TIAA Traditional Annuity

*If you have a Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread out in ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity only within 120 days after termination of employment and are subject to a surrender charge. All other withdrawals and transfers to the Real Estate Account or to CREF must be spread over a ten-year period (five years for withdrawals after termination of employment). In addition, when a participant transfers out of the TIAA Traditional Annuity and transfers back within 120 days, the amount, up to the original transfer, will be credited with the same interest rates that would have applied if the transfer out had not taken place. Such interest will be credited from the date the transfer in was made. Interest will not be paid for the period from the date of transfer out to the date of transfer in. This provision is designed to mitigate the effects of disintermediation by discouraging switching for purposes of obtaining a higher interest rate.

1. Interest credited to TIAA Traditional Annuity accumulations includes a guaranteed rate, plus additional amounts that are established on a year-by-year basis. The guaranteed annual interest rate is 3% for all premiums remitted since 1979 under all TIAA Traditional Annuity accumulating contracts, except that for Retirement Choice & Retirement Choice Plus Annuities the guaranteed rate is between 1% and 3%, as specified in the contract.The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1.

Retirement Annuity contract form series 1000.24;
Group Retirement Annuity (GRA) contract form series G1000.4, G1000.5;
Supplemental Retirement Annuity contract form series 1200.8;
Group Supplemental Retirement Annuity contract form series G1250.1;
IRA annuity contract form series 1280.2;
Roth IRA annuity contract form series 1280.3;
Keogh Annuity contract form series G1350.

Teachers Insurance and Annuity Association (TIAA), New York, NY Issues annuity contracts