"The bill in its current form could result in negative consequences for
AHPs if the legislation is passed," said Karen Bender, chairperson of the
Academy Association Health Plans Work Group.org/pdf/health/ahp_mar05.

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The text of the Katzenbach report and statements from TIAA Board of
Overseers President Dr.

About TIAA-CREF
TIAA-CREF is a national financial services group of companies and the
leading provider of retirement services in the academic , research, medical and
cultural fields, with more than $340 billion in combined assets under
management (3/31/05). The Academy provides
independent analysis to elected officials and regulators, maintains
professional standards for all actuaries, and communicates the value of
actuarial work to the media and public.

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C.

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The legislation regulating association health plans (H.

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org.R.

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Katzenbach to investigate
the facts surrounding TIAA-CREF's handling of the matter, which involved a
business relationship between its outgoing independent auditor, Ernst + Young,
a now former trustee of TIAA , and a now former trustee of CREF. are posted on TIAA-CREF's Web site at http://www. WASHINGTON, As the U.
Other areas of concern about the legislation are whether AHPs will provide
similar benefits to those provided by other health plans in the states where
AHPs operate, whether different rating rules for AHPs will benefit the market,
and do AHPs allow small employers to have more buying power, and will this
reduce costs?
To view the issue brief, go to
http://www.

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Further information can be found at
http://www.

Contact:
Stephanie Cohen Glass
scohenglass@tiaa-cref.

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org
The Academy is a 15,000-member non-profit, non-partisan professional
association representing all actuaries practicing in the United States., the Academy conducts an extensive public policy program
at the state, federal, and international levels, bringing actuarial expertise
to bear on issues such as Social Security, Medicare, insurance regulation, and
pension reform.

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Based
in Washington, D.

The American Academy of Actuaries is the nonpartisan public policy
organization for the U.

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Attorney General Nicholas deB.

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Allison, Jr.
The areas of concern that Bender
noted include whether AHPs will be regulated by the U.

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Association Health Plans; Actuaries Still Raise Concerns as Congress Poised to Vote on Legislation

To interview Karen Bender,
please contact Tracey Young, the Academy's media relations manager by phone at
202 -785-7872 or by e-mail at young@actuary.

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Katzenbach that examines the company's handling of an auditor independence
issue that led to the resignations of two company trustees last December. Stanley O .S.

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Ikenberry and TIAA-CREF Chairman Herbert M. The Academy also sets and maintains standards of actuarial
qualification and practice. actuarial profession.

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The company's Board of Overseers retained Mr. The
report contains his conclusions and suggestions.tiaa-cref. 525) would allow
small businesses to join together through their membership in a trade or
professional association to offer health insurance to their employees.
The Academy's Association Health Plan Work Group has introduced six issues of
major concern that Congress needs to address in the Issue Brief: Frequently
Asked Questions on AHPs.

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House of Representatives
prepares to vote on legislation contingent on getting assurances for
association health plans (AHPs), the American Academy of Actuaries raises
concerns that the legislation, in its current form, still does not address the
main problem of America's health care crisis: the rising costs, among other
things.S.

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Katzenbach Report to the TIAA Board of Overseers Released

tiaa-cref.

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NEW YORK, TIAA-CREF today, on behalf of its Board of
Overseers, released a report by former U. In addition,
the Board asked Mr.

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org
Direct: 212-916-4993
Mobile: 917 -526-1534


jst asked

Katzenbach to provide his thoughts on internal governance
questions raised by the company's handling of the independence issue.org.

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S. Department of Labor
or at the state -level, will surplus requirements for self-funded AHPs be
sufficient enough to remain solvent, and will they be on equal footing with
other health plans in the states where AHPs operate.actuary.

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