Third "official" TIAA-CREF (TC) Coalition Update --mainly for TC participants with an interest in social responsibility by TC

Hello TIAA-CREF Reformers, Thanks for those of you who are keeping in contact with us and those of you who have already started to get involved by making calls to the TC office in New York. It is only by your participation and spreading the word that we can score victories and build greater responsibility within TC. (And as we always note, given the prominence of TC, if they are moved on something, it can lead to positive changes by other large institutional investors--- and billions of dollars going toward social good.) As you know, we are a coalition of a number of national groups, each doing many other things besides certain focused work on TC. For each update we want to highlight one or more of the groups. (By the way, since the last update, three new coalition partners have come on board! Two are concerned with promoting a free Burma, and one based in Mexico which is seeking for divestment from Costco because of its poor human rights and environmental record in that country. For this update, we are highlighting a campaign specifically geared toward TC investing in positive ventures (like low income housing). The sponsoring group lobbied TC for five years in the 1980s to get their socially responsible Social Choice Account started; no, TC did not voluntarily decide to initiate that fund -- they actively opposed its beginning. Now the group can use your support (see description below). Many TC participants have been involved -- but many more are needed. We again present below a message which goes into ways you can become involved in the important work of the coalition. Do what you can -- if you have but a few minutes available a month, make a monthly phone call to TC's CEO. And mention something about our combined interests when a TC rep comes to your campus. We will carry on with our demonstrations at local TC offices, flyering at TC events, and otherwise contacting TC and voicing our opinions. We are still gearing toward our usual actions and raising our voices at TC's Annual Meeting in New York City, 10 AM, November 13. Get involved as we point toward that date, and if you or colleagues might be able to get to the annual meeting, that would be great. I and members of our coalition groups will be there. Neil

("positive investing" effort engaged in by one of our coalition groups) ARE YOU IN THE TIAA-CREF RETIREMENT SYSTEM? Do you want your money to help build housing in low-income communities? To support socially and environmentally responsible smaller companies? SPEND FIVE MINUTES TO SUPPORT OUR PROPOSED NEW TIAA-CREF (TC) FUND THAT WOULD MAKE SOCIAL CHANGE. In the 1980s, participants lobbied TIAA-CREF (TC) for five years to set up a socially responsible fund. Now we're pushing for an improved fund with practices that are becoming standard in socially responsible investing (see specifics below). We've been endorsed by many academic and activist groups, faculty/staff unions, and such individuals as Noam Chomsky and Howard Zinn. In January, 2002, TC's then-CEO John Biggs stated in a New York Times article that he would support creating a new fund that moves in this direction if there was sufficient financial interest. We've now gathered over $18 million in pledges to transfer current TC retirement assets should the fund materialize! In August 2002, TC finally made some changes in their current socially responsible fund. But much is still lacking. HERE'S HOW YOU CAN HELP: K1. CONTACT TC in support of the proposed fund, noting one or more of these components: (a) community development investment; (b) social venture capital; (c) stock in particularly responsible small companies; and (d) socially responsible shareholder advocacy. Call CEO Herbert Allison at 800-842-2733; 212-490-9000 (ask for him and leave a message with his assistant). K2. VISIT http://www.manchester.edu/academic/programs/departments/peace_studies/fund/ to pledge to the proposed fund. For the campaign details, visit http://www.manchester.edu/academic/programs/departments/peace_studies/njw/. K3. RECEIVE CAMPAIGN UPDATES (every two weeks); contact nwollman@bentley.edu. K4. FORWARD THIS MESSAGE with a short personal endorsement to listserves, organizations, and your colleagues nationally. Also, see http://www.maketiaa-crefethical concerning a coalition of national activist groups that seeks for TC to be more socially responsible in its various investments.

Neil Wollman, Senior Fellow, Peace Studies Institute; Professor of Psychology; Manchester College, N. Manchester, IN 46962; 260-982-5346; fax 260-982-5043; njw@manchester.edu

WAYS TO GET INVOLVED 1. Above is our basic "advertising" message. You could greatly expand our effort by sending it to as many folks as you can (individuals, listserves, web sires, etc.) with a short opening endorsement. You can also take some of the actions listed in that message--for example, pledge or raise your pledge to the new proposed fund if you haven't. 2. Most important is to call TC and tell them that the Social Choice Account should include community development investment, social venture capital, stock in particularly responsible small companies; and socially responsible shareholder advocacy. Calling on a regular basis helps keep the topic on their minds--always. Pick one day a month, please. 3. Finally, if you are at a school, consider doing something to promote the effort there this fall. Some folks have asked their college faculty/staff union to endorse the effort (by sending a letter to TC and getting folks involved otherwise). If you are faculty, you can also get your professional discipline group to endorse, If you are not at a school but can get a group you are associated with to endorse, great (ask for details). We have over two dozen academic or advocacy groups that have done so.

(basic message to get involved in te work of the TC coalition) Subject: TIAA-CREF and socially responsible investment Dear : We are writing because you either have had some interest regarding TIAA-CREF(TC) and socially responsible investing or you have a general interest in corporate responsibility. Otherwise, we are sorry. Beyond your particular TC concerns, we write to tell you about a coalition of national advocacy groups that have been working to get TC to be more socially conscious in their investments (areas of concern are sweatshop labor, tobacco, World Bank Bonds, and human rights regarding Burma and Tibet). We also want them to invest in social good (low-income area community development and products enhancing environmental sustainability, e.g.). Beyond better directing of TC's own massive assets ($260 billion), because of its prominence in the investment world, changes TC makes will likely affect other large institutional investors. The coalition has carried out traditional lobbying (calls and emails) to influence TC as well as protest actions when needed to gain attention. While we can point to a few victories, coalition members feel that we would have far more influence if we could communicate with TC shareholders to provide periodic updates on campaign activities, as well as giving ways that folks like you can become involved at some small or large level. Certainly there will be no more than one report a month. Please consider signing up for updates (write NJW@manchester.edu & put "TC Coalition Update" in the subject line). Also, please do forward this message to individual colleagues and listservs which are concerned with the corporate responsibility movement and which might have participants in the TC pension system. And check out www.maketiaa-crefethical.org, the coalition listserv. Call TC CEO Herbert Allison in support of our coalition causes (discussed at our web site). Call him at 800-842-2733; 212-490-9000 (ask for him and leave a message with his assistant). Thank you, Neil Wollman, Ph.D. Senior Fellow and Professor, Manchester College for "TIAA-CREF: Out of the Bad and into the Good" (Free Burma Coalition, Infact, Press for Change, World Bank Bonds Boycott, US Tibet Committee, Students for a Free Tibet, International Tibet independence Movement, Global sweatshop Coalition, Citizen's Coaltion, and Social Choice for Social Change: Campaign for a new TIAA-CREF