Single Life Annuity Option. This option pays you an income for life with payments stopping at your death. A single life annuity provides you with a larger monthly payment than the other annuity options. This option is also available with a 10, 15, or 20 year guaranteed payment period (but not exceeding your life expectancy at the time you begin annuity payments). If you die during the guaranteed period, payments in the same amount that you would have received will continue to your beneficiary(ies) for the remainder of the guaranteed period. This option is available only for accumulations invested in a TIAA-CREF investment fund.

Survivor Annuity Option. This option pays you a monthly benefit for life and, if your co-annuitant lives longer than you, he or she will continue to receive a monthly benefit for his or her life. The amount of the monthly benefit continuing to your co-annuitant depends on which of the following three options you choose:

Half Benefit to Co-Annuitant. Your monthly benefit payment continues as long as you live. If you die and your co-annuitant survives you, he or she will receive one-half of the monthly benefit you would have received if you had lived.

Full Benefit to Co-Annuitant. Your monthly benefit payment continues as long as either you or your co-annuitant is living.

Two-Thirds Benefit to Survivor. At the death of either you or your co-annuitant, your monthly benefit payment is reduced to two-thirds the amount that would have been paid if both of you had lived, and the reduced monthly benefit payment is continued to the survivor for life.

Retirement Transition Benefit Option. This option enables you to receive a one-time lump sum payment of up to 10% of your accumulations in a TIAA-CREF investment fund at the time you start payments under an annuity option. The one-time payment cannot exceed 10% of your accumulations then being converted to an annuity.

Transfer Payout Annuity Option. This option enables you to receive benefit payments from the TIAA Retirement Annuity over a 10-year period instead of in the form of a Single Life Annuity or a Survivor Annuity. At the end of the 10-year period, all payments stop. If you die during the 10-year period, payments will continue in the same amount to your beneficiary for the remaining period.

Interest Payment Retirement Option (“IPRO”). This option enables you to receive benefit payments from the TIAA Retirement Annuity equal to the contractual interest rate plus dividends that would otherwise be credited to your TIAA Retirement Annuity and is available only if (i) you are between the ages of 55 and 69½ and (ii) your accumulations in the TIAA Retirement Annuity are at least $10,000. Under the IPRO, your accumulations are not reduced because monthly payments are limited to the interest earned on your accumulations. Interest payments made under the IPRO must continue for at least 12 months and thereafter will continue until you begin receiving your accumulations under an annuity option. When you do begin annuity payments from the TIAA Retirement Annuity, you may choose any of the available annuity options. If you die while receiving interest payments under the IPRO, your beneficiary will receive the amount of your accumulations, plus interest earned but not yet paid.

Fixed Period Option. This option enables you to receive benefit payments over a fixed period between two and 30 years in duration. At the end of the selected period, all payments stop. If you die during the selected period, payments will continue in the same amount to your beneficiary for the remaining period. This option is not available for accumulations invested in the TIAA Retirement Annuity.

Minimum Distribution Option (“MDO”). This option enables you to automatically comply with federal tax law distribution requirements and is available only in the year you attain age 70½ or retire, if later. Under the MDO, you will receive the minimum distribution that is required by federal tax law while preserving as much of your accumulations as possible. If you die while receiving payments under the MDO, your beneficiary will receive your remaining accumulations. This option is available under all investment funds.

Lump Sum or Partial Lump Sum Distribution Option. This option enables you to receive all or a portion of your accumulations under all investment funds except the TIAA Retirement Annuity in the form of a lump sum distribution or a partial lump sum distribution. In the case of the TIAA Real Estate Account or a CREF Account, partial lump sum distributions under this option are administered through TIAA-CREF’s Systematic Withdrawal Service. This service (provided free of charge) allows you to specify the amount and frequency of payments. Currently, the initial amount must be at least $100 per investment fund. Once payments begin, they will continue at the frequency you specify, i.e., monthly, quarterly, semi-annually, or annually. You can change the amount and frequency of payments, as well as stop and restart payments, as your needs dictate. Once you have received the entire amount of your accumulations, no future benefits from the Plan will be payable to you, your spouse, or beneficiaries upon your death.

One-Time Lump Sum Distribution Option. This option enables you to receive your accumulations in the TIAA Retirement Annuity in the form of a lump sum distribution; provided, that your accumulations are invested in a TIAA Group Retirement Annuity (“GRA”) and your election is made within 120 days following your termination of employment with the University. A 2.5% surrender charge will apply. Once you have received the entire amount of your accumulations, no future benefits from the Plan will be payable to you, your spouse, or beneficiaries upon your death.

TIAA-CREF imposes a 10-year installment payout restriction on amounts invested in the TIAA Retirement Annuity. This means that if you invest all or part of your retirement savings account in the TIAA Retirement Annuity, you will be able to withdraw only ten percent of that part of your account annually unless you are eligible to elect the One-Time Lump Sum Distribution Option described above and you make such election within 120 days following your termination of employment with the University.

Vanguard does not offer an annuity form of payment. If you invest all or part of your retirement savings account with Vanguard and wish to receive your benefit in the form of an annuity, you must first transfer your Vanguard accumulations to a TIAA-CREF investment fund.

The above descriptions of the payment forms are summaries. In the event there is an inconsistency between the above descriptions of the payment forms and the payment forms available under the terms of your investment funds, the terms of your investment funds will govern. For more information regarding the forms of payment available under CRP, please contact the investment companies directly.