Resolution of the Board of Directors of the Corporation for Public Broadcasting
January 23, 1991
TIAA/CREF Withdrawals and Accounts
Unanimously
WHEREAS,
The Corporation for Public Broadcasting has established a defined contribution retirement plan for its officers and employees (participants) wherein contributions made by CPB are applied to individual retirement annuities issued to each plan participant by Teachers Insurance and Annuity Association (TIAA) and/or College Retirement Equities Fund (CREF).
WHEREAS,
Cash withdrawal from CREF accounts is an option after the employee terminates employment, regardless of age, and if the employer's plan allows it. CPB's current plan does not permit cash withdrawal after termination.
WHEREAS,
One of the goals of establishing the TIAA/CREF plan was to help employees accumulate savings for retirement. However, CPB realizes that there are legitimate financial and retirement planning reasons why a former employee might elect cash withdrawal from his or her CREF funds, and why an employer should permit this option.
WHEREAS,
TIAA/CREF has added two new CREF accounts, the Bond Market Account, investing primarily in high and medium grade fixed-income securities, and the Social Choice Account, investing in companies that both meet the Account's financial criteria and follow acceptable standards for social responsibility.
NOW, THEREFORE, BE IT RESOLVED, THAT:
The Board of Directors approves Management's recommendation that the provisions of the Corporation for Public Broadcasting Retirement Plan be amended to allow a participant who has terminated employment to withdraw benefits in any form which the relevant funding vehicles permit.
AND BE IT FURTHER RESOLVED THAT:
CPB communicate in writing with TIAA/CREF approving the addition of the Bond Market and Social Choice Accounts to the basic CPB Retirement Plan, in order to allow participants more choices in their investment planning. The decision to direct and transfer money between TIAA and these two additional CREF accounts, as with the existing CREF accounts, is made by the participant.