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  • /
  • Evolving retirement landscape
    • A new era in plan design
    • Plans for the future
  • TIAA Traditional in the saving years
    • Increased resilience
    • Decreased volatility
    • Improved results
    • Better risk-return
  • TIAA Traditional in retirement
    • Lifetime income
    • Income you can’t outlive
    • Annuitization pays off
    • TIAA Loyalty Bonus
  • Why TIAA
    • We share profits
    • Bigger retirement checks
    • Financial strength
  • A better default
    • A default with guarantees
    • Our default options
    • More resources
    • Take action

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Retirement has changed. Help sponsors meet the moment.

Evolving retirement landscape

Plan consultants have a unique opportunity to help employers bolster retirement plans.

A new era in plan design

Your expert guidance can reshape plan design.

A smiling woman greets a client

Employers want to help employees save during their working years and retire with security, but the typical target-date fund can only go so far. Today, employers are increasingly considering guaranteed assets—usually fixed annuities—for their retirement plans.1 So if you aren’t talking to your clients about this yet, someone else is.

80%

of employers are actively considering adding a fixed annuity to their plans.2

40%

plan to add an annuity in the next two years.2

Guaranteed assets like fixed annuities can solve the challenges employers want to address.

Market volatility

Employees face market swings while saving and investing. A guaranteed asset that steadily grows provides portfolio protection no matter what the market does.1

Longer lives

Longer lifespans, more active retirements and higher debt levels mean that even strong savers risk depleting assets too quickly and outliving their savings.

Default insufficiency

Until recently, regulatory barriers limited target-date portfolios from including annuities as guaranteed assets to provide retirement income. New regulations allow annuities on a plan’s menu.

Plans for the future

Upgrade plans and build custom portfolios with TIAA Traditional.*

TIAA Traditional helps address plan weaknesses in both the saving and retirement phases. Within portfolios, it provides steady, guaranteed growth and functions as a powerful complement to bonds. And retirees who opt to annuitize will receive regular, guaranteed retirement checks for life.3

*Issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY.

TIAA Traditional strengthens investment portfolios.

Capital protection

Capital protection

TIAA Traditional is a guaranteed asset that won’t lose value like bond funds can, providing protection against market risk.1,4

Better risk-adjusted returns

Better risk-adjusted returns

TIAA Traditional has delivered returns comparable to bond funds with a much smoother ride.4

More diversification

More diversification

With low historical correlations to all major asset classes, TIAA Traditional is a valuable portfolio diversifier.

TIAA Traditional bolsters bonds.

Tiaa traditional in the saving years

TIAA Traditional can improve a portfolio’s stability, reduce its risk and has often outperformed bonds.4

Increased resilience

Fortifies investment portfolios.

Because it’s a guaranteed asset and delivers always-positive returns, TIAA Traditional has historically acted as a portfolio ballast. And there’s never any obligation to convert the balance into guaranteed income (in other words, annuitize).5

TIAA Traditional guarantees consistently positive returns, while bond returns fluctuate

Growth of $10,000 over 30 years. For illustrative purposes.

Decreased volatility

A smoother ride than bonds.

Bond funds can fluctuate dramatically and can lose money. In contrast, TIAA Traditional’s returns have been similar to those of the Bloomberg U.S. Aggregate Bond Index—but without the volatility, which can affect the spending power of retired and soon-to-retire workers.4

Monthly returns of TIAA Traditional vs bonds

Choose a TIAA Traditional contract

Choose a TIAA Traditional contract
Select contract
  • SRA
  • RCP

From

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Year range

Average return

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Improved results

Often better results than bonds alone.

A woman looking at a computer screen

Independent research from Charles River Associates suggests including allocations to TIAA Traditional within the target date glide path improves the risk/return profile.6 It also tends to increase the likelihood of achieving bigger balances at retirement.7

This research analyzed 27 scenarios across different risk profiles and rolling time periods across a span of neary 50 years. Each scenario was run with, and without, TIAA Traditional included in the glidepath. When TIAA Traditional was included, it replaced part of the bond allocation in varying proportions.

Explore research study

63% of the time, target-date glide paths that included TIAA Traditional outperformed those that didn’t.8

Better risk-return

An unmatched risk-return proposition.

