Document:

exhibit4l1123119

                                                                               EXHIBIT 4(L)(1)           Teachers Insurance and Annuity Association of America                      730 Third Avenue, New York, N.Y. 10017-3206                               Telephone: [800-842-2733]         Multiple Employer Plan Retirement Choice Annuity Contract   Contractholder:   [Multiple Employer Plan Sponsor Name]  Contract Number:                 [T-xxxxx]  Companion CREF Contract Number:  [C-xxxxx/NONE]  Date of Issue:                   [01 01 2007]   This contract is delivered in [the State of state] and is subject to the laws and regulations therein.   This is a legal contract between you, the contractholder, and us, Teachers Insurance and Annuity  Association of America (TIAA). This page refers briefly to some of the features of this contract. The  next pages set forth in detail the rights and obligations of both TIAA and the contractholder under the  contract. PLEASE READ THIS CONTRACT CAREFULLY. IT IS IMPORTANT.                              GENERAL DESCRIPTION                                                        All premiums for this contract must be remitted under the Multiple Employer Plan (the “MEP”).  Premiums are allocated between the Traditional Annuity and the Investment Accounts.   Traditional Annuity.  Each premium allocated to the Traditional Annuity under this contract buys a  guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the  premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate,  and may also be credited with additional amounts declared by TIAA.    Investment Accounts. Each premium allocated to any of the Investment Accounts under this contract  buys a number of accumulation units. Accumulations in the Investment Accounts are not  guaranteed, and may increase or decrease depending on investment results. The separate account  charges that apply to each Investment Account will reduce the net annual investment return. For all  Investment Accounts other than the Real Estate Account, the separate account charge is guaranteed not  to exceed [2.0%] per year of average net assets. The Real Estate Account separate account charge is  guaranteed not to exceed [2.5%] per year of average net assets.  This contract cannot be assigned unless permitted under applicable law and only with our prior  approval.   If you have any questions about the contract or need help to resolve a problem, you can contact us at the  address or phone number above.                                                          President and        SMD, Corporate Secretary                    Chief Executive Officer                         Group Flexible Premium Deferred Annuity                            Fixed and Variable Accumulations                                   Nonparticipating    IGRS-MEP-01                                                                  Page 1                                  INDEX ON NEXT PAGE 

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                                                                                                                                                    INDEX OF PROVISIONS                                                                                             Section                                              Section                                                        Accumulation                                        MEP ........................................................................ 16      - Definition ............................................................ 1 MEP Benefit Payment ............................................. 55      - Employee’s ......................................................... 7 MEP Expense Reimbursement Agreement.............. 74      - Employee’s Investment Account ...................... 43 MEP Fee Withdrawals ............................................ 73      - Employee’s Traditional Annuity ....................... 37     - Definition .......................................................... 17      - Investment Account .......................................... 42 Net Investment Factor      - Report of ........................................................... 77     - For Other Investment Accounts ........................ 44      - Traditional Annuity ........................................... 36 Ownership ............................................................... 79  Accumulation Units                                  Participating Employer ............................................ 18      - Definition .......................................................... 41 Payee ....................................................................... 19      - Number of ......................................................... 47 Payment to an Estate, Trustee, etc ........................... 82  Additional Amounts ................................................ 38 Premiums  Assignment -Void and of no effect ......................... 80     - Allocation of ..................................................... 34  Benefit Payment ...................................................... 48     - Payment of ........................................................ 33  Benefits Based on Incorrect Data ............................ 84     - Taxes ................................................................. 35  Business Day ............................................................. 3 Proof of Survival ..................................................... 85  Claims of Creditors - Protection Against ................ 86 Rate Schedule  Commuted Value ....................................................... 4      - Change of ......................................................... 89  Companion CREF Contract ..................................... 32      - Definition ......................................................... 20  Contestability .......................................................... 31 Real Estate Account  Contract ................................................................... 30     - Definition of ...................................................... 39  Contractholder Payment                              Retirement Plan Loan      - From an Investment Account ............................ 63     - Amount and Effective Date ............................... 61      - From the Traditional Annuity ........................... 62 Revenue Credit Account ......................................... 21  Correspondence with us .......................................... 88 Revenue Credit Account Payment  Death Benefit                                           - Amount and Effective Date ............................... 57      - Amount of Payments ......................................... 53 Roth Accounting ..................................................... 71      - Beneficiary .......................................................... 2 Second Annuitant .................................................... 22      - Definition ............................................................ 5 Section 403(b) of the Internal Revenue Code.......... 72      - Payment Methods .............................................. 52 Separate Account      - Payments after Death of Beneficiary ................ 54    - Charge ................................................................ 46  Elections and Changes - Procedure for.................... 81    - Definition ........................................................... 23  Employee ................................................................... 6 Service of Process upon TIAA ................................ 83  ERISA ....................................................................... 8 Severance from Employment .................................. 24  Forfeiture Account .................................................... 9 Surrender Charge..................................................... 25  Forfeiture Account Payment                          Termination of Employment ................................... 26      - Amount and Effective Date ............................... 56 TIAA Access Account ............................................ 40  Funding Vehicle ...................................................... 10 Traditional Annuity ................................................. 27  General Account ...................................................... 11 Transfers  Gross Investment Factor .......................................... 45    - Crediting Internal Transfers ............................... 68  Income Benefit                                         - Definition of Internal Transfer ........................... 12      - Amount ............................................................. 51    - Effective Date of Transfers ................................ 67      - Options .............................................................. 49    - Internal Transfers from CREF ........................... 66      - Post-mortem Payments ...................................... 50    - Internal Transfers from  Investment Account  ................................................ 13                 or among Investment Accounts ............... 64      - Insulation of  ..................................................... 75    - Restrictions on Transfers ................................... 69      - Modification of ................................................. 76    - Restrictions on Transfers into the Real Estate  Investment Company Act of 1940 ........................... 78                  Account - Additional .............................. 70  IRC .......................................................................... 14    - Transfers from the Traditional Annuity ............. 65  Laws and Regulations - Compliance with ............... 87 Unallocated Accumulations .................................... 28  Lump-sum Benefit                                    Valuation Day ......................................................... 29      - Amount  ............................................................ 60       - Availability ....................................................... 58       - Effective Date ................................................... 59   Maturity Dates ......................................................... 15               IGRS-MEP-01                                                                                    Page 2   

 

 TIAA Multiple Employer Plan Retirement Choice Annuity Contract                               Account Specifications Page   The following Investment Accounts are available as of the issue date of this contract. The Multiple  Employer Plan (the “MEP”) may restrict the right to invest in some or all of the Investment Accounts:   TIAA Real Estate Account   [TIAA Access Account Level [x] Subaccounts:       [Account 1]       [Account 2]       [Account 3] ]    IGRS-MEP-01                                                                  Page 3 

