GRA (ERISA) 9/97
FLA.
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP RETIREMENT Annuity
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING
<PAGE>
Please type or print in ink and provide all information requested. GV/G
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating
between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
<PAGE>
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of any death benefit specified by your employer's retirement plan. Your
spouse must consent below to any beneficiary designation that doesn't meet this
requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to Delayed Vesting GRA Certificates Date
(Employer's Authorized Official or Plan Representative)
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date Signature of Florida Licensed Agent LIC. NO.
593282667
Code
F4933.2a.1E (10/95) FLA.
<PAGE>
Any person who knowingly and with intent
to injure, defraud, or deceive any insurer files a statement of claim or an
application containing any false, incomplete, or misleading information, is
guilty of a felony of the third degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (ERISA) 9/97 FLA.
<PAGE>
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates--
One Set Institutionally Owned
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
In this enrollment form, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates that provide for delayed vesting, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates that provide
for full and immediate vesting.
<PAGE>
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
<PAGE>
4. NOTE:
Please read all information and sign where indicated. CREF certificates and
interests in the TIAA Real Estate Account are distributed by TIAA-CREF
Individual & Institutional Services.
Standard GDV/GRA (Non-ERISA) 9/97
ENROLLMENT Form FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING (FOR PLANS NOT COVERED BY
ERISA) GV/G
Please type or print in ink and provide all information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to Delayed Vesting GRA Certificates Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
<PAGE>
Code
F4933.2a.1N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
O knowingly do so with intent to injure, defraud, or deceive any
insurance company or another person; and/or
O knowingly include in their application or statement of claim any
materially false or misleading information; and/or
O knowingly conceal information for the purpose of misleading concerning
any fact material to the application or claim.
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation.
Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (Non-ERISA) 9/97
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
File: FLGRAD2N.TXT
ENROLLMENT
FORM FOR
TWO SETS OF
TIAA-CREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES--
ONE SET
INSTITUTIONALLY
OWNED WITH
DELAYED VESTING
FOR PLANS NOT COVERED BY ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.)
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
1. PERSONAL INFORMATION
In this enrollment form, you and your refer to the EMPLOYEE. The EMPLOYER is the
APPLICANT.
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. YOUR PREMIUM ALLOCATION
Your institution's retirement plan has two components that provide for:
o Employer Premiums, tax-deferred under Internal Revenue Code Sections 401(a)
and 403(a), to be applied to a set of TIAA and CREF Group Retirement Annuity
Certificates that provide for delayed vesting, and
o Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate set of
TIAA and CREF Group Retirement Annuity Certificates that provide for full and
immediate vesting.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock
and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to any
account (other than the TIAA Traditional Annuity) please read the current
prospectus. Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums will
go to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now.
If you die before annuity payments start, your designated beneficiary(ies)
will receive the death benefits, if any, specified by your employer's retirement
plan, payable from the certificates' accumulations.
If no primary beneficiary lives longer than you, any death benefit payable,
will go to your contingent beneficiary(ies). For example, a married person with
children might name the spouse as primary beneficiary and the children as
contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable.
If you leave a spouse, he or she will receive 50% of the value of any death
benefit payable under each certificate; the remainder will be paid to your
estate.
If you do not have the date of birth and / or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on this
form will apply only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. NOTE:
Please read all information and sign where indicated.
<PAGE>
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509.
CREF
certificates and interests in the TIAA Real Estate Account are distributed by
TIAA-CREF Individual & Institutional Services.
Standard GDV/GRA (Non-ERISA) 9/97
FLA. ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING (FOR PLANS NOT COVERED BY
ERISA) GV/G
Please type or print in ink and provide all information requested.
1. PERSONAL INFORMATION
Last Name First Middle n Mr. n Mrs. n Ms. n Other
Mailing Address Street City State Zip Code Daytime
Telephone Number Sex Date of Birth Social Security Number
Spouse's Name ( ) n M n F Mo. Day Yr. Employing
Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. YOUR PREMIUM ALLOCATION
Fill in the amounts you are allocating between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond
% % % % % % % % % %
= 100%
B. Employee Premiums:
% % % % % % % % % %
= 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
4.
For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions
before age 591/2, or before termination of service, may be prohibited, limited,
and/or subject to substantial tax penalties. Your TIAA certificate allows
transfers to CREF from your Traditional Annuity accumulation over a ten-year
period and from your Real Estate Account accumulation in a single sum. Cash
withdrawals from your Traditional Annuity accumulation are allowed, if permitted
by your employer's retirement plan and subject to a surrender charge, only
within 120 days after termination of employment. Your CREF certificate may
limit, in accordance with the terms of your employer's retirement plan, cash
withdrawals, transfers among the CREF accounts and transfers to alternate
funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS ENROLLMENT FORM. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
SIGNED (Employee) Date
SIGNED (Applicant) With respect to
Delayed Vesting GRA Certificates Date
(EMPLOYER'S AUTHORIZED OFFICIAL OR PLAN REPRESENTATIVE)
Signature of Florida Licensed Agent
LIC. NO. 593282667
Code
F4933.2a.1N (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers
Insurance
and
Annuity
Association
College
Retirement
Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (Non-ERISA) 9/97 FLA.
File: CAGRAD2N.TXT
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates--
One Set Institutionally Owned
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
In this enrollment form, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
o Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates that provide for delayed vesting, and
0 Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates that provide
for full and immediate vesting.
<PAGE>
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter. You can change your allocation of future premiums
anytime. If your allocation does not total 100%, if it violates any plan
limitations, or if we receive your premiums before we receive your enrollment
form, any premiums will go to the CREF Money Market Account. Upon receiving a
valid allocation, we will apply all future premiums accordingly. For more
information, please see the CREF prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
<PAGE>
4. NOTE:
Please read all information and sign where indicated. CREF certificates
are distributed by TIAA-CREF Individual & Institutional Services. Standard
GDV/GRA (Non-ERISA) 9/97 CA ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP
Retirement Annuity CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING (FOR
PLANS NOT COVERED BY ERISA) GV/G Please type or print in ink and provide all
information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr.
n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth
Social Security Number Spouse's Name
( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation Fill in the amounts you are allocating
between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market
Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% N/A % % % % %
% % % %
= 100%
B. Employee Premiums:
% N/A % % % % %
% % % %
= 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You
Date of Birth Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security
Number
<PAGE>
4. For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
This
enrollment form is for certificates issued under a retirement plan not covered
by the Employee Retirement Income Security Act of 1974 (ERISA). Generally,
retirement plans other than those of public institutions and certain churches
are covered by ERISA. If you are employed at any time by an employer whose
retirement plan is covered by ERISA, your benefits from contributions made under
that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts. I have read and understood all provisions of this
enrollment form. I have received a current CREF prospectus and a current Real
Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to
Delayed Vesting GRA Certificates Date
(Employer's Authorized Official or Plan Representative)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F4933.2a.1N (10/95) CA
<PAGE>
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (Non-ERISA) 9/97 CA
<PAGE>
File: FLGRAD2N.TXT
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates--
One Set Institutionally Owned
With Delayed Vesting
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
In this enrollment form, you and your refer to the employee. The employer is the
applicant. Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
0 Employer Premiums, tax-deferred under Internal
Revenue Code Sections 401(a) and 403(a), to be applied to a set of TIAA
and CREF Group Retirement Annuity Certificates that provide for delayed
vesting, and
0 Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates that provide
for full and immediate vesting.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the death
benefits, if any, specified by your employer's retirement plan, payable from the
certificates' accumulations. If no primary beneficiary lives longer than you,
any death benefit payable, will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives any death benefit payable. If you leave a
spouse, he or she will receive 50% of the value of any death benefit payable
under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
<PAGE>
4. NOTE:
Please read all information and sign where indicated.
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard GDV/GRA (Non-ERISA) 9/97 FLA.
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES--ONE SET PROVIDING FOR DELAYED VESTING (FOR PLANS NOT COVERED BY
ERISA) GV/G Please type or print in ink and provide all information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr.
n Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name
( ) n M n F Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The
first day of (Month)
(Year) , or at the age of .
2. Your Premium Allocation Fill in the amounts you are allocating
between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF
CREF CREF
Traditional Real Estate Stock Money Market
Social Choice Bond Market Global
Equities Growth Equity Index Inflation-Linked Bond
% % % % % % %
% % % =
100%
B. Employee Premiums:
% % % % % % %
% % % =
100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You
Date of Birth Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You
Date of Birth Social Security
Number
<PAGE>
4. For the certificate set used for employee premiums, subject to the terms of
your employer's retirement plan, you exercise all rights under your annuity
certificates. For the certificate set used for employer premiums, subject to the
terms of your employer's retirement plan, your employer exercises all rights
under your annuity certificates until you become vested under the plan. You
cannot transfer accumulations between these sets of certificates.
This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signed (Applicant) With respect to
Delayed Vesting GRA Certificates Date
(Employer's Authorized Official or Plan Representative)
Signature of Florida Licensed Agent
LIC. NO. 593282667
Code
F4933.2a.1N (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GDV/GRA (Non-ERISA) 9/97 FLA.
File: FLGRA2E.TXT
ENROLLMENT
FORM FOR
TWO SETS OF
TIAA-CREF
GROUP
RETIREMENT
ANNUITY
CERTIFICATES
FOR PLANS COVERED BY ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings. It's Easy to Enroll
Just complete the enrollment form and return it to your benefits office.
Questions? Call our Enrollment Hotline at 1 800 842-2888 8am - 11pm ET weekdays
9/97 edition (FLA.)
<PAGE>
INSTRUCTIONS FOR FILLING OUT THE ENROLLMENT FORM
1. PERSONAL INFORMATION
Your retirement income starting date is when you plan to start
receiving TIAA-CREF retirement income. You can change it any time. If you do not
select a date or an age, we will assume age 65 when preparing your benefit
illustrations.
2. YOUR PREMIUM ALLOCATION
Your institution's retirement plan has two components that provide for:
o Employer Premiums, tax-deferred under Internal Revenue Code Sections 401(a)
and 403(a), to be applied to a set of TIAA and CREF Group Retirement Annuity
Certificates, and
o Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock
and Money Market accounts, and to any of the other TIAA and CREF accounts
available under your employer's retirement plan. Before allocating money to any
account (other than the TIAA Traditional Annuity) please read the current
prospectus. Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your
allocation does not total 100%, if it violates any plan limitations, or if we
receive your premiums before we receive your enrollment form, any premiums will
go to the CREF Money Market Account. Upon receiving a valid allocation, we will
apply all future premiums accordingly. For more information, please see the CREF
prospectus.
3. YOUR DESIGNATION OF BENEFICIARY
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation.
If you leave a spouse, he or she will receive 50% of the value of your
accumulation under each certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for
one of your beneficiaries, you can send in this form now and forward the
information to us later. The beneficiary designations that you provide on this
form will apply only to this contract.
If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
NOTICE OF SPOUSE'S RIGHT TO ANNUITY DEATH BENEFITS Your employer's retirement
plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA).
Under ERISA, your surviving spouse has a right to an annuity worth 50% of the
value of your accumulation under each certificate at your date of death, unless
your spouse consents to the designation of another primary beneficiary. To
permit someone other than your spouse to receive more than 50% of the annuity
death benefits, your spouse must sign the consent in Section 5 of the enrollment
form. A spouse's consent will not be valid with respect to any different spouse
you may have in the future.
4. NOTE:
Please read all information and sign where indicated.
5. WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by
naming your spouse as your primary beneficiary.
CONSENT BY SPOUSE
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
If you would like to receive CREF's Statement of Additional Information,
which supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard GRA/GRA (ERISA) 9/97
FLA.
<PAGE>
ENROLLMENT FORM FOR TWO SETS OF TIAA AND CREF GROUP RETIREMENT ANNUITY
CERTIFICATES
PLEASE TYPE OR PRINT IN INK AND PROVIDE ALL INFORMATION REQUESTED.
G/G
1. PERSONAL INFORMATION
Last Name First Middle [ ] Mr. [ ] Mrs. [ ] Ms. [ ] Dr.
[ ] Other
Mailing Address Street City State Zip Code
Daytime Telephone Number Sex
Date of Birth Social Security Number Spouse's Name ( ) [ ] M [ ] F
Mo. Day Yr.
Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of .
2. YOUR PREMIUM ALLOCATION
Fill in the amounts you are allocating between employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF
Traditional Real Estate Stock Money Market Social Choice
Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond
% % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. YOUR DESIGNATION OF BENEFICIARY
Name(s) of Primary Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth
Social Security Number
4.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an annuity
worth 50% of the value of your accumulations at the date of your death. Your
spouse must consent below to any beneficiary designation that doesn't meet this
requirement.
I HAVE READ AND UNDERSTOOD ALL PROVISIONS OF THIS ENROLLMENT FORM. I HAVE
RECEIVED A CURRENT CREF PROSPECTUS AND A CURRENT REAL ESTATE ACCOUNT PROSPECTUS.
SIGNED Date
5. CONSENT TO WAIVER OF SPOUSE'S RIGHT TO A PRERETIREMENT SURVIVOR DEATH BENEFIT
If you have waived your spouse's right to a preretirement survivor death
benefit under ERISA by naming other primary beneficiaries for more than 50% of
any death benefit, your spouse must consent to the waiver.
CONSENT BY SPOUSE (MUST BE WITNESSED)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
Code
F7052.1E (10/95) FLA.
