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Business Officer Magazine


Business Officer reader responds

By Mary M. Lai

NACUBO History Addenda

In the July-August 2012 "NACUBO Moments in Time" article, there was an event missing that I thought was worthy of note. That is NACUBO's Ad Hoc Committee on TIAA-CREF, which was established in late 1983 and continued meeting until 1985. The committee was formed in response to concerns about TIAA-CREF's retirement services and investment performance, expressed in a Business Officer article (May 1983) by Roy A. Schotland, a professor of law at Georgetown University and a consultant to three states' pension funds; TIAA-CREF provided a response to Schotland's critique in the same issue. NACUBO President Caspa Harris (Howard University) and Vice President Fred Vorsanger (University of Arkansas) decided NACUBO should have a committee that would make recommendations to TIAA as to changes they should make.

Additionally, TIAA-CREF had appointed a committee with a similar charge, which issued its report in March 1985. Afterward, our committee commented on the TIAA report, and both were covered in the April 1985 Business Officer. I was on the ad hoc committee, and I have always felt that the work of our committee had a bearing on the many changes that TIAA-CREF has made, including services to participants as well as additional reporting and greater transparency.

The other committee members were: chair, Raymond Krehel, Colgate University; Harold Bland, Roosevelt University; Robert Carr, executive vice president, NACUBO; Donald Cole, Western Washington University; William Gibb, counsel to the committee; Lee Ellis, Northwestern University; Hans Jenny, Chapman College; Orie Meyers, Emory University; Roy Schotland, Georgetown University Law School; and Robert Wilson, Johns Hopkins University. 

One other comment about the time line: Mary Jane Calais was elected to the NACUBO board in 1972, but she never served. She was elected at the July meeting and that summer she left the Junior College District of St. Louis to become a regional director of the U.S. Office of Education, a political appointment. Thus, she never actually served on the board, making me the first woman to serve. Later, Calais became NACUBO's governmental relations director.  

MARY M. LAI, treasurer emerita and senior adviser, Long Island University, Brookville, New York

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