Demonstrating a lower correlation to all other major asset classes can help diversify investment portfolios and enhance risk-adjusted returns

June 2006-2024

U.S. equities

Non-U.S. equities

U.S. fixed income

U.S short term fixed income

TIPS

TIAA Traditional RC

TIAA Traditional RCP

Annualized total return 10.28% 4.08% 3.14% 1.92% 3.3% 4.37% 3.62%
Annualized standard deviation 16.06% 17.46% 4.27% 1.44% 4.61 0.13% 0.14%
Sharpe ratio 0.6 0.23 0.41 0.36 0.41 5.86 4.49

Past performance is no guarantee of future results. As of 12/24. U.S. Equities: Russell 3000 Index; Non-U.S. Equities: MSCI ACWI ex-USA IMI Index; U.S. Fixed Income: Bloomberg U.S. Aggregate Bond Index; U.S. Short-Term Fixed Income: Bloomberg U.S. Govt/Credit 1-3 Yr Index; TIPs: Bloomberg U.S. TrsyInflNote 1-10Y TR USD; TIAA Traditional RC; TIAA Traditional RCP.

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Get in touch.

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Contact us
retiree

TIAA Traditional guarantees retirement income for life.

Tiaa traditional in retirement

And only with TIAA Traditional, long-term contributors can get bigger payouts.9

Lifetime income

Reliable income promotes security in retirement.

A couple having a discussion

When TIAA Traditional contract owners reach retirement, they can choose to annuitize some or all of the money they’ve accumulated, turning it into a lifetime income stream: regular retirement checks.3,5

If someone decides not to annuitize right away when reaching retirement, they can leave their money in TIAA Traditional, cash out the built-up funds or annuitize some or all of the balance later.

Benefits of guaranteed lifetime income.

Cash flow

Covers spending needs more reliably than investments alone.

Volatility buffer

Provides protection and maintains spending power during market downturns.

Longevity risk protection

Guards against retirees outliving their savings.

Income you can't outlive

The odds favor long life, making annuitization a smart choice.

Most people underestimate how long they’ll live. A 65-year-old couple today will almost certainly see at least one of them live to age 83, and nearly half can expect one will reach 95.10

Go to TIAA Institute report: Financial literacy, longevity literacy, and retirement readines

How long will a 65-year-old retiree live?

Chart captures life expectancy for singles and couples.

At age 65, probabilities a single annuitant or at least one member of a couple will live until age 83, 89 and 95.

Annuitization pays off

How annuitizing improves cash flow.

A man and a woman who appear to be about retirement age.

Annuitizing TIAA Traditional guarantees retirement checks for life—and tends to result in greater spending power than savings and investments alone can deliver using the 4% rule.11

  • A retiree who annuitized in March, 2025 could have received 33% more money each month to spend by annuitizing one-third of their savings (and withdrawing the standard 4% from the remainder) than they would get by following the 4% withdrawal strategy alone.11
  • In dollar terms, a TIAA Traditional annuitant with $1 million in savings could get $53,154 in their first year of retirement compared to $40,000—a cash-flow difference of nearly $1,100 per month.
Learn more: TIAA Annuity Payout Advantage

Same age, same savings;
different strategies, different yearly retirement income.

Meeta $40,000 yearly retirement income
Meeta

$40,000 yearly retirement income

Total retirement savings

$1 million

Meeta starts out with $1 million in retirement savings.

Income strategy

4% rule

Meeta withdraws 4% of her savings.

Yearly income

$40,000

Meeta’s yearly retirement income is $40,000.

Hiro $53,154 yearly retirement income
Hiro

$53,154 yearly retirement income

Total retirement savings

$1 million

Hiro starts out with $1 million in retirement savings.

Income strategy

Annuitization + 4% rule

Hiro annuitizes 1/3 of his retirement savings ($666,667) and applies the 4% rule to the remaining 2/3 ($333,333).

Yearly income

$53,154

Since Hiro receives $26,487 from his annuity and $26,667 from a 4% withdrawal, Hiro gets $54,154 per year, 33% more money to spend than Meeta. That equates to $13,154 per year and $1,096 per month more than Meeta.