<PAGE>
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association o College Retirement
Equities Fund
Printed on Recycled Paper
Teachers
Insurance and
Annuity
Association
College
Retirement
Equities
Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan.
<PAGE>
Before allocating money to any account (other than the TIAA Traditional Annuity)
please read the current prospectus. Premium allocations have to be in whole
percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
<PAGE>
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each certificate at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the enrollment form. A spouse's consent will not be valid with
respect to any different spouse you may have in the future.
4. NOTE:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates and interests in the TIAA Real Estate Account are distributed
by
TIAA-CREF Individual & Institutional Services.
Standard GRA/GRA (ERISA) 9/97
ENROLLMENT Form FOR TWO SETS OF TIAA and CREF
GROUP RETIREMENT Annuity CERTIFICATES
Please type or print in ink and provide all information requested. G/G
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name
<PAGE>
( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
<PAGE>
Under ERISA, each certificate gives your spouse the right to an annuity worth
50% of the value of your accumulations at the date of your death. Your spouse
must consent below to any beneficiary designation that doesn't meet this
requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F7052.1E (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
O knowingly do so with intent to injure, defraud, or deceive any
insurance company or another person; and/or
O knowingly include in their application or statement of claim any
materially false or misleading information; and/or
O knowingly conceal information for the purpose of misleading concerning
any fact material to the application or claim. A fraudulent insurance
act is a crime, and penalties may include imprisonment, fines, denial
of insurance, and civil damages.
New York residents, please note:
<PAGE>
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation.
Colorado residents, please note:
Any insurance company or any agent of an insurance company who knowingly
provides false, incomplete, or misleading facts or information to a policyholder
or to a claimant for the purpose of defrauding or attempting to defraud the
policyholder or the claimant with regard to a settlement or award payable from
the insurance proceeds shall be reported to the Colorado Division of Insurance
within the Department of Regulatory Agencies.
(C) 1997 Teachers Insurance and
Annuity Association O College Retirement Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (ERISA) 9/97
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each certificate at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the enrollment form. A spouse's consent will not be valid with
respect to any different spouse you may have in the future.
<PAGE>
4. NOTE:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, please call 1 800 842-2733, ext. 5509.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services.
Standard GRA/GRA (ERISA) 9/97 FLA.
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP RETIREMENT Annuity
CERTIFICATES
Please type or print in ink and provide all information requested. G/G
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
<PAGE>
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums. CREF account
accumulations and benefit payments, and Real Estate Account accumulations, are
variable and not guaranteed; they depend on the investment performance of these
accounts.
<PAGE>
Under ERISA, each certificate gives your spouse the right to an
annuity worth 50% of the value of your accumulations at the date of your death.
Your spouse must consent below to any beneficiary designation that doesn't meet
this requirement.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right to a
qualified preretirement survivor death benefit under ERISA. I recognize that any
preretirement death benefit payable under these certificates will be paid to the
beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
Code
F7052.1E (10/95) FLA.
Any person who knowingly and with intent to injure,
defraud, or deceive any insurer files a statement of claim or an application
containing any false, incomplete, or misleading information, is guilty of a
felony of the third degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (ERISA) 9/97 FLA.
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate. If you do not have the
date of birth and / or Social Security number for one of your beneficiaries, you
can send in this form now and forward the information to us later. The
beneficiary designations that you provide on this form will apply only to this
contract. If you have other TIAA-CREF contracts, you may want to make sure your
beneficiary designations reflect your current intentions. For any questions
about naming your beneficiary(ies), please call us at 1 800 842-2776.
Notice of Spouse's Right to Annuity Death Benefits
Your employer's retirement plan is subject to the Employee Retirement Income
Security Act of 1974 (ERISA). Under ERISA, your surviving spouse has a right to
an annuity worth 50% of the value of your accumulation under each certificate at
your date of death, unless your spouse consents to the designation of another
primary beneficiary. To permit someone other than your spouse to receive more
than 50% of the annuity death benefits, your spouse must sign the consent in
Section 5 of the enrollment form. A spouse's consent will not be valid with
respect to any different spouse you may have in the future.
<PAGE>
4. NOTE:
Please read all information and sign where indicated.
5. Waiver of spouse's right to a preretirement survivor death benefit
If you are married and you have not named your spouse as your primary
beneficiary for at least 50% of your annuity death benefits, then by signing
this enrollment form, you are waiving your spouse's right to a preretirement
survivor death benefit and your spouse must agree to this waiver by signing the
consent. Generally, you can make this waiver only if you're at least 35. If
you're under 35, please contact your Benefits Office for more information.
You can revoke the waiver any time before your annuity income begins by naming
your spouse as your primary beneficiary.
Consent by Spouse
By signing this consent, your spouse is giving up all rights to receive the
preretirement survivor benefit. Your spouse cannot revoke consent once it has
been given. Any survivor benefits payable before annuity income payments begin
will be paid to the beneficiary(ies) you named. (Your spouse's signature must be
witnessed by your employer's plan representative or a notary public.)
CREF certificates are distributed by TIAA-CREF Individual & Institutional
Services.
Standard GRA/GRA (ERISA) 9/97 CA
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP RETIREMENT Annuity
CERTIFICATES
Please type or print in ink and provide all information requested. G/G
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
<PAGE>
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
B. Employee Premiums:
% N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
Under ERISA, each certificate gives your spouse the right to an
annuity worth 50% of the value of your accumulations at the date of your death.
Your spouse must consent below to any beneficiary designation that doesn't meet
this requirement.
<PAGE>
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed Date
5. Consent to Waiver of Spouse's Right to a Preretirement Survivor Death Benefit
If you have waived your spouse's right to a preretirement survivor death benefit
under ERISA by naming other primary beneficiaries for more than 50% of any death
benefit, your spouse must consent to the waiver.
Consent by Spouse (must be witnessed)
With this consent I am voluntarily and irrevocably giving up my right
to a qualified preretirement survivor death benefit under ERISA. I recognize
that any preretirement death benefit payable under these certificates will be
paid to the beneficiaries as specified above.
Signed (Spouse) Soc. Sec. No. Date
Notary or Plan Representative Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F7052.1E (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (ERISA) 9/97 CA
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan.
<PAGE>
Before allocating money to any account (other than the TIAA Traditional Annuity)
please read the current prospectus. Premium allocations have to be in whole
percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. NOTE:
Please read all information and sign where indicated.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by
<PAGE>
TIAA-CREF Individual & Institutional Services.
Standard GRA/GRA (Non-ERISA) 9/97
ENROLLMENT Form FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES
(FOR PLANS NOT COVERED BY ERISA) G/G
Please type or print in ink and provide all information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number
Name(s) of Contingent Beneficiary(ies) Relationship to You Date of Birth Social
Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums.
CREF account accumulations and benefit payments, and Real Estate Account
accumulations, are variable and not guaranteed; they depend on the investment
performance of these accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F7052.1N (10/95)
For your protection, some states require a warning against fraud to appear on
this form. These states, including Colorado, Kentucky, New York, and Ohio,
require a warning substantially similar to the following warning.
People who file applications for insurance or statements of claim commit a
fraudulent insurance act if they:
O knowingly do so with intent to injure, defraud, or deceive any
insurance company or another person; and/or
O knowingly include in their application or statement of claim any
materially false or misleading information; and/or
O knowingly conceal information for the purpose of misleading concerning
any fact material to the application or claim.
<PAGE>
A fraudulent insurance act is a crime, and penalties may include imprisonment,
fines, denial of insurance, and civil damages. New York residents, please note:
Civil penalties shall not exceed $5,000 and the stated value of the claim for
each such violation. Colorado residents, please note: Any insurance company or
any agent of an insurance company who knowingly provides false, incomplete, or
misleading facts or information to a policyholder or to a claimant for the
purpose of defrauding or attempting to defraud the policyholder or the claimant
with regard to a settlement or award payable from the insurance proceeds shall
be reported to the Colorado Division of Insurance within the Department of
Regulatory Agencies.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (Non-ERISA) 9/97
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.
It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (FLA.)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal
Revenue Code Sections 401(a) and 403(a), to be applied to a set of TIAA
and CREF Group Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
<PAGE>
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other TIAA and CREF accounts available
under your employer's retirement plan. Before allocating money to any account
(other than the TIAA Traditional Annuity) please read the current prospectus.
Premium allocations have to be in whole percentages and total 100%.
NOTE: TIAA limits transfers from the Real Estate Account to one per calendar
month. In the future, TIAA and CREF may restrict transfers from the Real Estate
Account or from any of the CREF accounts to one per calendar quarter. TIAA has
the right to stop accepting premiums and/or transfers to the Real Estate
Account.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. NOTE:
Please read all information and sign where indicated.
CREF certificates and interests in the TIAA Real Estate Account are distributed
by TIAA-CREF Individual & Institutional Services. Standard GRA/GRA (Non-ERISA)
9/97 FLA.
<PAGE>
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES (FOR PLANS NOT COVERED BY ERISA) G/G Please type or print in ink
and provide all information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position Your Retirement Income Starting Date The first day of (Month)
(Year) , or at the age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % % % % % % % % % % = 100%
B. Employee Premiums:
% % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
<PAGE>
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums. CREF account
accumulations and benefit payments, and Real Estate Account accumulations, are
variable and not guaranteed; they depend on the investment performance of these
accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
Signature of Florida Licensed Agent
LIC. NO. 593282667
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F7052.1N (10/95) FLA.
Any person who knowingly and with intent to injure, defraud, or deceive any
insurer files a statement of claim or an application containing any false,
incomplete, or misleading information, is guilty of a felony of the third
degree.
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (Non-ERISA) 9/97 FLA.
<PAGE>
ENROLLMENT FORM
For Two Sets of TIAA-CREF
Group Retirement Annuity Certificates
For Plans Not Covered By ERISA
IMPORTANT: Use this enrollment form to enroll in your institution's basic
retirement plan only, not for personal tax-deferred savings.It's Easy
to
Enroll
Just complete the enrollment form
and return it to your benefits office.
Questions?
Call our Enrollment Hotline at
1 800 842-2888
8am - 11pm ET weekdays
9/97 edition (CA)
Instructions for filling out the ENROLLMENT FORM
1. Personal Information
Your retirement income starting date is when you plan to start receiving
TIAA-CREF retirement income. You can change it any time. If you do not select a
date or an age, we will assume age 65 when preparing your benefit illustrations.
2. Your premium allocation
Your institution's retirement plan has two components that provide for:
O Employer Premiums, tax-deferred under Internal Revenue Code Sections
401(a) and 403(a), to be applied to a set of TIAA and CREF Group
Retirement Annuity Certificates, and
O Employee Premiums, remitted on your behalf by your institution on a
tax-deferred basis under Section 403(b), to be applied to a separate
set of TIAA and CREF Group Retirement Annuity Certificates.
You can allocate premiums to the TIAA Traditional Annuity, the CREF Stock and
Money Market accounts, and to any of the other CREF accounts available under
your employer's retirement plan. Before allocating money to any account (other
than the TIAA Traditional Annuity) please read the current prospectus. Premium
allocations have to be in whole percentages and total 100%.
<PAGE>
NOTE: In the future, CREF may restrict transfers from any of the CREF accounts
to one per calendar quarter.
You can change your allocation of future premiums anytime. If your allocation
does not total 100%, if it violates any plan limitations, or if we receive your
premiums before we receive your enrollment form, any premiums will go to the
CREF Money Market Account. Upon receiving a valid allocation, we will apply all
future premiums accordingly. For more information, please see the CREF
prospectus.
CALIFORNIA RESIDENTS PLEASE NOTE: These annuity certificates are issued in
California, where the TIAA Real Estate Account is not available. California
residents cannot allocate to this account.
3. Your designation of beneficiary
The beneficiary(ies) named on this enrollment form will be used for all the
Group Retirement Annuity Certificates being issued now. If you die before
annuity payments start, your designated beneficiary(ies) will receive the total
value of your accumulations as a death benefit. If no primary beneficiary lives
longer than you, death benefits will go to your contingent beneficiary(ies). For
example, a married person with children might name the spouse as primary
beneficiary and the children as contingent beneficiaries.
If you die before annuity payments start, have not named a beneficiary, and
leave no spouse, your estate receives the entire accumulation. If you leave a
spouse, he or she will receive 50% of the value of your accumulation under each
certificate; the remainder will be paid to your estate.
If you do not have the date of birth and / or Social Security number for one of
your beneficiaries, you can send in this form now and forward the information to
us later. The beneficiary designations that you provide on this form will apply
only to this contract. If you have other TIAA-CREF contracts, you may want to
make sure your beneficiary designations reflect your current intentions. For any
questions about naming your beneficiary(ies), please call us at 1 800 842-2776.
4. NOTE:
Please read all information and sign where indicated. CREF certificates are
distributed by TIAA-CREF Individual & Institutional Services. Standard GRA/GRA
(Non-ERISA) 9/97 CA
<PAGE>
ENROLLMENT FORM FOR TWO SETS OF TIAA and CREF GROUP Retirement Annuity
CERTIFICATES (FOR PLANS NOT COVERED BY ERISA) G/G Please type or print in ink
and provide all information requested.
1. Personal Information
Last Name First Middle n Mr. n Mrs. n Ms. n Dr. n Other Mailing Address Street
City State Zip Code Daytime Telephone Number Sex Date of Birth Social Security
Number Spouse's Name ( ) n M n F Mo. Day Yr. Employing Institution Campus/Branch
Job Title/Position
Your Retirement Income Starting Date The first day of (Month) (Year) , or at the
age of.
