May 21, 2007
To: W. Andrew Marcus
From: Joe Stone
Re: ORP

At the last Senate meeting, Larry Dann noted that advance letters about the redesigned program and the timetable for information, advising, and decisions to be made in fall, 2007 (if any) would be coming out soon.

OUS and the committee have now prepared all these letters, which should go out in about a week. The letters are consistent with the summaries Larry has given at the last couple of meetings. There may be a flurry of anxieties, but NO action is required until the fall, and then there will be information sessions, chances to ask questions, etc. before anyone has to make a decision.

Under the new plan TIAA-CREF and AIG-VALIC participants may just continue with those. For others in either ORP or a TDI plan, there will be choices to make in the fall, but there is a good default investment fund if participants either don't make a choice or are too confused to do so.

In any event, Larry Dann and I thought you should be informed at this point.

Joe Stone