Per what I have learned, the two companies may not matter that much. TIAA-CREF is specialized for academic and research professionals. It is a not-for-profit organization so it may have lower fees (of course this does not matter at all if you don't do a lot of transactions). If you change job between schools, TIAA-CREF very likely can help you transfer your account to your new school.

By the way, smallapple you should ask a rep. to make sure you can use the money for house downpayment - I was told I could only use up to $10,000 for the first home purchase.

Per what a financial advisor said, the critical thing is asset location - how you allocate your money into different categories - some are more riskier with potentially higher return rate, some are almost risk-free but conceivably, lower return. I am really puzzled by how I should do the allocation. Can anyone experienced share any thoughts?