After the employee logs into their accounts, they can change the allocation of their retirement accounts by selecting "Transfer Funds" under the Retirement Annuities heading (select "Exchange shares between funds" for a Mutual Fund account and "Transfer funds" for After-Tax Annuities). The employee can transfer funds among the TIAA-CREF variable accounts and funds to the TIAA Traditional Annuity on a daily basis.* With supplemental retirement plans and IRAs, they can also transfer funds from TIAA Traditional to the TIAA-CREF variable accounts and funds. However, for retirement plan contracts and Keoghs, transfers out of TIAA Traditional generally must be spread over a 10-year period in annual installments each equal roughly to 10 percent of the original amount. Transfers out of the TIAA Real Estate Account are currently limited to one per calendar quarter (per contract).

Employees can change the allocation of future contributions as often as they wish, at no charge. Transfers* from the TIAA-CREF variable accounts and funds must be at least $1,000, or the entire balance in any account less than that amount. Transfers are effective the business day we receive them, provided we receive their instructions before 4:00 p.m., ET. *

Note:
Once every calendar quarter the employee can transfer some or all of their accumulation in the Real Estate Account to TIAA's traditional annuity, to one of the CREF accounts or to mutual funds offered under the terms of their plan. Transfers to certain CREF accounts may be restricted by their employer's plan.

Regardless of the employee's allocation strategy, the weighting among asset classes will change over time as investments grow or decline in value at varying rates. If the weighting of asset classes within a portfolio has shifted due to differences in investment performance, the risk/return relationship of the portfolio also shifts. This shift may in fact create a much higher or lower risk level than originally intended. In that case, the employee might actually be looking to "rebalance" their assets, which means when the assets of a portfolio are shifted to bring the current asset allocation back to its original target. Rebalancing works best when they can make no cost transfers within a fund family. Loads, broker fees, sales charges, and other transaction costs can compromise the positive benefits of rebalancing.

• Read Facts About Transfer Payout Annuities • Read 2005 Tax Guide • Read Your Financial Organizer • Read Building Your Portfolio with TIAA-CREF • Read TIAA-CREF Group SRA Loans		• Read TIAA-CREF Retirement Plan Loans • Read Retirement Strategies • Read Planning Your Retirement With TIAA-CREF • Read Evaluating Your Retirement Income Portfolio