TIAA-CREF Partners with Center for Due Diligence to Create a Network of Independent Registered Investment Advisors to Provide Participant Level Services

New Program to Help Plan Sponsors and Participants Evaluate and Select Independent Registered Investment Advisors for Worksite Communication, Financial Education, and Advice

New York, June 7, 2011

TIAA-CREF today announced a new partnership with the Center for Due Diligence (CFDD) and PlanTools to help plan sponsors and participants select an independent advisor to meet their evolving retirement planning needs.

TIAA-CREF has collaborated with the CFDD and PlanTools to create a due diligence standard to qualify advisors to participate in the TIAA-CREF Advisor Network and who can work with plan sponsors and their participants. An annual fee paid by advisors to the CFDD for managing the program allows advisors to benefit from an increased level of support from TIAA-CREF, including personalized marketing materials, exclusive plan level arrangements, special training sessions, and participation in a new referral program.

The Advisor Network’s minimum standards and advisor review will assist plan sponsors in meeting their fiduciary responsibilities. It will also provide participants with access to a pre-screened network of qualified investment advisors who provide participant level advice at an investment advisory fiduciary standard of care.

“Our experience shows that individuals benefit from retirement planning advice and this Network offers a nice complement to the advice services we offer through our retirement plans,” said Rob Rickey, Head of Advisor Services, TIAA-CREF. “At the same time, increased focus on plan sponsor’s fiduciary responsibilities has led to greater demand for information and support. Our own experience with both individual and institutional clients has confirmed the growing need to support independent advisors.”

According to Phil Chiricotti, President, CFDD, “participant advice provided by qualified, competent and compliant advisors is a proven path to successful retirement outcomes for participants. TIAA-CREF’s decision to adopt and share the CFDD/Plan Tools documented prudent process for selecting qualified advisors with their clients will accelerate the distribution of meaningful advice to participants in need of expert guidance.”

TIAA-CREF is currently selecting a limited number of advisors for a controlled launch of the Network over the next six months. This group will be the Network’s charter members and will provide feedback on the minimum standards and process for applying to the Network. The Network will be introduced nationally in early 2012.

As part of TIAA-CREF’s commitment to participant advice, Roger Ferguson, TIAA-CREF’s President and CEO, will deliver a keynote session on Positive Outcomes for Retirement Plan Participants: The Power of Advice at the CFDD’s October 17-19, 2011 Advisor Conference at the downtown Chicago Swissotel.

For more information on the conference go to: http://www.thecfdd.com/CFDDconference2011 .

Advisors who wish to learn more about the new TIAA-CREF Advisor Network should call TIAA-CREF’s Advisor Services at 888 842-0318.

About TIAA-CREF:
TIAA-CREF ( www.tiaa-cref.org) is a national financial services organization with $466 billion in combined assets under management (3/31/11) and the leading provider of retirement services in the academic, research, medical and cultural fields.

About the Center for Due Diligence:
The Center for Due Diligence (CFDD) is an independent information and strategic services firm serving the retirement plans industry. Formerly the premier provider of 401(k) program competitive analysis, the CFDD is now focused on providing unbiased resources, industry leading conferences, ERISA Advisor Evaluation services and participant advice research.

About PlanTools:
A provider of robust web-based customized risk management solutions configured to meet the needs of industry service providers. PlanTools is the architect and developer of the ERISA Advisor Evaluator Request for Proposal system and is a technical consultant on ERISA issues.

Media Contact:
Jeannine DeFoe
TIAA-CREF
jdefoe@tiaa-cref.org
212 913-3501
Cell: 917 837-2094

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