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CREF SOCIAL CHOICE ACCOUNT LIFTS SOUTH AFRICA INVESTMENT BAN

 NEW YORK, Nov. 18 /PRNewswire/ -- College Retirement Equities Fund (CREF) has lifted the screen in its Social Choice Account that prohibited investments in companies with economic ties to South Africa. CREF's board of trustees voted yesterday to lift the ban in light of recent developments signaling a more inclusive and democratic political system in South Africa, and the end of apartheid.
 CREF is the variable annuity component of TIAA-CREF, the nationwide retirement system for the educational and research communities. The $674 million CREF Social Choice Account, introduced in March 1990, is the largest social purpose fund of its kind.
 "TIAA-CREF is encouraged by the positive steps taken by the South African government," said John H. Biggs, TIAA-CREF chairman and CEO, "and by Nelson Mandela's recent call for the end of economic sanctions against South Africa, and for the world community to participate once again in that nation's economy. We think the action by the CREF board reflects the current opinions and desires of our participants."
 With the elimination of the South Africa screen from the CREF Social Choice Account, companies previously excluded by this account will now be considered for investment, providing that they pass the other five screens remaining in effect in the Social Choice Account. These screens relate to military weapons, the environment, nuclear energy, tobacco and alcohol products, and operations in Northern Ireland.
 The CREF board's elimination of the South Africa investment screen in the CREF Social Choice Account does not affect the CHEF Stock Account.
 TIAA-CREF is the largest pension system in the world, currently with more than $125 billion in assets under management. Approximately 5,200 non-profit educational and research institutions and 1.6 million of their employees are served by TIAA-CREF, which also provides individual and group life insurance, individual long-term care insurance, and group disability insurance.
 Copies of the current CREF prospectus can be obtained by writing CREF or calling toll free 800-842-2733, extension 5509.
 CREF certificates are distributed by TIAA-CREF Individual & Institutional Services.
 -0- 11/18/93
 /CONTACT: Tom Pinto, public information officer of TIAA-CREF, 212-916-5986/


CO: College Retirement Equities Fund ST: New York IN: FIN SU:

TM-CK -- NY099 -- 6227 11/18/93 16:36 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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