Tiaa loyalty bonus

TIAA has rewarded steady contributors with higher payouts.

Plus 15% higher starting payouts for long-term contributors, on average.

Contributing to TIAA Traditional during your saving years and then annuitizing has delivered higher payouts than transferring new money into TIAA Traditional and then annuitizing at retirement.

That’s because of the TIAA Loyalty BonusSM, a feature exclusive to TIAA Traditional that aims to reward early and regular contributions.12

Payout rates for a 67-year-old who contributed new money vs. long term to TIAA Traditional.13

7.9%

initial annual payout rate to someone who contributed new money.

9.1%

initial annual payout rate to someone who contributed for 30 years.

An annuitant can earn more income by starting to contribute earlier.

Average extra starting income based on how long someone has contributed to TIAA Traditional. Results based on averages for retirement dates each month from 1/1/1995 to 1/1/2025, comparing “long-term contributors” versus “new contributors” to highlight the difference in initial income.14

Built to share profits.

Why tiaa

TIAA’s business model is designed around sharing profits with savers and retirees.15

We share profits

Profits go to our participants, not shareholders.

Woman carrying a surf board.

TIAA isn’t a publicly traded company, nor are we a typical privately held firm. Our ownership structure enables us to share profits with participants in TIAA Traditional—unlike companies that need or choose to pay stockholders and other owners.

After TIAA covers the costs of doing business and sets aside rainy-day funds, we aim to share what’s left over—our profits—with participants.

TIAA shares profits in three ways.

1 Higher interest while saving
1

Higher interest while saving

While this additional interest isn’t guaranteed, we’ve credited more than the guaranteed minimum every year since 1948.9

TIAA aims to credit additional interest to savers on top of our guaranteed rate.

2 Loyalty bonus for annuitants
2

Loyalty bonus for annuitants

Long-term TIAA Traditional contributors have received payments 15% higher on average than those who put in new money.16

A TIAA Loyalty Bonus can increase the initial retirement payment for people who save in TIAA Traditional and annuitize at retirement.12

3 Payout raises in retirement
3

Payout raises in retirement

We’ve increased the amounts we give annuitants 18 times over the past 30 years.17

We have the discretion to increase retirement payments for annuitants, unlike the typical fixed annuity with an unchanging set payout rate.

Bigger retirement checks

Sharing profits can mean bigger retirement checks for annuitants.

Across the industry, converting a fixed annuity into retirement income generally means locking in a set payout rate for life. TIAA is different. Long-term TIAA Traditional contributors can see bigger payouts from the TIAA Loyalty Bonus. And all TIAA Traditional annuitants have received regular payout increases in retirement.

The result: The gap between TIAA payments and the industry average, including retail annuities purchased outside retirement plans, has widened over time.

Check rates

TIAA Traditional payouts have grown, while industry average fixed annuity payouts have remained flat.18

TIAA Traditional long-term and new contributors payouts grew while fixed annuity payments remained flat.

Annual annuity payouts for TIAA Traditional long-term and new contributors vs industry average fixed annuity payouts. For illustrative purposes.

Financial strength

TIAA’s powerfully different General Account.

TIAA backs our guaranteed payments with the financial strength and investment prowess of our nearly $300 billion General Account.19

TIAA’s General Account has one of the largest capital reserves in the industry.20 This strong position allows the investment team to put around 15% into potentially higher-returning alternatives—such as commercial real estate, private equity, and real assets like timber and farmland—all while maintaining the highest ratings possible.21

Learn more about TIAA’s General Account

Allocating 15% to potentially higher-returning alternative investments while maintaining the highest ratings possible.

TIAA General Account portfolio allocation as of December 31, 2024. Chart may not total 100% due to rounding.

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Upgrade the default with TIAA Traditional.

A better default

Most people keep their retirement savings in their employer’s plan default, making it one of the most important decisions a plan sponsor can make.

A default with guarantees

Build a better default.

Two doctors working together.

Policymakers, academics and retirement experts all recognize Americans need access to guaranteed income in retirement. Their collective endorsement led to the bipartisan SECURE Act of 2019, which makes it easier for employers to include annuities in retirement plans. Since SECURE, employers have increasingly sought out target-date portfolios with built-in guaranteed lifetime income.

