There is no reduction in lifetime income if the annuity partner dies first. If the annuitant dies before the end of the guaranteed period under a one-life annuity option, a guaranteed period provides for income payments to a beneficiary for the remaining portion of the period. Under a two-life option, a guaranteed period provides for payments to a beneficiary for the remaining portion of the period, should both the annuitant and the annuity partner die before the end of the period. The RTB offers up to 10 percent of the TIAA and CREF accumulation being converted to annuity income as a cash payment. Transfers Clients can decide whether to receive retirement income from the variable accounts, from the TIAA Traditional Annuity, or from any combination.
Participants can also make transfers after they've annuitized or settled their contracts.