[Congressional Record Volume 143, Number 146 (Monday, October 27, 1997)]
[Senate]
[Page S11241]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      PROTECT AMERICA'S EDUCATORS

 Mr. GRAHAM. Mr. President, I rise today to express my support 
as an original sponsor of legislation to restore the tax exemption for 
the Teacher's Insurance Annuity Association and College Retirement 
Equities Fund's (TIAA-CREF) pension business.
  Hidden in the depths of the Taxpayer Relief Act of 1997, a provision 
was included to strip TIAA-CREF of its original tax status. Repealing 
TIAA-CREF's tax exemption, which extended back almost 80 years, clearly 
conflicted with other provisions in the bill that recognize the need to 
encourage both education and retirement savings. TIAA-CREF supports 
nearly 2 million participants and over 6,000 educational and research 
institutions and has historically served as a model of pension 
portability and coverage.
  In the teaching profession, pension portability is particularly 
vital. To the benefit of students, policy makers and the general 
public, pension portability under TIAA-CREF allows professors and 
educators to share their expertise at multiple institutions without 
losing their retirement security. TIAA-CREF's market share is limited 
by its charter to colleges, universities, independent schools and other 
non-profit educational and research organizations.
  In July, during debate on the Taxpayer Relief Act, 43 of my 
colleagues in the Senate joined me in sending a letter to tax 
negotiators urging them to reject this direct assault against America's 
educators. I look forward to working with my colleagues in the months 
ahead to restore TIAA-CREF's original tax status.

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