83% of participants stay in their plan’s default investment.22

Our default options

TIAA pioneered defaults with guarantees—and we continue to innovate.

We’ve introduced default solutions that can directly incorporate TIAA Traditional into the glide path—strengthening investment portfolios for savers and offering the option for guaranteed lifetime income in retirement. We provide partially and fully customizable default solutions.

Explore all of TIAA default options

TIAA RetirePlus

Our flagship default plan option can include TIAA Traditional.

  • More flexibility, control and cost-saving potential for plan sponsors
  • More diversification, less volatility, and opportunity for better risk-adjusted returns
  • More security with guaranteed retirement checks for life

Building TIAA Traditional into the TIAA RetirePlus glidepath

A sample TIAA RetirePlus glidepath.

Sample TIAA RetirePlus glidepath (moderate risk profile), including an allocation to TIAA Traditional, a guaranteed asset. For illustrative purposes.

More resources

Continue learning

Research: TIAA Traditional improves portfolios

Get an executive summary of research from Charles River Associates: “Improving retirement outcomes: the impact of TIAA Traditional in qualified default target-date glidepaths.”

TIAA Annuity Payout Advantage

In 2025, a TIAA Traditional annuitant would have 33% more to spend their first year of retirement vs savings withdrawals alone. That’s the TIAA Annuity Payout Advantage.

Under the hood of TIAA’s General Account

It’s the engine that powers TIAA Traditional, and it’s unlike any other General Account.

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1. Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.

2. TIAA, Building a Better Retirement Survey, 2024.

3. Retirement check refers to the annuity income received in retirement.  Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities.

4. Over the long term, the credited interest rates on TIAA Traditional, a guaranteed annuity, have been similar to long-term average returns of intermediate-term corporate and treasury bonds, with less volatility. TIAA Traditional credited rates include a guaranteed rate stated in the contract, and may include additional amounts which are discretionary. There are other material differences between a guaranteed annuity and a bond.

5. Converting some or all of your savings to income benefits (referred to as "annuitization") is a permanent decision.  Once income benefit payments have begun, you are unable to change to another option.

6. Findings from Babbel et al. (2022) with optimal portfolio construction comparing the impact of when TIAA Traditional becomes available for the portfolio either keeping the annual return constant and seeing the impact on risk (standard deviation) or keeping the standard deviation constant and seeing the impact on average return from 1973 to 2021. The portfolio without TIAA Traditional is 40.25% U.S. Small-Cap, 42.38% U.S. Long-term Government Bonds, and 17.36% Money Market. The portfolio with TIAA Traditional at the lower return-lower standard deviation is 39.41% U.S. Small-Cap, 23.73% U.S. Long-term Government Bonds, 36.86% TIAA Traditional SRA. The portfolio with TIAA Traditional at the higher return-higher standard deviation is 43.83% U.S. Small-Cap, 26.39% U.S. Long-term Government Bonds, 29.79% TIAA Traditional SRA. The following indices were used for the respective asset classes: U.S. Small-Copt, Directional Fund Advisors U.S. Micro Cap; Long-term US Government Bonds, Barclays 20+ Treasury Bond Fund index and Morningstar’s Ibbotson SBBI Long-term Government Bond returns; ICE Bank of America Merrill Lynch US 3-Month Treasury Bill Index and Ibbotson SBBI 3-Month Treasury Bill returns. Babbel, D., Ciccotello, C., Herce, M., and Meyer, M (2022). A cohort analysis of the investment performance of TIAA Traditional Annuities during working life. TIAA Institute Research Dialogue, No. 184.

7. Findings from “A Lifecycle Analysis of the Performance of TIAA’s Traditional Annuity in a Target Date Fund” (2023), by Conrad Ciccotello (University of Denver), Miguel Herce (Charles Rivers Associates), and Mark Meyer (Charles River Associates). The analysis uses 27 scenarios varying starting and ending periods between 1973 and 2021. The analysis compared balances at the end of the accumulation phase between the two portfolios.

