to help employees become retirement ready Does your plan meet today s higher standards for generating favorable retirement outcomes? As a plan fiduciary, it s critical to work with the right retirement plan provider: one that offers what you need to help your employees meet their lifelong financial needs. Many conventional plans offer investments designed to help plan participants accumulate assets, as well as investment education and selfguided tools. But TIAA-CREF believes today s plan must offer more, including: Lifetime-income solutions to help your employees avoid outliving their savings. 1 Many people are living longer so will need more income for retirement, possibly to last 30 to 40 years. 1:1 personalized advice, which can dramatically improve retirement outcomes versus exclusive reliance on education and self-guided tools. 2 A higher standard At TIAA-CREF, we aspire to a higher standard that combines a well-designed plan to help your plan participants prepare for retirement with strong outcomes to help take them through their retirement years. Read on to learn about TIAA-CREF s investment menu, employee engagement and investment fiduciary compliance offerings. All are designed to prepare your employees for retirement and help you meet your fiduciary obligations. To help participants prepare for retirement, we make lifetime-income offerings the foundation of our platform, which distinguishes us from many other providers. This base is complemented by an open-architecture 3 menu of investment options designed for asset accumulation. Besides an array of educational resources and financial tools, your employees can benefit from 1:1 personalized advice provided by our experienced team of consultants. TIAA-CREF makes in-plan advice available to more participants in plans of higher education and various other not-forprofit institutions than any other provider. 4 In addition to helping your participants, we are committed to helping you implement a rigorous investment fiduciary compliance process. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 1
1 2 3 Plan sponsor challenges Questions to ask yourself How do I ensure employees have the right choices to help them build savings and have enough income to last their entire life? How do I structure my plan to fulfill my fiduciary responsibilities? How can I engage employees to take the right action to help them be more confident about retirement? TIAA-CREF solutions Goal: To provide you with the best plan value Provide access to options in your plan to not only help employees accumulate assets, but to also receive lifetime retirement income they can t outlive. Build a prudent fiduciary process to help maximize participant outcomes and improve retirement readiness. Offer employees access to financial education and comprehensive, personalized advice. An investment framework to help prepare all employees for and take them through their retirement years 1 2 3 Investment menu: asset accumulation and lifetime income Asset accumulation and lifetime income should go hand in hand as complementary imperatives in your plan. They are both critical to your employees retirement readiness and outcomes. We offer a full menu of low-cost 5 lifetime-income products and investments that can serve the needs of both accumulators and retirees. Investment fiduciary compliance As a plan fiduciary, you are responsible for creating an Investment Policy Statement, and implementing a prudent fiduciary process that helps deliver favorable outcomes for all participants. To help you meet your fiduciary obligations, TIAA-CREF employs a rigorous, seven-step process and can work with you and your consultants each step of the way. Employee engagement: outcome-based education and advice Proactive communication, education and advice can help participants better understand and effectively take advantage of their plan. Education and advice should not only support participants while they are working and accumulating assets, but also later when they are in the spend-down stages of their retirement years. TIAA-CREF can help you effectively engage your employees, and offers valueadded educational tools and 1:1 in-plan advice. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 2
1 Investment menu offering: asset accumulation and lifetime income TIAA-CREF offers a diverse menu of low-cost 5 lifetime-income products and investments designed to help your employees accumulate assets and receive lifetime income. Asset accumulation TIAA-CREF can help you build an investment menu of diversified choices for all of your employees. We offer more than 15,000 mutual fund options, which include TIAA-CREF funds with solid track records across all major asset classes. 6 Our proven long-term investment approach, attention to cost and disciplined risk management are designed to help deliver consistent performance. TIAA-CREF was named the 2013 Lipper Best Overall Large Fund Company. 7 In a Barron s/lipper Fund Family Survey, TIAA-CREF ranked among the top 10 in the one-year performance of 62 mutual fund families in 2012. 8 Morningstar rated 58% of our mutual fund and variable annuity offerings at four or five stars, while rating only 3% at two stars or less. 9 As of year-end 2012, 69% of TIAA-CREF Lifecycle Funds a common plan default option received four or five stars, and 100% received three stars or more. Transparent and low fees The expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average: 94% of TIAA-CREF Funds and Variable Annuity Accounts have expense ratios that are in the bottom quartile (or 100% below median) of their respective Morningstar category. 10 Our active Lifecycle Funds were ranked by Morningstar at the bottom quartile of expenses in their respective categories relative to peers. 11 We are now evolving into the next generation of success standards. The new measurement will be based on back-end results. Rather than: What is the plan doing? the question will be: What is the plan producing will it yield adequate benefits for participants to live on in retirement? Success will be measured not by account balances but retirement income. Fred Reisch, Recipe for Success, PLANSPONSOR Magazine FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 3
