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    his/her annuities in full satisfaction of his/her rights under this
    plan, elect to receive an amount equal to the greater of:

    1. The sum of all his/her contributions with interest accrued at
        the guaranteed interest rate in effect for TIAM annuities at
        the time of termination, or

    2. The accumulated value of all his/her contributions less any TIAA
        charges.

C. Before Vesting of Annuities (TIAA/CREF Plan for Group III)

    If a participant in the Group III TIAA/CREF plan terminates employment
    before vesting of the annuities purchased by University contributions,
    as set forth in Sections I.B.3. and I.C.3, the participant may, in
    lieu of accepting his/her annuity in full satisfaction of his/her
    rights under this plan, elect to receive an amount to be determined
    as follows:

    1. If 100% of the contributions made by the participant were
       allocated to TIAA, an amount equal to the greater of:

       (a) The sum of all his/her contributions with interest accrued
            at the guaranteed interest rate in effect for TIAA annuities
            at the time of termination, or

        (b) The accumulated value of all his/her contributions less any
            TIAA charges.

   2. If any portion of the contributions made by the participant were
       allocated to CREF an amount equal to the accumulated value of all
       his/her contributions less any TIAA/CREF termination charges.