A committee report on the Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF) is presented, along with a five-page summary of the report. The full report addresses the specifics of various pensions issues, many of a technical nature, and focuses on the flexibility of the plans for TIAA-CREF policyholders. Two series of recommendations, along with comments, are included in the report. The summary provides a comprehensive overview of the Ad Hoc Committee's first 6 months of work. The Committee concludes that the investment vehicles in the present TIAA and CREF programs are not adequate to meet the needs of most individual participants. It is recommended that the rollover and transfer of funds from TIAA to CREF and to other retirement plans, and from CREF to other retirement plans, should be permitted at any time as a matter of general policy. Suggested changes in payout options include an increase in the Retirement Transition Benefit and a choice of installment payout. A wider variety of investment and risk alternatives are also proposed, such as a money market fund, publicly traded bonds, and a group of equity funds. TIAA-CREF issues that the committee should address in the future are identified. (SW)