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           This page has been left blank intentionally.           IGRS-MEP-01                                                                 Page 4   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                            PART A: TERMS USED IN THIS CONTRACT   1.    The contract’s accumulation is equal to the sum of all employees’ accumulations, as well as any        unallocated accumulations, under the contract.   2.    A beneficiary is any person eligible to receive death benefit payments upon the death of an        employee.  If none of the beneficiaries named is alive at the time of the employee’s death, or if,        at the employee’s death, no beneficiary had ever been named for that employee, then the death        benefit will be paid to the person entitled to such benefits under the MEP. If the MEP does not        specify how to distribute such death benefits, the death benefit will be paid to the employee’s        estate. If distributions to a named beneficiary are barred by operation of law, the death benefit        due that beneficiary will be paid to the employee’s estate.   3.    A business day is any day that the New York Stock Exchange, or its successor, is open for        trading. A business day ends at 4:00 P.M. Eastern time, or when trading closes on such        exchange, if different.   4.    The commuted (discounted) value is a one-sum amount paid in lieu of a series of payments that        are not contingent upon the survival of an employee or second annuitant. It is less than the total        of those payments, because future interest, included when computing the series of payments, will        not be earned if payment is to be made in one sum. The commuted value of future payments is        therefore the sum of those payments less the interest from the date of commutation to the date        each payment would have been made. The same interest rate or rates used in computing the        benefit payments will be used to determine the commuted value.   5.    The death benefit for an employee is the current value of the employee’s accumulation.   6.    An employee is any individual currently or formerly employed by a participating employer that        is entitled to benefits under the MEP.     7.    An employee’s accumulation is the sum of the employee’s Traditional Annuity accumulation        (as defined in section 37) and the employee’s Investment Account accumulations (as defined in        section 43). Employees’ accumulations are maintained for the sole purpose of providing a record        of amounts accumulated under the contract on behalf of individual employees. The        contractholder, on behalf of the MEP, as sole party to the contract retains all rights under the        contract with respect to employee’s accumulations. Employees’ rights with respect to these        accumulations are those in accordance with the MEP and as delegated to them by the        contractholder. If an employee has a severance from employment under the terms of the MEP        and fails to satisfy the applicable vesting requirements of the MEP, the contractholder may apply        the amount of that employee’s accumulation to a forfeiture account where it will be maintained        as an unallocated accumulation as described in section 28.   8.    ERISA is the Employee Retirement Income Security Act of 1974, as amended.   9.    A forfeiture account is an unallocated suspense account that holds amounts forfeited when an        employee has a severance from employment with a participating employer and fails to satisfy the        vesting requirements of the MEP. The forfeiture account accumulation is the total amounts        held in such an account.        IGRS-MEP-01                                                                  Page 5   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract        10.   A funding vehicle is an annuity contract (and any underlying investment options), custodial        account trust, mutual fund, or other such similar arrangement designated to receive contributions        under the MEP. A funding vehicle may or may not be administered as part of TIAA’s        recordkeeping services for the MEP. A funding vehicle will be referred to as an internal        funding vehicle if it is being administered under the same recordkeeping system as that which is        maintaining the individual employee records for this contract, whether or not TIAA is providing        those recordkeeping services. Otherwise a funding vehicle will be referred to as an external        funding vehicle.   11.   The general account consists of all of TIAA's assets other than those in separate accounts.   12.   An internal transfer is the movement of accumulations between the employee’s Traditional        Annuity accumulation and the employee’s Investment Account accumulations, among an        employee’s Investment Account accumulations, or between this contract and a companion CREF        contract, if any. The provisions concerning internal transfers are set forth in Part F.   13.   An Investment Account under this contract refers to the Real Estate Account. It also refers to        any subaccount of any other Separate Account available under this contract that holds shares of a        fund or funds which are managed with a specified investment objective. The Investment        Accounts available as of the issue date of this contract are listed on the account specifications        page and, for accounts other than the Real Estate Account, are specific to the indicated level.   14.   The IRC is the Internal Revenue Code of 1986, as amended. All references to any section of the        IRC shall be deemed to refer not only to such section but also to any amendment thereof, any        successor statutory provisions, and any regulations thereunder.   15.   Maturity dates.  The contract maturity date is the date as of which all accumulations under        the contract have been distributed or applied to provide benefit payments under the terms of the        contract. As of such date, TIAA will have no further obligations under the contract beyond those        associated with any ongoing payout annuity benefits. An employee maturity date is the date as        of which all of an employee’s accumulation has been distributed or applied to provide benefit        payments under the terms of the contract. As of such date, TIAA will have no further obligations        under the contract with regard to that employee, beyond those associated with any ongoing        payout annuity benefits being paid in connection with such employee. TIAA is not obliged to        accept new premiums with regard to that employee.   16.   The MEP is the retirement plan of the contractholder as amended from time to time, or any        successor retirement plan. Employees’ and beneficiaries’ eligibility to receive benefits available        under the contract and the conditions of such benefit payments will be determined by the MEP,        the terms of which comprise valid instructions from the contractholder to the extent such MEP        terms do not enlarge the rights otherwise available under the contract. The contractholder must        notify TIAA of any changes to the terms of the MEP. If TIAA takes any action in good faith        before receiving such notice, we will not be subject to liability even if our acts were contrary to        the terms of the MEP as modified by such change.   17.   MEP fee withdrawals are amounts deducted from the contract’s accumulation in accordance        with the MEP to pay fees associated with the administration of the MEP.        IGRS-MEP-01                                                                  Page 6   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract        18.   A participating employer is an employer who participates in the MEP in accordance with the        MEP’s governing documents.    19.   The payee is a person named to receive any periodic payments or amounts due under an income        option or death benefit payment method as explained in sections 50 and 54.    20.   The rate schedule sets forth the bases for computing the Traditional Annuity accumulation and        any benefits and distributions arising from it. To the extent permitted by law, TIAA may change        the rate schedule for amounts applied after the change, as explained in section 89.    21.   Revenue credit account (sometimes called an ERISA account). A revenue credit account is an        unallocated suspense account comprised of payments that TIAA or the MEP agrees to make in        order to cover reasonable and necessary MEP expenses or to provide credits to employee and        beneficiary plan accounts. The revenue credit account accumulation is the total amount held        in such an account.   22.   A second annuitant is the person named when an employee starts to receive income under a        two-life annuity, to receive an income for life if he or she survives the employee. The second        annuitant may be any person eligible under TIAA's practices then in effect.   23.   The Separate Accounts are the accounts described in Part D.   24.   A severance from employment occurs when an employee ceases to be employed by a        participating employer as determined by the contractholder in accordance with the MEP.    25.   A  surrender charge will be assessed against any portion of the Traditional Annuity        accumulation withdrawn as a lump-sum benefit as shown in the rate schedule. A surrender        charge will also be assessed on each contractholder payment paid from the Traditional Annuity        as shown in the rate schedule.   26.   Termination of employment, for the purpose of determining the availability of the lump-sum        benefit, is a bona fide cessation of an employment relationship with a participating employer        under the MEP. Dissolution or modification of the MEP; changes in the name or affiliation of a        participating employer; leaves of absence, with or without pay; vacations; or other events not in        fact a termination of employment will not be considered a termination of employment.   27.   The Traditional Annuity refers to the guaranteed annuity benefits under the contract. Each        premium and internal transfer allocated to the Traditional Annuity under the contract buys a        guaranteed minimum amount of income, based on the rate schedule in effect for the contract at        the time the premium is paid.   28.   Unallocated accumulations. Under certain circumstances upon the mutual agreement of TIAA        and the contractholder, including but not limited to the maintenance of a forfeiture account or a        revenue credit account (sometimes called an ERISA account), some or all of the contract’s        accumulation may be held in the name of the contractholder without being attributable to any        individual employee under the MEP. One or more such unallocated accumulation may be        maintained on TIAA’s recordkeeping system and the amount of any such accumulation and any        benefits arising from it will be determined as if it were a single employee’s accumulation        without reference to any actual employees.       IGRS-MEP-01                                                                  Page 7   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract        29.   A valuation day is any business day. Valuation days end as of the close of all U.S. national        exchanges where securities or other investments of the Investment Accounts are principally        traded.                          PART B: CONTRACT AND PREMIUMS   30.   The contract. This document and any endorsements thereto, constitute the entire contract        between TIAA and the contractholder, and the provisions therein alone will govern with respect        to the rights and obligations of TIAA and the contractholder. The payment of premiums is the        consideration for the contract. Participating employers are not parties to the contract.               The contract may be amended by TIAA without the consent of any other person,        provided that such change does not reduce any benefit purchased under the contract up to that        time. Any endorsement or amendment of this contract, waiver of any of its provisions, or change        in rate schedule will be valid only if in writing and signed by an executive officer of TIAA.   31.   Contestability. The contract is incontestable.   32.   Companion CREF contract. The College Retirement Equities Fund (CREF) is a companion        organization to TIAA. A companion CREF Retirement Choice Annuity contract may have been        issued to you when you received this contract. The contract number for any such companion        CREF contract is shown on page 1. If TIAA deletes all Investment Accounts and any of the        Investment Accounts was, at any time, available under the MEP, then a companion CREF        Retirement Choice Annuity contract will be issued, without application, as a funding vehicle for        the MEP, if such companion contract had not been previously issued.   33.   Premiums for this contract must be remitted under the MEP. Premiums include any transfers,        other than internal transfers, to this contract from other funding vehicles. Premiums may be        stopped at any time without notice to TIAA and then resumed without payment of any past due        premium or penalty of any kind.              TIAA reserves the right to stop accepting or to limit premiums under the contract at any        time. TIAA will not accept premiums paid on behalf of an employee after the employee’s death.        Premiums will be credited to the contract as of the end of the business day in which they are        received by TIAA, at the location that TIAA will designate by prior written notice, in good order        and in accordance with procedures established by TIAA or as required by law.   34.   Allocation of premiums. Premiums may be allocated to either the Traditional Annuity or the        Investment Accounts. Premiums allocated to the Traditional Annuity increase the Traditional        Annuity accumulation. Premiums allocated to an Investment Account purchase accumulation        units in that Investment Account. TIAA will allocate premiums according to the most recent        valid instructions we have received from the contractholder in a form acceptable to TIAA. If no        valid allocation instructions have been received, we will allocate premiums in accordance with        the MEP.              TIAA may stop accepting or limit premiums to the Traditional Annuity or to any or all of        the Investment Accounts at any time.   35.   Premium taxes. If premium taxes are incurred, they will be deducted from the contract        accumulation, to the extent permitted by law.       IGRS-MEP-01                                                                  Page 8   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                       PART C: TRADITIONAL ANNUITY ACCUMULATION   36.   The Traditional Annuity accumulation is the sum of all employees’ Traditional Annuity        accumulations, as well as any unallocated Traditional Annuity accumulations, held under the        contract.   37.   Employee’s Traditional Annuity accumulation. Except as described in section 28, TIAA will        maintain nominal Traditional Annuity accumulations on behalf of each employee in whose name        amounts are credited to the Traditional Annuity under the contract. An employee’s Traditional        Annuity accumulation is the amount so held under the contract for that employee. Any amounts        added to or deducted from the Traditional Annuity accumulation under this contract will be        attributed to individual employees’ Traditional Annuity accumulations, as applicable, in        accordance with the instructions of the contractholder. The contractholder, on behalf of the        MEP, as sole party to the contract retains all rights under the contract with respect to employee’s        accumulations. Employees’ rights with respect to these accumulations are those in accordance        with the MEP and as delegated to them by the contractholder. If an employee has a severance        from employment with a participating employer and fails to satisfy the vesting requirements of        the MEP, the contractholder may apply the amount of that employee’s accumulation to a        forfeiture account where it will be maintained as an unallocated accumulation as described in        section 28.         An employee’s Traditional Annuity accumulation is, with respect to amounts recorded and        transactions made on behalf of that employee, the sum of:              A) all premiums allocated to the Traditional Annuity; plus             B) interest credited by TIAA at the guaranteed accumulation interest rate set forth in the                rate schedule; plus             C) any additional amounts credited to the Traditional Annuity by TIAA; plus             D) any internal transfers to the Traditional Annuity; less             E) any premium taxes incurred by TIAA for the Traditional Annuity; less             F) any MEP  fee withdrawals, interest payments, MEP benefit payments, lump-sum                benefits, and any minimum distribution payments paid from the Traditional Annuity;                less             G) any charges for expenses and contingencies deducted by TIAA as set forth in the rate                schedule; less             H) any amounts deducted to provide an annuity income option or a death benefit                payment method from the Traditional Annuity; less             I) any transfers from the Traditional Annuity; less             J) any amounts forfeited as described above; less             K) any contractholder payments paid from the Traditional Annuity; less             L) any surrender charges assessed by TIAA as set forth in the rate schedule.   38.   Additional amounts. TIAA may credit additional amounts to the Traditional Annuity        accumulation. TIAA does not guarantee that there will be additional amounts. TIAA will        determine at least annually if additional amounts will be credited. Additional amounts may also        be paid with any Traditional Annuity benefits payable.              Any additional amounts credited to the Traditional Annuity accumulation will be credited        under a schedule of additional amount rates declared by TIAA. For a Traditional Annuity        accumulation in force as of the effective date of such a schedule, the additional amount rates will        not be modified for a period of twelve months following the schedule's effective date. For any       IGRS-MEP-01                                                                  Page 9   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              premiums and internal transfers applied to the Traditional Annuity during the twelve-month        period described in the preceding sentence, TIAA may declare additional amounts at rates which        remain in effect through the end of such twelve-month period. Thereafter, any additional amount        rates declared for such premiums and internal transfers will remain in effect for periods of        twelve months or more.                            PART D: SEPARATE ACCOUNTS   39.   The Real Estate Account is designated as "VA-2" and was established by TIAA in accordance        with New York law to provide benefits under your contract and other contracts. The assets and        liabilities of separate account VA-2 are segregated from the assets and liabilities of the general        account, and from the assets and liabilities of any other TIAA separate account. All premiums        and internal transfers credited to the Real Estate Account become part of separate account VA-2.   40.   The TIAA Access Account (The Access Account) is designated as "VA-3" and was established        by TIAA in accordance with New York law to provide benefits under your contract and other        contracts. The assets and liabilities of separate account VA-3 are segregated from the assets and        liabilities of the general account, and from the assets and liabilities of any other TIAA separate        account. All premiums and internal transfers credited to the Access Account become part of        separate account VA-3.   41.   Accumulation unit. Each Investment Account maintains a separate accumulation unit. The        value of each Investment Account’s accumulation unit is calculated at the end of each valuation        day. For Investment Accounts other than the Real Estate Account, the value of an Investment        Account’s accumulation unit as of the end of each valuation day is equal to the previous day's        value multiplied by that account’s net investment factor. For the Real Estate Account, the value        of an accumulation unit as of the end of each valuation day is determined by dividing A) the        value of the account’s accumulation fund as of the end of the valuation day by B) the total        number of accumulation units in the account outstanding as of the end of the valuation day. The        value of the Real Estate Account’s accumulation fund and the total number of accumulation        units does not include the impact of units added or subtracted as of that valuation day. The Real        Estate Account’s accumulation fund equals the portion of the account's total net assets allocated        to unitholders in the accumulation period. The value of the Real Estate Account’s accumulation        fund at the end of a valuation day equals the corresponding value at the end of the previous        valuation day, increased by amounts added to the fund during the current period and reduced by        amounts withdrawn from the fund during the current period. These changes include the increase        by the allocated portion of the current period's net investment income and capital gains and the        decrease by the allocated portion of the current period's capital losses and separate account        charges incurred since the previous valuation day. This allocated portion is determined in        accordance with the proportion of the account’s accumulation fund relative to the account’s total        net assets as of the end of the previous valuation day as adjusted for additions to and withdrawals        from each fund as of the beginning of the current period.   42.   An Investment Account accumulation is the sum of all employees’ Investment Account        accumulations, as well as any unallocated Investment Account accumulations, for a particular        Investment Account, held under the contract.        IGRS-MEP-01                                                                 Page 10   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract        43.   An employee’s Investment Account accumulation is equal to the number of accumulation        units owned under the contract on behalf of that employee, in that Investment Account,        multiplied by the value of one accumulation unit in that Investment Account. Investment        Account accumulations are variable and are not guaranteed. They may increase or decrease        depending on the investment results of the funds underlying the Investment Accounts.              Any amounts added to or deducted from any of the Investment Account accumulations        under this contract will be attributed to individual employee’s Investment Account        accumulations, as applicable, in accordance with the instructions of the contractholder. The        contractholder, on behalf of the MEP, retains all rights under the contract with respect to        employee’s accumulations. Employees’ rights with respect to these accumulations are those in        accordance with the MEP and as delegated to them by the contractholder. If an employee has a        severance from employment with a participating employer and fails to satisfy the vesting        requirements of the MEP, the contractholder may apply the amount of that employee’s        accumulation to a forfeiture account where it will be maintained as an unallocated accumulation        as described in section 28.   44.   The Net Investment Factor for any Investment Account other than the Real Estate Account        equals that account’s gross investment factor minus the separate account charge incurred for that        account since the previous valuation day.   45.   Each Investment Account other than the Real Estate Account has its own Gross Investment        Factor. An Investment Account's Gross Investment Factor equals A divided by B, as follows:               A equals  i. the value of the shares in the fund(s) held by the account, as reported to                           us by the fund(s), as of the end of the valuation day, excluding the net                           effect of contractholders’ transactions (i.e., premiums received, benefits                           paid, and transfers to and from the account) made during that day; plus                        ii. investment income and capital gains distributed to the account; less                        iii.  any amount paid and/or reserved for tax liability resulting from the                           operation of the account since the previous valuation day.               B   equals the value of the shares in the fund(s) held by the account as of the end of the                        prior valuation day, including the net effect of contractholders' transactions                        made during the prior valuation day.   46.   Each Investment Account has its own separate account charge. The separate account charge        for the Real Estate Account is assessed for mortality and expense risk, liquidity risk, and        administrative and investment advisory services. The Real Estate Account separate account        charge can be increased or decreased at the discretion of TIAA and is guaranteed not to exceed        [2.50%] per year of average net assets.              The separate account charge for any Investment Account other than the Real Estate        Account is assessed for mortality and expense risk and administration. The separate account        charge for any subaccount of TIAA VA-3 under your contract can be increased or decreased at        the discretion of TIAA and is guaranteed not to exceed [2.0%] per year of that Investment        Account’s average net assets.   47.   Number of Accumulation Units.  The number of accumulation units in an Investment Account        under your contract will be increased by:       IGRS-MEP-01                                                                 Page 11   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                    A)    any premiums allocated to that Investment Account; and              B)    any internal transfers made to that Investment Account;         and will be decreased by:               C)    the application of any accumulations in that Investment Account to provide any                    available form of benefit payments as described in Part E;               D)    any internal transfers from the accumulation in that Investment Account to the                    Traditional Annuity, another Investment Account, or the companion CREF                    contract;               E)    any amounts forfeited as described in section 43;              F)    any premium taxes incurred by TIAA for that Investment Account in your                    contract;              G)    any MEP fee withdrawals from that Investment Account; and              H)    any minimum distribution payments paid from that Investment Account.               The increase or decrease in the number of accumulation units on any valuation day is        equal to the net dollar value of all transactions divided by the value of the Investment Account's        accumulation unit as of the end of the business day on which the transaction becomes effective.                             PART E: BENEFIT PAYMENTS   48.   A benefit payment is any of the following types of payments made from this contract, under the        MEP.              An income benefit is a payment to an employee made under one of the options described             in section 49.              A death benefit payment is a payment to a beneficiary under one of the methods             described in section 52.              A MEP benefit payment is a single-sum payment of an employee’s entire accumulation             made directly to an employee, beneficiary, or the estate of an employee or beneficiary as a             benefit distribution under the MEP. A MEP benefit payment is only available when an             employee has a severance from employment with a participating employer under the MEP             and is subject to the restrictions on mandatory distributions under the IRC.               A forfeiture account payment is the payment of amounts held under a forfeiture account             as described in sections 37, 43, and 56.              A revenue credit account payment is the payment of amounts held under a revenue             credit account as described in section 57.              A lump-sum benefit is a single-sum payment, made at the voluntary direct affirmative             request of an employee, of some or all of an employee’s accumulation, less any applicable             surrender charges.              A retirement plan loan is a disbursement of some or all of an employee’s Investment             Account accumulation to provide loans.       