Lifetime income Lifetime-income products can be offered in-plan (while the employee is working) or out-of-plan (after the employee has retired). Some of the benefits of offering a lifetime-income option like an annuity in your plan are: It tends to increase participants confidence about being able to afford to retire comfortably. Employees who contribute to a lifetime-income product during their working years are better prepared and are more likely to face a potentially smoother transition to retirement, according to TIAA-CREF s analysis. Including lifetime-income options demonstrates your fiduciary commitment to helping your employees achieve security. Lifetime-income payouts: 259,000 participants receive annualized payments of $4.3 billion through our lifetime pension annuity contracts. 12 Lifetime-income products are the foundation of our platform, which differentiates us from many other providers, and are complemented by a full open-architecture menu and brokerage options. Open Architecture Platform: Extended Choice Customization and choice Foundational One Decision Target-date or assetallocation funds Retirement Readiness Brokerage Window Optional participant access to broader investment options** Core Investment Options Access to $15,000+ active and indexed mutual funds** Lifetime Income* Guaranteed and variable annuities* * Guarantees are subject to the issuer s claims-paying ability. Payments from the variable accounts will rise or fall based on investment performance. ** Rarely used by clients and their participants. Advantages of in-plan versus out-of-plan annuities Our diverse lifetime-income products, which include low-cost 13 variable annuities and guaranteed 14 options, provide flexibility and choice. We have been offering annuities in our investment menu since 1918, and three out of four retirees receiving benefits from us have annuity income as part of their overall retirement distribution. In addition to our guaranteed TIAA Traditional Annuity, we offer a vast selection of variable annuities that offer exposure to diverse asset classes, including real estate investments. Advantages include: Costs: Costs to participants may be substantially reduced. 15 Behavior change: Participants are more likely to annuitize, providing them with income they will need throughout their lifetime, according to our research. Security: A range of annuities in different classes can help to manage downside risk, dampen volatility and ensure retirement income. Satisfaction: 72% of participants want annuities in their plan. 16 Only an insurance company can offer a product guaranteed for life. 17 TIAA has earned the highest insurance ratings currently available in the U.S. 18 FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 4
2 Investment fiduciary compliance offering To help you meet your fiduciary obligations, we employ a rigorous, seven-step process. It includes understanding your plan s objectives, your plan participants lifetime-income needs, your fiduciary responsibilities and ways we can help you engage your employees. We will work with you and your consultants to help implement these steps and provide attentive, ongoing support. 7 Provide effective ongoing participant communication, education and advice. 1 Understand plan objectives plus participants lifetime-income needs. 2 Know your fiduciary and compliance responsibilities. Properly document your fiduciary activities. 3 Create or review your Investment Policy Statement. 6 Monitor and review the investment options in your plan. Update your investment menu. 4 5 Advantages of sole recordkeeping TIAA-CREF offers investments designed for asset accumulation, and lifetime-income products, on a single platform. Our solerecordkeeping model can improve fiduciary oversight and offers you a single source for reporting and compliance activities, often with lower plan pricing. Participants can also take action more easily on advice provided on a sole-recordkeeping platform, and can have a better grasp of their holdings with a single, simple-yetcomprehensive statement. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 5
3 Employee-engagement offering: outcome-based education and advice While effective plan design is critical, it s also important to engage participants through proactive communication, education and advice to provide them with the direction they need during their working years and throughout retirement. Education and tools At TIAA-CREF, we are continually upgrading our comprehensive online-planning tools to help enable your participants to experiment with various hypothetical scenarios, set goals, and design both asset-accumulation and asset-distribution strategies. Over the past year, we rolled out new educational materials, seminars and online tools to more than 15,000 plans. Examples include My TIAA-CREF, Advice & Planning, Retirement Advisor and Retirement Income Planner. 19 We also offer educational workshops and a digital library of almost 200 educational articles. 1:1 personalized advice Based on our experience, individuals who received in-plan advice are five times more confident about their retirement than the average American worker. 