TIAA-CREF said today that Franklin D. Raines resigned from its Board of Overseers.
"Frank Raines is a highly valued colleague whose experience and insight served TIAA-CREF and its clients well," said Stanley O. Ikenberry, President of the Board of Overseers and Regent Professor and President Emeritus, University of Illinois. "We thank him for his steadfast and dedicated service."
The seven member Board of Overseers holds the stock of the Teachers Insurance and Annuity Association of America (TIAA) and generally presides over the structure of TIAA-CREF's organization. TIAA has a fourteen member Board of Trustees, which is distinct from the Board of Overseers, and governs TIAA's management and operations. The College Retirement Equities Fund (CREF) has a fully independent eight member Board of Trustees, elected by its participants, which governs CREF's management and operations.
Members of the Board of Overseers serve seven-year terms. TIAA and CREF Trustees are elected annually. The Board of Overseers will consider a replacement for Mr. Raines in due course.
About TIAA-CREF
TIAA-CREF is a national financial services group of companies and the leading provider of retirement services in the academic, research, medical and cultural fields, with more than $345 billion in combined assets under management (12/31/04).
© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