IGRS-MEP-01                                                                 Page 12   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   Contractholder payments are payments to the contractholder or to any person, trustee, or             corporation (other than an employee or beneficiary under the MEP or the estate of such             employee or beneficiary) designated by the contractholder, including payments made to             effect transfers among the Traditional Annuity accumulations, Investment Account             accumulations, or the companion CREF contract, if any. Contractholder payments from             the Traditional Annuity accumulation will be made only as a series of payments of the             contract’s entire Traditional Annuity accumulation or the contract’s entire Traditional             Annuity accumulation attributable to a specific participating employer, subject to the             provisions of section 62. A contractholder payment from an Investment Account             accumulation will be a lump-sum payment of that Account’s entire accumulation under the             contract or that Investment Account’s entire accumulation attributable to a specific             participating employer, subject to the provisions of section 63.   49.   Income options are the ways in which an employee’s income benefit may be paid. The income        options are available from an employee’s Traditional Annuity accumulation only. Some or all of        an employee’s Investment Account accumulations may be transferred to the employee’s        Traditional Annuity accumulation to provide benefits under these options.              The choice of option may be made any time before such income benefit payments begin.        The choice may be changed any time before payments begin, but once they have begun, the        election to begin receiving benefits is irrevocable and no change can be made. The employee        may not begin a one-life annuity after he or she attains age 90, nor may the employee begin a        two-life annuity after the employee or the second annuitant attains age 90.                If the contractholder  notifies us that distribution from an employee’s accumulation must        begin under the minimum distribution rules of federal tax law, we will begin distributions        satisfying such requirements.         The following are the available annuity income options:              One-life annuity. A payment will be made to the employee each month for as long as he             or she lives. A guaranteed period of 10, 15, or 20 years may be included. If no guaranteed             period is included, all payments will cease at his or her death. If a guaranteed period is             included and the employee dies before the end of that period, payments will continue until             the end of that period and then cease, as explained in section 50.              Two-life annuity. A payment will be made to the employee each month for as long as he             or she lives. After the employee's death, a payment will be made each month to the second             annuitant, for as long as such second annuitant lives. The choice of second annuitant may             not be changed after payments to the employee have begun. A guaranteed period of 10, 15,             or 20 years may be included. If no guaranteed period is included, all payments will cease             after both the employee and the second annuitant have died. The following forms of two-            life annuity are available.                 Full benefit to survivor. At the death of either the employee or the second annuitant,                the full amount of the monthly payments that would have been paid if they both had                lived will continue to be paid to the survivor. If a guaranteed period is included and                the employee and the second annuitant both die before the end of the period chosen,                the full amount of the monthly payments that would have been paid if both had lived                will continue to be paid until the end of that period and then cease, as explained in                section 50.       IGRS-MEP-01                                                                 Page 13   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                      Two-thirds benefit to survivor. At the death of either the employee or the second                annuitant, two-thirds of the monthly payments that would have been paid if they both                had lived will continue to be paid to the survivor. If a guaranteed period is included                and the employee and the second annuitant both die before the end of the period                chosen, two-thirds of the monthly payments that would have been paid if they both                had lived will continue to be paid until the end of that period and then cease, as                explained in section 50.                  Half benefit to second annuitant.  The full monthly payments will continue to be                paid as long as the employee lives. After the employee's death, if the second annuitant                survives the employee, one-half of the monthly payments that would have been paid                if the employee had lived will continue to be paid to the second annuitant. If a                guaranteed period is included and the employee and the second annuitant both die                before the end of the period chosen, one-half of the monthly payments that would                have been paid if the employee had lived will continue to be paid until the end of that                period and then cease, as explained in section 50.                 Three-quarters benefit to second annuitant.  The full monthly payments will                continue to be paid as long as the employee lives. After the employee's death, if the                second annuitant survives the employee, three-quarters of the monthly payments that                would have been paid if the employee had lived will continue to be paid to the second                annuitant. If a guaranteed period is included and the employee and the second                annuitant both die before the end of the period chosen, three-quarters of the monthly                payments that would have been paid if the employee had lived will continue to be                paid until the end of that period and then cease, as explained in section 50.         Other available income option(s):              Interest payments option. The value of the Traditional Annuity accumulation placed             under this option must be at least [$10,000]. This option may only be elected by an             employee when the date on which the employee must begin receiving distributions in             accordance with the requirements of federal tax law is at least one year in the future and             the employee is at least age 55. The amount of payment under this option will be based on             the interest rates that TIAA would otherwise credit to the employee’s Traditional Annuity             accumulation. A payment will be made to an employee each month until the employee dies             or converts to another income option or until such time that the accumulation under this             option is otherwise disbursed under the terms of the contract. An employee may not             convert to a one-life annuity after he or she attains age 90, nor may an employee convert to             a two-life annuity after that employee or that employee’s second annuitant attains age 90.                   Any subsequent elections or transactions available under the contract, attributable             to the employee’s Traditional Annuity accumulation, will correspondingly reduce the             amount of that employee’s Traditional Annuity accumulation providing for interest             payments under this option, in accordance with procedures established by TIAA.   50.   Post-mortem payments during a guaranteed period. Any periodic payments or other amounts        remaining due after the death of the employee and the death of the second annuitant, if any,        during a guaranteed period will be paid to the payee named to receive them. The payee        designated to receive these payments is named at the time the income option is chosen.        IGRS-MEP-01                                                                 Page 14   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                    A payee may choose to receive in one sum the commuted value of any remaining        periodic payments that do not involve life contingencies, unless the contractholder directs us        otherwise. If no payee was named to receive these payments, or if no one so named is then        living, we will pay the remaining payments due or the commuted value of the remaining periodic        payments in one sum to the estate of the employee, or to the estate of the last survivor of the        employee and the second annuitant if a two-life annuity has been chosen.              If a payee receiving payments during a guaranteed period dies while payments remain        due, the commuted value of any remaining payments due to that person will be paid to any other        surviving payee that had been named to receive them. If no payee so named is then living, the        commuted value will be paid to the estate of the last payee who was receiving these benefit        payments.   51.   The amount of the income benefit payable to an employee will be determined as of the        effective date for that income option, on the basis of:              A) the income option chosen;             B) if a one-life annuity is chosen, the employee’s age;             C) if a two-life annuity is chosen, the employee’s age and the second annuitant's age;             D) the amount of the employee’s Traditional Annuity accumulation applied to provide                   the income benefit; and             E) the rate schedule or schedules under which any premiums and internal transfers were                   applied to the Traditional Annuity accumulation on behalf of that employee.         If the income benefit payable to the employee would be less than [$100] a month, TIAA will        have the right to change to quarterly, semi-annual or annual payments, whichever will result in        payments of [$100] or more and the shortest interval between payments. If different rate        schedules apply to different parts of an employee’s Traditional Annuity accumulation, the        portion applied to provide the income benefit chosen will be allocated among the parts on a pro-       rata basis in accordance with procedures established by TIAA.   52.   Death benefit payment methods are the ways in which a beneficiary may receive the death        benefit. The single-sum payment method is available from all or any part of an employee’s        accumulation. The other methods are available from the employee’s Traditional Annuity        accumulation only. All or any part of the employee’s Investment Account accumulations may be        transferred to the employee’s Traditional Annuity accumulation to provide benefits under the        other payment methods.              The choice of method may be made any time before the date the death benefit payment is        paid or begins. The choice may be changed any time before payments begin, but once they have        begun, no change can be made. If the amount of the death benefit due to any one beneficiary is        less than [$5,000], TIAA may change the method of payment for the portion of the death benefit        payable to that beneficiary to the single-sum payment method. A beneficiary may not begin to        receive the death benefit under the one-life annuity method after he or she attains age 90.               If the contractholder  notifies us that distribution from an employee’s accumulation must        begin under the minimum distribution rules of federal tax law, we will begin distributions        satisfying such requirements.           The following are the available methods:             Single-sum payment. The death benefit will be paid to the beneficiary in one sum.       IGRS-MEP-01                                                                 Page 15   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   One-life annuity. A payment will be made to the beneficiary each month for life. A             guaranteed period of 10, 15, or 20 years may be included. If a guaranteed period isn't             included, all payments will cease at the death of the beneficiary. If a guaranteed period is             included and the beneficiary dies before the end of that period, monthly payments will             continue until the end of that period and then cease, as explained in section 54.    53.   The amount of death benefit payments under a one-life annuity will be determined as of the        date payments are to begin by:              A) the amount of the employee’s Traditional Annuity accumulation applied to the one-               life annuity;             B) the rate schedule or schedules under which any premiums and internal transfers were                applied to the Traditional Annuity accumulation on behalf of that employee; and             C) the age of the beneficiary.         If any method chosen would result in payments of less than [$100] a month, TIAA will have the        right to require a change in choice that will result in payments of at least [$100] a month. If        different rate schedules apply to different parts of an employee’s Traditional Annuity        accumulation, the portion applied to provide the death benefit payment method chosen will be        allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA.   54.   Payments after the death of a beneficiary. Any periodic payments or other amounts remaining        due after the death of a beneficiary during a guaranteed period will be paid to the payee named        to receive them. The commuted value of these payments may be paid in one sum unless the        contractholder directs us otherwise. The payee designated to receive these payments is named at        the time the payment method is chosen.             If no payee was named to receive these payments, or if no one so named is living at the        death of the beneficiary, the commuted value will be paid in one sum to the beneficiary’s estate.             If a payee receiving these payments dies before the end of the guaranteed period, the        commuted value of any payments still due that person will be paid to any other payee named to        receive it. If no one has been so named, the commuted value will be paid to the estate of the last        payee who was receiving these payments.   55.   Amount and effective date of a MEP benefit payment. In accordance with the MEP, if an        employee has a severance from employment with a participating employer, we may distribute all        of that employee’s accumulation as a MEP benefit payment, subject to the restrictions on        mandatory distributions under the IRC.              A MEP benefit payment will be effective as of the end of the business day in which we        receive the contractholder’s request for the MEP benefit payment in a form acceptable to TIAA.        The contractholder may defer the effective date of the MEP benefit payment until any business        day following the date on which we receive the request. TIAA will determine all values as of the        end of the effective date.  A MEP benefit payment may not be revoked after its effective date.        TIAA may defer the payment of a Traditional Annuity MEP benefit payment for up to six        months.   56.   Amount and effective date of a forfeiture account payment. The contractholder may, in        accordance with the MEP, request a withdrawal of some or all of the forfeiture account        accumulation, if any, to pay reasonable and necessary MEP expenses, provide additional       IGRS-MEP-01                                                                 Page 16   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              contributions to MEP participant accounts, or for use as a premium offset of MEP contributions.        To the extent such payments are used to reduce a participating employer's obligation to make        contributions on behalf of other employees, they will be treated under the terms of the contract        as premiums newly allocated to such employees’ accumulations. Such payments will only be        made directly to the contractholder or to another funding vehicle selected by the contractholder        to administer such payments, following procedures that enable TIAA to determine that such        payments are permitted under ERISA and/or applicable state law.             A forfeiture account payment will be effective as of the end of the business day in which        we receive the contractholder’s request for the forfeiture account payment in a form acceptable        to TIAA. The contractholder may defer the effective date of the forfeiture account payment until        any business day following the date on which we receive the request. TIAA will determine all        values as of the end of the effective date. A forfeiture account payment will reduce the forfeiture        account accumulation by the amount paid. If different rate schedules apply to different parts of        the Traditional Annuity portion of the forfeiture account accumulation, such reduction will be        allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA. A forfeiture account payment may not be revoked after its effective date.   57.   Amount and effective date of a revenue credit account payment. The contractholder may, in        accordance with the MEP, request that some or all of the revenue credit account accumulation, if        any, be withdrawn to pay reasonable and necessary MEP expenses or to issue credits to        employee and beneficiary MEP accounts. Revenue credit account payments will only be made        directly to the contractholder or to another funding vehicle selected by the contractholder to        administer such payments, following procedures that enable TIAA to determine that such        payments are permitted under ERISA and/or applicable state law.             A revenue credit account payment will be effective as of the end of the business day in        which we receive the contractholder’s request for the revenue credit account payment in a form        acceptable to TIAA. The contractholder may defer the effective date of the revenue credit        account payment until any business day following the date on which we receive the request.        TIAA will determine all values as of the end of the effective date. A revenue credit account        payment will reduce the revenue credit account accumulation by the amount paid. If different        rate schedules apply to different parts of the Traditional Annuity portion of the revenue credit        account accumulation, such reduction will be allocated among the parts on a pro-rata basis in        accordance with procedures established by TIAA. A revenue credit account payment may not be        revoked after its effective date.   58.   Availability of the lump-sum benefit. The contractholder may permit an employee to withdraw        his or her Traditional Annuity accumulation or any of his or her Investment Account        accumulations as a lump-sum benefit. Such withdrawal must be for all of an accumulation or any        part of any accumulation not less than [$1,000]. Lump-sum benefits from an employee’s        Traditional Annuity accumulation can only be made within [120 days] after:               A)  the date an employee terminates employment under the MEP or, if later;              B)  the specific date stipulated in the MEP.              After the [120-day] period expires, the election of a lump-sum benefit from an employee’s        Traditional Annuity accumulation will never again be available. Lump-sum benefits paid from        the Traditional Annuity accumulation will be reduced by any surrender charge in accordance        with the applicable rate schedule or schedules.       IGRS-MEP-01                                                                 Page 17   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   TIAA reserves the right to limit lump-sum benefits from an employee’s Traditional        Annuity accumulation and each of an employee’s Investment Account accumulations to not        more than one in a calendar quarter.             An employee may not elect a lump-sum benefit before the earliest date permitted under        the MEP. For both the Traditional Annuity and the Investment Accounts, the availability of a        lump-sum benefit may be limited by the MEP.   59.   Effective date of a lump-sum benefit. Any choice of lump-sum benefit must be made by notice        to TIAA as explained in section 81 in a form acceptable to TIAA. A lump-sum benefit will be        effective as of the business day on which we receive, in a form acceptable to TIAA:               A)  an employee’s request for a lump-sum benefit; and              B)  verification from the participating employer of the employee’s eligibility for a                  lump-sum benefit, and certification of termination of employment if the lump-sum                  benefit is requested from the Traditional Annuity accumulation.              An employee may choose to defer the effective date of the lump-sum benefit until any        business day following the date on which we receive the above requirements. In no event,        however, can a lump-sum benefit from the Traditional Annuity accumulation be effective before        the date that the employee terminates employment or after the [120 day] period described in        section 58.             TIAA will determine all values as of the end of the effective date. An employee can't        revoke a request for a lump-sum benefit after its effective date.             TIAA may defer the payment of a Traditional Annuity lump-sum benefit for up to six        months.             If any accumulations under this contract are attributable either directly or indirectly to        transfers from another TIAA or CREF contract, where such other contracts included any “Equity        Wash” provisions or any other such provisions restricting the timing of transfers, then the        payment of any lump-sum benefits of such accumulations will be constrained by any such        applicable provisions.   60.   Amount of a lump-sum benefit. If an employee chooses a lump-sum benefit from his or her        Traditional Annuity accumulation, when such lump-sum is available as described above, we will        pay the portion of the employee’s Traditional Annuity accumulation chosen, less any surrender        charge in accordance with the applicable rate schedule or schedules. If an employee chooses a        lump-sum benefit from the employee’s Investment Account accumulations, we will pay the        portion of the employee’s Investment Account accumulation chosen. Payment of a lump-sum        benefit reduces the accumulation from which it is paid by the amount chosen, including any        surrender charge. Lump-sum benefits from the Traditional Annuity accumulation will be paid        first from any amounts remaining to be transferred under a Transfer Payout Annuity, then from        any amounts under the interest payments option, if necessary, and then from the balance of the        employee’s Traditional Annuity accumulation, if necessary. If different rate schedules apply to        different parts of an employee’s Traditional Annuity accumulation, the portion applied to        provide the lump-sum benefit will be allocated among the parts on a pro-rata basis in accordance        with procedures established by TIAA.     61.   Amount and effective date of a retirement plan loan.  If the MEP so provides and in        accordance with section 72(p) of the IRC, as amended, and ERISA, to the extent applicable, an        employee may request a retirement plan loan from his or her Investment Account accumulations,       IGRS-MEP-01                                                                 Page 18   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              at any time prior to that employee’s maturity date. The amount of a retirement plan loan shall        comply with ERISA (to the extent applicable), the IRC and the MEP.               A request for a retirement plan loan must be made on or before the employee’s maturity        date. A retirement plan loan will be effective as of the business day on which we receive the        employee’s request, in a form acceptable to TIAA as well as any spousal waiver that may be        required under ERISA or the MEP. TIAA will determine all values as of the end of the effective        date. A request for a retirement plan loan can’t be revoked after its effective date.              A retirement plan loan reduces the accumulations from which it is paid by the amount of        the loan chosen. The loan will be issued in accordance with the terms of a loan agreement. The        loan agreement will describe the terms, conditions and any fees or charges for the loan. Any loan        repayments applied to this contract will be applied as new premiums.   62.   Amount and effective date of contractholder payments from the Traditional Annuity.         Contractholder payments from the Traditional Annuity accumulation are a series of payments        made for the purpose of paying out the contract’s entire Traditional Annuity accumulation or the        contract’s entire Traditional Annuity accumulation attributable to a specific participating        employer, including payments made to effect a transfer to an Investment Account accumulation        or to the companion CREF contract, if any. Such contractholder payments will be made        [monthly] over [a 60-month period]. The amount of each payment will be equal to the total        remaining Traditional Annuity accumulation divided by the number of remaining payments.        Each contractholder payment will be reduced by any surrender charge in accordance with the        applicable rate schedule or schedules. TIAA and the contractholder may agree to contractholder        payment arrangements with alternative schedules and associated charges. Any such surrender        charges may be deducted from employees’ accumulations. The contractholder does not require        the consent of any employee to elect contractholder payments.             The first contractholder payment will be effective as of the end of the business day that is        [90 days] after the business day we receive the contractholder’s request to begin contractholder        payments from the Traditional Annuity accumulation by written instructions in a form        acceptable to TIAA. TIAA will determine all values as of the end of the effective date. The        request for contractholder payments may not be revoked after the effective date of the first        payment. Each contractholder payment reduces each employee’s Traditional Annuity        accumulation. The reduction, including any applicable surrender charge, will be allocated among        the employees’ Traditional Annuity accumulations on a pro-rata basis. If different rate schedules        apply to different parts of an employee’s Traditional Annuity accumulation, the reduction to that        employee’s accumulation will be on a pro-rata basis among the parts in accordance with        procedures established by TIAA. The contractholder does not require the consent of any        employee to elect contractholder payments.             As of the effective date of contractholder payments of the contract’s entire Traditional        Annuity accumulation or the contract’s entire Traditional Annuity accumulation attributable to a        specific participating employer, no further premiums or internal transfers will be accepted into        the Traditional Annuity accumulation of the contract or for the participating employer,        respectively.   63.   Amount and effective date of a contractholder payment from an Investment Account. A        contractholder payment from an Investment Account accumulation is a lump-sum payment of        the contract’s entire accumulation in that Investment Account or the contract’s entire Investment        Account accumulation attributable to a specific participating employer, including payments        made to effect a transfer to the Traditional Annuity accumulation or to the companion CREF        contract, if any. A lump-sum contractholder payment from an Investment Account accumulation      IGRS-MEP-01                                                                 Page 19   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              will be effective as of the end of the business day in which we receive the contractholder’s        request for a contractholder payment from an Investment Account accumulation by written        instructions in a form acceptable to TIAA. However, for contractholder payments from the Real        Estate Account, TIAA reserves the right to defer the effective date of payment, for some or all of        the amount to be paid, for up to [180 days] if the total amount to be paid exceeds [$10 million].        