20 Our knowledgeable consultants provide 1:1 personalized advice not merely guidance like many other retirement plan providers both face to face and over the phone. The advice takes into account specific employee variables, such as the employee s age, savings rates, plan investments and tolerance for risk. Our holistic approach also factors in account investments outside of the plan. Many participants need and want personalized advice regarding investments. Up to 88% prefer someone to make specific recommendations they can follow. 21 Advice can influence outcomes. More than half of individuals who received advice through TIAA-CREF via their plan increased their contributions. 22 Over 30 years, that could hypothetically result in $200,000 more in retirement savings 23 or $1,100 more per month for life. 24 Convenience and flexibility Your employees can receive one-on-one advice at our 60 local offices or on the phone by calling our National Contact Center, or by going online through My TIAA-CREF 24/7. We have 200 Financial Consultants and more than 250 Wealth Management Advisors waiting to help them. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 6
TIAA-CREF s solid long-term track record Participants who invested in TIAA-CREF s most basic menu offering enjoyed better outcomes than the average self-directed novice over the same 20-year period ending 12/31/12.* Average investment outcome for self-directed novice.* Fixed income: 0.98% Equity funds: 4.25% Outcome for TIAA-CREF most basic investment options TIAA Traditional Annuity (RA)** 6.60% (6.50% bonds***) CREF Stock Annuity** 8.83% (7.81% stocks***) * Dalbar, Quantitative analysis of investor behavior, 2013; average investment outcome refers to the universe of all stock and bond mutual fund investors whose actions and financial results are restated to represent a single stock and bond investor. ** The quarterly performance for the CREF Stock Account for the three-month period ending 06/30/13 was 0.85%. The annual performance for the CREF Stock Account as of 06/30/13 was as follows: 1-year 18.74%, 3-year 15.12%, 5-year 4.73%, 10-year 7.35%. Inception date for the CREF stock was 8/1/52. The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower. The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA s claims-paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the declaration year, which begins each March 1. Inception date for TIAA Traditional Annuity (RA) was 1918. For its stability, claims-paying ability and overall financial strength, TIAA currently holds the highest possible ratings from the four leading company rating agencies: A.M. Best (A++ as of 5/13), Fitch (AAA as of 6/13), Moody s Investors Service (Aaa as of 7/13) and Standard & Poor s (AA+ as of 6/13). 14 Long-term asset management experience The TIAA-CREF organization has been investing in fixed income since 1918 real estate since 1947 equities since 1952 international markets since since 1972 emerging markets since 1996 We are one of the largest investors in the socially responsible space in the U.S. *** Index returns (S&P 500, Barcap Aggregate Indexes) over 20 years ending 12/31/2012. You cannot invest in an index. Learn more about TIAA-CREF s investment offerings at www.tiaa-cref.org/public/assetmanagement FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 7
A commitment you and your participants can rely on TIAA stability and strength Combined assets under management exceed $523 billion as of June 30, 2013. TIAA has earned the highest insurance ratings currently available in the United States. 18 TIAA Traditional is backed by a $213.2 billion general account, 25 and $29 billion is in capital reserves that help protect participants retirements. 26 We have credited additional amounts to TIAA Traditional Annuity every year for the past 64 years. Dedicated to finding solutions for plan sponsors For more than 90 years we have been dedicated to serving the not-for-profit market our client relationships span decades, not years. We are one of the largest private providers of retirement benefits nationwide. TIAA-CREF is the not-for-profit retirement market leader. 27 We serve 3.9 million individuals, more than 15,000 institutions and 27,000 plans. A continuing commitment to guaranteed retirement income TIAA-CREF s primary purpose is to help ensure participants can live well in retirement. $329 billion (cumulative) has been paid in annuity and other benefits since 1918. 28 Lifetime-income payouts: 259,000 participants receive annualized payments of $4.3 billion through TIAA-CREF lifetime pension annuity contracts. 12 TIAA-CREF participants have the highest average retirement account balances. 27 Personalized retirement plan advice and financial education is available for all employees, regardless of assets, including 1:1 counseling sessions. Wealth Advisors exceed 250. In 2012, 147,000 in-person in-plan advice sessions were held. The TIAA-CREF advantage Lifetime income: TIAA-CREF distinguishes itself by making lifetime-income products the foundation of our platform, complemented by a full openarchitecture investment menu and brokerage options. Personalized advice: TIAA-CREF has a more diversified model for providing personalized advice on employees retirement plan investment options than even many of our largest competitors. Our model offers comprehensive options, flexibility and convenience. Rigorous investment fiduciary process: TIAA-CREF works with you and your consultants to implement a comprehensive fiduciary compliance process. Record and strength: We pay over $12.3 billion per year in annuity payments and disbursements to participants ($329 billion in cumulative benefits and dividends have been paid since 1918). 28 TIAA is one of only three insurance groups in the U.S. to hold the highest ratings currently awarded from all four leading independent insurance industry ratings agencies. 18 FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 8
