An annuity is a contract between you and an insurance company that is designed for retirement to provide you with income payments. A fixed annuity provides both tax-deferred growth and a minimum level of guaranteed income. A variable annuity can also provide tax-deferred growth and lifetime income options, but offers a choice of investments as well. While guarantees are based on the claims paying ability of the issuer, payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Please note that with variable annuities, your money will be subject to the risks associated with investing in securities, including loss of principal.

When analyzing products, the annual contract fee should not be the determining factor. Features, benefits, issuer financial strength, among other things, are equally important and should be considered as part of the purchase decision. When recognizing our product, Barron's used one growth fund out of the many that we offer.1 That fund is not indicative of our competitive position in every scenario. Past performance does not guarantee future results.

Annuity contracts contain terms for keeping them in force. Please note that lower expenses do not necessarily mean higher returns.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 276-9429 or log on to www.tiaa-cref.org for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

Intelligent Variable Annuity prospectus: http://www1.tiaa-cref.org/public/prospectuses/iva_prospectus.pdf

Intelligent Variable Annuity current and standardized performance: https://www.tiaa-cref.org/public/performance/after_tax

Intelligent Variable Annuity fees and expenses: https://www.tiaa-cref.org/public/pdf/annuity_lowexpenses.pdf  (PDF)

1 Barron’s surveyed annuity companies and industry experts to determine the 50 most competitive contracts in popular annuity categories. Barron’s used the best performing large cap growth sub account and its average annual returns for the preceding 5-year period. For the Intelligent Variable Annuity Barron’s used the Legg Mason ClearBridge Variable Aggressive Growth Portfolio.