2. Your Premium Allocation Fill in the amounts you are allocating between
employer and employee premiums.
A. Employer Premiums:
TIAA TIAA CREF CREF CREF CREF CREF CREF CREF CREF Traditional Real Estate Stock
Money Market Social Choice Bond Market Global Equities Growth Equity Index
Inflation-Linked Bond % N/A % % % % % % % % % = 100%
B. Employee Premiums:
% N/A % % % % % % % % % = 100%
3. Your Designation of Beneficiary
Name(s) of Primary Beneficiary(ies)Relationship to You Date of Birth Social
Security Number Name(s) of Contingent Beneficiary(ies) Relationship to You Date
of Birth Social Security Number
4. This enrollment form is for certificates issued under a retirement plan not
covered by the Employee Retirement Income Security Act of 1974 (ERISA).
Generally, retirement plans other than those of public institutions and certain
churches are covered by ERISA. If you are employed at any time by an employer
whose retirement plan is covered by ERISA, your benefits from contributions made
under that plan will be subject to your spouse's rights. This could affect your
beneficiary designation if you have named someone other than your spouse.
<PAGE>
You cannot assign or take loans from these certificates. Distributions before
age 591/2, or before termination of service, may be prohibited, limited, and/or
subject to substantial tax penalties. Your TIAA certificate allows transfers to
CREF from your Traditional Annuity accumulation over a ten-year period and from
your Real Estate Account accumulation in a single sum. Cash withdrawals from
your Traditional Annuity accumulation are allowed, if permitted by your
employer's retirement plan and subject to a surrender charge, only within 120
days after termination of employment. Your CREF certificate may limit, in
accordance with the terms of your employer's retirement plan, cash withdrawals,
transfers among the CREF accounts and transfers to alternate funding vehicles.
You cannot transfer accumulations between the set of certificates used for
employer premiums and the set used for employee premiums. CREF account
accumulations and benefit payments, and Real Estate Account accumulations, are
variable and not guaranteed; they depend on the investment performance of these
accounts.
I have read and understood all provisions of this enrollment form. I have
received a current CREF prospectus and a current Real Estate Account prospectus.
Signed (Employee) Date
If you would like to receive CREF's Statement of Additional Information, which
supplements the CREF prospectus, check here. n
Code
F7052.1N (10/95) CA
(C) 1997 Teachers Insurance and Annuity Association (Degree) College Retirement
Equities Fund
Printed on Recycled Paper
Teachers Insurance and Annuity Association
College Retirement Equities Fund
730 Third Avenue
New York, NY 10017-3206
1 800 842-2733
212 490-9000
Standard GRA/GRA (Non-ERISA) 9/97 CA
TIAA-CREF RETIREMENT PLAN
PURPOSE
The TIAA Retirement Plan (the "Plan") is a Defined Contribution Plan that
provides retirement benefits for participating employees. It was established on
July 1, 1929. Benefits are provided through:
A. Teachers Insurance and Annuity Association (TIAA). TIAA provides
traditional and variable annuities. Variable annuities are through its Real
Estate Account.
B. College Retirement Equities Fund (CREF). CREF is TIAA's companion
organization, providing variable annuities.
The Plan operates under Section 401(a) of the Internal Revenue Code. TIAA is the
plan administrator and is responsible for plan operations. The Plan year extends
from January 1 to December 31.
ELIGIBILITY
All employees (other than Leased Employees) of TIAA are eligible to participate
in the Plan.
PARTICIPATION
If you are an eligible employee, other than an hourly employee, you will begin
participation in this Plan on the first of the month following the attainment of
age 21 and the completion of "6" consecutive months of service starting with
your date of employment. If you are an eligible employee who is an hourly
employee, participation in the Plan will begin after you have attained age 21
and completed 500 or more hours of service in a "6" consecutive month period
starting with your date of employment.
TIAA will notify you when you've completed the requirements needed to
participate in the Plan. In order to participate in the plan, TIAA may require
you to complete and return the appropriate enrollment form(s). Failure to
complete and return such form(s) my be deemed a waiver of your rights to
participate.
Each participant is entitled to the benefits and is bound by all of the terms,
provisions, and conditions of the Plan, including any and all amendments which
from time to time may be adopted, including the terms, provisions and
TRP-1
<PAGE>
conditions of any contract and/or certificate issued to the participant under
the Plan. All determinations about eligibility and participation will be made by
TIAA. TIAA will base its determinations on its records and the official plan
document. In the event of an inconsistency between this Summary and the official
plan document, the plan document will control.
PLAN CONTRIBUTIONS
When you become a participant, employer contributions will be made on your
behalf on a semi-monthly basis for all periods except for periods in which you
receive no compensation. Employer contributions are a percentage of compensation
that varies depending upon your age as set forth on the following schedule:
Age-graded contribution schedule
PLAN CONTRIBUTIONS AS A PERCENTAGE OF COMPENSATION
- --------------------------------------------------------------------------------
Participant's Attained Age TIAA
- --------------------------------------------------------------------------------
Through the pay period in which your 25th 8%
birthday occurs
- --------------------------------------------------------------------------------
From the pay period following your 25th
birthday through the pay period in which 10%
your 30th birthday occurs
- --------------------------------------------------------------------------------
From the pay period following your 30th
birthday through the pay period in which 15%
your 45th birthday occurs
- --------------------------------------------------------------------------------
From the pay period following your 45th
birthday through the pay period in which 18%
your 55th birthday occurs
- --------------------------------------------------------------------------------
From the pay period following your 55th 20%
birthday
- --------------------------------------------------------------------------------
Compensation for the purpose of this Plan means your salary as paid to you prior
to the application of (i) contributions made pursuant to a salary reduction
agreement which are not includable in your gross income under the TIAA flexible
benefit and tax-deferred annuity plans; and (ii) any lump sum or single sum
salary advance agreement; but excluding any service award, overtime pay,
bonuses, or any other nonregular compensation (including flex benefit credits).
The annual compensation taken into account under the Plan for any year shall not
exceed $150,000, as adjusted
TRP-2
<PAGE>
by the Commissioner of Internal Revenue for increases in the cost of living. The
total amount of contributions made on your behalf for any year will not exceed
$30,000, as adjusted by the Commissioner of Internal Revenue for increases in
cost of living.
Plan contributions will be made solely by TIAA to be applied as premiums on
regular retirement annuity contracts and may be allocated between TIAA and CREF
in any whole percentage as designated by you.
VESTING
Your retirement benefits shall become nonforfeitable and fully vested upon the
completion of five years of service. Years of service shall include all years of
service after you attain age 18. In addition, your retirement benefits shall be
nonforfeitable and fully vested upon the earlier of (a) termination of service
on or after the date you attain age 65; or (b) upon your death while still
employed.
If you have a break in service before you are vested, you will not receive any
benefits under this Plan. If you later return, you may be entitled to the
benefits attributable to your earlier service. If your break in service is less
than 5 years, you will be credited with your past service and your account will
be restored, subject to your satisfying the vesting requirements. If the break
in service is more than 5 years, you will not be entitled to the forfeited
benefits and your past service will not be counted toward the vesting of
benefits attributable to your service after reemployment.
YEAR OF SERVICE
You are credited with a year of service for each 12-month period of employment
starting with your date of employment (or anniversary date of reemployment).
BREAK IN SERVICE
A break in service occurs if you perform no service for a continuous 12 month
period. For certain maternity or paternity leaves, the continuous 12 month
period begins on the first anniversary of the first date of absence for the
maternity or paternity reasons.
TOP-HEAVY PROVISIONS
If the Plan is "top-heavy" in any year, your rights to receive retirement
benefits under the plan will become fully vested
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when your years of service equal 3 or more. A "top-heavy" plan, as defined by
the Internal Revenue Code (IRC), is a plan that provides more than 60% of its
benefits to "key" employees. Key employees are generally officers, shareholders,
owners and highly compensated employees. TIAA does not expect the Plan to ever
become "top-heavy". If it does, you'll be notified.
LEAVE OF ABSENCE
During a paid leave of absence, contributions will continue to be made based on
your compensation paid during your leave of absence. If you become totally
disabled, contributions will continue to be made based on your compensation
immediately before you become disabled, subject to the limits imposed by the
Internal Revenue Code (IRC).
MILITARY LEAVE
If you are absent from employment by reason of service in the uniformed services
of the United States, you will in accordance with applicable law be treated as
having been employed by TIAA during your period of such service. Once you return
to actual employment, TIAA will make those contributions to the Plan that would
have been made if you had remained employed during your period of military
service to the extent required by law. Contributions may be based on the
compensation you would have earned if you had actually continued employment with
TIAA.
RETIREMENT AGE
Normal retirement age under the Plan is the day in which you attain age 65.
Annuity income usually begins on that date.
RETIREMENT INCOME
Although annuity income usually begins at normal retirement age, you may begin
to receive income at any time after termination of employment. You may not
receive income while you are still employed, except as required by law.
Under current law, retirement benefits must normally begin no later than April 1
of the calendar year following the year in which you attain age 70 1/2 even if
you are still employed. Failure to begin annuity income by the required
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beginning date may subject you to a substantial federal tax penalty.
If you die before the distribution of benefits has begun, your entire interest
must normally be distributed within five years after your death. Under a special
rule, death benefits may be payable over the life or life expectancy of a
designated beneficiary if the distribution of benefits begins no later than one
year from the date of your death. If the designated beneficiary is your spouse,
the commencement of benefits may be deferred until you would have attained age
70 1/2 had you continued to live.
The payment of benefits according to the above rules is extremely important.
Federal tax law imposes a 50 percent excise tax on the difference between the
amount of benefits required by law to be distributed and the amount actually
distributed if it is less than the required minimum amount.
ASSIGNMENT
No benefits or interest available under this retirement plan will be subject to
assignment or alienation, either voluntarily or involuntarily except as
permitted under Section 401 (a)(13) of the IRC and the applicable regulations
thereunder. The preceding sentence shall not apply to the creation, assignment
or recognition of a right to any benefit payable with respect to a participant
pursuant to a domestic relations order, as defined in Section 414 (p) of the
IRC.
RETIREMENT INCOME OPTIONS
You may choose from among several income options when you retire. If you're
married, your right to choose an income option will be subject to your spouse's
right (under federal pension law) to survivor benefits, as discussed in the next
section, unless this right is waived by you and your spouse. The following
income options are available:
A ONE-LIFE (SINGLE LIFE) ANNUITY. This option pays you an income for as long as
you live, with payments stopping at your death. A one-life annuity provides you
with a larger monthly income than other options. This option is also available
with a 10, 15, or 20 year guaranteed payment period (but not exceeding your life
expectancy at the time you begin annuity income). If you die during the
guaranteed period, payments in the same amount that you would have received
continue to your beneficiary(ies) for the rest of the guaranteed period.
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A Survivor Annuity. This option pays you a lifetime income, and if your spouse
(or other Second Annuitant) lives longer than you, he or she continues to
receive an income for life. The amount continuing to the survivor depends on
which of the following three options you choose:
o FULL BENEFIT TO SURVIVOR. The full income continues as long as either you
or your Second Annuitant are living.
o TWO-THIRDS BENEFIT TO SURVIVOR. At the death of either you or your Second
Annuitant, the payments are reduced to two-thirds the amount that would
have been paid if both had lived, and are continued to the survivor for
life.
o HALF BENEFIT TO SECOND ANNUITANT. The full income continues as long as you
live. If your Second Annuitant survives you, he or she receives for life
one-half the income you would have received if you had lived. If your
Second Annuitant dies before you, the full income continues to you for
life.
All survivor annuities are available with a 10, 15, or 20 year guaranteed
period, but not exceeding the joint life expectancies of you and your spouse (or
other Annuity Partner). The period may be limited by federal tax law.
QUALIFIED JOINT AND SURVIVOR ANNUITY. An annuity providing for payments for your
life with a survivor annuity for the life of your spouse which is not less than
50% (and not more than 100%) of the amount payable during your joint lives.
A MINIMUM DISTRIBUTION OPTION (MDO). The MDO is for Participants age 70 1/2 or
older. With the MDO, you'll receive the required federal minimum distribution
while preserving as much of your accumulation as possible. The minimum
distribution will be paid to you annually.
TIAA INTEREST PAYMENT RETIREMENT OPTION (IPRO). TIAA Participants between ages
55 and 69 1/2 with a TIAA accumulation of at least $10,000 can receive monthly
payments equal to the interest (guaranteed plus dividends) that would otherwise
be credited to your TIAA annuity. Payments will be made at the end of each
month. Your principal accumulation is not reduced while you are receiving
interest payments.
Payments under the IPRO will consist of the contractual interest rate (currently
3 percent), plus dividends as declared by TIAA's Board of Trustees. Dividends
are declared each March for the following 12-month period and
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are not guaranteed after the 12-month period has expired. If you elect the IPRO,
these rates will be used to determine your monthly payment rather than be
credited to your annuities.
Interest payments made under the IPRO must continue for at least 12 months. Once
you start to receive interest income payments, you must continue receiving them
until you begin receiving you accumulation under an annuity income option.
Usually, you may delay beginning your annuity income benefits as late as
permitted under federal law. When you do begin annuity income from your TIAA
accumulation, you may choose any of the lifetime annuity income options
available under your TIAA contracts.
If you die while receiving interest payments under the IPRO, your beneficiary
will receive the amount of your starting accumulation, plus interest earned but
not yet paid. If you die after you've begun to receive your accumulation as an
annuity, your beneficiary will receive the benefits provided under the annuity
income option you've selected.
