December 17, 2004

2 TIAA-CREF Trustees Resign Over Conflicts of Interest With Auditor

By ERIN STROUT

Two trustees of higher education's biggest retirement fund have resigned over conflicts of interest with the pension giant's independent auditor.

The Teachers Insurance and Annuity Association-College Retirement Equities Fund said in a written statement that the trustees, Stephen A. Ross and William H. Waltrip, had resigned, effective November 30, after the fund discovered that its auditor, Ernst & Young, was involved in a business venture owned by the two men.

Ernst &

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