TIAA-CREF advisor services TIAA-CREF AND ADVISORS:

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1 TIAA-CREF advisor services TIAA-CREF AND ADVISORS: Partnering for the Greater Good Helping you serve our shared clients WHILE GROWING your OWN Business

2 Partnering for the Greater Good As a leading provider of 403(b) retirement plans, TIAA-CREF is dedicated to serving the retirement needs of those in the academic, medical, cultural and research fields. We are committed to seeking consistent, long-term performance and solid returns. We keep our fees low to help our participants maximize their investments and ensure more of their money is working hard for them. TIAA-CREF recognizes the importance of independent financial advisors and the advice you offer to our shared clients. For that reason, TIAA-CREF s Advisor Services is committed to continually improving our infrastructure to support your business and providing you with new opportunities to grow your business in ways not previously available to advisors. In addition to serving the higher education community, TIAA-CREF and advisors like you can now work together to bring our retirement products to the following new markets: K-12 Hospital Governmental By ensuring that our participants have access to quality investment advice during the accumulation stage, and by providing retirement income solutions that guarantee they won t outlive their income, we at TIAA-CREF are dedicated to helping participants meet their retirement goals.* Together, we can ensure that our shared clients best interests are always being served. * Guarantees are based on the claims-paying ability of TIAA. 2 Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET)

3 Why is TIAA-CREF a Good Choice for You and Your Clients? TIAA-CREF offers several unique advantages that can help advisors like you enhance our shared clients financial well-being while growing your business. A Long History of Financial Innovation TIAA was started in 1918 to provide portable, fully vested retirement annuities and individual life insurance for educators. In 1952, we pioneered one of the greatest innovations in pension management: the creation of CREF and the world s first variable annuity, the CREF Stock Account. Today, TIAA-CREF has extensive experience in managing investments across a range of asset classes including fixed income, commercial real estate and equities. A Leading Pension Plan Provider Since TIAA s founding, TIAA-CREF has been the leading provider of financial services to those in the academic, medical, cultural and research fields. As of December 31, 2009, TIAA-CREF has more than $414 billion in combined assets under management, and serves 3.6 million individuals at more than 27,000 institutions. Consistent Income for Retirees For more than 90 years, millions of Americans have relied on TIAA-CREF s strength and service for lifetime financial security. In fact, since 1918, TIAA-CREF participants have received a total of $270 billion in annuity payments and other benefits. 1 Nonprofit Heritage TIAA-CREF s structure enables us to concentrate on our participants long-term investment needs. TIAA, a stock life insurance company, is a wholly owned subsidiary of the TIAA Board of Overseers, a New York not-for-profit corporation. CREF operates at cost (i.e., without profit), with investment returns passed through to participants and reflected in account asset values. Because of this nonprofit heritage, TIAA s profits are distributed to policyholders in the form of dividends over the lifetime of their association with TIAA, or remain available for purposes that the Trustees of TIAA determine can help uphold TIAA s mission. Low Costs TIAA-CREF s variable annuity and mutual fund expense ratios are among the lowest in the industry. 2 Expanded Eligibility We ve expanded eligibility for TIAA-CREF products and services and now serve nonprofit colleges and universities, public and private elementary and secondary schools, teaching hospitals, museums, libraries and certain other nonprofit institutions. Government entities, including political subdivisions and instrumentalities of a local, state or federal government, are also eligible. Additionally, eligible employees, retirees of an eligible institution, and their partners (spouses or Domestic Partners) can access TIAA-CREF s core investments through IRAs and Keoghs, even if their employers do not offer TIAA-CREF retirement plans. For clients who don t meet our eligibility requirements, we offer life insurance, annuities and mutual funds. 1 As of 12/31/09. Other benefits from TIAA and CREF include: Additional amounts paid on TIAA Traditional Annuity contracts above the guaranteed rate, surrender benefits and other withdrawals, death benefits, health insurance and disability insurance benefits, and all other policy proceeds paid. 2 Applies to mutual fund and variable annuity expense ratios. Source: Morningstar Direct (December 2009), based on Morningstar expense comparisons by category. Note that lower expenses do not mean higher returns. Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET) 1

