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VIII.     Termination of Service

          A. After Vesting of Annuities (TIAA/CREF Plans for Groups I, II, III, and IV)

              If a participant in any one of the TIAA/CREF plans terminates employment
              following the period, if any, required for TIAA and/or CREF contracts
              and/or certificates to vest, the participant retains his/her right to
              all benefits which have been purchased by employee and University
              contributions, according to policy established by TIAA/CREF.

              In order to safeguard annuity benefits for the purpose intended --
              income at retirement -- TIAA and CREF annuities normally do not provide
              for a lump sum settlement to the annuitant at retirement or upon termi-
              nation of his employment before retirement. However, TIAAICREF has
              developed uniform guides that allow "repurchase" of a retirement annuity
              upon an individual's termination of employment if the annuity has been
              in force for only a short time or has only a small accumulation.

              Specifically, a retirement annuity will be repurchased before payments
              to the annuitant have begun if the repurchase value is $2,000 or less,
              or if the annuity has been in force for five years or less, provided
              that all of the following conditions apply:

              1. the annuitant requests repurchase;

              2. the annuitant is neither employed at nor is transferring to an
                  institution having a TIAA retirement plan (sabbatical and similar
                  leaves of absence being considered as employment);

             3. all educational institutions that contributed any part of the
                 premiums consent to the repurchase; and

             4. if the annuitant has more than one annuity, the total value of
                 all TIAA/CREF annuities and the longest duration of any of them
                 shall govern in determining whether a repurchase will be made
                 under this rule (the result being that all or none of his retire-
                 ment annuities will be repurchased).

             If repurchased, the annuity contracts and/or certificates are cancelled
             and that portion of the net accumulated value attributable to the
             University's contributions will be returned to the University by
             TIAA/CREF; the balance will be returned to the terminating partici-
             pant and other contributing parties according to TIAA/CREF policy.

         B. Before Vesting of Annuities (TIAA/CREF Plan for Group II)

             If a participant in the Group II TIAA/CREF plan terminates employment
             before vesting of the annuities purchased by University contributions,
             as set forth in Section I.B.3., the participant may, in lieu of accepting