Group Supplemental Retirement Annuities let participants build accumulations over and above their retirement plans through pretax salary reduction. In most respects, provisions are identical to those for SRAs, but participants can use their TIAA accumulations as collateral for loans if their employers' retirement plan includes the loan feature. Group SRA Loan. If a loan feature is available under an institution's plan, a participant may take a loan collateralized by part or all of a TIAA Traditional Annuity Group SRA accumulation. The participant may borrow up to 45 percent of the existing TIAA-CREF accumulation and repay the loan over five years, or over ten years if purchasing a principal residence.
Payments continue to the beneficiary to the end of the guaranteed period.
The maximum amount that TIAA will pay for covered expenses per day, for care. Interest Payment Retirement Option. A TIAA Traditional Annuity income option, available beginning at age 55, that offers monthly payments consisting only of current interest. TIAA offers a selection of both whole and term life-insurance products to individuals who work for an eligible institution or their spouses. Lifetime Benefit Maximum.