8. Source: “A Lifecycle Analysis of the Performance of TIAA’s Traditional Annuity in a Target Date Fund” (2023), by Conrad Ciccotello (University of Denver), Miguel Herce (Charles Rivers Associates), and Mark Meyer (Charles River Associates). Past performance is not a guarantee of future results.

9. TIAA Traditional Annuity interest and income benefits include guaranteed amounts plus additional amounts as may be declared on a year-by-year basis by the TIAA Board of Trustees. The additional amounts, when declared, remain in effect through the "declaration year", which begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they are declared.

10. Based on TIAA dividend mortality tables as of Jan. 1, 2025.

11. The 2025 Annuity Payout Advantage is hypothetical and for illustrative purposes only. The Annuity Payout Advantage calculation uses the TIAA Traditional “new money” income rate for a single life annuity (SLA) with a 10-year guarantee period at age 67 using TIAA’s standard payment method beginning income on March 1, 2025. Individual results may vary. Example: Participants A and B both are aged 67 and had retirement savings balances of $1 million as of March 1, 2025. Participant A withdrew 4% ($40,000) in year 1. Participant B made a one-time transfer to TIAA Traditional and selected an SLA with a guarantee period of 10 years, starting on March 1, 2025. Participant B received an income rate of 7.9462% ($26,487) on $333,333 annuitized in year 1; Participant B also withdrew 4% ($26,667) from the $666,667 remaining saving balances in year 1. The result ($53,154) is initial income for Participant B in year 1 that is 33% higher than the initial income of Participant A ($40,000). Income rates for TIAA Traditional annuitizations are subject to change monthly. TIAA Traditional Annuity income benefits include guaranteed amounts plus additional amounts as may be declared on a year-by-year basis by the TIAA Board of Trustees. The additional amounts, when declared, remain in effect through the "declaration year," which begins each January 1 for payout annuities. Additional amounts are not guaranteed beyond the period for which they are declared. TIAA has paid more in lifetime income than its guaranteed minimum amount every year since 1949. Over the past 30 years, TIAA has given 18 income increases to existing annuitants (as of January 2025). Past performance is not a guarantee of future results.

12. Lifetime income payments from TIAA Traditional may include a TIAA Loyalty BonusSM which is discretionary and determined annually.

13. Assumes a single-life annuity with a 10-year guaranteed period using TIAA’s standard payout annuity where payments begin on Jan. 1, 2025. New contributor assumes new contribution to TIAA Traditional in 2024. Long-term contributor assumes 30 years ending December 2024 of level monthly premiums to TIAA Traditional Retirement Annuity contract. The long-term contributor received more initial annual lifetime income than the new contributor. This advantage is because of TIAA’s return of profits that have built up on older contributions. Past performance is not a guarantee of future results.

14. Results based on averages for retirement dates each month from 1/1/1995 to 1/1/2025. This chart compares “long-term contributors” vs. “new contributors” to highlight the difference in initial income. The “long-term contributor” represents a participant who has accumulated savings in TIAA Traditional. The “new contributor” represents a participant who has accumulated savings outside of TIAA Traditional. The new contributor annuitizes the same dollar amount as a long-term contributor when both participants reach retirement. The new contributor deposits their savings into TIAA Traditional the day before annuity payments begin, when both the new and long-term contributors are age 67.  Both select a single life annuity with a 10-year guaranteed period. 361 individual retirement month cohorts were analyzed. The long-term contributor assumes level monthly premiums over the stated investment periods. Percentage represents the average difference in initial income over each of the time periods for a long-term contributor vs. a new contributor.

15. TIAA may share profits with TIAA Traditional Annuity owners through declared additional amounts of interest during accumulation, higher initial annuity income, and through further increases in annuity income benefits during retirement.  These additional amounts are not guaranteed beyond the period for which they were declared.

16. Based on an analysis of income benefits available to participants who have made level monthly contributions for 30 years to TIAA Traditional, relative to participants who deposited the same accumulated balance into TIAA Traditional just before converting to lifetime income. Assumes a participant age 67, single-life annuity with a 10-year guaranteed period, and average payment differentials each month for retirement dates over the last 30 years ending Dec. 31, 2024.

