Exhibit (11)(z)

Amended and Restated Investment Management Services Agreement

Between College Retirement Equities Fund and

TIAA-CREF Investment Management, LLC

SCHEDULE B

2015 Reimbursement Rates

Annual Expense Deductions (as a percentage of average net assets)

For the period April 24, 2015 through April 30, 2016

Stock Account—All Classes	0.120	%
Global Equities Account—All Classes	0.125	%
Growth Account—All Classes	0.070	%
Equity Index Account—All Classes	0.040	%
Bond Market Account—All Classes	0.120	%
Inflation-Linked Bond Account—All Classes	0.065	%
Social Choice Account—All Classes	0.080	%
Money Market Account—All Classes	0.065	%

Date: Effective April 24, 2015 in accordance with prior approval by the CREF Board on March 26, 2015.