If the cumulative amount of contractholder payments attributable to participating employers        made during the prior six month period exceeds the [$10 million] limit, TIAA reserves the right        to defer the effective date of payment, for some or all of the amount to be paid, for up to [180        days]. TIAA will determine all values as of the end of the effective date. The request for a        contractholder payment from an Investment Account accumulation may not be revoked after the        effective date of the payment. A contractholder payment reduces each employee’s accumulation        in the chosen Account. The reduction will be allocated among the employees’ accumulations on        a pro-rata basis.             As of the effective date of contractholder payments of the contract’s entire accumulation        in an Investment Account or the contract’s entire accumulation attributable to a participating        employer in an Investment Account, no further premiums or internal transfers will be accepted        into that Investment Account’s accumulation of the contract or for the participating employer,        respectively.                                 PART F: TRANSFERS   64.   Internal transfers from or among the Investment Accounts. The contractholder may permit        an employee to transfer from his or her Investment Account accumulations to that employee’s        TIAA Traditional Annuity accumulation or to that employee’s CREF accounts under a        companion CREF contract, if any. The contractholder may also permit an employee to transfer        among his or her Investment Account accumulations. Internal transfers may be for all of any of        an employee’s Investment Account accumulations, or any part of any of the Investment Account        accumulations not less than [$1,000]. Any internal transfer to CREF is subject to the terms of the        companion CREF contract and CREF's Rules of the Fund. TIAA reserves the right to limit        internal transfers from each of an employee’s Investment Account accumulations to not more        than one in a calendar quarter. TIAA reserves the right to stop accepting or to limit internal        transfers to the Traditional Annuity and/or internal transfers to any or all Investment Accounts at        any time. The MEP may limit the employee’s right to transfer to the Traditional Annuity, any or        all Investment Accounts and/or to a CREF account.   65.   Transfers from the Traditional Annuity. The contractholder may permit an employee to apply        all of his or her Traditional Annuity accumulation not previously applied to an income option, or        any part thereof not less than [$10,000], to a Transfer Payout Annuity (TPA) to provide:               A)  internal transfers to an Investment Account;              B)  cash withdrawals; or              C)  payments to another funding vehicle as permitted under the MEP and under federal                    tax law.              If different rate schedules apply to different parts of an employee’s Traditional Annuity        accumulation, the portion applied to the TPA will be allocated among the parts on a pro-rata        basis in accordance with procedures established by TIAA.       IGRS-MEP-01                                                                 Page 20   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   TPA payments will be made [monthly] over [an 84-month period]. The amount of each        TPA payment will be equal to the total remaining amount to be transferred divided by the        number of remaining TPA payments.             After TPA payments have commenced, an employee may elect to have the amount        remaining to be transferred, converted to a one-life annuity or two-life annuity as described in        section 49, but may not convert such amount to an interest payments option. The amount of        income benefit provided by such a conversion will be in accordance with section 51. While TPA        payments are being made, an employee may elect to change the destination for future TPA        payments in accordance with A) through C) above.             If an employee dies or converts to a one or two-life annuity before all TPA payments have        been made, or if the amount remaining to be transferred is otherwise disbursed under the terms        of the contract, the TPA will be cancelled and no future TPA payments will be made.             If TPA payments are being made to provide internal transfers to a companion CREF        contract, if any, or to an Investment Account and the contractholder requests a contractholder        payment from the CREF account to which the employee is transferring or from such Investment        Account, the TPA payments to that account will be stopped and the TPA will be redirected in        accordance with the MEP.             An employee’s request for a TPA must be made by notice to TIAA as described in section        81 in a form acceptable to TIAA. Each TPA payment to CREF is subject to the terms of the        companion CREF contract and CREF's Rules of the Fund. The MEP may limit an employee’s        right to transfer to any or all Investment Accounts, or to transfer out of this contract. TIAA        reserves the right to stop accepting or to limit TPA payments to any or all Investment Accounts        at any time.   66.   Internal transfers from CREF.  The contractholder may permit an employee to transfer from        his or her accumulation in a companion CREF contract, if any, to this contract. Any internal        transfer from CREF is subject to the terms of the companion CREF contract and CREF's Rules        of the Fund. The MEP may limit an employee’s right to transfer to the Traditional Annuity        and/or to any or all Investment Accounts. TIAA reserves the right to stop accepting or to limit        internal transfers to the Traditional Annuity and/or internal transfers to any or all Investment        Accounts at any time.    67.   Effective date of transfers. An internal transfer from an Investment Account will be effective as        of the end of the business day in which we receive an employee’s request for an internal transfer        in a form acceptable to TIAA. For TPAs, the first TPA payment will be effective as of the end of        the business day in which we receive the request to begin the TPA payment stream in a form        acceptable to TIAA. An employee may defer the effective date of the internal transfer from an        Investment Account or the date of the first TPA payment until any business day following the        date on which we receive the request. TIAA will determine all values as of the end of the        effective date. An employee can't revoke a request for an internal transfer after its effective date.        The election to begin TPA payments cannot be revoked after the effective date of the first TPA        payment. Any subsequent elections or transactions available under the contract, attributable to        the employee’s Traditional Annuity accumulation, will correspondingly reduce the remaining        amount of that employee’s Traditional Annuity accumulation to be transferred under the TPA, in        accordance with procedures established by TIAA.             If any accumulations under this contract are attributable either directly or indirectly to        transfers from another TIAA or CREF contract, where such other contracts included any “Equity        Wash” provisions or any other such provisions restricting the timing of transfers, then any       IGRS-MEP-01                                                                 Page 21   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              transfers of such accumulations out of this contract will be constrained by any such applicable        provisions.   68.   Crediting internal transfers. Internal transfers to an employee’s Traditional Annuity        accumulation are credited to the Traditional Annuity as of the end of the effective date of the        internal transfer and begin participation in the Traditional Annuity as of the following day.        Internal transfers to an employee’s Investment Account accumulations purchase accumulation        units as of the end of the effective date of the internal transfer.   69.   Restrictions on transfers. To the extent permitted by applicable law, we may reject, limit, defer        or impose other conditions on transfers into or out of an Investment Account in order to curb        frequent transfer activity to the extent that comparable limitations are imposed on the purchase,        redemption or exchange of shares of any of the funds held by an Investment Account. In        accordance with applicable law, we may terminate the transfer feature of the contract at any        time.             A fund in which an Investment Account invests may impose a redemption charge on its        assets that are redeemed out of the fund in connection with a transfer. The fund determines the        amount of the redemption charge and the charge is retained by or paid to the fund and not by or        to TIAA. The redemption charge may affect the number and value of accumulation units        transferred out of the Investment Account that invests in that fund and, therefore, may affect the        Investment Account accumulation.   70.   Additional restrictions on transfers into the Real Estate Account. For the purposes of this        section, an internal funding vehicle transfer is the movement of accumulations among or        between any of the following:               i. the Traditional Annuity accumulation held on behalf of an employee              ii. the Real Estate Account accumulation held on behalf of an employee              iii. any other Investment Account accumulation held on behalf of an employee              iv. the CREF accumulation held on behalf of an employee in a companion CREF                 certificate              v. any other funding vehicle accumulation held on behalf of an employee which is                 administered by TIAA or CREF on the same record-keeping system as this contract.         However, an internal funding vehicle transfer does not include any of the following:               i. Systematic withdrawals and transfers (SWATs)               ii. Automatic rebalances              iii. Any transaction arising from a TIAA sponsored advice product or service              iv. Transfer Payout Annuity (TPA) payments directed to the Real Estate Account.              Internal funding vehicle transfers may not be applied to the Real Estate Account        accumulation held on behalf of an employee if the Real Estate Accumulation held on behalf        of an employee under this contract and any other TIAA annuity contract or certificate already        exceeds a threshold amount of [$150,000], or if after giving effect to such transfer, such        threshold would be exceeded.  Any internal funding vehicle transfer which cannot be applied        pursuant to this rule will be rejected in its entirety and we will communicate such rejection to        the employee.         IGRS-MEP-01                                                                 Page 22   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   The Real Estate Account accumulation unit values used in applying this provision will        be those calculated as of the valuation day preceding the day on which the proposed transfer        is to be effective. For the purpose of this provision, the total value of the Real Estate Account        accumulation held on behalf of an employee will include the value of any pending internal        funding vehicle transfers into the Real Estate Account accumulation held on behalf of the        employee under any TIAA annuity contracts or certificates.             TIAA reserves the right in the future to increase or decrease the threshold dollar        amount associated with this provision. However, the threshold amount will never be less than        [$100,000]. If, as of the effective date of such a change in the threshold amount, the total        value of the Real Estate Account accumulation held on behalf of an employee under this        contract and any other TIAA annuity contract or certificate already exceeds the new        threshold amount, the employee will not be required to reduce such accumulation to a level        at or below the new threshold. TIAA also reserves the right in the future to include among        the restricted transactions any of the categories currently excluded above or to include any        categories of transactions associated with services that may be introduced in the future. Any        such future changes will only affect transactions with effective dates on or after the effective        date of such change. You will be given at least two months advance written notice of any        such change.              Nothing in this section shall be construed to limit TIAA’s right to stop accepting or to        limit premiums and/or internal transfers to the Real Estate Account at any time.                            PART G: GENERAL PROVISIONS   71.   Roth accounting. Notwithstanding any other provision in this contract, all amounts added to or        deducted from accumulations under the contract will be accounted for separately to the extent        required by IRC Section 402A, or any successor section governing Roth amounts. If there is a        change in IRC Section 402A, this provision shall be construed as referring to such section as        changed.   72.   Section 403(b).  Notwithstanding any other provision in this contract, if this contract is intended        to comply with Section 403(b) of the Internal Revenue Code of 1986, as amended, its terms shall        be interpreted accordingly. As such, TIAA and the contractholder shall apply the limitations of        and follow the requirements of Treasury Regulation sections 1.403(b)-3(a)(4) (deferral        limitations), 1.403(b)-3(a)(6) (minimum required distributions), 1.403(b)-3(a)(7) (rollover        distribution requirements), 1.403(b)-3(a)(8) (limitation on incidental benefits) and 1.403(b)-       3(a)(9) (maximum annual additions) and such other limitations, requirements or successor        Treasury regulation sections as may be promulgated pursuant to Applicable Law.   73.   MEP  fee withdrawals.  The contractholder may, in accordance with the MEP, and in        accordance with TIAA’s procedures, instruct TIAA to withdraw amounts from the contract’s        accumulation, to pay fees associated with the administration of the MEP.              The amount and the effective date of a MEP fee withdrawal will be in accordance with the        MEP. TIAA will determine all values as of the end of the effective date. A MEP fee withdrawal        cannot be revoked after it has been withdrawn.             A MEP fee withdrawal reduces the accumulation from which it is paid by the amount        withdrawn.             No surrender charge applies to MEP fee withdrawals.       IGRS-MEP-01                                                                 Page 23   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                   If a portion of a MEP fee withdrawal is payable from an employee’s Traditional Annuity        accumulation and different rate schedules apply to different parts of the employee’s        accumulation, the portion applied to provide the withdrawal will be allocated among the parts on        a pro-rata basis in accordance with procedures established by TIAA.   74.   MEP Expense Reimbursement Agreement. TIAA and the contractholder may enter into a        MEP expense reimbursement agreement under which TIAA shall agree to pay certain reasonable        and necessary MEP expenses on behalf of the MEP.   75.   Insulation of the Investment Accounts. TIAA owns the assets in each Investment Account. To        the extent permitted by law, the assets in each Investment Account will not be charged with        liabilities arising out of any other business TIAA may conduct. All income, investment gains and        investment losses of each Investment Account, whether or not realized, will be credited to or        charged against only that account without regard to TIAA's other income, gains or losses.   76.   Modification of an Investment Account. We may, as permitted by applicable law, combine or        delete Investment Accounts. We may add other Investment Accounts in accordance with the        MEP. We may also, as permitted by applicable law and the New York Department of Financial        Services, change or substitute the fund(s) whose shares are held by the Investment Accounts. If        any Investment Accounts were, at any time, available under the MEP, and all Investment        Accounts are subsequently deleted, then a companion CREF contract will be issued to you at the        time of the deletion, if one had not been previously issued to you. If accumulation units are        owned under the contract in an Investment Account that is deleted, the units must be transferred        to the Traditional Annuity accumulation or to the companion CREF contract. If the        contractholder does not tell us where to transfer the accumulation units, we will transfer them in        accordance with the MEP.   77.   Report of accumulation. At least once each year, we will provide the contractholder with a        report for this contract.  It will show the value of the accumulation.   78.   Investment Company Act of 1940.  The TIAA Access Account is a unit-investment trust which        is a registered investment company under the Investment Company Act of 1940.  However, we        may operate the separate account using any other form permitted under the Act.  Also, we may        deregister the separate account under the Act, subject to compliance with applicable law.   79.   Ownership. The contractholder owns this contract. The contractholder may, to the extent        permitted by law, exercise every right that is granted to the contractholder without the consent of        any other person unless the right has been given to such other person and authorized by the        contractholder as described in section 81.   80.   No assignment or transfer.  Neither you nor any other person may assign, pledge, or transfer        ownership of this contract or any benefits under its terms unless permitted under applicable law        and only with our prior written approval. If not permitted under applicable law and in the        absence of our prior written approval, any such action will be void and of no effect.              In the event that a participating employer withdraws from the MEP, TIAA shall allow the        contractholder to assign or transfer the accumulations attributable to that participating employer        and its employees to a new TIAA contract. In this circumstance, notwithstanding the restrictions        set forth in paragraphs 62 and 63, such accumulations shall be transferred in a single lump sum        to a TIAA Retirement Choice contract to be issued to and owned by the participating employer.       IGRS-MEP-01                                                                 Page 24   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              Traditional Annuity accumulations in this contract shall be applied to the Traditional Annuity in        the new TIAA contract. Investment Account accumulations in this contract shall be applied to        the same Investment Accounts in the new TIAA contract.    81.   Procedure for elections and changes and requests for benefits. Notice in a form acceptable to        TIAA and including all information required by TIAA must be provided to TIAA identifying        each person that becomes eligible for benefit payments. Upon receipt of proof of an employee’s        death, we will divide that employee’s accumulation into as many portions as there are validly        designated beneficiaries for that employee’s accumulation. If different rate schedules apply to        different parts of that employee’s Traditional Annuity accumulation, the resulting portions will        be allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA. Each validly designated beneficiary will then have the right to make elections available        under this contract in connection with his or her portion of such employee’s accumulation.              The right of an employee (or the employee’s beneficiaries, after the employee’s death) to        make choices and elections available under the contract, with respect to that employee’s        accumulation under the contract, are subject to the authorization of the contractholder. Such        rights include but are not limited to the right to allocate premiums, name a second annuitant,        designate beneficiaries and payees, elect lump-sum benefits, make transfers, and choose forms of        benefit payment. The contractholder may revoke or modify any such authorization.              To be valid, any choices or elections available under the contract, any authorization by the        contractholder, or revocations or modifications of such authorization, must be made in a form        acceptable to TIAA at a location that we designate. Valid instructions will take effect as of the        date TIAA receives the instructions. TIAA will only accept as valid, instructions received from        the party entitled to issue the instruction, as determined by our records.  If TIAA takes any        action in good faith before receiving a valid instruction, we will not be subject to liability even if        our acts were contrary to such instruction.  All benefits are payable at our home office or at        another location that we designate.              For purposes of determining the effective dates of any transactions and premium receipts,        transaction requests and premiums will only be deemed to have been received when they are        received by TIAA, or its appropriately designated agent, in good order, in accordance with        procedures established by TIAA or as required by law. No available transaction may be made        effective on a day that is not a business day. TIAA reserves the right to limit the number of        transactions that may be made effective on a single business day.   82.   Payment to an estate, trustee, etc. Upon the death of an employee, TIAA reserves the right to        pay in one sum the commuted value of any benefits due to an estate, corporation, partnership,        trustee or other entity that isn't a natural person. TIAA won't be responsible for the acts or        neglects of any executor, trustee, guardian, or other third party receiving payments under this        contract. If a trustee of a trust is designated as beneficiary, TIAA is not obliged to inquire into        the terms of the underlying trust or any will.          If death benefits become payable to the designated trustee of a testamentary trust, but:             A)  no qualified trustee makes claim for the benefits within nine months after the death of                the employee; or             B)  evidence satisfactory to TIAA is presented at any time within such nine-month period                that no trustee can qualify to receive the benefits due,        IGRS-MEP-01                                                                 Page 25   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              payment will be made to the successor beneficiaries, if any are designated and survive the        employee; otherwise payment will be made to the executors or administrators of the employee’s        estate.             If benefits become payable to an inter-vivos trustee (the person appointed to execute a        trust created during an individual’s lifetime), but the trust is not in effect or there is no qualified        trustee, payment will be made to the successor beneficiaries, if any are designated and survive        the employee; otherwise payment will be made to the executors or administrators of the        employee’s estate.             Payment to any trustee, successor beneficiary, executor, or administrator, as provided for        above, shall fully satisfy TIAA's payment obligations under the contract to the extent of such        payment.   83.   Service of process upon TIAA. We will accept service of process in any action or suit against        us on this contract in any court of competent jurisdiction in the United States provided such        process is properly made. We will also accept such process sent to us by registered mail if the        plaintiff is a resident of the jurisdiction in which the action or suit is brought. This section does        not waive any of our rights, including the right to remove such action or suit to another court.   84.   Benefits based on incorrect data. If the amount of benefits is determined by data as to a        person's age or sex that is incorrect, the benefits payable will be such as the premium paid would        have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the        incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on        the basis of the incorrect data will be charged against the payments due after the correction is        made. Any amounts so paid or charged will include compound interest at the effective annual        rate of 6% per year.   85.   Proof of survival. TIAA reserves the right to require satisfactory proof that anyone named to        receive benefits under the terms of the contract is alive on the date any benefit payment is due. If        this proof is not received after it has been requested in writing, TIAA will have the right to make        reduced payments or to withhold payments entirely until such proof is received. If under a two-       life annuity TIAA has overpaid benefits because of a death of which we were not notified,        subsequent payments will be reduced or withheld until the amount of the overpayment, plus        compound interest at the effective annual rate of 6% per year, has been recovered.   86.   Protection against claims of creditors. The benefits and rights accruing under the contract are        exempt from the claims of creditors or legal process to the fullest extent permitted by law. Such        exemption does not apply to the extent this contract is issued in connection with a non-qualified        deferred compensation plan sponsored by an employer that is not a state or local government, an        IRC section 457(b) plan sponsored by an employer that is not a state or local government, a plan        operating under IRC section 457(f), or a plan operating under IRC section 415(m).   87.   Compliance with laws and regulations. TIAA will administer the contract to comply with the        restrictions of all laws and regulations pertaining to the terms and conditions of the contract. No        benefit may be elected and no right may be exercised under the contract if the election of that        benefit or exercise of that right is prohibited under an applicable state or federal law or        regulation.             The choice of income option and effective date thereof, beneficiary or second annuitant,        death benefit payment method and effective date, the availability of transfers and lump-sum        benefits, and the rights of spouses to benefits, are all subject to the applicable restrictions,       IGRS-MEP-01                                                                 Page 26   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract              distribution requirements and incidental benefit requirements of ERISA and the IRC and any        rulings and regulations issued under ERISA and the IRC.             The contractholder will comply with the terms of all applicable state and federal laws and        regulations, and the MEP to the extent consistent with the terms of the contract.   88.   Correspondence.  If you have any questions about the contract, or inquiries about our service,        or if you need help to resolve a problem, you can contact us at the web address or phone number        below or at such other location that we may designate.                                         TIAA                                     [www.tiaa.org                                     800 842-2733]   89.   Change of rate schedule. We may, at any time and from time to time, substitute a new rate        schedule for the one currently effective in your contract. A new rate schedule will apply only to        benefits arising from any premiums and internal transfers applied to the Traditional Annuity        while such rate schedule is in effect. Any change in the rate schedule will not affect the amount        of benefits purchased prior to the change by any premiums and internal transfers applied to the        Traditional Annuity. A change in the rate schedule will be made only after we have given you        three months' written notice of the change. Any new rate schedule will specify:               A)    the charges for expenses and contingencies;               B)    the interest rates and the mortality bases used for determining benefits arising                    from amounts applied to the Traditional Annuity;               C)    any applicable surrender charges on lump-sum benefits arising from amounts                    applied to the Traditional Annuity; and              D)    any applicable surrender charges on contractholder payments arising from                    amounts applied to the Traditional Annuity.        IGRS-MEP-01                                                                 Page 27   