4 Practice Management Support: How We Serve You TIAA-CREF Advisor Services can provide solid support for your goal of working to enhance our shared clients financial well-being. Our long-standing philosophy of putting the client first matches up well with qualities advisors seek as they evaluate providers and identify cost-effective solutions. A Dedicated TEAM that Understands Your Business Our Advisor Services team is here to help you every step of the way. With their extensive knowledge of TIAA-CREF products and services and a keen understanding of your business, you can think of your Advisor Services team members as an extension of your business. Access to Investment Knowledge and Retirement SOLUTIONS In addition to practice management support, your TIAA-CREF Advisor Liaison can offer you TIAA-CREF s institutional investment knowledge through access to our investment professionals and product managers for IRAs, Keoghs, after-tax annuities and life insurance. Daily Downloads to Support Your Business We know how important client data is to your business. That s why we support daily downloads with interfaces for the following portfolio management tools: Advent Albridge Captools dbcams PortfolioCenter In addition, TIAA-CREF is one of few financial services firms that offers daily interest transactions on products such as the TIAA Traditional Annuity, which allows you to reconcile on a daily basis. OUR Secure Advisor Website Helps You Manage Your Accounts Available at this site offers: the Advisor Message Center, with timely information from your Advisor Services team a searchable client list you can minimize to hide clients names an Account Summary, showing plan balances, contributions and recent transactions for each of your clients the ability to transfer funds, change allocations and cancel transfers online e-documents, including statements, confirmations and tax documents an Income Summary for each of your clients web access to beneficiary information the ability to create Retirement Illustrations for your clients downloads of client data (either current or historical for up to 90 days) automated fee-billing feature PAYMENT OF INVESTMENT ADVISORY FEES We offer an institutional fee billing service through which your investment advisory fees can be deducted directly from a client s accumulations. This is available for retirement contracts in which the plan sponsor has approved the service, as well as for our IRA and Keogh contracts. 2 Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET)

5 Investing for Retirement: A WIDE Range of Offerings for Your Clients TIAA-CREF participants have access to a broad selection of low-cost 1 retirement investment products and services. Our annuity and mutual fund investments cover a wide spectrum of asset classes and investment styles, including equity (active, index, enhanced index, socially responsible), fixed income, asset allocation and real estate. (See the inside back cover for a listing of TIAA-CREF s retirement investment choices.) TIAA-CREF also offers more than 250 third-party funds through our open investment platform, which many of our client institutions use to develop customized investment menus for their plan participants. TIAA-CREF Retirement Products We offer the following TIAA-CREF retirement products: Employer-sponsored retirement plans, including defined contribution retirement plans, as well as TIAA-CREF Supplemental Retirement Plans and Group Supplemental Retirement Plans. Investment vehicles for individual investors, including Traditional/Roth IRAs and after-tax annuities. Receiving Income in Retirement TIAA-CREF offers several retirement distribution options to our participants. These flexible income options enable your clients to use one or a combination of choices to help meet their financial needs in retirement. These options can include: lifetime income 2 cash withdrawals systematic withdrawals lump-sum withdrawals required minimum distributions Helping You Make the Most of Our Choices To learn more about our retirement products and investment choices, our TIAA-CREF Advisor Liaisons can answer your questions. They will also help your clients determine how they can use TIAA-CREF s products and services to create strategies that are uniquely suited to their needs. Small Business and Retirement Plans We also offer tax-deferred retirement plans for small business owners and their employees, such as: SEP IRAs: A Simplified Employee Pension (SEP) plan is easy to manage and involves a reduced level of paperwork for certain businesses when compared with Keogh plans. Keogh Plans: TIAA-CREF offers two types of Keogh plans: profit sharing and money purchase, which, for qualified investors, have higher contribution limits than the SEP IRA. 1 Applies to mutual fund and variable annuity expense ratios. Source: Morningstar Direct (December 2009), based on Morningstar expense comparisons by category. Note that lower expenses do not mean higher returns. 2 Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Payments under CREF and the TIAA Real Estate Account are variable and will rise or fall based on investment performance. Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET) 3

