University of Virginia Library

COLLEGE RETIREMENT EQUITIES FUND

The College Retirement Equities Fund is a new method of providing retirement income for
staff members. Policyholders can invest their full annuity premiums with TIAA as in the past or
they can invest one-fourth, one-third or one-half in CREF and the rest in TIAA. This decision
may be made by the employer for all participants in a retirement plan.

The portion of premium placed in TIAA will provide a guaranteed fixed dollar annuity;
the portion placed in CREF will provide a variable, or unit, annuity based upon the performance
of common stocks.

After discussion of the matter, the Board adopted the following resolution:

RESOLVED that each participant in this retirement plan shall contribute five per cent of
his regular monthly compensation; the University of Virginia shall deduct each such contribution
from compensation payments, add equal amounts as its contribution, and apply the combined sum to
the purchase of retirement benefits for the participant as follows:

• (a) At the election of the participant, either 100 per cent or _____ per
  cent of such combined sum will be forwarded to Teachers Insurance and
  Annuity Association of America as a premium for a retirement annuity
  contract on the participant's life.

• (b) The balance, if any, of such combined sum will be forwarded to the
  College Retirement Equities Fund as a premium for an Equities Fund
  annuity certificate on the participant's life.