Contributions
A TIAA-CREF After-Tax Retirement Annuity can complement your client's pre-tax savings options by providing tax-deferred growth potential with a contribution limit of $300,000 to the TIAA Traditional Account.

Allocation Choices
The After-Tax Retirement Annuity will have the same allocation choices available under the original Retirement Annuity, except for the CREF Inflation-Linked Bond Account.*

Cashability and Tax Issues
Contributions made to the TIAA-CREF After-Tax Retirement Annuity are made on a post-tax basis; therefore taxes apply only to the interest and earnings at the time of withdrawal. ATRA contracts are not subject to the minimum distribution requirements at age 70½, however, withdrawals made prior to age 59½ may be subject to a 10% early withdrawal tax penalty. Funds from the various CREF Accounts and the TIAA Real Estate Account can be withdrawn as cash; the TIAA Traditional Account allows for cash withdrawals over a ten-year period.

No Transfer Fees
Funds can be transferred between the TIAA and CREF fixed and variable annuity accounts without paying taxes or transfer fees. Certain transfers between TIAA Accounts and CREF Accounts and between TIAA Accounts and/or CREF Accounts and external carriers are considered 1035 Exchanges and will require a 1035 Exchange form. Alternate carriers may apply surrender charges.

No Withdrawal Charges
The TIAA-CREF After-Tax Retirement Annuity has no surrender or withdrawal charges. However, if the withdrawal is made before age 59½, your client may have to pay a 10% federal tax penalty in addition to regular income tax on the earnings.

Income Options
ATRA owners have a number of income options available, including:

	Lifetime Annuity Income** -- A series of regular payments continue throughout your client's life.
	Transfer Payout Annuity -- TIAA Traditional Account values are paid out over a ten-year period.
	Interest-Only Option -- TIAA Traditional Account payments of only the interest that would otherwise be credited to the TIAA Traditional Account while the principal remains intact.
	Systematic Cash Withdrawals -- An option that allows your client to specify the amount and the frequency of the payments they receive.
	Cash Withdrawal -- A lump-sum payment of the entire account balance or any amount of $1,000 or more.

Death Benefits
Death benefits are paid to the named beneficiary(ies). The amount paid will be the amount in the ATRA at the time of death.

The following options are available to an individual beneficiary of an ATRA contract:

•	Lump Sum
•	Fixed-Period Annuity for 2-30 years, not to exceed the life expectancy of the beneficiary
•	Life Annuity**
•	Savings & Investment Plan (The begin date for distributions under this option will depend on the beneficiary type. If a surviving spouse is the sole beneficiary distributions do not have to begin until the surviving spouse attains age 90. If a non-spouse individual beneficiary or a surviving spouse who is not the sole beneficiary are named distributions must begin within one calendar year of the original participant's death.)

The following options are available to a Trust Beneficiary of an ATRA contract:

•	Lump Sum
•	Fixed-Period Annuity for 2-5 years

*	The Internal Revenue Code (IRC) requires an account within a variable annuity contract to hold no more than 55% of its assets in the securities of any one issuer. U.S. Treasury Securities are considered securities of one issuer. Because the CREF Inflation-Linked Bond Account invests primarily in inflation-indexed bonds issued by the United States Treasury, it does not meet these diversification requirements and will not be an investment choice under your client's After-Tax Retirement Annuities.
**	Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Payments under CREF and the TIAA Real Estate Account are variable and will increase or decrease based on investment performance.
	For more information, please contact Advisor Services at 888 842-0318. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. Teachers Insurance and Annuity Association (TIAA) and TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017 issue insurance and annuities. Contract form series 1000.23 and 1000.24. For financial advisor use only

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