6 Two Unique options: TIAA Traditional and the TIAA Real Estate Account TIAA-CREF offers retirement investors two unique choices: The TIAA Traditional Annuity and the TIAA Real Estate Account. Both give your clients the potential to earn competitive returns while diversifying their portfolios. TIAA Traditional Annuity The TIAA Traditional Annuity guarantees principal and a minimum interest rate during the accumulation stage and lifetime income 1 during the payout stage. While participants are accumulating assets for retirement, TIAA Traditional guarantees their principal and a minimum interest rate, and offers the potential for additional amounts above the guaranteed rate. The TIAA Board of Trustees votes on additional amounts and has declared them every year for TIAA Retirement Annuities since When declared, these additional amounts remain in effect for the declaration year, which begins on March 1 and lasts until the end of February of the next year. (The additional amounts are not guaranteed for future years.) The TIAA Traditional Annuity s guaranteed principal and history of competitive rates can provide an effective way for your clients to balance safety and opportunity in their retirement portfolios. TIAA Real Estate Account The TIAA Real Estate Account, 2 a variable annuity account opened in 1995, was the culmination of decades of experience at TIAA-CREF in direct investment in real estate. The account directly purchases and manages income-producing properties in office, industrial, multifamily and retail sectors, as well as other real estate-related assets, such as real estate investment trust (REIT) common stocks, and liquid short-term investments. The Real Estate Account is one of very few pension accounts that invests the majority of its assets in directly owned real estate. Other real estate accounts invest primarily in the common stock of REITs. Because REIT performance tends to be influenced by stock market trends, the Account can provide more diversification with less volatility than accounts that invest primarily in REITs. Historically, the correlation of real estate returns versus stocks and bonds has also been low. Therefore, the Account can help provide diversification for investors retirement portfolios. 1 Guarantees are based on the claims-paying ability of TIAA. 2 The TIAA Real Estate Account is subject to a number of risks including real estate investing risks, valuation and appraisal risks, financial risk, market risk, income volatility risk and foreign investment risks. Read the prospectus for a more complete discussion of these and other risks and investment considerations. 4 Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET)

7 TIAA-CREF s Mutual Funds and After-Tax Annuities Our mutual funds and after-tax annuities can help your clients more effectively reach their investment goals. TIAA-CREF mutual funds For your clients who have maximized contributions to their retirement plans and tax-deferred investments, mutual funds can be a good choice for investing additional amounts for retirement. Mutual funds also provide an effective investment vehicle for nonretirement goals, such as saving for a down payment on a house, a car or other short-term needs. TIAA-CREF s low-cost, no-load 1 mutual funds include equities, fixed-income, real estate, index and actively managed funds a comprehensive set of building blocks for individual and institutional portfolios. Our mutual funds are managed by the same teams that manage TIAA-CREF s retirement investments. After-Tax Annuities: Building Additional Savings TIAA-CREF Life Insurance Company s (TIAA-CREF Life s) after-tax annuities can help your clients who: Are currently saving the maximum amount possible in their qualified retirement plans and want to save more now to use in the future for a stream of retirement income Own a competitor s high-cost annuity and are interested in annuities with lower fees or different guaranteed rates/fixed-term periods 2 Need to create retirement income immediately For clients who want to build assets, we offer deferred annuities to help them accumulate assets on a tax-deferred basis: The Intelligent Variable Annuity (IVA) offers more than 40 investment options (from TIAA-CREF Life and 13 other fund managers). IVA has low annual annuity expenses 3 that get lower over time so more of your clients money can work for their retirement. We also offer an after-tax annuity that s not exposed to the equity markets. You or your clients can contact us to learn more about this option. In addition to deferred annuities, we also offer Single Premium Immediate Annuities (SPIA) so you can help your clients turn assets into a stream of income right away. SPIA offers both variable investments and a fixed account option. Your TIAA-CREF Advisor Liaison can introduce you to one of our licensed employees, who will assist you in developing an after-tax annuity plan for your clients. A TIAA-CREF Life employee is the noncommissioned, licensed insurance agent of record for all of our aftertax annuities. With IVA, you can maintain control over your client s account value through a Limited Power of Attorney. You can also receive daily downloads to your portfolio management system so you can manage these funds like all the other investments you manage. You may receive fee-based compensation for your advice on the investment allocation of your client s IVA. 1 Other fees and expenses do apply to a continued investment in a no-load mutual fund and are described in the fund s current prospectus. 2 Before transferring assets or replacing an existing annuity, make sure that your clients 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 associated with the transfer of assets. Indirect transfers may be subject to taxation and penalties. Clients should consult with their advisors regarding their particular situation. 3 According to Morningstar, the average annual annuity expense charge is 1.38% for all nongroup variable annuity policies in Morningstar Direct as of 12/31/2009. These low expenses refer to our variable annuity M&E and administration charges. Source: Morningstar Direct (December 2009) based on Morningstar expense comparisons by category. There are also underlying fund expenses as well. Please refer to the Intelligent Variable Annuity prospectus for more information about the investment risks, fees and expenses associated with the annuity. Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET) 5