For more information about TIAA-CREF and what we offer, visit tiaa-cref.org, contact your Relationship Manager, or call the Administrator Telephone Center at 888 842-7782, Monday through Friday, 8 a.m. to 8 p.m. (ET). 1 Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. 2 Based on TIAA-CREF proprietary research, 2010-2012. In 2010, the average annual contribution of premium-paying participants who took advantage of our Advice offering was $11,900 prior to the session and $13,700 after the session, representing an increase of 15%. Hypothetically, over a 30-year period, the additional accumulation at retirement will be $204,388. This assumes end-of-month contributions, 6% annual rate of return and 3% annual premium increase rate. The payout annuity in all cases assumes a 65-year-old retiree, single life annuity with 10 years guaranteed, 4% rate of return, and the mortality assumptions used in computing current total income under TIAA pension payout annuities. The experience of each investor depends on a number of factors and individual experience will vary. These calculations are purely hypothetical and do not illustrate past or projected performance. Past performance is not indicative of future returns. Account balances depend on employee and employer contribution rates as well as performance of the investments selected. Note: TIAA-CREF is providing educational services concerning plan-menu construction and the plan sponsor s fiduciary duties under its plan. It is not providing investment advice and is not a plan fiduciary with respect to the education and information presented herein. Note also that TIAA cannot and does not provide legal advice. Consult such advice from your tax and legal advisors. 3 Open architecture includes proprietary funds and nonproprietary funds. 4 Source: LIMRA, Not-For-Profit Market Survey, based on results for the quarter ending December 31, 2012. Based on a survey of 29 companies. Other category includes 457 state and local government and 401(a) government plans, and other 403(b), 401(a), NFP 401(k) and NFP plans. TIAA-CREF rankings are based on LIMRA s total estimated full-service assets under management, and do not reflect investment performance. 5 Based on Morningstar data, the expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average. (64% are less than half their respective Morningstar Universe average and 57% are less than half their respective Morningstar Universe median.) 6 The number of options noted represents proprietary and nonproprietary funds. Past performance does not guarantee future results. 7 The award recognizes risk-adjusted return performance across all major asset classes for the past three years. TIAA-CREF topped 35 other firms to win this category during what has often been a difficult period for active managers. In calculating the awards, Lipper considered funds registered for sale in the United States with at least 36 months of performance as of the end of the calendar year of the respective evaluation year. Fund groups with at least five equity, five bond or three mixed-asset portfolios were eligible for an overall group award. The award is given to the group with the lowest average decile ranking of three years Consistent Return measure of the eligible funds over the three-year period ended November 30, 2012. A total of 36 fund companies were ranked. 8 The rankings are quantitative, and are based on performance according to Lipper data. Each fund family is given an asset-weighted score within the five asset classes: U.S. Equity, World Equity, Mixed Asset, Taxable Bond and Tax-Exempt Bond, and the asset class score is then weighted by its size within the Lipper universe. TIAA-CREF ranked 29th out of 43 mutual-fund families in Lipper s five-year ranking. Each fund s return was measured against all those in its Lipper category, and the resulting percentile ranking was then weighted by asset size relative to the fund family s other assets in its general category. The family s overall ranking was then determined by weighting the five fund categories in proportion to their overall importance within Lipper s fund universe. In the five-year overall ranking, TIAA-CREF is ranked 29th out of 53 mutual fund families. TIAA-CREF does not qualify for the 10-year ranking. 9 As of June 30, 2013, 43% have three stars, 45% four stars and 9% five stars. The Morningstar ratings include Retail, Retirement, Premier and Institutional fund share classes; CREF Accounts and the Life Funds. 58% of our funds/accounts have an overall rating of 4 and 5 stars and 98% are rated 3 or more stars. Morningstar is an independent service that rates mutual funds and variable annuities. The top 10% of accounts in an investment category receive five stars, the next 22.5% receive four stars, and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the account s three-, five- and ten-year average annual returns in excess of the 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects mutual fund/subaccount performance below 90-day T-bill returns. The overall star ratings are Morningstar s published ratings, which are weighted averages of its three-, five- and ten-year ratings for periods ended June 30, 2013. 10 Source: Morningstar Direct (June 30, 2013) based on Morningstar expense comparisons by category. 11 TIAA-CREF Lifecycle Funds Retirement Share Class expense ratios vs. Morningstar U.S. Open-End Mutual Fund Target Date peer group, effective June 30, 2013. The target date for Lifecycle funds is the approximate date when investors plan to start withdrawing their money. The principal value of the fund(s) is not guaranteed at any time, including at the target date. 12 First-quarter 2013. 13 Fees on TIAA-CREF variable annuity accounts and mutual funds are generally half the industry average, and 94% of TIAA-CREF funds and variable annuity accounts have expense ratios that are in the bottom quartile (or 100% below median) of their respective Morningstar category. Source: Morningstar Direct (June 2013) based on Morningstar expense comparisons by category. 14 Any guarantees under annuities issued by TIAA are subject to TIAA s claims-paying ability. Payments from the variable accounts will rise or fall based on investment performance. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 9
