If you cash out the entire value of your vested benefit under CRP, no future benefits will be payable to you, your spouse, or beneficiaries upon your death.

If you elect an annuity option under CRP, your annuity payment will be determined by TIAA-CREF based on the vested balance in your investment fund and your life expectancy at the time benefit payments begin. Also, federal tax laws may limit the length of a guaranteed period or the amount of a survivor annuity if you name a co-annuitant who is not your spouse.

The Single Life Annuity Option pays a benefit for your lifetime with no benefits continuing after your death. In contrast, a Survivor Annuity Option pays a reduced benefit for your lifetime with benefits continuing to your co-annuitant upon your death. Payments are reduced during your lifetime because benefits are expected to be paid for a longer period of time (i.e., your lifetime plus your co-annuitant’s lifetime). Note, however, that all survivor annuities are calculated in a way that makes them equal in value to the single life annuity.

Different payment options have different tax consequences. Be sure to read “Paying Taxes” below and consult your professional financial advisor before deciding when and how to take a payment from CRP.