You deserve more retirement income.

¹ Annuity 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.

² Source: Morningstar Direct, 09/30/2024. The CREF variable annuity accounts offer expense ratios below the average expense ratio of all mutual fund and all variable annuities. 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.

³ Payments 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 historically paid higher levels of lifetime annuity income which has ranged from 5.9% to 6.8%. 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%.

⁴ Converting some or all of your savings to income benefits is an irrevocable decision once benefit payments begin.

⁵ Morningstar, Inc. Total net expenses for TIAA Access ranges from 12 bps to 180 bps compared to the US variable annuity universe average total net expenses of 236 bps. July 15, 2024.

⁶ Before exchanging assets, be sure to carefully consider the benefits of both the existing and new product. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects. There may also be tax consequences or other penalties associated with the transfer of assets. Indirect transfers may be subject to taxation and penalties. Speak with a TIAA consultant and your tax advisor regarding your situation.

⁷ Rebalancing does not protect against loss or guarantee that an investor’s goals will be met.

⁸ Retirement check refers to the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA's fixed annuities.

⁹ Prior to rolling over, consider your other options. You may be able to leave money in your current plan, withdraw cash or roll over the assets to a new employer’s plan, if one is available and rollovers are permitted. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features and tax treatment. Speak with a TIAA consultant and your tax advisor regarding your situation. Learn more at TIAA.org/reviewyouroptions.

¹⁰ There are no fees or charges to initiate or stop this feature. However, it’s important to note that your annuity’s balance will be reduced by the income payments you receive, independent of the annuity’s performance. Income Test Drive income payments are based upon the annuitization of the amount in the account, period (minimum of 10 years), and other factors chosen by the participant. If you do not stop the Income Test Drive within the 2 year test period, the remaining balance in the account you selected for the Income Text Drive Feature will be annuitized in accordance with the selections you made for the Income Test Drive. Annuitization at that point will be irrevocable.

¹¹ For its stability, claims-paying ability and overall financial strength, 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).

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 owners' assets. Effectively, the assets from those with shorter life spans remain in "the pool" to provided payouts to those in the pool who live longer. Those that live the longest may receive more income, so CREF can provide income for an entire retirement. CREF's insurance benefit ensures that you're not going it alone. While CREF Stock Account provide income, other investment options typically generate income based only on return of principal and interest (or investment growth) and thus can run out of money.

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 non-financial reasons and may forgo some opportunities available to funds that do not use such criteria.

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

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 including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. Not all contracts are available in all states or currently issued.

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.

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.