17. Refers to raises from 1995 to 2025.

18. This exhibit reflects two hypothetical participants with equivalent ending account balances of approximately $100,000 that retire at age 65 and select the same single life annuity using TIAA’s Standard payout annuity where payments begin on Jan. 1, 1995. One participant accumulated within TIAA Traditional’s Retirement Annuity contract making level monthly contributions of about $66 per month over a 30-year career. The other transferred the same amount ($100,000) into TIAA Traditional on Dec. 31, 1994. The long-term contributor received more initial lifetime income, in part, because of TIAA’s return of excess profits that have built up on older contributions. The chart also reflects any post-retirement increases in lifetime income, also as a result returning excess profits. Interest or income in excess of the guaranteed amount is not guaranteed for periods other than the period for which it is declared. Past performance is no guarantee of future results. Industry Average from July-Sept. 1995 issue of Annuity & Life Insurance Shopper magazine.

19. The TIAA General Account is solely owned by TIAA and supports TIAA’s contractual guarantees and business operations; its performance is not directly allocated to any specific contract or obligation. The TIAA General Account backs TIAA’s fixed annuities, including but not limited to TIAA Traditional and TIAA Secure Income Account.

20. According to SNL Financial as of December 31, 2023.

21. There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is a member of one of only three insurance groups in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of July 2024), Fitch (AAA as of August 2024) and Standard & Poor’s (AA+ as of May 2024), and the second highest possible rating from Moody’s Investors Service (Aa1 as of October 2024).

22. “Opting out of retirement plan default settings,” Rand, 2017.The information provided herein is intended for institutional investor use only. It does not constitute an offer or recommendation to buy or sell any product or security.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision.

TIAA Traditional is a fixed annuity product issued through these contracts by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series 1000.24; G-1000.4 or G-1000.5/G1000.6 or G1000.7; 1200.8; G1250.1; IGRS-01-84-ACC and IGRS-02-ACC; IGRS-CERT2-84-ACC and IGRS-CERT3-ACC; IGRSP-01-84-ACC and IGRSP-02-ACC; IGRSP-CERT2-84-ACC and IGRSP-CERT3-ACC; 6008.8 and 6008.9-ACC; 1000.24-ATRA; 1280.2, 1280.4, or 1280.3 or 1280.5, or G1350. Not all contracts are available in all states or currently issued.

Annuity contracts contain exclusions, limitations, reductions of benefits and may contain terms for keeping them in force. We can provide you with costs and complete details.

TIAA RetirePlus® model portfolios are asset allocation recommendations developed in one of three ways, depending on your plan structure: i) by your plan sponsor, ii) by your plan sponsor in consultation with consultants and other investment advisors designated by the plan sponsor, or iii) exclusively by consultants and other investment advisors selected by your plan sponsor whereby assets are allocated to underlying mutual funds and annuities that are permissible investments under the plan. Model-based accounts will be managed on the basis of the plan participant’s personal financial situation and investment objectives (for example, taking into account factors such as participant age and risk capacity as determined by a risk tolerance questionnaire).

You should consider the investment objectives, principal strategies, principal risks, portfolio turnover rate, performance data, and fee and expense information of each underlying investment carefully before directing an investment based on the model. For a free copy of the program description and the prospectus or other offering documents for each of the underlying investments (containing this and other information), call TIAA at 877-518-9161. Please read the program description and the prospectuses or other offering documents for the underlying investments carefully before investing.

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Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

The TIAA group of companies does not provide legal or tax advice. Please consult your tax or legal advisor to address your specific circumstances.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC , distributes securities products. SIPC only protects customers' securities and cash held in brokerage accounts. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

Teachers Insurance and Annuity Association of America is domiciled in New York, NY, with its principal place of business in New York, NY. Its California Certificate of Authority number is 3092.

TIAA-CREF Life Insurance Company is domiciled in New York, NY, with its principal place of business in New York, NY. Its California Certificate of Authority number is 6992.

Read the TIAA-CREF Individual & Institutional Services, LLC, Statement of Financial Condition.

© automatically this year and prior years, Teachers Insurance and Annuity Association of America - College Retirement Equities Fund, New York, NY 10017

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