This paper describes a method of projecting inflation-adjusted (real) retirement benefit replacement ratios for defined contribution retirement plans such as TIAA-CREF (Teachers Insurance and Annuity Association--College Retirement Equities Fund). The illustrated ratios are comparable to the ratios in defined benefit plans that result automatically from the defined benefit formula. The article points out that real defined-contribution replacement percentages take into account the plan contribution rate, salary growth rates, and length and rates of investment return over the preretirement period. The article emphasizes that these factors can vary and shows a range of possible ratios, allowing for different assumptions about relative rates of salary growth and investment return over periods of different length. The method automatically results in figures which reflect the inflation factor. Other factors affecting defined contribution plan benefits discussed include the annuity income option selected, applicable annuitant mortality rates, total investment return credited during the annuity income payout period, and expenses associated with the plan's operation. Tables show estimated retirement income replacement percentages and past experience of salary, interest, and investment return rates of growth for TIAA-CREF accounts. The paper concludes that a career replacement goal of approximately two-thirds of salary during the last few years of employment with continuing purchasing power protection after retirement is a desirable goal for a pension plan. (CK)