TIAA-CREF Update 2006 Retirement Contribution Errors

On January 19 and February 28 we alerted you that TIAA-CREF was experiencing difficulties with its new computer platform to which it converted IIT in mid-December. This may have been the cause for TIAA not crediting some year end contributions to the retirement plan. It has been confirmed that TIAA did receive timely wire transfers from IIT but did not credit those monies to some employees' accounts. TIAA now indicates that it has corrected the
problem and is in the process of auditing all affected IIT accounts for 2006.

We encourage you to access your own personal account information in TIAA and to verify that it is accurate by comparing to your paycheck records in Web for Employees. If the error affected your account, the inaccuracy would be reflected in your fourth quarter TIAA statement. Note that your 2006 W-2 is accurate.

We appreciate your patience with this issue. If you have any questions, please contact Michelle Kovacs in Human Resources (kovacs@iit.edu).