 

TIAA Multiple Employer Plan Retirement Choice Annuity Contract                                 This page has been left blank intentionally.                                                         IGRS-MEP-01                                                                 Page 28   

 

Teachers Insurance and Annuity Association of America  TIAA  Multiple Employer Plan Retirement Choice Annuity Contract                                 RATE SCHEDULE       A)   Rates applicable to premiums and internal transfers applied to the Traditional Annuity.          The benefits bought by any premiums and internal transfers applied to the Traditional Annuity          while this rate schedule is in effect will be computed on the basis described below. This basis          applies to such amounts for as long as such amounts remain in the Traditional Annuity. Any          guaranteed interest and additional amounts credited to the Traditional Annuity accumulation will          buy benefits calculated on the same basis that is applicable to the premiums or internal transfers          that gave rise to such guaranteed interest and additional amounts:               (1) no deduction for expenses or contingencies, except for any premium taxes incurred by                TIAA for the contract and except for any MEP fee withdrawals in accordance with                the MEP;             (2) interest as follows:                [interest from the end of the day on which the premium or internal transfer is credited,                to the date that such amount is deducted from the Traditional Annuity accumulation, in                accordance with the terms of the contract, at the effective annual rate of [x.xx%];]             OR                [The minimum effective annual interest rate to be credited to premiums and internal                transfers applied to the Traditional Annuity will be based on the calendar year in which                the premium or internal transfer is applied to the Traditional Annuity. For each such                calendar year, an initial rate will be set equal to the CMT for that year (as defined                below)  less [0.0125],  rounded  to  the  nearest [0.0005],  provided  however  that  the                resulting minimum rate will not be less than [1%] nor greater than [3%]. Such initial                rate will apply for [ten] calendar years, after which it will be reset to the initial rate then                being  established  for  premiums  and  internal  transfers  applied  in  the calendar year                immediately following the end of such [ten] calendar-year period. If this rate schedule                is no longer in effect on such scheduled reset date, the reset rate will be the initial rate                that would have been established had this rate schedule continued to be in effect. The                resulting reset rate will be subject to the same reset procedure every [ten] calendar                years thereafter.                The applicable minimum interest rates determined as described above, will be credited                on amounts applied to the Traditional Annuity accumulation from the end of the day on                which such amount is credited to the date such amount is deducted from the Traditional                Annuity accumulation, in accordance with the terms of the contract.                The CMT to be used in setting this rate for each calendar year is the average five-year                Constant Maturity Treasury Rate reported by the Federal Reserve for the [calendar                month of [November]][[12] month period from [December] through the [November]],                preceding that calendar year.  We may make future changes to the choice of calendar                month for which the average five-year Constant Maturity Treasury Rate will be used to                set the CMT. Any such change will be effected only after obtaining any approvals                required by the insurance regulatory authority of the jurisdiction shown on page 1, and                will  also  be  made  to  all  other  contracts  written  on  this  form  and  delivered in that                jurisdiction. Any such change will be made only after we have given you three months’                written notice.]             OR               [interest from the end of the day on which the premium or internal transfer is credited, to               the date that such amount is deducted from the Traditional Annuity accumulation, in               accordance with the terms of the contract, as follows:               [The minimum effective annual interest rate to be credited will be reset each [March 1].               The rate will be set equal to the CMT less [0.0125], rounded to the nearest [0.0005],               provided however that the minimum rate will not be less than [1%] nor greater than               [3%]. The CMT is the average five-year Constant Maturity Treasury Rate reported by               the  Federal  Reserve  for  the  [calendar month of [January]][[12] month period from                IGRS-MEP-01-RS                                                Page RS1         

 

Teachers Insurance and Annuity Association of America  TIAA  Multiple Employer Plan Retirement Choice Annuity Contract                 [February] through the [January]] preceding the reset date.]                We may make future changes to the reset date and/or to the choice of calendar month               for which the average five-year Constant Maturity Treasury Rate will be used to set the               CMT. Any such change will be effected only after obtaining any approvals required by               the insurance regulatory authority of the jurisdiction shown on page 1, and will also be               made to all other contracts written on this form and delivered in that jurisdiction. Any               such change will be made only after we have given you three months’ written notice.]             (3) for one-life annuities and two-life annuities, annuity payments based on interest at the                effective annual rate of 2% after the date that payments begin, and mortality according                to the Annuity 2000 Mortality Table (TIAA Merged Gender Mod A), with ages set                back three months for each completed year between January 1, 2000 and the date that                annuity payments begin, as illustrated in the accompanying chart.          [A  surrender  charge of [2.5%] will  be  deducted  from  any  lump-sum  benefit  from  the         Traditional Annuity accumulation arising from amounts applied to the Traditional Annuity while         this rate schedule is in effect.]                  [A surrender charge of [0.00%] will be deducted from any contractholder payment from the         Traditional Annuity accumulation arising from amounts applied to the Traditional Annuity while         this rate schedule is in effect.]                  Betterment of rates. When an employee or an employee’s beneficiary begin benefits under a         one-life  or  two-life  annuity,  we  will  compute  any  benefits  provided  by  the  portion  of  the         Traditional Annuity accumulation resulting from amounts applied to the Traditional Annuity while         this rate schedule is in effect on the basis stated above, or, if it produces a larger guaranteed         benefit, on the basis in use for any single premium immediate annuities then being offered by         TIAA for contracts of the same class as this contract.                  IGRS-MEP-01-RS                                                Page RS2         

 

Teachers Insurance and Annuity Association of America  TIAA  Multiple Employer Plan Retirement Choice Annuity Contract             Guaranteed Annual Amount of Income Benefits from the Traditional Annuity                                under the One-life                    Annuity with 10-Year Guaranteed Period option                  Provided by $10,000 from Employee’s Accumulation                        (assuming a premium tax rate of 0%)                                                          One-twelfth of the amount shown is payable each month         Adjusted Annual Amount Adjusted Annual Amount Adjusted  Annual       Age When   of Monthly  Age When   of Monthly Age When   Amount of       Payments    Benefit    Payments    Benefit   Payments   Monthly         Begin     Payments    Begin     Payments     Begin     Benefit                                                               Payments          40       $309.20       57       $390.38      74       $568.43           41       $312.54       58       $397.25      75       $584.44           42       $316.02       59       $404.44      76       $601.22           43       $319.65       60       $411.96      77       $618.78           44       $323.43       61       $419.85      78       $637.13           45       $327.38       62       $428.13      79       $656.25           46       $331.50       63       $436.82      80       $676.14           47       $335.79       64       $445.95      81       $696.74           48       $340.27       65       $455.55      82       $718.03           49       $344.94       66       $465.65      83       $739.91           50       $349.82       67       $476.29      84       $762.31           51       $354.90       68       $487.50      85       $785.11           52       $360.20       69       $499.31      86       $808.15           53       $365.73       70       $511.75      87       $831.28           54       $371.50       71       $524.86      88       $854.30           55       $377.52       72       $538.66      89       $877.00           56       $383.81       73       $553.18                        The yearly payments shown above are those that result from the application of an accumulation      of $10,000 (assuming a premium tax rate of 0%) in the Traditional Annuity to the specified      income option when the employee has attained an adjusted age as shown, but has not passed      the date on which that adjusted age was attained by as much as one month.           The employee’s adjusted age equals the employee’s actual age minus three months for      each completed year between January 1, 2000 and the date that payments begin.  All ages      used in computing benefits are calculated in completed years and months. Payments beginning      at ages other than those shown, and under other income options, are computed on the basis      stated  in  the  rate  schedule.  For  accumulations  other  than  $10,000,  payments  will  be      proportionate.                        IGRS-MEP-01-RS                                                Page RS3         

 

Teachers Insurance and Annuity Association of America  TIAA  Multiple Employer Plan Retirement Choice Annuity Contract           B)   Rates  applicable  to Investment Account accumulations transferred to immediately          begin income from the Traditional Annuity.  The following applies to Investment Account          accumulations  attributable  to any  premiums  and  internal transfers applied to an Investment          Account while this rate schedule is in effect and for as long as such amounts remain in the          Investment Account accumulation:          If an employee transfers accumulations from an Investment Account to the Traditional Annuity          to  purchase  a one-life or two-life annuity, with benefits beginning immediately, the resulting          guaranteed benefit from the Traditional Annuity will be determined on whichever of these bases          produces the largest guaranteed payments:             (1)  (a)   interest at the effective annual rate of 1.5%; and                  (b)   mortality  according to  the  Annuity  2000 mortality table (TIAA Merged                        Gender  Mod  A),  with ages set back one year for each completed year                        between January 1, 2004 and the effective date of the internal transfer;             (2)      the basis otherwise applicable to internal transfers to the Traditional Annuity                  under the rate schedule in effect on the effective date of the transfer; or             (3)  the basis in use for any single premium immediate annuities then being offered by                  TIAA for contracts of the same class as this contract.                                                                            Group Flexible Premium Deferred Annuity                            Fixed and Variable Accumulations                                 Nonparticipating                              IGRS-MEP-01-RS                                                Page RS4         

 

             Teachers Insurance and Annuity Association of America                       730 Third Avenue, New York, N.Y. 10017-3206                                Telephone: [800-842-2733]             Multiple Employer Plan Retirement Choice Annuity Certificate    This certificate is issued to you, the employee, by us, Teachers Insurance and Annuity Association of America  (TIAA), in connection with amounts recorded in your name under a Multiple Employer Plan (“MEP”) funded  by a TIAA MEP Retirement Choice Annuity Contract. The contract shall govern the payment of all benefits by  TIAA and the rights and obligations of TIAA, the contractholder and you. This certificate refers briefly to some  of the contract's features.   The contractholder remits all premiums under the contract. Premiums are allocated between the Traditional  Annuity and the Investment Accounts. Each premium allocated to the Traditional Annuity under the contract  buys a guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the  premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate, and  may also be credited with additional amounts declared by TIAA. Each premium allocated to any of the  Investment Accounts under the contract buys a number of accumulation units. Accumulations in the  Investment Accounts are not guaranteed, and may increase or decrease depending on investment results.  TIAA reserves the right to stop accepting or to limit premiums under the contract at any time.   TIAA will pay to the contractholder all benefits set forth, with respect to you, under the terms of the contract  and in accordance with the MEP of the contractholder as from time to time amended, or any successor plan.  Your rights under the contract are those in accordance with the terms of the MEP and as delegated to you by the  contractholder.                                                              President and        SMD, Corporate Secretary                     Chief Executive Officer              Group Flexible Premium Fixed and Variable Deferred Annuity Certificate                                    Nonparticipating    IGRS-MEP-CERT1                                                                Page 1

 

Your TIAA Multiple Employer Plan Retirement Choice Annuity Certificate   Your Rights  The contractholder owns the contract. The contractholder may, to the extent permitted by law, exercise every  right that is granted to the contractholder under the contract without the consent of any other person unless the  right has been given to such other person under the contract and authorized by the contractholder.    Your right (or that of your beneficiaries, after your death) to make choices and elections available under the  contract, with respect to amounts recorded in your name under the contract, is subject to the authorization of the  contractholder. Such rights include but are not limited to the right to allocate premiums, name a second  annuitant, designate beneficiaries and payees, elect lump-sum benefits, make transfers, and choose forms of  benefit payment. The contractholder may revoke or modify any such authorization. Notwithstanding the  authorization of the contractholder, such rights are subject to the vesting provisions of the MEP.   Employee Maturity Date  Your maturity date is the date as of which all of your accumulation has been distributed or applied to provide  benefit payments under the terms of the contract. As of such date, TIAA will have no further obligations under  the contract to you, beyond those associated with any ongoing payout annuity benefits being paid to you. TIAA  is not obliged to accept new premiums on your behalf.   Allocation Options  Premiums are allocated between the Traditional Annuity and the Investment Accounts. Each premium allocated  to the Traditional Annuity under the contract buys a guaranteed minimum amount of benefit payments, based on  the rate schedule in effect at the time the premium is credited. Traditional Annuity accumulations will be  credited with a guaranteed interest rate, and may also be credited with additional amounts declared by TIAA.  TIAA does not guarantee that there will be additional amounts.  Each premium allocated to any of the  Investment Accounts under the contract buys a number of accumulation units. Accumulations in the Investment  Accounts are not guaranteed, and may increase or decrease depending on investment results.   Accumulations  A record of your accumulation is maintained for the sole purpose of providing a record of amounts held under  the contract on your behalf. Your accumulation consists of the portion of the Traditional Annuity accumulation  and Investment Account accumulations held on your behalf under the contract. Your rights under the contract  are those in accordance with the MEP and as delegated to you by the contractholder.   Benefit Guarantees  [Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be  [x.xx%]. The minimum interest rate will be credited on amounts applied to the Traditional Annuity  accumulation from the end of the day on which such amount is credited to the date such amount is deducted  from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the  contract. Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality table  provided for in the contract.]   OR   [Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited to  premiums and internal transfers applied to the Traditional Annuity will be based on the calendar year in which  the premium or internal transfer is applied to the Traditional Annuity. For each such calendar year, an initial rate  will be set equal to the CMT for that year (as defined below) less [0.0125], rounded to the nearest [0.0005],  provided however that the resulting minimum rate will not be less than [1%] nor greater than [3%]. Such initial  rate will apply for [ten] calendar years, after which it will be reset to the initial rate then being established for  premiums and internal transfers applied in the calendar year immediately following the end of such [ten]  calendar-year period. If this rate schedule is no longer in effect on such scheduled reset date, the reset rate will  be the initial rate that would have been established had this rate schedule continued to be in effect. The resulting  reset rate will be subject to the same reset procedure every [ten] calendar years thereafter.   IGRS-MEP-CERT1                                                                Page 2 

 

Your TIAA Multiple Employer Plan Retirement Choice Annuity Certificate    The applicable minimum interest rates determined as described above, will be credited on amounts applied to  the Traditional Annuity accumulation from the end of the day on which such amount is credited to the date such  amount is deducted from the Traditional Annuity accumulation or applied to an annuity form of benefit in  accordance with the contract.  Such annuity benefits will be based on interest at the effective annual rate of 2%  and the mortality table provided for in the contract.   The CMT to be used in setting this rate for each calendar year is the average five-year Constant Maturity  Treasury Rate reported by the Federal Reserve for the calendar month of [November]][[12] month period from  [December] through the [November]], preceding that calendar year. We may make future changes to the choice  of calendar month for which the average five-year Constant Maturity Treasury Rate will be used to set the CMT.  Any such change will be effected only after obtaining any regulatory approvals.]   OR   [Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be  reset each [March 1]. The rate will be set equal to the CMT less [0.0125], rounded to the nearest [0.0005],  provided however that the minimum rate will not be less than [1%] nor greater than [3%]. The CMT is the  average five-year Constant Maturity Treasury Rate reported by the Federal Reserve for the calendar month of  [[January]][ 12] month period from [February] through the [January]] preceding the reset date.   The minimum interest rate so determined will be credited on amounts applied to the Traditional Annuity  accumulation from the end of the day on which such amount is credited to the date such amount is deducted  from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the  contract.  Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality  table provided for in the contract.   We may make future changes to the reset date and/or to the choice of calendar month for which the average  five-year Constant Maturity Treasury Rate will be used to set the CMT. Any such change will be effected only  after obtaining any regulatory approvals.]   These guarantees cease to apply to amounts that leave the Traditional Annuity.   Subject to applicable insurance law, the contract’s rate schedule may be changed.  Such a change will not affect  any benefits purchased prior to the change. A change in the rate schedule will be made only after we have given  the contractholder three months' written notice of the change.   Additional Amounts  Additional amounts may be credited to accumulations in the Traditional Annuity under the contract.  TIAA does  not guarantee that there will be additional amounts.  TIAA will determine at least annually if additional amounts  will be credited.     Lump-sum Benefits  Under the terms of the contract, the contractholder may permit you to elect lump-sum benefits from your  accumulation.    Lump-sum benefits from your Traditional Annuity accumulation may be withdrawn in their entirety, or in any  part thereof not less than [$1,000]. Such withdrawals from your Traditional Annuity accumulation can only be  made within [120 days] after:         A)    the date you terminate employment under the MEP or, if later;       B)    the specific date stipulated in the MEP.   IGRS-MEP-CERT1                                                                Page 3 

