LIFETIME ANNUITIES

Purpose: To provide retirement income for life. A one-life annuity pays a lifetime income to you. A two-life annuity pays a lifetime income to both you and your annuity partner. Under both one- and two-life annuity options, you can name beneficiary or beneficiaries to receive benefits during a "Guaranteed Period." If you and your annuity partner die during the guaranteed period, benefits will continue to be paid to the beneficiaries named in the contract for the remainder of the period. Guaranteed periods of 10, 15, and 20 years are available.

Best for people who want to ensure retirement income for the rest of their lives.

SYSTEMATIC WITHDRAWAL

Purpose: Allows you to receive income payments for any period you choose, provided the withdrawal is a minimum of $100 per account. You can stop and restart the payments anytime you wish. You can also choose to convert the remainder of your accumulation to a lifetime annuity or combine the systematic payments with other payment options.

Best for people who, whether because of poor health or other reasons, find it best to withdraw money from their retirement funds instead of receiving regular annuity payments. However, if you select the Systematic Withdrawal Option, you could substantially reduce or even use up your retirement accumulations.

MINIMUM DISTRIBUTION

Purpose: Allows you to take the minimum amount of income required to avoid the federal penalty tax for late withdrawals.

Best for people who are over 70½ and retired (by which you generally must begin receiving retirement income to avoid the 50 percent minimum distribution penalty tax) and who want to delay starting life annuity income from their retirement annuities.

FIXED PERIOD ANNUITIES

Purpose: Allows you to receive income for a fixed period of time without having to take a lifetime annuity.

Best for people who need a regular series of income payments for a specified period of time but are not yet ready to annuitize their accumulations.

TRANSFER PAYOUT ANNUITY

Purpose: Allows you to receive income from the TIAA or Valic Traditional Annuity in equal payments over a 10-year period.

Best for people who need a regular series of income payments for a specified period of time but are not yet ready to annuitize their accumulations.

INTEREST ONLY

Purpose: Allows participants between the ages of 55 and 69½ to receive monthly payments of only the interest that would otherwise be credited to their TIAA or Valic Traditional Annuity accumulations. Your Traditional Annuity principal remains intact while you receive the interest payments.

Best for people who need income but want to delay starting life annuity income from their Traditional Annuity accumulations.

RETIREMENT TRANSITION BENEFIT

Purpose: Allows you to receive in cash up to 10 percent of the total annuity accumulation being settled as a lifetime annuity along with your first annuity payment.

Best for people who have worked for an institution that does not offer cash withdrawals as an income option and who need some money at the start of their retirement for a particular financial goal.