SPOUSE'S RIGHTS
Benefits must be paid to married Participants in the Plan only as described
below, unless a written waiver of the benefits by the Participant and a written
consent to the waiver by the spouse is filed with TIAA-CREF. This provision
applies to both retirement benefits and pre-retirement death benefits.
If benefits commenced before your death, your surviving spouse at your death
shall continue to receive income that is at least half of the annuity income
payable during the joint lives of you and your spouse (joint and survivor
annuity). If you die before annuity income begins, your surviving spouse shall
receive a benefit that is at least half of the full current value of your
annuity accumulation (pre-retirement death benefit), payable in a single sum or
under one of the income options offered by TIAA-CREF.
Married Participants and their spouses may waive the spousal entitlement to a
joint and survivor annuity or a pre-retirement death benefit only if a written
waiver of the benefit signed by the Participant and the spouse (and notarized)
is filed with TIAA-CREF.
For post-retirement survivor benefits (joint and survivor annuity), the waiver
may be made only during the 90-day period before the commencement of benefits.
The waiver also may be revoked during the same period. It may not be revoked
after annuity income begins.
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The period during which you and your spouse may elect to waive the
pre-retirement survivor death benefit begins on the first day of the plan year
in which you attain age 35. The period continues until the earlier of your death
or the date you start receiving annuity income. If you die before attaining age
35 - that is, before you've had the option to make a waiver - at least half of
the full current value of the annuity accumulation is payable automatically to
your surviving spouse in a single sum, or under one of the income options
offered by TIAA-CREF. If you terminate employment before age 35, the period for
waiving the pre-retirement death benefit begins no later than the date of
termination. The waiver also may be revoked during the same period.
If a judgement, decree or order made following a state domestic relations law
establishes the rights of another person ( the "alternate payee") to your
benefits under this Plan, and if such an order (hereafter called a "qualified
domestic relations order") is for providing child support, alimony or their
marital property payments, then payments will be made according to that order.
If a court issues a qualified domestic relations order, the order may preempt
the usual requirements that your spouse be considered your primary beneficiary
for a portion of the accumulation.
LUMP SUM PAYMENT/UNIT
ANNUITY/REPURCHASE
The Lump Sum benefit and Unit Annuity for a fixed period option, as may be
available under the TIAA-CREF contracts or certificates, are not available under
this Plan. In addition, TIAA will not approve any request to repurchase.
DEATH BENEFITS
If you die before beginning retirement benefits, the full current value of your
annuity accumulation is payable as a death benefit. You may choose one or more
of the options listed in your annuity contracts for payments of the death
benefit, or you may leave the choice to your beneficiary. The payment options
include:
o Income for the lifetime of the beneficiary with payments ceasing at his or
her death.
o Income for the lifetime of the beneficiary, with a minimum period of
payments of either 10, 15, or 20 years, as selected.
o Income for a fixed period of not fewer than two nor more than 30 years, as
elected, but not longer than the
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life expectancy of the beneficiary.
o A minimum distribution option for beneficiaries. This option pays the
required federal minimum distribution each year.
o The accumulation may be left on deposit, for up to one year, for later
payment under any of the options.
Federal tax law puts limitations on when and how beneficiaries receive their
death benefits. TIAA-CREF will notify your beneficiary of the applicable
requirements at the time he or she applies for benefits.
You should review your beneficiary designation periodically to make sure that
the person you want to receive the benefits is properly designated. You may
change your beneficiary by completing the "Designation of Beneficiary" form
available from the Human Resources-Benefits Department. If you die without
having named a beneficiary, your spouse will automatically receive half of your
accumulation. Your estate will receive the other half. If there's no spouse,
your estate receives the entire accumulation.
FUNDING VEHICLES
Contributions may be invested in one or more of the following funding vehicles
that are currently available under this Plan:
A. Teachers Insurance and Annuity Association (TIAA)
Traditional Annuity
Real Estate Account
B. College Retirement Equities Fund (CREF)
CREF Retirement Annuity
Stock Account
Money Market Account
Social Choice
Bond Market
Global Equities
Growth
Equity Index
Any additional accounts offered by TIAA-CREF under institutional retirement
plans will automatically be made available to you under this Plan. You'll be
notified of any additions or deletions.
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ANNUITY CONTRACT
TIAA TRADITIONAL ANNUITY: Contributions to a TIAA Traditional Annuity are used
to purchase a contractual or guaranteed amount of future retirement benefits for
you. Once purchased, the guaranteed benefit of principal plus interest cannot be
decreased, but it can be increased by dividends. Once you begin receiving
annuity income, your accumulation will provide an income consisting of the
contractual, guaranteed amount plus dividends that are declared each year and
which are not guaranteed for future years. Dividends, when declared, remain in
effect through the "Dividend Year," which begins each March 1.
For a recorded message of the current interest rate for contributions to TIAA,
call 1 800 842-2252.
CREF AND THE TIAA REAL ESTATE ACCOUNT: You have the flexibility to accumulate
retirement benefits in any of the CREF variable annuity accounts and the TIAA
Real Estate Account as indicated above. Each Account has its own investment
objective and portfolio of securities. Contributions to an account are used to
buy Accumulation Units, or shares of participation in an underlying investment
portfolio. The value of the Accumulation Units changes each business day.
For a recorded message of the latest Accumulation Unit Values for the CREF
Accounts and the Real Estate Account and the seven-day yield for the CREF
Money Market Account, call 1 800 842-2252. The recording is updated each
business day.
ALLOCATION OF CONTRIBUTIONS
You may allocate contributions among the TIAA Traditional Annuity and the
Accounts in any whole-number proportion, including full allocation to any
Account. You specify the percentage of contributions to be directed to the TIAA
Traditional Annuity and the Accounts on the "Application for Retirement Annuity
Contracts" when you begin participation. You may change your allocation of
future contributions at any time after participation begins by calling the
Automated Telephone Service toll free at 1 800 842-2252. The automated service
is available between the hours of 8:00 a.m. and 8:00 p.m. Eastern time, Monday
through Friday. When you receive your Retirement Annuity contracts, you'll also
be sent a Personal Identification Number (PIN). The PIN enables you to change
your allocation by using the Automated Telephone Service.
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TRANSFERS OF ACCUMULATIONS
Accumulations may be transferred among the CREF Accounts and the TIAA Real
Estate Account. Accumulations in the CREF Accounts and the TIAA Real Estate
Account also may be transferred to a TIAA Traditional Annuity. Complete
transfers may be made at any time. Partial transfers may be made from a CREF
Account and/or the TIAA Real Estate Account to a TIAA Traditional Annuity, and
among the CREF Accounts and/or the TIAA Real Estate Account at any time as long
as at least $1,000 is transferred each time. There's no charge for transferring
accumulations in the TIAA-CREF system.
If you transfer your entire accumulation in a CREF and/or the TIAA Real Estate
Account to a TIAA Traditional Annuity and decide later to allocate premiums to
CREF and/or the TIAA Real Estate Account, you're not required to complete
another application.
You may complete transfers within the TIAA-CREF system either by phone or in
writing. CREF and TIAA Real Estate Account transfers, as well as premium
allocation changes, will be effective as of the close of the New York Stock
Exchange (usually 4:00 p.m. Eastern time) on the day the instructions are
received, unless you choose the last day of the current month or any future
month. Instructions received after the close of the New York Stock Exchange are
effective as of the close of the Stock Exchange on the next business day. The
toll-free number to reach the Automated Telephone Service is 1 800 842-2252.
TIAA Traditional Annuity accumulations may be transferred to any of the CREF
accounts and/or the Real Estate Account through the Transfer Payout Annuity
(TPA). Transfers will be made in substantially equal annual amounts over a
period of 10 years. Transfers made under the TPA contracts are subject to the
terms of that contract. The minimum transfer from TIAA to a CREF account and/or
the Real Estate Account is $10,000 (or the entire accumulation if it totals less
than $10,000).
PARTICIPANT STATEMENTS
The annual Annuity Benefits Report that TIAA-CREF sends you shows the total
accumulation value at year-end for your Retirement Annuities, which is the
amount of death benefits your spouse or other beneficiary would have received on
that date. It also includes an illustration of the annuity income you would
receive at retirement under certain stated assumptions as to future premiums,
your
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retirement age, the income option and payment method selected, TIAA
dividends, and the investment experience of the CREF accounts and the TIAA Real
Estate Account. These factors affect the amount of your retirement income.
TIAA-CREF also sends you a Quarterly Confirmation of Transactions. This report
shows the accumulations total, a summary of transactions made during the period,
TIAA interest credited, and the number and value of CREF and the TIAA Real
Estate account accumulation units. You also may receive Premium Adjustment
Notices. These notices summarize any adjustments made to your annuities and are
sent at the time the adjustments are processed.
And once a year, you'll receive the TIAA-CREF Annual Report. The Annual Report
summarizes the year's activity, including details on TIAA and CREF investments,
earnings, and investment performance.
ADMINISTRATOR
Benefits under the Plan are provided by annuity contracts issued to Participants
by TIAA-CREF. In addition, TIAA is the administrator of this Plan. As the
administrator, TIAA is responsible for enrolling Participants, forwarding plan
contributions as premiums to annuity contracts for each participant, and
performing other duties required for operating the Plan. TIAA may designate, in
writing, other persons to carry out duties under the plan.
PLAN TERMINATION AND AMENDMENT
While it's expected that the Plan will continue indefinitely, TIAA reserves the
right to modify or discontinue the Plan at any time. TIAA, by action of its
Board, also may delegate any of its powers and duties with respect to the Plan
or its amendments to one or more officers or other employees of TIAA. Any such
delegation shall be stated in writing. TIAA will exercise good faith, apply
standards of uniform application, and refrain from arbitrary action. In the
event the vesting schedule is amended, all Participants with at least three
years of service may elect to be governed by the prior vesting schedule. In
addition, if the Plan is partially or completely terminated, all affected
participants will become vested in their accounts.
REQUESTS FOR INFORMATION AND
CLAIMS PROCEDURES
Requests for information, and claims or service of legal process concerning
eligibility, participation, contributions,
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or other aspects of the operation of the plan should be in writing and directed
to: TIAA, 730 Third Avenue, New York, NY 10017, Attention: Human
Resources/Benefits Department.
The following rules describe the claims procedure under the Plan:
o FILING A CLAIM FOR BENEFITS: A claim or request for plan benefits is filed
when the requirements of a reasonable claim-filing procedure have been met.
A claim is considered filed when a written communication is made to TIAA,
730 Third Avenue, New York, NY 10017-3206, Attention: Human
Resources/Benefits Department.
o PROCESSING THE CLAIM: TIAA, as the Plan Administrator, must process the
claim within 90 days after the claim is filed. If an extension of time for
processing is required, written notice must be given to you before the end
of the initial 90-day period. The extension notice must indicate the
special circumstances requiring an extension of time and the date by which
the Plan expects to render its final decision. In no event can the
extension period exceed a period of 90 days from the end of the initial
90-day period.
o DENIAL OF CLAIM: If a claim is wholly or partially denied, the Plan
Administrator must notify you within 60 days following receipt of the
claim. The notification must state the specific reason or reasons for the
denial, specific references to pertinent plan provisions on which the
denial is based, a description of any additional material or information
necessary to perfect the claim, and appropriate information about the steps
to be taken if you wish to submit the claim for review.
o REVIEW PROCEDURE: You or your duly authorized representative has at least
60 days after receipt of a claim denial to appeal the denied claim to an
appropriate named fiduciary or individual designated by the fiduciary and
to receive a full and fair review of the claim. As part of the review, you
must be allowed to see all plan documents and other papers that affect the
claim and must be allowed to submit issues and comments and argue against
the denial in writing.
o DECISION ON REVIEW: The Plan must conduct the review and decide the appeal
within 60 days after the request for review is made. If special
circumstances require an extension of time for processing (such as the
need to hold a hearing if the plan procedure provides for such a hearing),
you must be furnished with written notice of
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the extension, which can be no later than 120 days after receipt of a
request for review. The decision on review must be written in clear and
understandable language and must include specific reasons for the decision
as well as specific references to the pertinent plan provisions on which
the decision is based. If appeal is denied, in whole or in part, you have
a right to file suit in a state or federal court.
ERISA RIGHTS AND INFORMATION
As a Participant in the Plan, you are entitled to certain rights and protections
under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA
provides that all Plan Participants are entitled to:
1. Examine without charge, at the Plan Administrator's office all documents,
including insurance contracts, and copies of all documents filed by the
Plan with the U.S. Department of Labor, such as annual reports and Plan
descriptions.
2. Obtain copies of all Plan documents and other Plan information upon written
request to the Plan Administrator. TIAA may make a reasonable charge for
the copies.
3. Receive a summary of the Plan's annual financial report. The Plan
Administrator is required by law to furnish you with a summary of the
Plan's financial report.
4. Obtain a statement telling whether you have a right to receive a pension at
normal retirement age and if so, what your benefits would be at normal
retirement age if you stop working under the Plan now. If you do not have
the right to a pension, the statement will tell you how many more years you
have to work to get a right to a pension. This statement must be requested
in writing and is not required to be given more than once a year. The Plan
must provide the statement free of charge.
