Participant Loans

Securing Your Loan

A portion of your retirement savings account -- that is, an amount equal to 110% of the loan amount -- will serve as collateral for your loan and must be invested in a TIAA Retirement Loan certificate, an annuity that is separate and distinct from your other TIAA-CREF contracts. For example, if the value of your vested retirement savings account invested with TIAA-CREF is $10,000, you may borrow up to $4,500. If you borrow $4,500, $4,950 of your vested retirement savings account (110% of $4,500) will serve as collateral for your loan and must be invested in a TIAA Retirement Loan certificate. As you repay the loan, the excess collateral will be transferred periodically to the CREF Money Market fund. Amounts invested in the TIAA Retirement Loan certificate are not available for benefit payments.

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.