INVESTMENT SUBCOMMITTEE MEETING MINUTES

Date: December 3, 2008 Time: 1:00 p.m.
_Regularly Scheduled X Special
Attendees: Was a quorum present? Yes
Commission Other Attendees
Peter Blum Brenda Griebert (TIAA-CREF)
Charlie Casella Howard Green (TIAA-CREF)
Mary Marcial Stephen MacDonald (TIAA-CREF) (phone)
Robert Baus (by phone) Brian Comer (ING)
Steven Greatorex Anthony Camp (ING)
Tom Roberts (ING)

Comptroller's Office
Thomas Woodruff, Division Director
Margaret Haering, Assistant Director

Matters Discussed:
TIAA-CREF representatives answered questions from the committee regarding the TIAA Traditional Annuity and the company's financial strength, particularly the ability to perform guarantees of principal and interest. They were also asked about the performance of various investments in TIAA-s general account, in particular the mortgage backed securities and real estate h holdings. TIAA-CREF responded to questions about the TIAA Real Estate account, the schedule for appraising properties included in the account and effect of recent events on the value of the portfolio. TIAA-CREF declined to provide the committee with a copy of its most recent SAS-70

ING representatives answered questions about the Stable Value Fund and protections in place to insure performance of interest and principal guarantees. With the exception of $3 million invested in The Hartford's general account assets of the ARP in the Stable Value fund are primarily invested in a separate account with ING. Various methods for liquidating or redeeming assets in the Stable Value Account were explained. Brian Comer discussed the relationship between ING Life and Annuity Company (ILIAC) and ING Groep and the financial strength and stability of those entities.

Materials Reviewed:

ING SAS 70, Questions and written answers posed to ING and TIAA-CREF, Information re TIAA-CREF General Account; Extract TIAA-CREF, 10Q 6/30/08 re TIAA Real Estate Account; The Hartford Financial Strength Ratings sheet; Description The Hartford Stable Value Fund; explanation SAS 70.

Decisions voted upon:

No decisions were voted upon during the meeting.

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