TIAA-CREF Announces Launch of New Lifecycle Funds
               New Funds Designed for 21st Century Retirement;
                         Offer Unique Diversification

    NEW YORK, Nov. 16 /PRNewswire/ -- TIAA-CREF, the financial services group
of companies and leading provider of retirement services in the academic,
research, medical and cultural fields, today announced a significant expansion
of its investment offerings with the launch of a new family of seven lifecycle
funds that are broadly diversified and designed for the reality of retirement
in the 21st century.
    "We are launching these new TIAA-CREF Lifecycle Funds in response to our
participants desire for a high value, easy-to-use, less time-consuming
investment option for people in making specific long-term investment
decisions," said Edward Van Dolsen, TIAA-CREF's vice president of pension
product management.
    Eligible participants will be able select one of the new TIAA-CREF
lifecycle funds based on the year they plan to retire.  Each fund is
structured to automatically readjust its portfolio to maintain an appropriate
mix of investments as the target retirement year approaches.
    TIAA-CREF's Lifecycle Funds include the use of inflation-linked bonds at
or before the target date, meant to provide participants with a measure of
inflation protection during retirement.  The funds' allocation formula calls
for a higher percentage of equities compared to fixed income securities on the
back-end (when the target year is reached) than many other products do.  This
design is meant to allow retirees to continue to have the opportunity to
accumulate wealth into retirement, which many experts believe is critical to
helping investors face the changing and more extended nature of retirement.
    "Given our 86 years history serving those who serve, we believe TIAA-CREF
has the experience to offer funds that meet the needs of our unique
participants, people who work for the greater good," VanDolsen said.  "Our use
of inflation-linked bonds offers investors a measure of protection against
inflation. While our back-end equity focus offers participants unique
diversification and a design tailored to the new reality of retirement in 21st
century."
    The new funds will be available to participants at institutions that are
converted to the new flexible platform TIAA-CREF Open Plan Solutions, which
offers expanded investment choices and simplified administrative solutions.
Purdue University is the first such institution slated for conversion later
this month.
    TIAA-CREF's Lifecycle Funds are so-called "funds of funds," made up of a
mix of already existing TIAA-CREF mutual funds.   They are named for the
target retirement year for which they are designed. The fund family will begin
with a 2010 fund with additional funds in 5-year increments (2015, 2020, 2025,
2030, 2035) up to 2040.  Pricing for the new funds will be consistent with
TIAA-CREF's commitment to offering high value products with among the lowest
costs in the mutual fund industry.(*)
    TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal
Investors Services, Inc., distribute securities products.  You should consider
the investment objectives, risks, charges and expenses carefully before
investing.  Please call 1-800-842-2776 from 8 a.m. - 10 p.m. ET,
weekdays, 9 a.m. - 6 p.m. ET on Saturday or access our website at
http://www.tiaa-cref.org for a prospectus that contains this and other
information.  Please read the prospectus carefully before investing.

    About TIAA-CREF
    TIAA-CREF is a national financial services group of companies and the
leading provider of retirement services in the academic, research, medical and
cultural fields. With more than $320 billion in combined assets under
management (6/30/04), TIAA-CREF ranks 68th on Fortune magazine's list of
largest companies (April 2004).  Further information can be found at
http://www.tiaa-cref.org.

     Contacts:
     Glen Weiner
     TIAA-CREF
     212-916-5986
     Mobile: 917-715-5256
     gweiner@tiaa-cref.org

     (*)Morningstar Datalab(SM) Charting Tool Report Peer Group Analysis
        [February 2004]-Based on Morningstar expense comparisons by category.