doi:10.7916/d8-8hwe-bq93Memorandum of Agreement between Carnegie Corporation of New York and Teachers Insurance and Annuity Association of America as to Professors Annuities. CoverpamphletstextEducation, HigherUniversities and collegesArtsCarnegie Foundation for the Advancement of Teaching‏Teachers Insurance and Annuity AssociationBy 1917, the CFAT trustees, after an extensive study, concluded that a pension system paid out of income at no cost to the beneficiary was expensive beyond all estimates and anticipation. In 1917-1918, under an arrangement negotiated by Andrew Carnegie and the CFAT the CCNY gave $1 million to found the Teachers Insurance Annuity Association of America, an occupation-wide contributory plan, believed by some to embody more closely Carnegie’s original vision of the teachers’ pension plan. The nonprofit stock of the association, now called TIAA-CREF was owned outright by the Corporation until 1938, when it was transferred to an independent board of trustees. CCNY continued to support TIAA with grants until 1957.