Participant Loans

Amount of Loan

The minimum amount that may be borrowed is $1,000 and the maximum amount that may be borrowed is the least of: (i) $50,000, (ii) 45% of your vested retirement savings account invested with TIAA-CREF, and (iii) 90% of your vested retirement savings account invested in TIAA-CREF variable investment funds. Prior loans under CRP’s participant loan program and the participant loan program under the University’s SRP may reduce your maximum loan amount.

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.