Ruling Clears Way for Major Changes in College Pensions

SEC approves settlement of fight between TIAA-CREF and critics

By Carolyn J. Mooney

Washington, D.C. -- The Securities and Exchange Commission has given final approval to a settlement between higher education's largest pension companies and a group of critics that had been pressing them to give policyholders more control over their retirement accumulations.

The SEC action cleared the way for major changes that would give the companies' policyholders far more flexibility in the handling of their money, make the college pension environment more competitive than ever