www.tiaa-cref.org 

Larry M. Chadwick 

Vice President, 

Government Relations Public Policy 

Tel: 434-964-2611 

Cell: 434-249-6635 

Fax: 434-964-2602 

lchadwick@tiaa-cref.org

August 12, 2010 

Submitted via e-mail to e-ORI@DOL.GOV

Office of Regulations and Interpretations 

Employee Benefits Security Administration 

U.S. Department of Labor 

200 Constitution Avenue, NW 

Washington, D.C. 20210 

Re: Request to Testify at Hearing on Issues Relating to Lifetime Income 

Options for Participants and Beneficiaries in Retirement Plans 

Dear Sir or Madam: 

TIAA-CREF1

 requests the opportunity to testify at the upcoming hearing on 

lifetime income options for participants and beneficiaries in retirement plans to 

be held by the Department of Labor and the Department of the Treasury. While 

we are able to testify on any of the issues outlined in the hearing announcement, 

we have narrowed our request to three issues. 

First, we would like to address the importance of providing participants with a 

regular statement showing how account balances translate into in a monthly 

income stream in retirement. Under existing law, participants are required to 

receive a quarterly statement providing current accumulations. While these 

statements are important, they fail to give participants the full retirement 

picture. TIAA-CREF provides a “Retirement Income Projection” on the first page 

of all of our quarterly statements. Using certain assumptions, this projection 

shows participants what their monthly income would be at retirement (age 65) if 

they continued with their current contribution rate or increased contributions by 

a certain amount (e.g., $100 or $200 per month). We believe, and our 

participants have told us, that this is an invaluable resource in the retirement 

planning process. 

 

1

 Founded in 1918, TIAA-CREF has grown to become the leading provider of retirement services to 

those in the academic, research, medical, and cultural fields. We manage over $400 billion of 

retirement assets on behalf of 3.6 million participants at more than 15,000 institutions nationwide. We 

pay out $10 billion in retirement income to more than 500,000 individuals each year. 

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA/SIPC 

630 Peter Jefferson Parkway, Suite 260, Charlottesville, VA 22911 
Next, we would like to discuss the information and tools we believe participants 

should have access to when making decisions about how to manage and spend 

down their retirement benefits. Before finalizing a retirement income plan most, 

if not all, participants should consult a professional who can help them review 

and understand the options available, assess the individual’s needs, and provide 

objective guidance on an appropriate course of action. We also believe one of the 

most important options available for ensuring a secure retirement is a 

guaranteed lifetime income annuity and that most individuals could benefit from 

an annuity in retirement, especially those with limited resources to meet their 

income needs. However, we also believe that each participant faces a unique 

situation in retirement, so other tools and income options should be available 

and utilized based on the needs of each individual. 

Lastly, we would like to review some of the concerns we hear from our 

participants when they are making decisions about their retirement income plan, 

specifically regarding lifetime income options relative to other options. Choice is 

an integral piece of any retirement plan and with choice comes the need for 

education. We offer a number of ways in which our participants can structure 

their retirement income and we work with our participants to ensure that, before 

they make any decision, we have addressed their concerns and they understand 

all the options available to them. 

We appreciate your consideration of this request and look forward to having the 

opportunity to provide our input on this very important topic. Please feel free to 

contact me if you have any questions or concerns. 

Sincerely, 

Larry M. Chadwick 

Vice President, Government Relations Public Policy