The benefit at retirement is based on the employees' age, years of service, and salary history. TIAA-CREF is an individual retirement account to which both employee an employer contribute.
Employees choose among several funds to make their contributions.
The benefit at retirement is based on the total accumulation in the various funds and the payout terms chosen by the retiree. Employees must enroll in one of the two retirement plans within one month of employment. This program is funded entirely by employee contributions on a pre-tax basis up to the maximum amount allowed under IRS regulations.