 

Your TIAA Multiple Employer Plan Retirement Choice Annuity Certificate   After the [120-day]  period expires, the election of a lump-sum benefit from your Traditional Annuity  accumulation will never again be available. Lump-sum benefits paid from the Traditional Annuity accumulation  will be reduced by any surrender charge in accordance with the applicable rate schedule or schedules. Under the  contract’s current rate schedule the surrender charge is [2.5%].   At any time you may, subject to the limits described below, withdraw as a lump-sum benefit all of any of your  Investment Account accumulations, or any part of any of your Investment Account accumulations not less than  [$1,000].    TIAA reserves the right to limit lump-sum benefits from your Traditional Annuity accumulation and each of  your Investment Account accumulations to not more than one in a calendar quarter.    If any accumulations under the contract are attributable either directly or indirectly to transfers from another  TIAA or CREF contract, where such other contracts included any “Equity Wash” provisions or any other such  provisions restricting the timing of transfers, then the payment of any lump-sum benefits of such accumulations  will be constrained by any such applicable provisions.   Transfers  Under the terms of the contract, the contractholder may permit you to transfer from your Investment Account  accumulations to TIAA’s Traditional Annuity accumulation or to CREF accounts under a companion CREF  contract, if any. The contractholder may also permit you to transfer among your Investment Account  accumulations. Internal transfers may be for all of any of your Investment Account accumulations, or any part of  any of your Investment Account accumulations not less than [$1,000]. TIAA reserves the right to limit internal  transfers from each of your Investment Account accumulations to not more than one in a calendar quarter.  TIAA reserves the right to stop accepting or to limit internal transfers to the Traditional Annuity and/or to any or  all Investment Accounts at any time.     The contractholder may permit you to apply your Traditional Annuity accumulation, or any part thereof not less  than [$10,000], to a Transfer Payout Annuity (TPA) to provide internal transfers to a companion CREF contract,  if any; internal transfers to an Investment Account; cash withdrawals; or payment to another funding vehicle as  permitted under the MEP and federal tax law.  TPA payments will be made [monthly] over [an 84-month  period].  If TPA payments are being made to provide internal transfers to a companion CREF contract, if any, or  to an Investment Account and the contractholder requests a contractholder payment (as described below) from  either a CREF account to which you are transferring or from such Investment Account, the TPA payments to  that account will be stopped and the TPA will be redirected in accordance with the MEP. TIAA reserves the  right to stop accepting or to limit TPA payments to any or all Investment Accounts at any time.   The contractholder may permit you to transfer from your accumulation in a companion CREF contract, if any, to  the TIAA contract.  TIAA reserves the right to stop accepting or to limit internal transfers to the Traditional  Annuity and/or to any or all Investment Accounts at any time.   To the extent permitted by applicable law, we may reject, limit, defer or impose other conditions on transfers  into or out of an Investment Account in order to curb frequent transfer activity to the extent that comparable  limitations are imposed on the purchase, redemption or exchange of shares of any of the funds held by an  Investment Account. In accordance with applicable law, we may terminate the transfer feature of the contract at  any time.   A fund in which an Investment Account invests may impose a redemption charge on its assets that are redeemed  out of the fund in connection with a transfer. The fund determines the amount of the redemption charge and the  charge is retained by or paid to the fund and not by or to TIAA. The redemption charge may affect the number  and value of accumulation units transferred out of the Investment Account that invests in that fund and,  therefore, may affect the Investment Account accumulation.    IGRS-MEP-CERT1                                                                Page 4 

 

Your TIAA Multiple Employer Plan Retirement Choice Annuity Certificate   If any accumulations under the contract are attributable either directly or indirectly to transfers from another  TIAA or CREF contract, where such other contracts included any “Equity Wash” provisions or any other such  provisions restricting the timing of transfers, then any transfers of such accumulations out of the contract will be  constrained by any such applicable provisions.   Additional Restrictions on Transfers into the Real Estate Account  An internal funding vehicle transfer is the movement of accumulations among or between any of the following:        i.    your Traditional Annuity accumulation       ii.   your Real Estate Account accumulation       iii.  your other Investment Account accumulation       iv.   your companion CREF certificate       v.    any other funding vehicle accumulation you may have which is administered by TIAA or CREF             on the same record-keeping system as this certificate.  However, an internal funding vehicle transfer does not include any of the following:        •  Systematic withdrawals and transfers (SWATs)       •  Automatic rebalances       •  Any transaction arising from a TIAA sponsored advice product or service       •  Transfer Payout Annuity (TPA) payments directed to the Real Estate Account.  You may not apply internal funding vehicle transfers to your Real Estate Account accumulation if the total value  of your Real Estate Account accumulation under this certificate and any other TIAA annuity contract or  certificate issued to you already exceeds a threshold amount of [$150,000], or if after giving effect to such  transfer, such threshold would be exceeded.  Any internal funding vehicle transfer which cannot be applied  pursuant to this rule will be rejected in its entirety and we will communicate such rejection to you.   The Real Estate Account accumulation unit values used in applying this provision will be those calculated as of  the valuation day preceding the day on which the proposed transfer is to be effective. For the purpose of this  provision, the total value of your Real Estate Account accumulation will include the value of any pending  internal funding vehicle transfers into your Real Estate Account accumulation under any TIAA annuity contracts  or certificates issued to you.   TIAA reserves the right in the future to increase or decrease the threshold dollar amount associated with this  provision.  However, the threshold amount will never be less than [$100,000]. If, as of the effective date of such  a change in the threshold amount, the total value of your Real Estate Account accumulation under this certificate  and any other TIAA annuity contract or certificate issued to you already exceeds the new threshold amount, you  will not be required to reduce such accumulation to a level at or below the new threshold. TIAA also reserves  the right in the future to include among the restricted transactions any of the categories currently excluded above  or to include any categories of transactions associated with services that may be introduced in the future. Any  such future changes will only affect transactions with effective dates on or after the effective date of such  change. You will be given at least two months advance written notice of any such change.    Nothing in this provision shall be construed to limit TIAA’s right to stop accepting or to limit premiums and/or  internal transfers to the Real Estate Account at any time.   Death Benefits  If you die, your accumulation will provide a death benefit for your beneficiary.  The death benefit is the current  value of your accumulation under the contract.  It will be payable to the contractholder on behalf of your  beneficiary, in accordance with the MEP of the contractholder.    IGRS-MEP-CERT1                                                                Page 5 

 

Your TIAA Multiple Employer Plan Retirement Choice Annuity Certificate   Retirement Plan Loan  A retirement plan loan is a disbursement of some or all of your Investment Account accumulation to provide  loans.  If the MEP so provides and in accordance with section 72(p) of the IRC, as amended, and ERISA, to the  extent applicable, you may request a retirement plan loan from your Investment Account accumulations, at any  time prior to your maturity date. The loan will be issued in accordance with the terms of a loan agreement. The  loan agreement will describe the terms, conditions and any fees or charges for the loan.   Benefits Based on Incorrect Data  If the amount of benefits is determined by data as to a person's age or sex that is incorrect, the benefits payable  will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by  TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by  TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made.  Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year.   MEP Fee Withdrawals  The contractholder may, in accordance with the MEP, and in accordance with TIAA’s procedures, instruct  TIAA to withdraw amounts from the contract’s accumulation, to pay fees associated with the administration of  the MEP.    Contractholder Rights  The contractholder owns the contract. The contractholder may, to the extent permitted by law, exercise every  right that is granted to the contractholder under the contract without the consent of any other person unless the  right has been given to such other person under the contract and authorized by the contractholder.     Contractholder Payments  The contractholder has the right to withdraw the Traditional Annuity accumulation and/or the accumulation in  an Investment Account. Contractholder payments from the Traditional Annuity accumulation will be made only  as a series of payments of the Traditional Annuity accumulation. A contractholder payment from an Investment  Account accumulation will be a lump-sum payment of that Account’s accumulation under the contract. Under  the contract’s current rate schedule, any amounts that the contractholder withdraws from the Traditional Annuity  are subject to a [0.00%] surrender charge. TIAA and the contractholder may agree to alternative contractholder  payment arrangements with alternative associated charges. Any such surrender charges may be deducted from  employees’ accumulations. The contractholder does not require the consent of any employee to elect  contractholder payments.   The contract does not require the contractholder to elect any withdrawals that would be subject to the surrender  charge.               Group Flexible Premium Fixed and Variable Deferred Annuity Certificate                                    Nonparticipating    IGRS-MEP-CERT1                                                                Page 6exhibit4l2123119

                                                                              EXHIBIT 4(L)(2)           Teachers Insurance and Annuity Association of America                      730 Third Avenue, New York, N.Y. 10017-3206                               Telephone: [800-842-2733]       Multiple Employer Plan Retirement Choice Plus Annuity Contract   Contractholder:   [Multiple Employer Plan Sponsor Name]  Contract Number:                 [T-xxxxx]  Companion CREF Contract Number:  [C-xxxxx/NONE]  Date of Issue:                   [01 01 2007]   This contract is delivered in [the State of state] and is subject to the laws and regulations therein.   This is a legal contract between you, the contractholder, and us, Teachers Insurance and Annuity  Association of America (TIAA). This page refers briefly to some of the features of this contract. The  next pages set forth in detail the rights and obligations of both TIAA and the contractholder under the  contract. PLEASE READ THIS CONTRACT CAREFULLY. IT IS IMPORTANT.                              GENERAL DESCRIPTION                                                        All premiums for this contract must be remitted under the Multiple Employer Plan (the “MEP”).  Premiums are allocated between the Traditional Annuity and the Investment Accounts.   Traditional Annuity.  Each premium allocated to the Traditional Annuity under this contract buys a  guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the  premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate,  and may also be credited with additional amounts declared by TIAA.    Investment Accounts. Each premium allocated to any of the Investment Accounts under this contract  buys a number of accumulation units. Accumulations in the Investment Accounts are not  guaranteed, and may increase or decrease depending on investment results. The separate account  charges that apply to each Investment Account will reduce the net annual investment return. For all  Investment Accounts other than the Real Estate Account, the separate account charge is guaranteed not  to exceed [2.0%] per year of average net assets. The Real Estate Account separate account charge is  guaranteed not to exceed [2.5%] per year of average net assets.  This contract cannot be assigned unless permitted under applicable law and only with our prior  approval.   If you have any questions about the contract or need help to resolve a problem, you can contact us at the  address or phone number above.                                                          President and       SMD, Corporate Secretary                     Chief Executive Officer                         Group Flexible Premium Deferred Annuity                            Fixed and Variable Accumulations                                   Nonparticipating                                    INDEX ON NEXT PAGE   IGRSP-MEP-01                                                               Page 1 

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                                                                                                INDEX OF PROVISIONS                                          Section                                              Section     Accumulation                                            - Restrictions  ...................................................... 67      - Definition ............................................................ 1     - Restrictions on Transfers into the Real Estate      - Employee’s ......................................................... 8              Account - Additional .................................. 68      - Employee’s Investment Account ...................... 43 Investment Account  ................................................ 14      - Employee’s Traditional Annuity ....................... 37     - Insulation of ...................................................... 75      - Investment Account .......................................... 42     - Modification of ................................................. 76      - Report of ........................................................... 77 Investment Company Act of 1940 ........................... 78      - Traditional Annuity ........................................... 36 IRC .......................................................................... 15  Accumulation Units                                  Laws and Regulations - Compliance with ............... 87      - Definition .......................................................... 41 Lump-sum Benefit      - Number of ......................................................... 47     - Amount and Effective Date ............................... 59  Additional Amounts ................................................ 38     - Availability ....................................................... 58  Assignment -Void and of no effect ......................... 80 Maturity Date  ......................................................... 16  Benefit Payment ...................................................... 48 MEP ........................................................................ 17  Benefits Based on Incorrect Data ............................ 84 MEP Benefit Payment ............................................. 55  Business Day ............................................................. 3 MEP Expense Reimbursement Agreement.............. 72  Claims of Creditors - Protection Against ................ 86 MEP Fee Withdrawals ............................................ 71  Commuted Value ....................................................... 4     - Definition .......................................................... 18  Companion CREF Contract ..................................... 32 Net Investment Factor  Contestability .......................................................... 31     - For Other Investment Accounts ........................ 44  Contract ................................................................... 30 Ownership ............................................................... 79  Contractholder Payment                              Participating Employer ............................................ 19       - From an Investment Account ........................... 62 Payee ....................................................................... 20       - From the Traditional Annuity .......................... 61 Payment to an Estate, Trustee, etc ........................... 82  Coordinated Transactions .......................................... 5 Premiums  Correspondence with us .......................................... 88     - Allocation of ..................................................... 34  Death Benefit                                           - Payment of ........................................................ 33      - Amount of Payments ......................................... 53     - Taxes ................................................................. 35      - Beneficiary .......................................................... 2 Proof of Survival ..................................................... 85      - Definition ............................................................ 6 Rate Schedule      - Payment Methods .............................................. 52      - Change of ......................................................... 89      - Payments after Death of Beneficiary ................ 54      - Definition ......................................................... 21  Disruptive Transactions ........................................... 74 Real Estate Account  Elections and Changes - Procedure for.................... 81     - Definition of ...................................................... 39  Employee ................................................................... 7 Retirement Plan Loan  Equity Wash Restrictions ........................................ 73     - Amount and Effective Date ............................... 60  ERISA ....................................................................... 9 Revenue Credit Account ......................................... 22  Forfeiture Account .................................................. 10 Revenue Credit Account Payment  Forfeiture Account Payment                              - Amount and Effective Date ............................... 57      - Amount and Effective Date ............................... 56 Roth Accounting ..................................................... 69  Funding Vehicle ...................................................... 11 Second Annuitant .................................................... 23  General Account ...................................................... 12 Section 403(b) of the Internal Revenue Code.......... 70  Gross Investment Factor .......................................... 45 Separate Account  Income Benefit                                         - Charge ................................................................ 46      - Amount ............................................................. 51    - Definition ........................................................... 24      - Options .............................................................. 49 Service of Process upon TIAA ................................ 83      - Post-mortem Payments ...................................... 50 Severance from Employment .................................. 25                                                      Surrender Charge..................................................... 26  Internal Transfers                                                      TIAA Access Account ............................................ 40      - Amount ............................................................. 64 Traditional Annuity ................................................. 27      - Availability ....................................................... 63 Valuation Day ......................................................... 29      - Crediting ........................................................... 66       - Definition .......................................................... 13       - Effective Date ................................................... 65                IGRSP-MEP-01                                                                                   Page 2                                                                                                        

 

TIAA  Multiple Employer Plan Retirement Choice Plus Annuity Contract                                Account Specifications Page   The following Investment Accounts are available as of the issue date of this contract. The Multiple  Employer Plan (“MEP”) may restrict the right to invest in some or all of the Investment Accounts:   TIAA Real Estate Account   [TIAA Access Account Level [x] Subaccounts:       [Account 1]       [Account 2]       [Account 3] ]    IGRSP-MEP-01                                                                Page 3 