8 Life Insurance and COLLEGE Savings Our life insurance products can help your clients protect their assets while pursuing their financial goals. We also offer a broad range of investments to help your clients save for higher education costs. TIAA-CREF Life Insurance Company s (TIAA-CREF Life s) products are designed to work within your advisor business model. TIAA-CREF Life s combination of products, services and technology give you the opportunity to: Better meet the protection needs of your clients Expand the platform of products you support for your clients More easily fulfill your fiduciary responsibilities Retain and grow more assets under management Our broad range of easy-to-understand life insurance products can help meet your clients protection needs: For your clients who need basic insurance protection for a set period of time, we offer affordable annual renewable term and 10-, 15-, 20- and 30-year level term life insurance policies that all carry guaranteed conversion (to permanent life products) privileges. For your clients who want lifelong insurance coverage, we offer high value, transparent Universal Life (UL) and Variable Universal Life (VUL) policies designed to address client needs for cash-value accumulation, wealth transfer, estate planning and business planning. These policies are also available in Survivorship (second-to-die) form. A TIAA-CREF Life employee is the noncommissioned, licensed insurance agent of record, but you can maintain control over the policy through a Limited Power of Attorney. We can enable you to receive fee-based compensation for your advice on the investment allocation of your clients funds in the VUL and Survivorship VUL products. In addition, you can receive daily downloads to your portfolio management system so you can manage these funds like all of the other investments you manage. Your TIAA-CREF Advisor Liaison can introduce you to one of our licensed life insurance employees, who will assist you in developing life insurance plans for your clients. COLLEGE Savings: Effective Solutions for Your Clients Needs TIAA-CREF offers a broad range of solutions for helping your clients invest and save for higher education costs. For example, you can use TIAA-CREF Mutual Funds to fund a custodial account for saving for a child s education. Coverdell Education Savings Accounts provide an additional option for saving for education and offer opportunities for tax-deferred growth and federal tax-free withdrawals. Additionally, TIAA-CREF Tuition Financing, Inc. (TFI) manages certain 529 College Savings Plans, which are sponsored by individual states and offer investors advantages such as tax-deferred growth opportunities and tax-free withdrawals when used for qualified expenses. Savings can be used at virtually all accredited colleges and universities in the United States and at many colleges abroad. 6 Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET)

9 TIAA-CREF s Equity AND FIXED-INCOME Investment StrategIES TIAA-CREF s Equity Investment team manages assets that fund a broad range of equity portfolios, and our Fixed-Income team operates one of the largest fixed-income portfolios in the United States. ACTIVE MANAGEMENT: A RIGOROUS BOTTOM-UP APPROACH Our equity portfolio managers focus on delivering competitive, risk-adjusted performance. The investment teams strengthen their deep understanding of the fundamental factors behind potential investments through in-person meetings with business leaders and government officials. All of our active equity portfolios draw from the expertise of our centralized equity research group of nearly 50 global, style-neutral career analysts. These analysts use proprietary models and other sophisticated tools to assess potential investments and provide high-conviction recommendations to the investment teams. Portfolio managers are responsible for imposing investment-style discipline (growth, value or blend). Maintaining Broad Diversification At TIAA-CREF, our investment philosophy for active equity investments involves maintaining highly diversified portfolios. This helps reduce risk, lowers overall portfolio volatility, and can ensure limited risk of downside relative performance when a portfolio is broadly diversified versus its benchmark. As a result, TIAA-CREF s equity accounts typically hold far more stocks than most other companies equities funds, which may have as few as 20 stocks. The CREF Stock Account, for example, generally holds in excess of 4,500 securities. (Please note that diversification does not guarantee against losses.) Index Investing: A Systematic Approach Our equity index portfolios are managed by dedicated teams that use quantitative strategies to either replicate or exceed the returns of the underlying benchmark indexes. Our index funds and variable annuities seek to optimize a given index by creating a portfolio that closely matches the overall investment characteristics of a given index, while providing desired market exposure and minimizing trading costs. The portfolio managers use a proprietary quantitative model that supports disciplined portfolio construction and consistent monitoring. Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET) 7

10 TIAA-CREF s Fixed-Income Investment Strategy Our fixed-income portfolio managers have extensive expertise across maturities, sectors and security types, including corporate debt, government agencies, municipal bonds, mortgage-backed securities, asset-backed securities and other structured securities. Our portfolio managers seek undervalued securities through proprietary credit research, yield-curve analysis, historical spread analysis and assessments of duration characteristics. To reduce risk related to rating downgrades and defaults, our centralized credit research team conducts rigorous analyses of borrowers on an ongoing basis. This credit analysis process includes analyzing company financial statements, meeting with company managements, reviewing rating agency reports, assessing industry trends and reviewing financials. Asset Allocation Portfolios We also offer asset allocation portfolios, which invest in both equities and fixed-income securities and are designed for investors who want a single portfolio that includes investments from both of these asset classes. Our asset allocation portfolios provide an easy way for these investors to achieve broad diversification based on their investment goals, risk tolerance and time horizon. Our managers regularly rebalance these portfolios to maintain the desired allocations over time. Socially Responsible Investing TIAA-CREF also manages comprehensively screened socially responsible investment (SRI) vehicles. This program combines three distinct yet complementary strategies: Socially screened investment options that enable investors to align their portfolios with their values Shareholder advocacy through the global promotion of sound corporate governance practices Community investing to help meet local needs We believe this integrated approach to SRI can produce positive investment results over the long term, helping us pursue a double bottom line of competitive returns and social benefits. 8 Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET)

