TIAA Traditional Lifetime Annuity Income Matches 2008 Levels Despite Tumultuous Markets
TIAA-CREF’s Flagship Annuity Continues to Provide Steady Income Stream; Underscores Company’s Strength in Meeting Wide-Ranging Retirement Needs
New York, December 11, 2008
TIAA-CREF, the leading provider of retirement services in the academic, medical and cultural fields, today announced that during 2009 all annuitants with TIAA Traditional lifetime income will receive at least as much total income (guaranteed income plus additional amounts) as they received in 2008, and some annuitants will see modest increases.1
The company’s ability to offer products that deliver steadfast returns despite unprecedented market volatility reflects TIAA-CREF’s legacy of – and longstanding commitment to – providing lifetime financial security to the customers it serves.
“At TIAA-CREF, we understand how important financial security is to our customers, which is why we offer a full spectrum of retirement savings vehicles, including those specifically designed to provide steady returns regardless of market turbulence,” said Maliz Beams, Executive Vice President, Client Services.
Ms. Beams continued: “Our TIAA Traditional Annuity is backed by the financial strength and claims-paying ability of TIAA. It is a smart and safe choice for investors who want to diversify their portfolios and secure their financial future. Our financial advisors are available to help retirees and those planning for retirement decide if this is the right product for them, and help them craft a comprehensive financial strategy to meet their distinct needs.”
Launched with the founding of TIAA in 1918, the TIAA Traditional Annuity is a guaranteed fixed annuity. To help lower risk, the TIAA General Account, which backs the returns of the TIAA Traditional Annuity, has a highly diversified portfolio with less than 1% of total assets in any single investment. The portfolio includes bonds, commercial mortgages, private stock and directly owned real estate.2
Payouts for participants in the TIAA Traditional Annuity who receive Interest-Only income or income from a Transfer Payout Annuity will be determined in early 2009.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with more than $398 billion in combined assets under management (9/30/08) and the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity products are issued by TIAA (Teachers Insurance and Annuity Association), New York, NY.
All guarantees are based on the claims paying ability of TIAA.
Media Contact:
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 212 916-4808 Cell: 917 715-9083
Abby Aylman Cohen, Manager, Corporate Media Relations
aacohen@tiaa-cref.org, 212 916-4381 Cell: 917 596-4758
1 This information does not apply to income received under defined benefit pension plans, principal and interest contracts, the TIAA Transfer Payout Annuity or interest-only payments from TIAA Traditional.
2 The investment returns of the TIAA General Account do not flow directly to the TIAA Traditional Annuity but support the payment obligations and the fulfillment of returns provided for under these contracts.