In addition to creating rights for Plan Participants, ERISA imposes duties upon
the people who are responsible for operating the Plan. The people who operate
your Plan, called "fiduciaries" of the Plan, have a duty to do so prudently and
in the interest of you and other Plan Participants and beneficiaries. No one,
including your employer, or any other person, may fire you or otherwise
discriminate against you in any way to prevent you from obtaining a pension
benefit or exercising your rights under ERISA. If your claim for a pension
benefit is denied in whole or in part, you must receive a written explanation of
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the reason for the denial. You have the right to have the Plan review and
reconsider your claim.
Under ERISA, there are steps you can take to enforce the above rights. For
instance, if you request materials from the Plan and don't receive them within
30 days, you may file a suit in a federal court. In such a case, the court may
require the Plan Administrator to provide the materials and pay you up to $100 a
day until you receive the materials, unless the materials were not sent because
of reasons beyond the control of the Administrator. If you have a claim for
benefits that is denied or ignored in whole or in part, you may file suit in a
state or federal court.
If the Plan fiduciaries misuse the Plan's money, or if you're discriminated
against for asserting your rights, you may seek assistance from the U.S.
Department of Labor, or you may file suit in a federal court. The court will
decide who should pay court costs and legal fees. If you are successful, the
court may order the person you have sued to pay these costs and fees. If you
lose, the court may order you to pay these costs and fees, for example, if it
finds your claim is frivolous. If you have any questions about your Plan, your
should contact the Plan Administrator. If you have any questions about this
statement or about your rights under ERISA, you should contact the nearest area
office of the U.S. Pension and Welfare Benefits Administration, Department of
Labor.
PENSION BENEFITS GUARANTY
CORPORATION (PBGC)
Since the Plan is a defined contribution plan, it isn't insured by the PBGC. The
PBGC is the government agency that guarantees certain types of benefits under
covered plans.
AGENT OF LEGAL PROCESS
The agent for service of legal process is:
Office of the General Counsel
TIAA-CREF
730 Third Avenue
New York, NY 10017-3206
This SPD was prepared for employees of TIAA. If there's any ambiguity or
inconsistency between this SPD and the Plan Document, the terms of the Plan
Document will govern. With respect to benefits provided by TIAA-CREF annuity
contracts or certificates, all rights of a participant under the contracts or
certificates will be determined only
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by the terms of such contracts or certificates.
EMPLOYER IDENTIFICATION NUMBER: 13-1624203
PLAN NUMBER: 001
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CREF DEFERRED COMPENSATION PLAN FOR
NON-OFFICER TRUSTEES
This document sets forth the provisions of the CREF Deferred
Compensation Plan for Non-Officer Trustees ("Plan") established by the Board of
Trustees of College Retirement Equities Fund ("CREF") as of January 1, 1980, as
amended August 16, 1986 and July 1, 1996.
I. DEFINITIONS
As used in the Plan and in the Agreement, the following words or
phrases shall have the meanings hereinafter indicated.
1. "Termination" from the Board of Trustees shall be deemed to
occur on the date when trustees ceases to be a member of the
Board of Trustees of CREF for any reason, including death.
2. "Account" shall mean a bookkeeping account maintained by TIAA
on behalf of CREF of the credits reflecting trustee's stipends
and fees deferred, the additional credits thereon, and the
value of payments to the trustee under the Agreement. The use
of the word "account" does not contemplate or imply any
segregation by CREF of any monies or assets separate from its
general assets nor shall it be deemed to mean that any credits
to a Trustee Account is the property of any trustee.
3. "Plan Credits" shall mean (1) credits reflecting that portion
of the annual stipends and fees payable by CREF to the trustee
for service on the Board of Trustees of CREF which trustee
elects to have credited under this plan and (2) additional
credits reflecting an amount calculated by applying the same
interest rate, including dividends, as then being credited to
current premiums on a TIAA Retirement Annuity Contract issued
as of the first day of the month after the date of the
Agreement on the balance of the credits in the Trustee Account
as of the first of each month.
As of July 1, 1996, for Trustee Accounts not in pay status as
of that date, the deemed value of Trustee Accounts shall be determined
pursuant to individual annuity contracts purchased from TIAA-CREF on
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of each participating trustee. These contracts will be owned by TIAA on
behalf of CREF and, subject to Section III of this Plan, TIAA on behalf
of CREF will make all decisions regarding the allocation of the Trustee
Account between TIAA and CREF. These contracts shall be the general
assets of CREF, subject to all of the claims of its creditors, and
shall not be a trust fund or collateral security for CREF's obligation
to pay the trustee his or her accumulations under this Plan.
4. "Hardship" shall mean the need of a participating trustee or a deceased
trustee's beneficiary for funds by reason of a financial emergency,
including the following: extraordinary medical expenses incurred by
reason of the illness of the trustee or a member of his immediate
family, expenses incurred by reason of the death of a member of the
trustee's immediate family; educational expenses of the trustee or a
member of his immediate family; loss of the trustee's earnings on
account of illness, injury or layoff; the need for funds to be used for
the purchase of a home for the trustee; or similar circumstances.
Hardship shall not include the loss of an opportunity to realize
monetary gain. The Executive Committee of the Board of Trustees shall
make all determinations as to whether a Hardship exists and the extent
to which any particular amount of accelerated distributions are
necessary to alleviate such Hardship. Such determinations shall be
based upon principles and procedures established by the Executive
Committee of the CREF Board of Trustees which are applicable to all
persons similarly situated.
II. ELIGIBILITY AND PARTICIPATION
All non-officer members of the Board of Trustees of CREF are
eligible to participate in the Plan upon execution of a Deferred
Compensation Agreement ("Agreement") with CREF in the form attached
hereto. However, no trustee will be eligible to participate in this
plan unless the trustee has executed a Deferred Compensation Agreement
on or before August 16, 1986.
III. PLAN CREDITS AND VALUATIONS
The participating trustee shall designate in the Agreement
that portion of the annual stipends and fees payable by CREF to the
trustee for service on the Board of Trustees of CREF which trustee
elects to have credited under this Plan. During the years of
participation in the Plan
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such credits shall be reflected in a bookkeeping account maintained by
TIAA on behalf of CREF ("Trustee Account").
Each month during the years of participation there shall be additional
credits to each Trustee Account reflecting an amount calculated by applying the
same interest rate, including dividends, as then being credited to current
premiums on a TIAA Retirement Annuity Contract issued as of the first day of the
first month after the date of the Agreement ("Account Percentage Rate") on the
balance of the credits in the Trustee Account as of the first of each month.
The foregoing paragraph notwithstanding, as of July 1, 1996 for each
Trustee Account not in pay status prior to that date, the deemed value of
Trustee Accounts shall be determined pursuant to the experience of individual
annuity contracts purchased from TIAA-CREF on the life of each participating
trustee. Each such trustee may request that his or her Account be allocated
among the available options under the contracts purchased on his or her life in
whole percentages as of July 1, 1996. In addition, the trustee may request that
any ongoing deferrals be deemed allocated in whole percentages among the
available options under such contract and this request need not be the same as
the allocation' requested for his or her Account as of July 1, 1996. If no such
allocation requests are made by the participating trustee, his or her Trustee
Account, and/or ongoing deferrals, shall be deemed allocated to the CREF Money
Market Account.
Once made, the trustee's allocation request shall remain in effect for
all subsequent deferrals until such request is changed by the participating
trustee. A trustee may change his or her allocation request, or request
transfers among options under the contracts on his or her life, by submitting
any such request in writing to the attention of the Human Resources/ Benefits
Department, TIAA, 730 Third Avenue, New York, NY 10017-3206. Such allocation
changes or transfers shall be effective on the last business day of the month in
which the Human Resources/Benefits Department receives the request.
Transfers are permitted, if permitted under the applicable TIAA-CREF
contract, to or from the TIAA Real Estate Account and the CREF Accounts and to
the TIAA Traditional Annuity but transfers from the TIAA Traditional Annuity to
the CREF Accounts or TIAA Real Estate Account can, prior to the Initial
Disbursement Date, only be made over a ten year period in accordance with the
terms of the applicable TIAA-CREF contracts. Transfers may also be
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subject to certain minimums. Although TIAA intends to allocate the Trustee
Accounts in accordance with the requests of the participating trustees or their
beneficiaries, it reserves the right to allocate such Accounts without regard to
their requests.
IV. PAYMENTS TO PARTICIPATING TRUSTEE
The Initial Disbursement Date for payments to participating
trustees shall be the first day of the calendar month following
termination from the Board of Trustees (or, in the alternative,
following attainment of a specified age, whichever last occurs). Prior
to such date, the participating trustee shall have no right to receive
any payments under the Plan. On or after such date, the trustee's right
to payments and the method, manner, period and frequency of such
payments shall be in accordance with the elections made in the
Agreement.
Upon the Initial Disbursement Date, the participating trustee
shall be entitled to receive payments in a single sum or in equal
monthly installments out of CREF's general assets and charged to the
Trustee Account. Monthly installments will continue for the number of
years elected by the Trustee (period of disbursement) or until the
Trustee Account is exhausted. For Trustee Accounts in payment status
commencing before July 1, 1996, the amount of such monthly installments
shall be equal to an annuity certain for the period of disbursement
calculated as of the day preceding the Initial Disbursement Date and
based upon the cumulative credits to date in!the Trustee Account plus
the additional credits to Trustee Account at the Account Percentage
Rate then in effect during the pay-out period so elected by the
trustee. In the event of a change in the Account Percentage Rate, the
payment installments shall be adjusted accordingly.
For Trustee Accounts not in payment status commencing before
July 1, 1996, the amount of the monthly installment as well as the
amounts credited to the remaining Trustee Account shall be determined
in accordance with the applicable TIAA-CREF contracts on the life of
the trustee. Transfer requests for the unpaid balance of any Trustee
Account shall be administered as described in the last paragraph of
Section III of this Plan.
V. PERIOD OF DISBURSEMENT AND ELECTIONS
The participating trustee shall elect in the Agreement whether
disbursement shall be made in a single sum or in
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installments and the number of years for which any installment payments
are to be made. The minimum number of years during which installments
are to be paid is two and the maximum number is ten. The single sum
payment or the first installment shall be payable on the Initial
Disbursement Date and any subsequent installments shall be payable
monthly thereafter. No installment shall be less than $100 or more than
the value of the remaining credits to the Trustee Account at the time
any installment is payable. If an election results in monthly
installments of less than $100, the period of installment payments
shall be changed so that each monthly installment is at least $100.
The election designating whether disbursement will be in a
single sum or in installments and designating the period of
disbursement of installments may be changed at any time prior to the
Initial Disbursement Date in accordance with Section VII hereof. Any
such change shall apply only to stipends and fees which are payable
with respect to services performed on or after the first day of the
first calendar year commencing after the date of execution of the
amendment to the Agreement.
Notwithstanding the foregoing, a participating trustee may
request at any time (before or after the Initial Disbursement Date),
and the Executive Committee of the Board of Trustee may grant, an
acceleration of the time when payments are to be made to the extent
such acceleration is necessary to alleviate a Hardship (as defined
above).
VI. DEATH BENEFITS
If a participating trustee who has chosen installments dies at
any time before all installments out of his or her Trustee Account have
been paid, the value of the Trustee Account shall be paid (1) to the
individual or individuals named as beneficiary or beneficiaries by the
participating trustee in monthly installments, beginning on the first
day of the month after the trustee's death, for the remaining period
chosen by the trustee under the terms of the Agreement, or if
installments have not commenced to the trustee, for a period of five
years, unless the trustee shall have elected a different method of
payment for the death benefits or (2) in a single sum to a designated
trust, or absent such designation, to the trustee's executors or
administrators.
If a participating trustee has chosen to receive his or her
benefits in a single sum, such payment shall upon the trustee's death
prior to such payment, be made in a single
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sum to the (1) the individual or individuals named as beneficiary or
beneficiaries by the participating trustee, or (2) to a designated
trust, or absent such designation, to the trustee's executors or
administrators, unless the trustee shall in the Agreement have elected
a different method of payment for the death benefit.
For Trustee Accounts not in payment status commencing before
July 1, 1996, the amount of the monthly installment as well as the
amounts credited to the remaining Trustee Account shall be determined
in accordance with the Trustee Account's applicable TIAA-CREF
contracts. A beneficiary's transfer requests with respect to the unpaid
balance of any Trustee Account shall be administered in the same manner
as a trustee's transfer request, in accordance with the applicable
TIAA-CREF contract, and as described in the last paragraph of Section
III of this Plan.
Notwithstanding the foregoing, a deceased Trustee's
beneficiary may request at any time (before or after the Initial
Disbursement Date), and the Executive Committee of the Board of
Trustees may grant, an acceleration of the time when payments are to be
made to the extent such acceleration is necessary to alleviate a
Hardship (as defined above).
VII. TRUSTEE'S RIGHT TO MODIFY PARTICIPATION AGREEMENT
Prior to August 17, 1986, the Agreement may be amended at the
election of the Trustee to change the amount of the stipends and fees
to be deferred, to discontinue any deferment, or to resume such
deferment after a prior discontinuance, provided at least one year has
elapsed between the execution of the Participation Agreement and the
first amendment and between any two successive amendments. After August
16, 1986, the Agreement may not be amended to change the portion of the
stipend or fees to be deferred, or to resume a deferment after a prior
discontinuance. However, a trustee may elect to discontinue
participation in the plan. Any amendment shall apply only to stipends
and fees payable with respect to services performed on or after the
first day of the first calendar year commencing after the date of the
execution of the Amendment and will have no retroactive effect with
respect to prior credits to the Trustee Account. In the event of a
discontinuance of deferment, or a retirement form the Board, the
credits previously made will remain in the Trustee Account and their
value will be payable in a single sum or in installments or both in
accordance with the provisions of the Agreement. No credits to the
Trustee Account may be assigned, commuted or encumbered by the trustee
and, to the extent permitted by
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law, are not subject to payment of any claim against such trustee. In
no event will the trustee have the right to recover any credits to the
Trustee Account otherwise than in accordance with the Agreement.
