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Benefits Plans - Retirement Savings Plans: new investment funds

TIAA-CREF Funds Affected

The TIAA-CREF mutual funds will be transitioned from the current Retirement Class to the Institutional Class on the evening of September 10, 2010. The chart lists the expense ratio under the current Retirement Class and the new reduced fee under the Institutional Class. The Institutional Class of funds charges 25 basis point (¼ of a percent) less in management fees and expenses than the Retirement Class.

The CREF variable annuities (CREF Stock, CREF Social Choice, etc.), TIAA Traditional, and TIAA Real Estate funds are not being affected by this change in share class.

For answers to frequently asked questions about the new TIAA-CREF funds, refer to the FAQs on the TIAA-CREF site for University of Michigan participants at http://enroll.tiaa-cref.org/umich/.

Indexed Mutual Funds	Current Retirement Class		New Institutional Class
Fund Name	Ticker Symbol	Expense Ratio %	Ticker Symbol	Expense Ratio %
TIAA-CREF Equity Index Fund	TIQRX	0.34	TIEIX	0.09
TIAA-CREF International Equity Index Fund	TRIEX	0.41	TCIEX	0.16
TIAA-CREF Large-Cap Growth Index Fund	TRIRX	0.34	TILIX	0.09
TIAA-CREF Large-Cap Value Index Fund	TRCVX	0.34	TILVX	0.09
TIAA-CREF Small-Cap Blend Index Fund	TRBIX	0.40	TISBX	0.15
TIAA-CREF 500 Index Fund	TRSPX	0.34	TISPX	0.09

Remaining Mutual Funds	Current Retirement Class		New Institutional Class
Fund Name	Ticker Symbol	Expense Ratio %	Ticker Symbol	Expense Ratio %
TIAA-CREF Bond Fund	TIDRX	0.60	TIBDX	0.35
TIAA-CREF Bond Plus Fund	TCBRX	0.60	TIBFX	0.35
TIAA-CREF Growth & Income Fund	TRGIX	0.77	TIGRX	0.52
TIAA-CREF High-Yield Fund	TIHRX	0.65	TIHYX	0.40
TIAA-CREF Inflation Link Bond Fund	TIKRX	0.59	TIILX	0.34
TIAA-CREF International Equity Fund	TRERX	0.84	TIIEX	0.59
TIAA-CREF Large-Cap Growth Fund	TILRX	0.77	TILGX	0.52
TIAA-CREF Large-Cap Value Fund	TRLCX	0.77	TRLIX	0.52
TIAA-CREF Managed Allocation Fund	TITRX	0.68	TIMIX	0.43
TIAA-CREF Mid-Cap Growth Fund	TRGMX	0.79	TRPWX	0.54
TIAA-CREF Mid-Cap Value Fund	TRVRX	0.81	TIMVX	0.56
TIAA-CREF Money Market Fund	TIEXX	0.40	TCIXX	0.15
TIAA-CREF Real Estate Securities Fund	TRRSX	0.84	TIREX	0.59
TIAA-CREF Small-Cap Equity Fund	TRSEX	0.84	TISEX	0.59
TIAA-CREF Short Term Bond Fund	TISRX	0.55	TISIX	0.30
TIAA-CREF Social Choice Equity Fund	TRSCX	0.47	TISCX	0.22

Transition of Lifecycle Funds to Lifecycle Index Funds

TIAA-CREF Lifecycle Funds will be transitioned to the Lifecycle Index Funds, which are also being offered under the Institutional Class. The portfolios of the Lifecycle Index Funds consist of index mutual funds, which use a passive investment strategy that aims to replicate the movements of a specific benchmark that are held constant, regardless of market conditions. Using underlying index funds within the Lifecycle Index portfolios is a lower cost option to meet your retirement goals than the current family of Lifecycle Funds.

Current - Retirement Class			New - Institutional Class
Fund Name	Ticker Symbol	Expense Ratio %	Fund Name	Ticker Symbol	Expense Ratio %
TIAA-CREF Lifecycle 2010 Fund	TCLEX	0.65	TIAA-CREF Lifecycle Index 2010 Fund	TLTIX	0.20
TIAA-CREF Lifecycle 2015 Fund	TCLIX	0.67	TIAA-CREF Lifecycle Index 2015 Fund	TLFIX	0.19
TIAA-CREF Lifecycle 2020 Fund	TCLTX	0.67	TIAA-CREF Lifecycle Index 2020 Fund	TLWIX	0.20
TIAA-CREF Lifecycle 2025 Fund	TCLFX	0.69	TIAA-CREF Lifecycle Index 2025 Fund	TLQIX	0.19
TIAA-CREF Lifecycle 2030 Fund	TCLNX	0.71	TIAA-CREF Lifecycle Index 2030 Fund	TLHIX	0.19
TIAA-CREF Lifecycle 2035 Fund	TCLRX	0.72	TIAA-CREF Lifecycle Index 2035 Fund	TLYIX	0.19
TIAA-CREF Lifecycle 2040 Fund	TCLOX	0.72	TIAA-CREF Lifecycle Index 2040 Fund	TLZIX	0.19
TIAA-CREF Lifecycle 2045 Fund	TTFRX	0.72	TIAA-CREF Lifecycle Index 2045 Fund	TLXIX	0.19
TIAA-CREF Lifecycle 2050 Fund	TLFRX	0.71	TIAA-CREF Lifecycle Index 2050 Fund	TLLIX	0.19
TIAA-CREF Lifecycle Retirement Income Fund	TLIRX	0.65	TIAA-CREF Lifecycle Index Retirement Income Fund	TRILX	0.21

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Limitations
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.