It seems mutual fund shareholders weren't the only ones TIAA-CREF was taking great pains to explain its proposed, but now-defeated, mutual fund advisory fee increases to. The firm had some serious explaining to do for the Investment Board of the Golden State ScholarShare College Savings Trust, the municipality that oversees California's 529 college savings plan.

TIAA-CREF, which administers the state's plan, had been asked on at least two occasions to provide more in-depth details behind its push to significantly raise the advisory fees on its actively managed institutional funds, which also offer a retail share class. Many of TIAA-CREF's funds, which the firm revealed this past June had been operating since 1999 at a loss, are offered within California's ScholarShare program.

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