VIII . CREF'S RIGHTS TO MODIFY PLAN OR AGREEMENT
CREF shall have the right at any time to modify or terminate
the Plan or any Agreement provided that any such modification or
termination shall be applicable only to credits which would otherwise
have been made to the Trustee Account after the effective date of the
change and shall not affect credits to the Trustee's Account prior to
the date of modification or termination.
TIAA AND CREF NON-EMPLOYEE TRUSTEE AND MEMBER
DEFERRED COMPENSATION PLAN
ARTICLE I. PURPOSE OF PLAN
1.1 The TIAA and CREF Non-Employee Trustee and Member Deferred Compensation Plan
is intended to provide non-employee Trustees of TIAA and CREF, and Members of
the Board of Overseers, with additional compensation, payable at termination, in
order to recognize their individual contributions to TIAA's and CREF's short-and
long-term success. It is designed as a non-qualified deferred compensation plan
and to comply with the requirements of Internal Revenue Code Section 457(e)(12).
The effective date of this Plan is January 1, 1990, as amended through January
1, 1995.
ARTICLE II. DEFINITIONS
2.1 Administrator: The Nominating and Personnel Committees of the Trustees of
TIAA and the Trustees of CREF.
2.2 Beneficiary: The person or persons designated by a Participant to receive a
death benefit.
2.3 Member: A non-employee member of the Board of Overseers of TIAA and CREF.
2.4 Participant: A Trustee or Member who is described in section 4.1 of the
Plan.
2.5 Plan: The TIAA and CREF Trustee Deferred Compensation Plan.
2.6 Plan Year: A calendar year.
2.7 Stipend: The basic compensation paid to a Trustee or Member. The stipend
does not include fees or expenses or any extra stipend paid to a Participant as
Chair of a Committee.
2.8 Termination: The date that a Participant ceases to be a Trustee or a Member.
A Participant will not be deemed to be terminated if the Participant becomes a
Trustee in the term immediately following the completion of a term as a Member,
or becomes a Member immediately following the completion of a term as a Trustee.
2.9 Trustee: A non-employee member of the Trustees of TIAA or the Trustees of
CREF.
2.10.1 Term Year: A consecutive twelve month period beginning on the first day a
Trustee or a Member becomes a participant during which he or she remains a
Participant until the last day of the twelfth month.
2.10.2 Fractional Term Year: A portion of a term year calculated by dividing the
number of completed calendar months following the last completed term year
during which a Trustee or a Member is a Participant by twelve.
<PAGE>
2.10.3 Aggregate Term Years: The total number of term years of a Participant as
of the date of reference, plus any applicable fractional term year, reduced by
any term years prior to a termination for which a benefit has been accrued and
paid pursuant to Article V. However, for purposes of calculating benefits under
this Plan, the aggregate term years for any Participant shall never exceed 20.
2.11 Term: The period for which a Trustee or a Member is elected as set out in
the Charters of TIAA and CREF.
ARTICLE III. ADMINISTRATION
3.1 The plan shall be administered by the Administrator, which shall have the
authority to interpret the terms and provisions of this Plan. Such
interpretation shall be final and binding on all persons, including the Company
and Participants. The Administrator reserves the right to amend or terminate the
Plan without notice at any time and for any reason, including an amendment or
termination that shall have the effect of reducing any vested benefit accrued to
a Participant prior to the date of the amendment or termination.
3.2 The Administrator shall have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing this Plan as it shall,
from time to time, deem advisable. It may delegate such ministerial functions
necessary for the operation of the plan to the Executive Vice President, Human
Resources of TIAA, including but not limited to: application of rules
determining eligibility for participation of benefits; maintenance of records
and bookkeeping; calculation and payment of benefits; making recommendations to
the Administrator with respect to plan administration.
ARTICLE IV. ELIGIBILITY AND PARTICIPATION
4.1 All Trustees and Members as defined in section 2.3 and 2.9 are eligible to
participate in this plan.
4.2 Participation shall commence on the first day of the Trustee's or Member's
first term as a Trustee or Member.
4.3 Participation shall end at the termination of the
Trustee or Member.
ARTICLE V. DEFERRED COMPENSATION BENEFIT
5.1 Notwithstanding the formula set out in section 5.2, a Participant's deferred
compensation benefit shall equal zero until he or she has attained five
aggregate term years.
5.2 A Participant's deferred compensation amount will be calculated in
accordance with the following formulae:
a) Fifty per cent of the annual stipend in effect for Trustees at the
Participant's Termination multiplied by the Aggregate Term Years
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attributable to the Participant's service as a Trustee, plus
b) Fifty per cent of the annual stipend in effect for Members at the
Participant's Termination multiplied by the Aggregate Term Years
attributable to the Participant's service as a Member.
If the Aggregate Term Years are reduced to 20 in accordance with section 2.10.3,
the Aggregate Term Years to be used in subparagraphs (a) and (b) will be
determined by reducing the total Aggregate Term Years on a pro-rata basis by
applying a fraction the numerator of which is the years attributable to the
Participant's service as a Trustee or Member (whichever is applicable) and the
denominator of which is the Participant's unreduced Aggregate Term Years.
5.3 Such amount shall be paid in a lump sum on the first of the month following
the month of the Participant's termination or as soon as practicable thereafter.
ARTICLE VI. DEATH BENEFIT
6.1 In the event that a Participant dies before termination, his or her benefit,
if any, calculated as if he or she terminated on the day before his or her
death, will be paid to his or her designated beneficiary.
ARTICLE VII. GENERAL PROVISIONS
7.1 The Plan is unfunded. Awards will be paid out of the general assets of TIAA
and CREF.
7.2 A Participant's right to deferred compensation amounts under this Plan are
subject to the Administrator's right to amend or terminate the Plan as set out
in section 3.1.
7.3 Rights to and interest in awards may not be assigned, used as collateral, or
otherwise transferred either directly or by operation of law and no such right
or interest of any Participant under the plan shall be subject to any obligation
or liability of a Participant.
7.4 Each Participant may file, on a form to be provided by the Administrator or
its delegate, a written election designating his or her beneficiary. Such
designation shall be revocable, unless the Participant designates a beneficiary
as irrevocable. However, any such designation shall not be effective unless and
until received by the duly authorized representative of the Company prior to the
Participant's death. If a Participant dies and there is no effective beneficiary
designation or the beneficiary dies before payment is made, the amount payable
shall be paid to the executors or administrators of the Participant's estate.
7.5 The Administrator may make such provision to withhold any taxes which it is
required to withhold from any applicable benefit payment. Each Participant,
however, shall be responsible for the payment of all individual tax liabilities
relating to any such payment.
7.6 The Plan and all actions taken pursuant to the Plan shall be governed
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by and construed in accordance with the laws of the State of New York. The
invalidity or unenforceability of any one or more provisions of the Plan shall
not affect the validity or enforceability of the Plan, which shall remain in
full force and effect to the extent permitted by law.
January 3, 1995
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INVESTMENT MANAGEMENT SERVICES AGREEMENT
The Agreement made this 17th day of December, 1991, by and
between the COLLEGE RETIREMENT EQUITIES FUND ("CREF"), a New York nonprofit
membership corporation, and TIAA-CREF INVESTMENT MANAGEMENT, INC.
("Management"), a Delaware nonprofit corporation;
WITNESSETH:
WHEREAS, CREF is a nonprofit corporation which issues variable
annuity certificates (the "Certificates") designed for use under retirement and
tax-deferred annuity plans adopted by nonproprietary and nonprofit education or
research institutions that are tax exempt or which are publicly supported; and
WHEREAS, CREF is registered as an open-end management
investment company under the Investment Company Act of 1940 ("1940 Act"), and
currently consists of four investment portfolios (the "Accounts"): the Stock
Account, the Money Market Account, the Bond Market Account, and the Social
Choice Account, and may consist of additional investment portfolios in the
future; and
WHEREAS, Management is registered as an investment adviser
under the Investment Advisers Act of 1940 ("Advisers Act");
NOW, THEREFORE, in consideration of the mutual covenants
herein contained, it is agreed as follows:
1. INVESTMENT MANAGEMENT SERVICES
Management shall furnish investment research and advice to
CREF and shall manage the investment and reinvestment of the assets of the
Accounts currently offered by CREF, the assets of
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Accounts added to CREF in the future, if any, and participate in all matters
incidental thereto, all subject to the supervision, direction and control of the
Board of Trustees of CREF ("Trustees") and the Finance Committee thereof.
Hereinafter, the terms "Trustees" shall be deemed to refer to the Trustees or
any committees established by the Trustees and designated thereby for the
purpose or activities described. Pursuant to this Agreement, Management is
authorized to act on behalf of CREF and enter into arrangements in connection
with the management of CREF's assets.
2. LIMITATIONS ON INVESTMENT MANAGEMENT SERVICES Management
shall perform the services under this Agreement subject to the
supervision and review of the Trustees and in a manner consistent with the
following: (a) the objectives, policies, and restrictions of each Account as
stated in CREF's then current Registration Statements; (b) the provisions of
the 1940 Act; (c) state insurance and securities laws, as applicable; and
(d) the provisions of the Charter, Constitution, and By-Laws of CREF.
3. DUTIES OF INVESTMENT MANAGER In carrying out its
obligations to manage the investment
and reinvestment of the assets of CREF, Management shall, as appropriate and
consistent with the limitations set forth in Paragraph 2 hereof:
(a) provide research, make recommendations, and place
orders for the purchase and sale of securities; and
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(b) provide portfolio accounting, custodial, and related
services for the Accounts.
4. REPORT TO THE TRUSTEES
Management shall furnish to the Trustees at least once every
quarter a statement of all purchases and sales for the Accounts made during the
period since the last report.
5. RECORDS
Management agrees to preserve for the period prescribed by the
1940 Act, the Advisers Act, and the rules and regulations thereunder, all
records Management maintains for CREF. Management agrees that all such records
shall be the property of CREF and shall be made available promptly to CREF's
accountants or auditors during regular business hours at Management's offices
upon prior written notice. In the event of termination of this Agreement for any
reason, all such records shall be returned promptly to CREF, free from any claim
or retention of rights by Management. In addition, Management will provide any
materials, reasonably related to the investment management services provided
hereunder, as may be reasonably requested in writing by CREF or as may be
required by any governmental agency having jurisdiction.
6. EXPENSES
Management shall be responsible for all expenses in connection
with furnishing investment management services to CREF, including, but not
limited to, investment advisory, portfolio accounting, custodial, and related
services.
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7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of such quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from the net assets of each
Account each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be as follows:
Stock Account:
.0003562% (corresponding to an annual rate of 0.13% of
its average daily net assets)
Money Market Account:
.0002192% (corresponding to an annual rate of 0.08% of
its average daily net assets)
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<PAGE>
Bond Market Account:
.0002740% (corresponding to an annual rate of 0.10% of
its average daily net assets)
Social Choice Account:
.0003836% (corresponding to an annual rate of 0.14% of its
average daily net assets) For purposes of this Agreement,
"Valuation Day,"
"Calendar Day," and "Valuation Period" shall each be defined as specified in
CREF's current Registration Statements.
8. PORTFOLIO TRANSACTIONS AND BROKERAGE
Management is responsible for decisions to buy and sell
securities for the Accounts as well as for selecting brokers and dealers and,
where applicable, negotiating the amount of the commission rate paid. Management
shall place brokerage orders with the objective of obtaining the best price,
execution and available data. When purchasing or selling securities traded on
the over-the-counter market, Management generally shall execute the transaction
with a broker or dealer engaged in making a market for such securities. When
Management deems the purchase or sale of a security to be in the best interest
of more than one Account, it may, consistent with its fiduciary obligations,
aggregate the securities to be sold or purchased. In that event, allocation of
the securities purchased or sold, as well as the expenses incurred in the
transaction, will be made by Management in an equitable manner.
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In negotiating commissions, consideration shall be given by
Management to the use and value of research and statistical data and to the
quality of execution provided. The valuation of such data may be judged with
reference to a particular order or, alternatively, may be judged in terms of its
value to the overall management of the Accounts.
Management shall place orders with brokers providing useful
research and statistical data services if reasonable commissions can be
negotiated for the total services furnished, even though lower commissions may
be available from brokers not providing such services. Management shall
establish guidelines for the placing of orders with brokers providing such
services. Research or services obtained by one Account may be used by Management
in managing other Accounts. In such circumstances, the expenses incurred will be
allocated by Management in an equitable manner consistent with its fiduciary
obligations to the other Accounts.
9. ACTIVITIES OF MANAGEMENT
Management and any affiliates of Management may engage in any
other business or act as investment manager of or investment adviser to any
other person, even though Management, any affiliate of Management, or any such
other person has or may have investment policies similar to those for the
Accounts, so long as Management's services under this Agreement are not
impaired. It is understood that trustees, officers, agents and members of CREF
are or may become interested in Management, as trustees, officers, agents,
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<PAGE>
members, or otherwise, and that trustees, officers, agents, and members of
Management are or may become similarly interested in CREF; and that the
existence of any such dual interest shall not affect the validity hereof or any
transaction hereunder except as otherwise provided in the Charter, Constitution,
or By-Laws of CREF and Management, respectively, or by specific provisions of
applicable law.
