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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.