Variable Annuities

¹Annuity Account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Payments from the variable annuity accounts are not guaranteed and will rise and fall based on investment performance. Retirement check refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities.

²Source: Morningstar Direct, 09/30/2024. 81% of CREF Variable Annuity accounts funds have expense ratios that are in the bottom quartile while 87.50% are below median of their respective Morningstar category. Our variable annuity accounts are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense risk charge. Please see CREF prospectus for other fees or expenses.

³Payments from variable annuity accounts are not guaranteed. When compared to theoretical 4% systematic withdrawal amounts from similarly invested peer groups, CREF, as represented by CREF stock, has a 10-year average initial payout rate ranging from 5.9% to 6.8% as of May 2024. There are material differences between mutual funds and CREF variable accounts. Mutual fund capital-gain distributions or dividends paid are added to the number of shares owned (number of shares increase). CREF account capital-gain distributions or dividends are added to the unit value (number of units stay constant). Mutual fund withdrawals are only available as one-time or systematic withdrawals. CREF accounts include the right to receive an income stream (a binding decision to receive annuity payments) from all or part of an account’s accumulation. CREF accounts deduct a mortality and expense risk charge of 0.005%.

You could lose money by investing in the CREF Money Market Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Account's sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time.

Guaranteed Period: The period during which annuity payment remaining due after your death and the death of your annuity partner, if any, will continue to be paid to the payee named to receive them. If you opt for guaranteed period ( 10, 15 or 20 years) and you die before it's over, income payments will continue to your beneficiary until the end of the period. If you don’t opt for a guaranteed period, all payments end at your death-so, it's possible for you to receive only one payment if you die less than a month after payments start. (the 15-year guaranteed period is not available under all contracts.)

CREF accounts may provide longer income payments than other investment products because of their mortality credit ("longevity credit") feature. The promise of lifetime income is made possible through the pooling of Account’s assets. Effectively, the assets from those with shorter life spans remain in "the pool" to provide payouts to those in the pool who live longer. Those who live the longest may receive more income. CREF's insurance benefit ensures that participants will receive an income payment for as long as they live.

A variable annuity is an insurance contract and includes underlying investments whose value is tied to market performance. When markets are up, you can capture the gains, but you may also experience losses when markets are down. When you retire, you can choose to receive income for life and/ or other income options.

Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well.

Because social criteria exclude some investments, the Social Choice Equity Fund may not be able to take advantage of the same opportunities or market trends as portfolios that do not use such criteria. Note: If a fund’s investment strategy uses social criteria, it can exclude securities of certain issuers for nonfinancial reasons and may forgo some opportunities available to funds that do not use such criteria.

Income and withdrawal options are subject to the terms of the employer plan. Withdrawals prior to age 59 ½ may be subject to a 10% federal tax penalty. In addition to ordinary income tax.

Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability. Annuities are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance.

TIAA Traditional and TIAA Stable Value are fixed annuity products issued through these contracts by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: TIAA Traditional form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. TIAA Stable Value TIAA Contract form series – SV-01 and SV-02, TIAA Certificate series – SV-CERT1 and SV-CERT2. Not all contracts are available in all states or currently issued.

Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

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.