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Michigan fees to drop under new TIAA-CREF contract

(March 26, 2007) - TIAA-CREF's successful bid to manage the Michigan Education Savings Program will result in a reduction of the program manager fee from 0.60% to 0.45%, effective April 1, 2007. The manager fee includes all underlying fund expenses. TIAA-CREF's new contract runs through March 31, 2010 and may be extended by the state for two additional one-year periods.

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