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        For the purposes of section 73, competing funds will be defined as any of the following:       •  [Any money market fund]     •  [Any short-term bond fund or other fund comprised primarily of short-term bonds with an        average duration of three years or less]     •  [The TIAA Real Estate Account]     •  [The TIAA Traditional Annuity]     •  [The TIAA Stable Value Separate Account-1 (SVSA-1)]     •  [The fixed or general account component of any other annuity contract or certificate under        which the individual contract owner, certificate owner, or individual on whose behalf an        individually allocated accumulation is being recorded under the terms of such contract, may be        allowed, under the terms of such contract or certificate, to make discretionary withdrawals of his        or her accumulations at any time, regardless of whether or not such withdrawals would be        subject to a surrender charge.]     •  [A self-directed brokerage account]     •  [Specific fund names]      [If additional funding options are added to the MEP after the issue date of the contract, TIAA reserves  the right to determine at such time whether such funding options will be considered competing funds.]      [The following funds will not be considered competing funds as of the date of issue of the contract:]       •  [All funding options available as of the date of issue that are not described above as Competing        Funds]     •  [Fund name]     •  [Fund name]      [TIAA reserves the right to recategorize any of these funds as competing funds if it determines that a  change in the fund’s investment practices and/or objectives warrants such a recategorization.]                                                        IGRSP-MEP-01                                                                Page 4                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                            PART A: TERMS USED IN THIS CONTRACT         1.    The contract’s accumulation is equal to the sum of all employees’ accumulations, as well as any        unallocated accumulations, under the contract.    2.    A beneficiary is any person eligible to receive death benefit payments upon the death of an        employee. If none of the beneficiaries named is alive at the time of the employee’s death, or if,        at the employee’s death, no beneficiary had ever been named for that employee, then the death        benefit will be paid to the person entitled to such benefits under the MEP. If the MEP does not        specify how to distribute such death benefits, the death benefit will be paid to the employee’s        estate. If distributions to a named beneficiary are barred by operation of law, the death benefit        due that beneficiary will be paid to the employee’s estate.   3.    A business day is any day that the New York Stock Exchange, or its successor, is open for        trading. A business day ends at 4:00 P.M. Eastern time, or when trading closes on such        exchange, if different.   4.    The commuted (discounted) value is a one-sum amount paid in lieu of a series of payments that        are not contingent upon the survival of an employee or second annuitant. It is less than the total        of those payments, because future interest, included when computing the series of payments,        will not be earned if payment is to be made in one sum. The commuted value of future payments        is therefore the sum of those payments less the interest from the date of commutation to the date        each payment would have been made. The same interest rate or rates used in computing the        benefit payments will be used to determine the commuted value.   5.    Coordinated transactions will be deemed to be occurring if TIAA becomes aware that, within        12 months prior to TIAA’s receipt of the contractholder’s request to begin contractholder        payments from the Traditional Annuity accumulation or at any time after TIAA’s receipt of such        request, the contractholder, MEP Sponsor, participating employer, or any other party has        engaged in an effort to coach or encourage groups of employees to request internal transfers,        retirement plan loans, or lump-sum benefits from their Traditional Annuity accumulations.   6.    The death benefit for an employee is the current value of the employee’s accumulation.   7.    An employee is any individual currently or formerly employed by a participating employer that        is entitled to benefits under the MEP.    8.    An employee’s accumulation is the sum of the employee’s Traditional Annuity accumulation        (as defined in section 37) and the employee’s Investment Account accumulations (as defined in        section 43). Employees’ accumulations are maintained for the sole purpose of providing a record        of amounts accumulated under the contract on behalf of individual employees. The        contractholder, on behalf of the MEP, as sole party to the contract retains all rights under the        contract with respect to employee’s accumulations. Employees’ rights with respect to these        accumulations are those in accordance with the MEP and as delegated to them by the        contractholder. If an employee has a severance from employment under the terms of the MEP        and fails to satisfy the applicable vesting requirements of the MEP, the contractholder may apply        the amount of that employee’s accumulation to a forfeiture account where it will be maintained        as an unallocated accumulation as described in section 28.       IGRSP-MEP-01                                                                Page 5                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        9.    ERISA is the Employee Retirement Income Security Act of 1974, as amended.   10.   A forfeiture account is an unallocated suspense account that holds amounts forfeited when an        employee has a severance from employment with a participating employer and fails to satisfy the        vesting requirements of the MEP. The forfeiture account accumulation is the total amounts        held in such an account.   11.   A funding vehicle is an annuity contract (and any underlying investment options), custodial        account trust, mutual fund, or other such similar arrangement designated to receive contributions        under the MEP. A funding vehicle may or may not be administered as part of TIAA’s        recordkeeping services for the MEP. A funding vehicle will be referred to as an internal        funding vehicle if it is being administered under the same recordkeeping system as that which is        maintaining the individual employee records for this contract, whether or not TIAA is providing        those recordkeeping services. Otherwise a funding vehicle will be referred to as an external        funding vehicle.   12.   The general account consists of all of TIAA's assets other than those in separate accounts.   13.   An internal transfer is the movement of accumulations between the employee’s Traditional        Annuity accumulation and the employee’s Investment Account accumulations, among an        employee’s Investment Account accumulations, or between this contract and a companion CREF        contract, if any. The provisions concerning internal transfers are set forth in Part F.   14.   An Investment Account under this contract refers to the Real Estate Account. It also refers to        any subaccount of any other Separate Account available under this contract that holds shares of        a fund or funds which are managed with a specified investment objective. The Investment        Accounts available as of the issue date of this contract are listed on the account specifications        page and, for accounts other than the Real Estate Account, are specific to the indicated level   15.   The IRC is the Internal Revenue Code of 1986, as amended. All references to any section of the        IRC shall be deemed to refer not only to such section but also to any amendment thereof, any        successor statutory provisions, and any regulations thereunder.   16.   Maturity dates.  The contract maturity date is the date as of which all accumulations under        the contract have been distributed or applied to provide benefit payments under the terms of the        contract. As of such date, TIAA will have no further obligations under the contract beyond those        associated with any ongoing payout annuity benefits. An employee maturity date is the date as        of which all of an employee’s accumulation has been distributed or applied to provide benefit        payments under the terms of the contract. As of such date, TIAA will have no further obligations        under the contract with regard to that employee, beyond those associated with any ongoing        payout annuity benefits being paid in connection with such employee. TIAA is not obliged to        accept new premiums with regard to that employee.   17.   The MEP is the retirement plan of the contractholder as amended from time to time, or any        successor retirement plan. Employees’ and beneficiaries’ eligibility to receive benefits available        under the contract and the conditions of such benefit payments will be determined by the MEP,        the terms of which comprise valid instructions from the contractholder to the extent such MEP        terms do not enlarge the rights otherwise available under the contract. The contractholder must        notify TIAA of any changes to the terms of the MEP. If TIAA takes any action in good faith       IGRSP-MEP-01                                                                Page 6                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              before receiving such notice, we will not be subject to liability even if our acts were contrary to        the terms of the MEP as modified by such change.   18.   MEP fee withdrawals are amounts deducted from the contract’s accumulation in accordance        with the MEP to pay fees associated with the administration of the MEP.   19.   A participating employer is an employer who participates in the MEP in accordance with the        MEP’s governing documents.   20.   The payee is a person named to receive any periodic payments or amounts due under an income        option or death benefit payment method as explained in sections 50 and 54.    21.   The rate schedule sets forth the bases for computing the Traditional Annuity accumulation and        any benefits and distributions arising from it. To the extent permitted by law, TIAA may change        the rate schedule for amounts applied after the change, as explained in section 89.   22.   Revenue credit account (sometimes called an ERISA account). A revenue credit account is        an unallocated suspense account comprised of payments that TIAA or the MEP agrees to make        in order to cover reasonable and necessary MEP expenses or to provide credits to employee and        beneficiary plan accounts. The revenue credit account accumulation is the total amount held        in such an account.   23.   A second annuitant is the person named when an employee starts to receive income under a        two-life annuity, to receive an income for life if he or she survives the employee. The second        annuitant may be any person eligible under TIAA's practices then in effect.   24.   The Separate Accounts are the accounts described in Part D.   25.   A severance from employment occurs when an employee ceases to be employed by a        participating employer as determined by the contractholder in accordance with the MEP.   26.   A  surrender charge will be assessed against any portion of the Traditional Annuity        accumulation withdrawn or transferred to provide any lump-sum benefit or internal transfer as        shown in the rate schedule. A surrender charge will also be assessed on each contractholder        payment paid from the Traditional Annuity as shown in the rate schedule.   27.   The Traditional Annuity refers to the guaranteed annuity benefits under the contract. Each        premium and internal transfer allocated to the Traditional Annuity under the contract buys a        guaranteed minimum amount of income, based on the rate schedule in effect for the contract at        the time the premium is paid.   28.   Unallocated accumulations. Under certain circumstances upon the mutual agreement of TIAA        and the contractholder, including but not limited to the maintenance of a forfeiture account or a        revenue credit account (sometimes called an ERISA account), some or all of the contract’s        accumulation may be held in the name of the contractholder without being attributable to any        individual employee under the MEP. One or more such unallocated accumulation may be        maintained on TIAA’s recordkeeping system and the amount of any such accumulation and any        benefits arising from it will be determined as if it were a single employee’s accumulation        without reference to any actual employees.       IGRSP-MEP-01                                                                Page 7                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        29.   A valuation day is any business day. Valuation days end as of the close of all U.S. national        exchanges where securities or other investments of the Investment Accounts are principally        traded.                            PART B: CONTRACT AND PREMIUMS      30.   The contract. This document and any endorsements thereto, constitute the entire contract        between TIAA and the contractholder, and the provisions therein alone will govern with respect        to the rights and obligations of TIAA and the contractholder. The payment of premiums is the        consideration for the contract. Participating employers are not parties to the contract.              The contract may be amended by TIAA without the consent of any other person,        provided that such change does not reduce any benefit purchased under the contract up to that        time. Any endorsement or amendment of this contract, waiver of any of its provisions, or change        in rate schedule will be valid only if in writing and signed by an executive officer of TIAA.   31.   Contestability. The contract is incontestable.   32.   Companion CREF contract. The College Retirement Equities Fund (CREF) is a companion        organization to TIAA. A companion CREF Retirement Choice Plus Annuity contract may have        been issued to you when you received this contract. The contract number for any such        companion CREF contract is shown on page 1. If TIAA deletes all Investment Accounts and any        of the Investment Accounts was, at any time, available under the MEP, then a companion CREF        Retirement Choice Plus Annuity contract will be issued, without application, as a funding        vehicle for the MEP, if such companion contract had not been previously issued.   33.   Premiums for this contract must be remitted under the MEP. Premiums include any transfers,        other than internal transfers, to this contract from other funding vehicles. Premiums may be        stopped at any time without notice to TIAA and then resumed without payment of any past due        premium or penalty of any kind.              TIAA reserves the right to stop accepting or to limit premiums under the contract at any        time. TIAA will not accept premiums paid on behalf of an employee after the employee’s death.        Premiums will be credited to the contract as of the end of the business day in which they are        received by TIAA, at the location that TIAA will designate by prior written notice, in good order        and in accordance with procedures established by TIAA or as required by law.   34.   Allocation of premiums. Premiums may be allocated to either the Traditional Annuity or the        Investment Accounts. Premiums allocated to the Traditional Annuity increase the Traditional        Annuity accumulation. Premiums allocated to an Investment Account purchase accumulation        units in that Investment Account. TIAA will allocate premiums according to the most recent        valid instructions we have received from the contractholder in a form acceptable to TIAA. If no        valid allocation instructions have been received, we will allocate premiums in accordance with        the MEP.              TIAA may stop accepting or limit premiums to the Traditional Annuity or to any or all of        the Investment Accounts at any time.    35.   Premium taxes. If premium taxes are incurred, they will be deducted from the contract        accumulation, to the extent permitted by law.       IGRSP-MEP-01                                                                Page 8                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                         PART C: TRADITIONAL ANNUITY ACCUMULATION     36.   The Traditional Annuity accumulation is the sum of all employees’ Traditional Annuity        accumulations, as well as any unallocated Traditional Annuity accumulations, held under the        contract.   37.   Employee’s Traditional Annuity accumulation. Except as described in section 28, TIAA will        maintain nominal Traditional Annuity accumulations on behalf of each employee in whose name        amounts are credited to the Traditional Annuity under the contract. An employee’s Traditional        Annuity accumulation is the amount so held under the contract for that employee. Any amounts        added to or deducted from the Traditional Annuity accumulation under this contract will be        attributed to individual employees’ Traditional Annuity accumulations, as applicable, in        accordance with the instructions of the contractholder. The contractholder, on behalf of the        MEP, as sole party to the contract retains all rights under the contract with respect to employee’s        accumulations. Employees’ rights with respect to these accumulations are those in accordance        with the MEP and as delegated to them by the contractholder. If an employee has a severance        from employment with a participating employer and fails to satisfy the vesting requirements of        the MEP, the contractholder may apply the amount of that employee’s accumulation to a        forfeiture account where it will be maintained as an unallocated accumulation as described in        section 28.                An employee’s Traditional Annuity accumulation is, with respect to amounts recorded and        transactions made on behalf of that employee, the sum of:                A) all premiums allocated to the Traditional Annuity; plus             B) interest credited by TIAA at the guaranteed accumulation interest rate set forth in the                rate schedule; plus             C) any additional amounts credited to the Traditional Annuity by TIAA; plus             D) any internal transfers to the Traditional Annuity; less             E) any premium taxes incurred by TIAA for the Traditional Annuity; less             F) any MEP fee withdrawals and any minimum distribution payments paid from the                Traditional Annuity; less             G) any charges for expenses and contingencies deducted by TIAA as set forth in the rate                schedule; less             H) any amounts deducted to provide any form of Traditional Annuity benefit payments;                less             I) any internal transfers from the Traditional Annuity; less             J) any amounts forfeited as described above; less             K) any contractholder payments paid from the Traditional Annuity; less             L) any surrender charges assessed by TIAA as set forth in the rate schedule.   38.   Additional amounts. TIAA may credit additional amounts to the Traditional Annuity        accumulation. TIAA does not guarantee that there will be additional amounts. TIAA will        determine at least annually if additional amounts will be credited. Additional amounts may also        be paid with any Traditional Annuity benefits payable.              Any additional amounts credited to the Traditional Annuity accumulation will be        credited under a schedule of additional amount rates declared by TIAA. For a Traditional       IGRSP-MEP-01                                                                Page 9                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              Annuity accumulation in force as of the effective date of such a schedule, the additional amount        rates will not be modified for a period of twelve months following the schedule's effective date.        For any premiums and internal transfers applied to the Traditional Annuity during the twelve-       month period described in the preceding sentence, TIAA may declare additional amounts at rates        which remain in effect through the end of such twelve-month period. Thereafter, any additional        amount rates declared for such premiums and internal transfers will remain in effect for periods        of twelve months or more.                                                                                                               PART D: SEPARATE ACCOUNTS     39.   The Real Estate Account is designated as "VA-2" and was established by TIAA in accordance        with New York law to provide benefits under your contract and other contracts. The assets and        liabilities of separate account VA-2 are segregated from the assets and liabilities of the general        account, and from the assets and liabilities of any other TIAA separate account. All premiums        and internal transfers credited to the Real Estate Account become part of separate account VA-2.   40.   The TIAA Access Account (The Access Account) is designated as "VA-3" and was established        by TIAA in accordance with New York law to provide benefits under your contract and other        contracts. The assets and liabilities of separate account VA-3 are segregated from the assets and        liabilities of the general account, and from the assets and liabilities of any other TIAA separate        account. All premiums and internal transfers credited to the Access Account become part of        separate account VA-3.   41.   Accumulation unit. Each Investment Account maintains a separate accumulation unit. The        value of each Investment Account’s accumulation unit is calculated at the end of each valuation        day. For Investment Accounts other than the Real Estate Account, the value of an Investment        Account’s accumulation unit as of the end of each valuation day is equal to the previous day's        value multiplied by that account’s net investment factor. For the Real Estate Account, the value        of an accumulation unit as of the end of each valuation day is determined by dividing A) the        value of the account’s accumulation fund as of the end of the valuation day by B) the total        number of accumulation units in the account outstanding as of the end of the valuation day. The        value of the Real Estate Account’s accumulation fund and the total number of accumulation        units does not include the impact of units added or subtracted as of that valuation day. The Real        Estate Account’s accumulation fund equals the portion of the account's total net assets allocated        to unitholders in the accumulation period. The value of the Real Estate Account’s accumulation        fund at the end of a valuation day equals the corresponding value at the end of the previous        valuation day, increased by amounts added to the fund during the current period and reduced by        amounts withdrawn from the fund during the current period. These changes include the increase        by the allocated portion of the current period's net investment income and capital gains and the        decrease by the allocated portion of the current period's capital losses and separate account        charges incurred since the previous valuation day. This allocated portion is determined in        accordance with the proportion of the account’s accumulation fund relative to the account’s total        net assets as of the end of the previous valuation day as adjusted for additions to and        withdrawals from each fund as of the beginning of the current period.        IGRSP-MEP-01                                                                Page 10                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        42.   An Investment Account accumulation is the sum of all employees’ Investment Account        accumulations, as well as any unallocated Investment Account accumulations, for a particular        Investment Account, held under the contract.   43.   An employee’s Investment Account accumulation is equal to the number of accumulation        units owned under the contract on behalf of that employee, in that Investment Account,        multiplied by the value of one accumulation unit in that Investment Account. Investment        Account accumulations are variable and are not guaranteed. They may increase or decrease        depending on the investment results of the funds underlying the Investment Accounts.              