15 The median participant-weighted all-in fee for TIAA-CREF recordkept plans is 0.51% of assets, while the median stated in the ICI/Deloitte 2011 Defined Contribution 401(k) fee study was 0.78%. TIAA-CREF annuities average about.48%, less than half the industry institutional annuity costs. 16 72% of participants surveyed said they would be somewhat or very interested in contributing to an investment option in their 401(k) 403(b) or 457 plan that focuses mainly on generating guaranteed monthly income in retirement (instead of accumulating a specific amount) Brightwork Partners. 17 Lifetime Income in Defined Contribution Plans: A Fiduciary Approach, Fred Reish, Bruce Ashton, Joseph Faucher, Drinker, Biddle & Reath LLP, 2012. 18 For its stability, claims-paying ability and overall financial strength, TIAA currently holds the highest possible ratings from the four leading company rating agencies: A.M. Best (A++ as of 5/13), Fitch (AAA as of 6/13), Moody s Investors Service (Aaa as of 7/13) and Standard & Poor s (AA+ as of 6/13). Per S&P criteria, the downgrade of U.S. long-term government debt limits the highest rating of U.S. insurers to AA+ (the second-highest rating available). There is no guarantee that current ratings will be maintained. Ratings represent a company s ability to meet policyholders obligations and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA s claims-paying ability. 19 TIAA-CREF is not providing investment advice and is not a plan fiduciary with respect to the education and information presented herein. Note also that TIAA cannot and does not provide legal advice. Consult such advice from your tax and legal advisors. The TIAA-CREF Retirement Advisor will provide asset allocation advice based upon the information that you provide. It will not provide specific recommendations regarding your retirement assets. 20 Based on survey of 2,376 individuals that received TIAA-CREF advice via phone or in person from April through September 2011. 21 Source: Cisco Study, 2011, 1000 investors, among whom only 12% believed they could do better investing on their own, and 88% said they prefer to get advice. 22 Source: TIAA-CREF survey 2011. 23 Based on TIAA-CREF proprietary research, 2010-2012. In 2010, the average annual contribution of premium-paying participants who took advantage of our Advice offering was $11,900 prior to the session and $13,700 after the session, representing an increase of 15%. Hypothetically, over a 30-year period, the additional accumulation at retirement will be $204,388. This assumes end-of-month contributions, 6% annual rate of return and 3% annual premium increase rate. 24 The payout annuity in all cases assumes a 65-year-old retiree, single life annuity with 10 years guaranteed, 4% rate of return, and the mortality assumptions used in computing current total income under TIAA pension payout annuities. The experience of each investor depends on a number of factors and individual experience will vary. These calculations are purely hypothetical and do not illustrate past or projected performance. Past performance is not indicative of future returns. Account balances depend on employee and employer contribution rates as well as performance of the investments selected. 25 The investment performance of the TIAA General Account portfolio supports TIAA fixed annuity minimum guaranteed returns, additional amounts and payout obligations. TIAA s General Account is the source of the earnings, financial strength and stability that back the TIAA Traditional Annuity. It is not available to investors and does not present investment returns to participants. 26 As of March 31, 2013. Applies to TIAA, the insurance company affiliate, which backs TIAA Traditional and our other guaranteed products. Capital reserve represents total statutory capital, which comprises capital and surplus, and asset valuation reserve for TIAA. 27 Source: LIMRA, Not-for-Profit Market Survey, based on results for the quarter ending December 31, 2012. Based on a survey of 29 companies. Market share ranking does not reflect current investment performance. Average assets per participant based on full-service business. Please note average retirement account balances are not a measure of performance of TIAA-CREF retirement offerings. 28 As of 12/31/12. Benefits include annuity payments from TIAA and CREF, additional amounts paid on TIAA Traditional above the guaranteed rate, surrender benefits and other withdrawals, death benefits, health insurance and disability insurance benefits, and all other policy proceeds paid. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, 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 products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. Investment products, insurance, and annuity products are not FDIC insured, are not bank guaranteed, may lose value, are not bank deposits, are not insured by any federal government agency, and are not a condition to any service or activity. You should consider the investment objectives, risks, charges and expenses carefully before investing. Go to tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. FOR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE PUBLIC. 10 C11867 215924_273903 (08/13)