It is agreed that Management or its affiliates may use any
investment research obtained for the benefit of CREF in providing investment
advice to any other investment management clients or investment advisory
accounts or for use in managing its own accounts. Conversely, such supplemental
information obtained by the placement of business for Management or entities
managed or advised by Management may be considered by and may be useful to
Management in carrying out its obligations to CREF.
Nothing herein contained shall prevent Management or any
affiliate of Management from buying or selling, or from recommending or
directing any other person to buy or sell, at any time, securities of the same
kind or class recommended by Management to be purchased or sold for CREF. When
Management deems the purchase or sale of a security to be in the best interests
of CREF as well as other clients or accounts, it may, to the extent permitted by
applicable laws and regulations, but will not be obligated to, aggregate the
securities to be sold or purchased for CREF with those to be sold or purchased
for other clients or accounts in order to obtain favorable execution and low
brokerage
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commissions. In that event, allocation of the securities purchased or sold, as
well as the expenses incurred in the transaction, will be made by Management in
the manner it considers to be most equitable and consistent with its fiduciary
obligations to CREF and to such other clients and accounts. CREF recognizes that
in some cases this procedure may adversely affect the size of the position
obtainable for it.
10. LIMITATION OF LIABILITY
Management shall not be liable for any error of judgment or
mistake of law, or for any loss suffered by CREF in connection with the matters
to which this Agreement relates, except loss resulting from willful misfeasance,
bad faith or gross negligence on the part of Management in the performance of
its obligations and duties or by reason of its reckless disregard of its
obligations and duties under this Agreement.
CREF shall not be liable for any error of judgment or mistake
of law, or for any loss suffered by Management in connection with the matters to
which this Agreement relates, except loss resulting from willful misfeasance,
bad faith or gross negligence on the part of CREF in the performance of its
obligations and duties or by reason of its reckless disregard of its obligations
and duties under this Agreement.
11. EFFECTIVE DATE AND TERM This Agreement shall not become
effective unless and
until it is approved by the Trustees, including a majority of
Trustees who are not parties to this Agreement or "interested
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<PAGE>
persons" (as that term is defined in the Investment Company Act of 1940) of any
such party to this Agreement. This Agreement shall come in full force and effect
on a date mutually agreed upon by the parties, but in no event earlier than the
date all regulatory approvals necessary for the externalization of CREF's
investment management services have been obtained.
As to each Account, the Agreement shall continue in effect
indefinitely, unless otherwise terminated pursuant to the provisions below.
As to each Account, this Agreement may be terminated: (a) by
the Trustees, without the payment of any penalty, upon 60
days' written notice to Management; (b) by the Trustees,
without the payment of any penalty, if the Agreement is
assigned by Management without the written consent of CREF;
(c) by Management, without the payment of any penalty, upon 60
days' written notice to the Trustees; and (d) at any time,
upon the mutual consent of the parties thereto. This Agreement
may be amended, changed, waived, or
discharged as mutually agreed upon in writing by the parties from time to time;
provided, however, that any amendment of this Agreement shall not be effective
until approved by a majority of the Trustees, including a majority of Trustees
who are not certain parties to this Agreement or "interested persons" (as that
term is
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<PAGE>
defined in the Investment Company Act of 1940) of any such party to
this Agreement.
12. NATURE OF AGREEMENT
It is intended by the parties to this Agreement that, because
all services to be performed by Management for CREF and its Accounts pursuant
hereto will be provided at cost, Management not be considered an "investment
adviser of an investment company" within the meaning of Section 2(a)(20) of the
1940 Act (pursuant to subparagraph (B)(iii) of that section) with respect to
CREF and, accordingly, that this Agreement not be considered an investment
advisory contract subject to the requirements of Section 15 of the 1940 Act.
13. APPLICABLE LAW
This Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of New York.
14. COUNTERPARTS
This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which shall be deemed one
instrument.
15. NOTICES
All notices and other communications provided for hereunder
shall be in writing and shall be delivered by hand or mailed first class,
postage prepaid, addressed as follows:
(a) If to CREF -
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017
Attention: Clifton R. Wharton, Jr.
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(b) If to Management -
TIAA-CREf Investment Management, Inc.
730 Third Avenue
New York, New York 10017
Attention: James S. Martin
or to such other address as CREF or Management shall designate by written notice
to the other.
16. MISCELLANEOUS
The captions in this Agreement are included for convenience or
reference only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect.
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals by and through their duly authorized officers on the
day and year first above written.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
______________________ By:_____________________________
Title: Title:
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
Attest:
______________________ By:______________________________
Title: Title:
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ADDENDUM
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
and the College Retirement Equities Fund, dated December 17, 1991, the parties
to the Agreement mutually agree that the Agreement shall come into full force
and effect on January 1, 1992.
IN WITNESS WHEREOF, the College Retirement Equities Fund and
TIAA-CREF Investment Management, Inc. have caused this Addendum to the Agreement
to be executed in their names and on their behalf and under their trust and
corporate seals by and through their duly authorized officers on the day and
year first above written.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title: Title:
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
Attest:
______________________ By:_______________________________
Title: Title:
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management,Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, and pursuant to resolution of the majority of Trustees of CREF,
including a majority of Trustees who are not certain parties to the Agreement or
"interested persons" (as that term is defined in the Investment Company Act of
1940) of any such party to the Agreement, the parties to the Agreement mutually
agree that the Agreement shall be amended as set forth below, effective
concurrent with the effectiveness of the post-effective amendment which is the
1992 annual update to the Registration Statement for CREF's variable annuity
certificates, except as otherwise noted below:
1. The second "Whereas" clause is amended to read as
follows:
WHEREAS, CREF is registered as an open-end management investment
company under the Investment Company Act of 1940 ("1940 Act"), and currently
consists of five investment portfolios (the "Accounts"): the Stock Account, the
Money Market Account, the Bond Market Account, the Social Choice Account, and
the Global Equities Account, and may consist of additional investment portfolio
in the future; and
2. Paragraph 7 of the Agreement is amended to read as follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by Management
as provided herein, CREF shall reimburse Management for the cost of such
services and the amount of such expenses through daily payments (as described
below) based on an annual rate agreed upon from time to time between CREF and
Management reflecting estimates of the cost of such services and expenses with
the objective of keeping the payments as close as possible to actual expenses.
As soon as is practicable after the end of such quarter (usually within 30
days), the amount necessary to correct any differences between the payments and
the expenses actually incurred will be determined. This amount will be paid by
or credited to Management, as the case may be, in equal daily installments over
the remaining days in the quarter.
For the services rendered and expenses incurred by Management as
provided herein, the amount currently payable from the net assets of each
Account (and, for the Global Equities Account, the
-1-
<PAGE>
amount payable effective upon the introduction of such Account, currently
contemplated for April 1, 1992) each Valuation Day for each Calendar Day of the
Valuation Period ending on that Valuation Day will be as follows:
Stock Account:
.0003014% (corresponding to an annual rate of 0.11% of
its average daily net assets)
Money Market Account:
.0001644% (corresponding to an annual rate of 0.06% of
its average daily net assets)
Bond Market Account:
.0002192% (corresponding to an annual rate of 0.08% of
its average daily net assets)
Social Choice Account:
.0003288% (corresponding to an annual rate of 0.12% of
its average daily net assets)
Global Equities Account:
.0006849% (corresponding to an annual rate of 0.25% of
its average daily new assets).
For purposes of this Agreement, "Valuation Day," "Calendar Day," and
"Valuation Period" shall be defined as specified in CREF's current Registration
Statements.
IN WITNESS WHEREOF, CREF and Management have caused this Agreement to
be executed in their names and on their behalf and under their trust and
corporate seals by and through their duly authorized officers effective as
provided above.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
Attest:
_______________________ By:______________________________
Title:
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
Attest:
______________________ By:_______________________________
Title:
-2-
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of a majority of the
Trustees of CREF, including a majority of Trustees who are not certain parties
to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below, effective, except as otherwise noted below, concurrent with the
effectiveness of the post-effective amendment which is the 1994 annual update to
certificates:
1. The second "Whereas" clause is amended to read as follows:
WHEREAS, CREF is registered as an open-end management
investment company under the Investment Company Act of 1940 ("1940 Act"), and
currently consists of eight investment portfolios (the "Accounts"): the Stock
Account, the Money Market Account, the Bond Market Account, the Social Choice
Account, the Global Equities Account, the Equity Index Account, the Growth
Account, and may consist of additional investment portfolios in the future; and
2. Paragraph 7 of the Agreement is amended to read as
follows:
7. Reimbursement
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from
<PAGE>
-2-
the net assets of each Account (and for the Equity Index Account and the Growth
Account, the amount payable effective upon the introduction of such Accounts,
currently contemplated for April 1, 1994) each Valuation Day for each Calendar
Day of the Valuation Period ending on that Valuation Day will be as follows:
Stock Account:
0.0002740% (corresponding to an annual rate of 0.10%
of its average daily net assets)
Money Market Account:
0.0001370% (corresponding to an annual rate of 0.05%
of its average daily net assets)
Bond Market Account:
0.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Social Choice Account:
0.0002466% (corresponding to an annual rate of 0.09%
of its average daily net assets)
Global Equities Account:
0.0005479% (corresponding to an annual rate of 0.20%
of its average daily net assets)
Equity Index Account:
0.0002192% (corresponding to an annual rate of 0.08%
of its average daily net assets)
Growth Account:
0.0004932% (corresponding to an annual rate of 0.18%
of its average daily net assets)
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statement.
<PAGE>
-3-
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals as of this 15th day of March, 1994 by and through
their duly authorized officers.
COLLEGE RETIREMENT EQUITIES FUND
(seal)
ATTEST:
________________________ By: ______________________________
Senior Vice President Title: Chairman
TIAA-CREF INVESTMENT MANAGEMENT, INC.
(seal)
ATTEST:
_______________________ By: ______________________________
Assistant Secretary Title: President
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as amended, and pursuant to resolution of the majority of Trustees of
CREF, including a majority of Trustees who are not certain parties to the
Agreement or "interested persons" (as that term is defined in the Investment
Company Act of 1940) of any such party to the Agreement, the parties to the
Agreement mutually agree that the Agreement shall be amended as set forth below,
effective as of the 16th day of November, 1994.
Paragraph 4 of the Agreement is amended to read as
follows:
"4. INFORMATION TO BE PROVIDED TO THE TRUSTEES
Management shall furnish to the Trustees any reports,
statements or other information which the Trustees
may from time to time reasonably request."
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals by and through their duly authorized officers
effective as provided above.
(seal) COLLEGE RETIREMENT EQUITIES FUND
Attest:
_________________________ By:_____________________________
Assistant Secretary Title: Chairman
(seal) TIAA-CREF INVESTMENT MANAGEMENT,
Attest: INC.
_________________________ By:_____________________________
Assistant Secretary Title: President
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of the majority of
Trustees of CREF, including a majority of Trustees who are not certain parties
to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below, effective, except as otherwise noted below, concurrent with the
effectiveness of the post-effective amendment which is the 1995 annual update to
the Registration Statement for CREF~s variable annuity certificates:
1. Paragraph 7 of the Agreement is amended to read as follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined.
This amount will be paid by or credited to Management, as the case may be, in
equal daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from the net assets of each
Account each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be as follows:
Stock Account:
0:0002740% (corresponding to an annual rate of 0.10%
of its average daily net assets)
<PAGE>
Money Market Account:
0.0001370% (corresponding to an annual rate of 0.05*
of its average daily net assets)
Bond Market Account:
0.0001644% (corresponding to an annual rate of 0.06k
of its average daily net assets)
Social Choice Account:
0.0002466% (corresponding to an annual rate of 0.09
of its average daily net assets)
Global Equities Account:
0.0004658% (corresponding to an annual rate of 0.17
of its average daily net assets).
Equity Index Account:
0.0002192% (corresponding to an annual rate of 0.08
of its average daily net assets).
Growth Account:
0.0004932% (corresponding to an annual rate of 0.18
of its average daily net assets).
For purposes of this Agreement, "Valuation Day," "Calendar Day," and
"Valuation Period" shall be defined as specified in CREF's current Registration
Statement.
IN WITNESS WHEREOF, CREF and Management have caused this Agreement to
be executed in their names and on their, behalf and under their trust and
corporate seals as of this 3rd of March, 1995 by and through their duly
authorized-officers effective as provided above.
(seal) COLLEGE RETIREMENT EQUITIES FUND
Attest:
_____________________________________ By: _________________________________
Assistant Secretary Title: Chairman
(seal) TIAA-CREF INVESTMENT MANAGEMENT, INC.
