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COLLEGE RETIREMENT EQUITIES FUND HOLDS ANNUAL MEETING

 COLLEGE RETIREMENT EQUITIES FUND HOLDS ANNUAL MEETING
 IRVING, Texas, Nov. 18 /PRNewswire/ -- College Retirement Equities


Fund (CREF), the $45 billion equity component of the nationwide TIAA- CREF pension system for higher education, held its annual meeting for policyholders in Irving today. (TIAA trustees also elected. See below.)
 Speaking at the Dallas Marriott Mandalay in Las Colinas, TIAA-CREF Chairman and CEO Clifton R. Wharton Jr. reported on the substantial growth of the $100 billion TIAA-CREF pension system over the past year, and its services for 1.5 million participants at over 4,700 educational institutions across the United States.
 The CREF annual meeting was held consistent with the Investment Company Act of 1940 and the regulations of the Securities and Exchange Commission.
 Growth and Diversification
 Today CREF's four investment accounts -- Stock, Money Market, Bond Market, and Social Choice -- have assets totaling $45 billion, up from $33 billion just a year ago. CREF is now a shareholder in 3,100 companies worldwide, 1,800 in the United States and 1,300 in 26 foreign countries.
 Noting that CREF is approaching its 40th anniversary, Wharton cited its "trailblazing" role as the nation's first variable annuity, and as a "pioneer investor" in foreign securities. "The CREF Stock accumulation unit, which had an initial value of one dollar in 1952, is valued at more than $53 today," he said.
 And from an initial 7,300 CREF annuity owners in 1952, the number has grown to over a million today, Wharton said, with another 120,000 individuals now receiving retirement income benefits from CREF. CREF annuity benefits have risen in eight of the last nine years, with incomes for these people increasing approximately 225 percent over this period.
 Long-Term Investor
 These data "underscore the wisdom" of CREF's fundamental long-term investment strategy, Wharton stated. "Pension investing strategy must reject the quick-profit objective and aim, instead, for returns that will protect and serve participants not just for their working years but for the 20, 30 or more years of retirement.
 "CREF adds to the nation's economic strength not only by providing the corporate world with necessary capital resources through its investments, but its emphasis on long-term profitability of portfolio companies encourages business to build for the future." CREF also is a significant investor in small company stocks, he noted, "thus supporting this vital sector of the economy."
 Commenting on the "many advantages" CREF enjoys through being internally rather than externally managed, Wharton pointed out that CREF is thus better able to move rapidly when market or economic conditions call for prompt adjustments in investment strategy. Furthermore, "economies of scale permit CREF managers to incorporate the latest technologies and to obtain the best services at the lowest cost," he said, enabling CREF to maintain an expense ratio that is one of the lowest in the industry.
 CREF's Family of Funds
 While the $42 billion Stock Account is by far the largest of the CREF family of retirement investment options, Wharton said, "it is important to remember that the other CREF accounts offer participants excellent opportunity for diversity."
 The CREF Money Market Account launched on April 1, 1988, "quickly grew into a major success story, continually outperforming the money market mutual fund industry averages." This account now has total assets of nearly $3 billion.
 And the two most recent additions to the CREF family -- the CREF Social Choice Account and the CREF Bond Market Account -- also "are proving to be important options," Wharton said. "Since being introduced on March 1, 1990, these two accounts have been adopted by more than 2,600 participating institutions, making them available to over a million individuals."
 Election of New CREF Trustees
 Proxy voting among nearly one million CREF participants and tallied at the meeting elected five CREF trustees to four-year terms.
 CREF trustees re-elected for four-year terms were Nancy L. Jacob, managing director of Capital Trust Company; Robert G. Kirby, senior partner of The Capital Group Partners L.P.; Jay O. Light, professor of business administration and senior associate dean of Harvard Business School; and James S. Martin, executive vice president of CREF and TIAA.
 Elected to his first term as a CREF trustee was Eugene C. Sit, president and chief executive officer of Sit Investment Associates, and chairman of Sit-Kim International Investment Associates.
 The order of business at the annual meeting also included the participants' ratification of the selection by CREF of Deloitte & Touche as its independent auditor.
 New TIAA Trustees Also Announced
 In a separate but related action, five trustees were elected to the TIAA board of trustees to serve four-year terms. Although officially elected by the seven-member TIAA board of overseers, these choices reflected ballot preferences of TIAA participants.
 Re-elected for terms ending in 1995 are Frederick R. Adler, senior partner with Fulbright & Jaworski; David Alexander, American secretary of the Rhodes Scholarship Trust and Trustees' Professor at Pomona College (California); Estella A. Fishbein, vice president and general counsel of The Johns Hopkins University; James G. MacDonald, retired chairman and chief executive officer of TIAA-CREF; and William H. Waltrip, vice chairman of Unifax, Inc.
 Diversity of Trustees
 Of the 40 TIAA and CREF trustees, 16 are from college campuses (six presidents and administrators, and ten faculty members); 15 are executives experienced in investment, finance, and business; one member is from an independent school and another from an educational association; and three are TIAA-CREF management officers. Nine trustees are women and eight are minorities. The 40 trustees include 27 participants, of whom two are annuitants. "The diversity and expertise that these dedicated individuals bring to TIAA-CREF enhance and help us maintain our status as the premier pension system for higher education," Wharton said.
 NOTE: For more complete information about CREF including charges and expenses, obtain a prospectus from College Retirement Equities Fund, 730 Third Ave., New York, NY 10017. Read the prospectus carefully before you invest or send money.
 -0- 11/18/91
 /CONTACT: Claire Sheahan of TIAA-CREF, 212-916-4666/ CO: Teachers Insurance and Annuity Association;
 College Retirement Equities Fund ST: New York, Texas IN: SU: GK-TS -- NY014 -- 1430 11/18/91 12:09 EST
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Date:Nov 18, 1991
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