11 TIAA-CREF Retirement Accounts AND FUNDS As of February 2010, TIAA-CREF offers the following investment choices for retirement plans and IRAs, shown below by asset class. (We also offer nonproprietary funds to certain client institutions.) Learn more at tiaa-cref.org/performance. ASSET CLASS Guaranteed Money Market Fixed Income Real Estate ACCOUNTS/FUNDS TIAA Traditional Annuity CREF Money Market Account variable annuity TIAA-CREF Money Market Fund CREF Bond Market Account variable annuity CREF Inflation-Linked Bond Account variable annuity TIAA-CREF High-Yield Fund TIAA-CREF Bond Plus Fund TIAA-CREF Short-Term Bond Fund TIAA-CREF Bond Index Fund TIAA-CREF Bond Fund TIAA-CREF Inflation-Linked Bond Fund TIAA Real Estate Account variable annuity Equities & Fixed Income CREF Social Choice Account variable annuity Asset Allocation TIAA-CREF Managed Allocation Fund Multi-Asset TIAA-CREF Lifecycle Fund 2010 TIAA-CREF Lifecycle Fund 2015 TIAA-CREF Lifecycle Fund 2020 TIAA-CREF Lifecycle Fund 2025 TIAA-CREF Lifecycle Fund 2030 TIAA-CREF Lifecycle Fund 2035 TIAA-CREF Lifecycle Fund 2040 TIAA-CREF Lifecycle Fund 2045 TIAA-CREF Lifecycle Fund 2050 TIAA-CREF Lifecycle Retirement Income Fund ASSET CLASS Equity ACCOUNTS/FUNDS CREF Stock Account variable annuity CREF Global Equities Account variable annuity CREF Equity Index Account variable annuity CREF Growth Account variable annuity TIAA-CREF Growth & Income Fund TIAA-CREF International Equity Fund TIAA-CREF Large-Cap Value Fund TIAA-CREF Mid-Cap Growth Fund TIAA-CREF Mid-Cap Value Fund TIAA-CREF Real Estate Securities Fund TIAA-CREF Small-Cap Equity Fund TIAA-CREF Social Choice Equity Fund TIAA-CREF S&P 500 Index Fund TIAA-CREF Large-Cap Growth Index Fund TIAA-CREF Large-Cap Value Index Fund TIAA-CREF Small-Cap Blend Index Fund TIAA-CREF International Equity Index Fund TIAA-CREF Large-Cap Growth Fund TIAA-CREF Equity Index Fund 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. Payments from the variable annuity accounts and mutual funds are not guaranteed and will rise or fall based on investment performance. Mutual funds do not offer the range of income options available through annuities. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. Advisor Services For more information on how we can work with you on your K-12, higher education and other business, please call us at , weekdays, 8 a.m. to 7 p.m. (ET). Advisor Services , weekdays, 8 a.m. to 7 p.m. (ET) 9

12 For broker/dealer and financial advisor use only. Not to be distributed to the general public. Consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA-CREF Investment Management serves as investment manager to CREF. Teachers Advisors, Inc. provides investment advice to TIAA-CREF Mutual Funds and the after-tax annuities. Retirement Annuity (RA) contract form series ; Group Retirement Annuity (GRA) contract form series G1000.4, G1000.5, G1000.6, G1000.7; Supplemental Retirement Annuity (SRA) contract form series ; Group Supplemental Retirement Annuity (GSRA) contract form series G (GSRAs are not available in all states); IRA annuity contract form series or (not available in all states); Roth IRA annuity contract form series or (not available in all states); Keogh annuity contract form series G1350 (not available in all states) are issued by Teachers Insurance and Annuity Association (TIAA), 730 Third Avenue, New York, NY Life insurance policy form series TCL-RT.1, TCL-LPT.1, AM-SUL.3 (2008), AM-JUL.3 (2008), AM-SVUL.3 (2008), AM-JVUL.3 (2008) and after-tax annuities contract form series TCL-1009, TCL-1033, TCL-901, and TCL-VA2 are issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY Some products may not be available in all states Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY C44998 A32806 (2/10)