CERTIFICATION

I, Herbert M. Allison, Jr., certify that:

1.   I have reviewed this report on Form N-CSR of the College Retirement
Equities Fund;

2.   Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report.


Date:    February 28, 2003             By: /s/ HERBERT M. ALLISON, JR.
                                           -------------------------------------
                                           Herbert M. Allison, Jr.
                                           President and Chief Executive Officer
                                           (principal executive officer)





                                  CERTIFICATION

I, Richard L. Gibbs, certify that:

1.   I have reviewed this report on Form N-CSR of the College Retirement
Equities Fund;

2.   Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report.

Date:    February 28, 2003             By: /s/ RICHARD L. GIBBS
                                           -------------------------------------
                                           Richard L. Gibbs
                                           Executive Vice President
                                           (principal financial officer)