September 28, 2007

New Feature Premieres on 3Q07 Quarterly Review Statements

Plan participants — at institutions whose plans have been migrated to the new recordkeeping platform — will see a new “plan summary” feature on their Quarterly Review Statements, beginning with their 3rd Quarter statement. (Click here to see a sample). The Pension Protection Act amended ERISA Section 105 to require administrators of defined contribution plans to provide a benefit statement at least quarterly to a participant or beneficiary who has the right to direct the investment of assets in his or her account.

To help you fulfill this requirement, TIAA-CREF is pleased to introduce this new section of the Quarterly Review Statement, which includes important information by plan, including plan name, contract numbers and accumulation values associated with each plan.

It should be noted that this section only addresses your employer-sponsored retirement plans. The following types of contracts are not included in the summary section: IRAs, Keoghs or 529 plans. Also, some funds may not be reflected in cases in which employees have TIAA-CREF funds from previous employers whose institution’s plans have not yet been migrated to the new recordkeeping platform. In either event, your employees can get information on those funds from our website or by calling our Telephone Counseling Center at 1 800 842-2776, Monday through Friday from 8 a.m. to 10 p.m. (ET) and on Saturdays from 9 a.m. to 6 p.m. (ET).