Attest:
_____________________________________ By: ________________________________
Assistant Secretary Title: President
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of a majority of the
Trustees of CREF, including a majority of Trustees who are not certain parties
to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below:
1. The second "Whereas" clause of the Agreement is amended to
read as follows:
WHEREAS, CREF is registered as an open-end management
investment company under the Investment Company Act of 1940 ("1940 Act"), and
currently consists of eight investment portfolios (the "Accounts"): the Stock
Account, the Money Market Account, the Bond Market Account, the Social Choice
Account, the Global Equities Account, the Equity Index Account, the Growth
Account and the Inflation-Linked Bond Account, and may consist of additional
investment portfolios in the future; and
2. Paragraph 7 of the Agreement is amended to read as
follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from
<PAGE>
the net assets of each Account each Valuation Day for each Calendar Day of the
Valuation Period ending on that Valuation Day will be as follows:
Stock Account:
.0005479% (corresponding to an annual rate of 0.08%
of its average daily net assets)
Money Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Bond Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Social Choice Account:
.0001918% (corresponding to an annual rate of 0.07%
of its average daily net assets)
Global Equities Account:
.0004110% (corresponding to an annual rate of 0.15%
of its average daily net assets)
Growth Account:
.0003562% (corresponding to an annual rate of 0.13%
of its average daily net assets)
Equity Index Account:
.0001918% (corresponding to an annual rate of 0.07%
of its average daily net assets)
Inflation-Linked Bond Account:
.0002192% (corresponding to an annual rate of 0.08%
of its average daily net assets)
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statement.
<PAGE>
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals as of this 15th day of April, 1997 by and through
their duly authorized officers.
COLLEGE RETIREMENT EQUITIES FUND
ATTEST:
________________________ By: ______________________________
Stewart P. Greene Peter C. Clapman
Title: Senior Vice President
and Chief Counsel, Investments
TIAA-CREF INVESTMENT MANAGEMENT, INC.
ATTEST:
_______________________ By: ______________________________
Stewart P. Greene Lisa Snow
Title: Assistant Secretary
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of a majority of the
Trustees of CREF, including a majority of Trustees who are not certain parties
to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below:
1. Paragraph 7 of the Agreement is amended to read as
follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from the net assets of each
Account each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be as follows:
Stock Account:
.0002466% (corresponding to an annual rate of 0.09%
of its average daily net assets)
Money Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Bond Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
<PAGE>
Social Choice Account:
.0002192% (corresponding to an annual rate of 0.08%
of its average daily net assets)
Global Equities Account:
.0004658% (corresponding to an annual rate of 0.17%
of its average daily net assets)
Growth Account:
.0003836% (corresponding to an annual rate of 0.14%
of its average daily net assets)
Equity Index Account:
.0001918% (corresponding to an annual rate of 0.07%
of its average daily net assets)
Inflation-Linked Bond Account:
.0002466% (corresponding to an annual rate of 0.09%
of its average daily net assets)
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statement.
<PAGE>
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals as of this 13th day of November, 1996 by and through
their duly authorized officers.
COLLEGE RETIREMENT EQUITIES FUND
ATTEST:
/s/Stewart P. Greene /s/Peter C. Clapman
________________________ By: ______________________________
Stewart P. Greene Peter C. Clapman
Title: Senior Vice President
and Chief Counsel, Investments
TIAA-CREF INVESTMENT MANAGEMENT, INC.
ATTEST:
/s/Stewart P. Greene /s/Lisa Snow
_______________________ By: ______________________________
Stewart P. Greene Lisa Snow
Title: Assistant Secretary
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of the majority of
the Trustees of CREF, including a majority of Trustees who are not certain
parties to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below, effective concurrent with the effectiveness of the post-effective
amendment which is the 1993 annual update to the Registration Statement for
CREF's variable annuity certificates, except as otherwise noted below:
1. Paragraph 7 of the Agreement is amended to read as
follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from the net assets of each
Account each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be as follows:
Stock Account:
.0003288% (corresponding to an annual rate of 0.12%
of its average daily net assets)
Money Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
<PAGE>
Bond Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Social Choice Account:
.0002192% (corresponding to an annual rate of 0.08%
of its average daily net assets)
Global Equities Account:
.0004658% (corresponding to an annual rate of 0.17%
of its average daily net assets)
Growth Account:
.0003836% (corresponding to an annual rate of 0.14%
of its average daily net assets)
Equity Index Account:
.0001918% (corresponding to an annual rate of 0.07%
of its average daily net assets)
Inflation-Linked Bond Account:
.0002466% (corresponding to an annual rate of 0.09%
of its average daily net assets)
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statement.
<PAGE>
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals as of this 13th day of November, 1996 by and through
their duly authorized officers.
COLLEGE RETIREMENT EQUITIES FUND
ATTEST:
/s/Stewart P. Greene /s/Peter C. Clapman
________________________ By: ______________________________
Stewart P. Greene Peter C. Clapman
Title: Senior Vice President
and Chief Counsel, Investments
TIAA-CREF INVESTMENT MANAGEMENT, INC.
ATTEST:
/s/Stewart P. Greene /s/Lisa Snow
_______________________ By: ______________________________
Stewart P. Greene Lisa Snow
Title: Assistant Secretary
<PAGE>
AMENDMENT TO THE INVESTMENT MANAGEMENT
SERVICES AGREEMENT
Pursuant to Paragraph 11 of the Investment Management Services
Agreement (the "Agreement") by and between TIAA-CREF Investment Management, Inc.
("Management") and the College Retirement Equities Fund ("CREF"), dated December
17, 1991, as thereafter amended, and pursuant to resolution of a majority of the
Trustees of CREF, including a majority of Trustees who are not certain parties
to the Agreement or "interested persons" (as that term is defined in the
Investment Company Act of 1940) of any such party to the Agreement, the parties
to the Agreement mutually agree that the Agreement shall be amended as set forth
below, effective, except as otherwise noted below, concurrent with the
effectiveness of the post-effective amendment which is the 1996 annual update to
the Registration Statement of CREF's variable annuity certificates.
1. Paragraph 7 of the Agreement is amended to read as
follows:
7. REIMBURSEMENT
For the services to be rendered and the expenses assumed by
Management as provided herein, CREF shall reimburse Management for the cost of
such services and the amount of such expenses through daily payments (as
described below) based on an annual rate agreed upon from time to time between
CREF and Management reflecting estimates of the cost of such services and
expenses with the objective of keeping the payments as close as possible to
actual expenses. As soon as is practicable after the end of each quarter
(usually within 30 days), the amount necessary to correct any differences
between the payments and the expenses actually incurred will be determined. This
amount will be paid by or credited to Management, as the case may be, in equal
daily installments over the remaining days in the quarter.
For the services rendered and expenses incurred by Management
as provided herein, the amount currently payable from the net assets of each
Account each Valuation Day for each Calendar Day of the Valuation Period ending
on that Valuation Day will be as follows:
Stock Account:
.0002466% (corresponding to an annual rate of 0.09%
of its average daily net assets)
Money Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
<PAGE>
-2-
Bond Market Account:
.0001644% (corresponding to an annual rate of 0.06%
of its average daily net assets)
Social Choice Account:
.0002192% (corresponding to an annual rate of 0.08%
of its average daily net assets)
Global Equities Account:
.0004658% (corresponding to an annual rate of 0.17%
of its average daily net assets)
Growth Account:
.0003836 (corresponding to an annual rate of 0.14%
of its average daily net assets)
Equity Index Account:
.0001918% (corresponding to an annual rate of 0.07%
of its average daily net assets)
For purposes of this Agreement, "Valuation Day," "Calendar
Day," and "Valuation Period" shall be defined as specified in CREF's current
Registration Statement.
IN WITNESS WHEREOF, CREF and Management have caused this
Agreement to be executed in their names and on their behalf and under their
trust and corporate seals as of this 16 day of April, 1996 by and through their
duly authorized officers.
COLLEGE RETIREMENT EQUITIES FUND
ATTEST:
_____________________ By: _____________________________
Title: Senior Vice President
and Chief Counsel,
Investments
TIAA-CREF INVESTMENT MANAGEMENT, INC.
ATTEST:
____________________ By: _____________________________
Title: Assistant Secretary
CONTRIBUTION AGREEMENT
CONTRIBUTION AGREEMENT (the "Agreement") made this 28th day of July 1987 by and
between Teachers Insurance and Annuity Association of America ("TIAA") and
College Retirement Equities Fund ("CREF"), both nonprofit coporations existing
under the laws of the State of New York.
WITNESSETH:
WHEREAS, TIAA and CREF are companion organizations engaged in aiding
and assisting nonprofit educational and research organizations by providing
retirement benefits and financial security to faculty and other employees of
those organizations; and
WHEREAS, CREF has registered with the Securities and Exchange
Commission ("SEC") as a diversified open-end management investment company under
the Investment Company Act of 1940 (the "1940 Act") and will offer interests in
its investment portfolios in the form of accumulation units as the funding media
for certain variable annuity certificates it offers (the "Certificates"); and
WHEREAS, CREF intends to offer a money market investment account (the
"Money Market Account") as well as its existing equity portfolio (which will be
known as the Stock Account) after the registration statement it has filed with
the SEC becomes effective; and
WHEREAS, the parties desire that the Money Market Account have
sufficient initial capitalization to enable it to avoid an unrealistically poor
investment performance that might otherwise result because amounts initially
available for investment were too small to achieve
<PAGE>
sufficient diversification, as well as to satisfy the net worth requirements of
the 1940 Act;
NOW, THEREFORE, for the agreements and consideration hereinafter
described, the parties agree as follows:
1. TIAA hereby agrees to contribute to the Money Market Account the sum
of $50,000,000 (the "Contribution") on 1987.
2. In consideration for the Contribution and without deduction of any
charges, CREF shall be the owner . Such accumulation units will share pro rata
in the investment performance of the Money Market Account and shall be subject
to the same valuation accumulation units in such Account.
3. TIAA represents that the accumulation units acquired under this
Agreement are being, and will be, acquired for investment (and not with a view
to distribution or resale to the public) and can be disposed of only by
redemption.
4. Accumulation units acquired under this Agreement will be held by
TIAA for its own account until redeemed. Amounts will be redeemed by CREF at
prices equal to the respecive net asset value of accumulation units of the Money
Market Account next determined after CREF receives TIAA's proper notice of
redemption.
5. TIAA may purchase, and CREF may issue, additional accumulation units
of the Money Market Account as the parties may agree.
6. This Agreement will be construed and enforced in accordance with and
governed by the provisions of the 1940 Act and the laws of the State of New
York.
TEACHERS INSURANCE AND ANNUITY
ASSOCIATION OF AMERICA
By:____________________________________
(Title)
COLLEGE RETIREMENT EQUITIES FUND
By:____________________________________
(Title)
SEED MONEY AGREEMENT
SEED MONEY AGREEMENT (the "Agreement") made this 13th day of
March, 1992 by and between Teachers Insurance and Annuity Association of America
("TIAA") and College Retirement Equities Fund ("CREF"), both nonprofit
corporations existing under the laws of the State of New York.
1. TIAA hereby agrees to invest in the Global Equities Account
the sum of $50,000,000 on April 1 or as soon thereafter as practicable.
2. In Consideration for such investment and without deduction
of any charges, CREF shall credit TIAA with 2,000,000 accumulated units, each
valued at $25.00, of which TIAA shall be the owner. Such accumulation units will
share pro rata in the investment performance of the Global Equities Account and
shall be subject to the same valuation procedures and the same periodic
deductions as are other accumulation units in such Account.
3. TIAA represents that the accumulation units acquired under
this Agreement are being, and will be, acquired for investment (and not with a
view to distribution or resale to the public) and can be disposed of only by
redemption.
<PAGE>
4. Accumulation units acquired under this Agreement will be
held by TIAA for its own account until redeemed by TIAA. Amounts will be
redeemed at prices equal to the respective net asset value of accumulation units
of the Global Equities Account next determined after CREF receives TIAA's proper
notice of redemption.
5. TIAA may purchase, and CREF may issue, additional
accumulation units of the Global Equities Account as the parties may agree.
6. This Agreement will be construed and enforced in accordance
with and governed by the provisions of the Investment Company Act of 1940 and
the laws of the State of New York.
TEACHERS INSURANCE AND
ANNUITY ASSOCIATION OF AMERICA
By ____________________________
Executive Vice President
COLLEGE RETIREMENT EQUITIES FUND
By _____________________________
Executive Vice President
SEED MONEY AGREEMENT
SEED MONEY AGREEMENT (the "Agreement") made as of this 24th
day of February, 1994 by and between Teachers Insurance and Annuity Association
of America ("TIAA") and College Retirement Equities Fund ("CREF"), both
nonprofit corporations existing under
the laws of the State of New York.
1. TIAA hereby agrees to invest in each of the Equity Index
Account and the Growth Account the sum of $50,000,000 on April 1 or as soon
thereafter as practicable.
2. In Consideration for such investment and without deduction
of any charges, CREF shall credit TIAA in each of the Equity Index Account and
the Growth Account with 2,000,000 accumulated units, each valued at $25.00, of
which TIAA shall be the owner. Such accumulation units will share pro rata in
the investment performance of each account and shall be subject to the same
valuation procedures and the same periodic deductions as are other accumulation
units in each such Account.
3. TIAA represents that the accumulation units acquired under
this Agreement are being, and will be, acquired for investment (and not with a
view to distribution or resale to the public) and can be disposed of only by
redemption.
<PAGE>
4. Accumulation units acquired under this Agreement will be
held by TIAA for its own account until redeemed by TIAA. Amounts will be
redeemed at prices equal to the respective net asset value of accumulation units
of each such Account next determined after CREF receives TIAA's proper notice of
redemption.
5. TIAA may purchase, and CREF may issue, additional
accumulation units of the Equity Index Account and the Growth Account as the
parties may agree.
6. This Agreement will be construed and enforced in accordance
with and governed by the provisions of the Investment Company Act of 1940 and
the laws of the State of New York.
TEACHERS INSURANCE AND
ANNUITY ASSOCIATION OF AMERICA
By ____________________________
Executive Vice President
COLLEGE RETIREMENT EQUITIES FUND
By _____________________________
Executive Vice President
