January 20, 2006

Glitch Stymies Thousands of TIAA-CREF Customers

By JOHN L. PULLEY

Thousands of TIAA-CREF's customers have been unable to withdraw money from their accounts during the past two months or to transfer assets among funds managed by the giant pension company. The problem arose in November, during the transition to new data-management systems, the company said last week.

The disruption comes at an inopportune time for the company, which has seen its dominance of the higher-education pension-fund market erode in recent years. A key strategy for righting

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