The Real Estate Account Subcommittee ("Subcommittee") is a Subcommittee of the Investment Committee of the Board of Trustees ("Board") of TIAA ("Company"), established to assist the Investment Committee in fulfilling its responsibility to appoint and oversee the performance of the Independent Fiduciary. The Independent Fiduciary, which is responsible for oversight of TIAA’s Real Estate Account ("REA"), is required by the Department of Labor pursuant to an individual prohibited transaction exemption ("PTE"), PTE 96-76 (October 17, 1996).
The Subcommittee’s responsibilities include:
The TIAA Real Estate Account Subcommittee’s responsibilities and powers as delegated by the Investment Committee are set forth in this charter. The Subcommittee relies to a significant extent on information and advice provided by management and independent advisors. Whenever the Subcommittee takes action, it exercises its independent judgment on an informed basis that the action is in the best interests of the Company.
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