Any amounts added to or deducted from any of the Investment Account accumulations        under this contract will be attributed to individual employee’s Investment Account        accumulations, as applicable, in accordance with the instructions of the contractholder. The        contractholder, on behalf of the MEP, retains all rights under the contract with respect to        employee’s accumulations. Employees’ rights with respect to these accumulations are those in        accordance with the MEP and as delegated to them by the contractholder. If an employee has a        severance from employment with a participating employer and fails to satisfy the vesting        requirements of the MEP, the contractholder may apply the amount of that employee’s        accumulation to a forfeiture account where it will be maintained as an unallocated accumulation        as described in section 28.   44.   The Net Investment Factor for any Investment Account other than the Real Estate Account        equals that account’s gross investment factor minus the separate account charge incurred for that        account since the previous valuation day.   45.   Each Investment Account other than the Real Estate Account has its own Gross Investment        Factor. An Investment Account's Gross Investment Factor equals A divided by B, as follows:               A   equals i. the value of the shares in the fund(s) held by the account, as reported to                           us by the fund(s), as of the end of the valuation day, excluding the net                           effect of contractholders’ transactions (i.e., premiums received, benefits                           paid, and transfers to and from the account) made during that day; plus                        ii. investment income and capital gains distributed to the account; less                        iii.  any amount paid and/or reserved for tax liability resulting from the                           operation of the account since the previous valuation day.              B   equals the value of the shares in the fund(s) held by the account as of the end of the                        prior valuation day, including the net effect of contractholders' transactions                        made during the prior valuation day.    46.   Each Investment Account has its own separate account charge. The separate account charge        for the Real Estate Account is assessed for mortality and expense risk, liquidity risk, and        administrative and investment advisory services. The Real Estate Account separate account        charge can be increased or decreased at the discretion of TIAA and is guaranteed not to exceed        [2.50%] per year of average net assets.              The separate account charge for any Investment Account other than the Real Estate        Account is assessed for mortality and expense risk and administration. The separate account        charge for any subaccount of TIAA VA-3 under your contract can be increased or decreased at        the discretion of TIAA and is guaranteed not to exceed [2.0%] per year of that Investment        Account’s average net assets.       IGRSP-MEP-01                                                                Page 11                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract          47.   Number of Accumulation Units.  The number of  accumulation units in an Investment Account        under your contract will be increased by:                A)    any premiums allocated to that Investment Account; and              B)    any internal transfers made to that Investment Account;                      and will be decreased by:                C)    the application of any accumulations in that Investment Account to provide any                    available form of benefit payments as described in Part E;               D)    any internal transfers from the accumulation in that Investment Account to the                    Traditional Annuity, another Investment Account, or the companion CREF                    contract;               E)    any amounts forfeited as described in section 43;              F)    any premium taxes incurred by TIAA for that Investment Account in your                    contract;              G)    any MEP fee withdrawals from that Investment Account; and              H)    any minimum distribution payments paid from that Investment Account.                The increase or decrease in the number of accumulation units on any valuation day is        equal to the net dollar value of all transactions divided by the value of the Investment Account's        accumulation unit as of the end of the business day on which the transaction becomes effective.                                            PART E: BENEFIT PAYMENTS     48.   A benefit payment is any of the following types of payments made from this contract, under the        MEP.                           An income benefit is a payment to an employee made under one of the options described             in section 49.                             A death benefit payment is a payment to a beneficiary under one of the methods             described in section 52.                             A MEP benefit payment is a single-sum payment of an employee’s entire accumulation             made directly to an employee, beneficiary, or the estate of an employee or beneficiary as a             benefit distribution under the MEP. A MEP benefit payment is only available when an             employee has a severance from employment with a participating employer under the MEP             and is subject to the restrictions on mandatory distributions under the IRC.                          A forfeiture account payment is the payment of amounts held under a forfeiture account             as described in sections 37, 43, and 56.                          A revenue credit account payment is the payment of amounts held under a revenue             credit account as described in section 57.                   IGRSP-MEP-01                                                                Page 12                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                   A lump-sum benefit is a single-sum payment, made at the voluntary direct affirmative             request of an employee, of some or all of an employee’s accumulation, less any applicable             surrender charges.                           A retirement plan loan is a disbursement of some or all of an employee’s accumulation             to provide loans.                          Contractholder payments are payments to the contractholder or to any person, trustee, or             corporation (other than an employee or beneficiary under the MEP or the estate of such             employee or beneficiary) designated by the contractholder, including payments made to             effect transfers among the Traditional Annuity accumulations, Investment Account             accumulations, or the companion CREF contract, if any. Contractholder payments from             the Traditional Annuity accumulation will be made only as a series of payments of the             contract’s entire Traditional Annuity accumulation or the contract’s entire Traditional             Annuity accumulation attributable to a specific participating employer, subject to the             provisions of section 61. A contractholder payment from an Investment Account             accumulation will be a lump-sum payment of that Account’s entire accumulation under             the contract or that Investment Account’s entire accumulation attributable to a specific             participating employer, subject to the provisions of section 62.    49.   Income options are the ways in which an employee’s income benefit may be paid.  The income        options are available from an employee’s Traditional Annuity accumulation only. Some or all of        an employee’s Investment Account accumulations may be transferred to the employee’s        Traditional Annuity accumulation to provide benefits under these options.              The choice of option may be made any time before such income benefit payments begin.        The choice may be changed any time before payments begin, but once they have begun, the        election to begin receiving benefits is irrevocable and no change can be made. The application of        an amount to purchase an income option will result in a corresponding reduction in the        employee's accumulation for the full amount applied. The employee may not begin a one-life        annuity after he or she attains age 90, nor may the employee begin a two-life annuity after the        employee or the second annuitant attains age 90.              If the contractholder notifies us that distribution from an employee’s accumulation must        begin under the minimum distribution rules of federal tax law, we will begin distributions        satisfying such requirements.                      The following are the available options:               One-life annuity. A payment will be made to the employee each month for as long as he             or she lives. A guaranteed period of 10, 15, or 20 years may be included. If no guaranteed             period is included, all payments will cease at his or her death. If a guaranteed period is             included and the employee dies before the end of that period, payments will continue until             the end of that period and then cease, as explained in section 50.                          Two-life annuity. A payment will be made to the employee each month for as long as he             or she lives. After the employee's death, a payment will be made each month to the second             annuitant, for as long as such second annuitant lives. The choice of second annuitant may             not be changed after payments to the employee have begun. A guaranteed period of 10,             15, or 20 years may be included. If no guaranteed period is included, all payments will       IGRSP-MEP-01                                                                Page 13                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                   cease after both the employee and the second annuitant have died. The following forms of             two-life annuity are available.                             Full benefit to survivor. At the death of either the employee or the second annuitant,                the full amount of the monthly payments that would have been paid if they both had                lived will continue to be paid to the survivor. If a guaranteed period is included and                the employee and the second annuitant both die before the end of the period chosen,                the full amount of the monthly payments that would have been paid if both had lived                will continue to be paid until the end of that period and then cease, as explained in                section 50.                                Two-thirds benefit to survivor. At the death of either the employee or the second                annuitant, two-thirds of the monthly payments that would have been paid if they both                had lived will continue to be paid to the survivor. If a guaranteed period is included                and the employee and the second annuitant both die before the end of the period                chosen, two-thirds of the monthly payments that would have been paid if they both                had lived will continue to be paid until the end of that period and then cease, as                explained in section 50.                                 Half benefit to second annuitant.  The full monthly payments will continue to be                paid as long as the employee lives. After the employee's death, if the second annuitant                survives the employee, one-half of the monthly payments that would have been paid                if the employee had lived will continue to be paid to the second annuitant. If a                guaranteed period is included and the employee and the second annuitant both die                before the end of the period chosen, one-half of the monthly payments that would                have been paid if the employee had lived will continue to be paid until the end of that                period and then cease, as explained in section 50.                                Three-quarters benefit to second annuitant.  The full monthly payments will                continue to be paid as long as the employee lives. After the employee's death, if the                second annuitant survives the employee, three-quarters of the monthly payments that                would have been paid if the employee had lived will continue to be paid to the second                annuitant. If a guaranteed period is included and the employee and the second                annuitant both die before the end of the period chosen, three-quarters of the monthly                payments that would have been paid if the employee had lived will continue to be                paid until the end of that period and then cease, as explained in section 50.   50.   Post-mortem payments during a guaranteed period. Any periodic payments or other amounts        remaining due after the death of the employee and the death of the second annuitant, if any,        during a guaranteed period will be paid to the payee named to receive them. The payee        designated to receive these payments is named at the time the income option is chosen.              A payee may choose to receive in one sum the commuted value of any remaining        periodic payments that do not involve life contingencies, unless the contractholder directs us        otherwise. If no payee was named to receive these payments, or if no one so named is then        living, we will pay the remaining payments due or the commuted value of the remaining periodic        payments in one sum to the estate of the employee, or to the estate of the last survivor of the        employee and the second annuitant if a two-life annuity has been chosen.              If a payee receiving payments during a guaranteed period dies while payments remain        due, the commuted value of any remaining payments due to that person will be paid to any other      IGRSP-MEP-01                                                                Page 14                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              surviving payee that had been named to receive them. If no payee so named is then living, the        commuted value will be paid to the estate of the last payee who was receiving these benefit        payments.   51.   The amount of the income benefit payable to an employee will be determined as of the        effective date for that income option, on the basis of:                           A) the income option chosen;             B) if a one-life annuity is chosen, the employee’s age;             C) if a two-life annuity is chosen, the employee’s age and the second annuitant's age;              D) the amount of the employee’s Traditional Annuity accumulation applied to provide the                income benefit; and             E) the rate schedule or schedules under which any premiums and internal transfers were                applied to the Traditional Annuity accumulation on behalf of that employee.                      If the income benefit payable to the employee would be less than [$100] a month, TIAA will        have the right to change to quarterly, semi-annual or annual payments, whichever will result in        payments of [$100] or more and the shortest interval between payments. If different rate        schedules apply to different parts of an employee’s Traditional Annuity accumulation, the        portion applied to provide the income benefit chosen will be allocated among the parts on a pro-       rata basis in accordance with procedures established by TIAA.   52.   Death benefit payment methods are the ways in which a beneficiary may receive the death        benefit. The single-sum payment method is available from all or any part of an employee’s        accumulation. The other methods are available from the employee’s Traditional Annuity        accumulation only. All or any part of the employee’s Investment Account accumulations may be        transferred to the employee’s Traditional Annuity accumulation to provide benefits under the        other payment methods.              The choice of method may be made any time before the date the death benefit payment is        paid or begins. The choice may be changed any time before payments begin, but once they have        begun, no change can be made. The application of an amount to purchase an annuity method of        payment of the death benefit will result in a corresponding reduction in the employee's        accumulation for the full amount applied. If the amount of the death benefit due to any one        beneficiary is less than [$5,000], TIAA may change the method of payment for the portion of the        death benefit payable to that beneficiary to the single-sum payment method. A beneficiary may        not begin to receive the death benefit under the one-life annuity method after he or she attains        age 90.               If the contractholder notifies us that distribution from an employee’s accumulation must        begin under the minimum distribution rules of federal tax law, we will begin distributions        satisfying such requirements.                              The following are the available methods:                          Single-sum payment. The death benefit will be paid to the beneficiary in one sum.                          One-life annuity. A payment will be made to the beneficiary each month for life. A             guaranteed period of 10, 15, or 20 years may be included. If a guaranteed period isn't             included, all payments will cease at the death of the beneficiary. If a guaranteed period is       IGRSP-MEP-01                                                                Page 15                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                   included and the beneficiary dies before the end of that period, monthly payments will             continue until the end of that period and then cease, as explained in section 54.    53.   The amount of death benefit payments under a one-life annuity will be determined as of the        date payments are to begin by:               A) the amount of the employee’s Traditional Annuity accumulation applied to the one-               life annuity;             B) the rate schedule or schedules under which any premiums and internal transfers were                applied to the Traditional Annuity accumulation on behalf of that employee; and             C) the age of the beneficiary.           If any method chosen would result in payments of less than [$100] a month, TIAA will have the        right to require a change in choice that will result in payments of at least [$100] a month. If        different rate schedules apply to different parts of an employee’s Traditional Annuity        accumulation, the portion applied to provide the death benefit payment method chosen will be        allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA.   54.   Payments after the death of a beneficiary. Any periodic payments or other amounts remaining        due after the death of a beneficiary during a guaranteed period will be paid to the payee named        to receive them. The commuted value of these payments may be paid in one sum unless the        contractholder directs us otherwise. The payee designated to receive these payments is named at        the time the payment method is chosen.              If no payee was named to receive these payments, or if no one so named is living at the        death of the beneficiary, the commuted value will be paid in one sum to the beneficiary’s estate.              If a payee receiving these payments dies before the end of the guaranteed period, the        commuted value of any payments still due that person will be paid to any other payee named to        receive it. If no one has been so named, the commuted value will be paid to the estate of the last        payee who was receiving these payments.   55.   Amount and effective date of a MEP benefit payment. In accordance with the MEP, if an        employee has a severance from employment with a participating employer, we may distribute all        of that employee’s accumulation as a MEP benefit payment, subject to the restrictions on        mandatory distributions under the IRC.              A MEP benefit payment will be effective as of the end of the business day in which we        receive the contractholder’s request for the MEP benefit payment in a form acceptable to TIAA.        The contractholder may defer the effective date of the MEP benefit payment until any business        day following the date on which we receive the request. TIAA will determine all values as of the        end of the effective date.  A MEP benefit payment may not be revoked after its effective date.        TIAA may defer the payment of a Traditional Annuity MEP benefit payment for up to six        months.    56.   Amount and effective date of a forfeiture account payment. The contractholder may, in        accordance with the MEP, request a withdrawal of some or all of the forfeiture account        accumulation, if any, to pay reasonable and necessary MEP expenses, provide additional        contributions to MEP participant accounts, or for use as a premium offset of MEP contributions.        To the extent such payments are used to reduce a participating employer's obligation to make        contributions on behalf of other employees, they will be treated under the terms of the contract       IGRSP-MEP-01                                                                Page 16                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              as premiums newly allocated to such employees’ accumulations. Such payments will only be        made directly to the contractholder or to another funding vehicle selected by the contractholder        to administer such payments, following procedures that enable TIAA to determine that such        payments are permitted under ERISA and/or applicable state law.              A forfeiture account payment will be effective as of the end of the business day in which        we receive the contractholder’s request for the forfeiture account payment in a form acceptable        to TIAA. The contractholder may defer the effective date of the forfeiture account payment until        any business day following the date on which we receive the request. TIAA will determine all        values as of the end of the effective date. A forfeiture account payment will reduce the forfeiture        account accumulation by the amount paid. If different rate schedules apply to different parts of        the Traditional Annuity portion of the forfeiture account accumulation, such reduction will be        allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA. A forfeiture account payment may not be revoked after its effective date.   57.   Amount and effective date of a revenue credit account payment. The contractholder may, in        accordance with the MEP, request that some or all of the revenue credit account accumulation, if        any, be withdrawn to pay reasonable and necessary MEP expenses or to issue credits to        employee and beneficiary MEP accounts. Revenue credit account payments will only be made        directly to the contractholder or to another funding vehicle selected by the contractholder to        administer such payments, following procedures that enable TIAA to determine that such        payments are permitted under ERISA and/or applicable state law.              A revenue credit account payment will be effective as of the end of the business day in        which we receive the contractholder’s request for the revenue credit account payment in a form        acceptable to TIAA. The contractholder may defer the effective date of the revenue credit        account payment until any business day following the date on which we receive the request.        TIAA will determine all values as of the end of the effective date. A revenue credit account        payment will reduce the revenue credit account accumulation by the amount paid. If different        rate schedules apply to different parts of the Traditional Annuity portion of the revenue credit        account accumulation, such reduction will be allocated among the parts on a pro-rata basis in        accordance with procedures established by TIAA. A revenue credit account payment may not be        revoked after its effective date.   58.   Availability of the lump-sum benefit. The contractholder may permit an employee to withdraw        his or her Traditional Annuity accumulation or any of his or her Investment Account        accumulations as a lump-sum benefit. Such withdrawal must be for all of an accumulation or any        part of any accumulation not less than [$1,000]. TIAA reserves the right to limit lump-sum        benefits from an employee’s Traditional Annuity accumulation and each of an employee’s        Investment Account accumulations to not more than one in a calendar quarter. An employee        may not elect a lump-sum benefit before the earliest date permitted under the MEP. The        availability of a lump-sum benefit may be limited by the MEP.   59.   Amount and effective date of a lump-sum benefit.  If an employee chooses a lump-sum        benefit from his or her Traditional Annuity accumulation, we will pay the portion of the        employee’s Traditional Annuity accumulation chosen, less any surrender charge in accordance        with the applicable rate schedule or schedules. If an employee chooses a lump-sum benefit from        the employee’s Investment Account accumulations, we will pay the portion of the employee’s        Investment Account accumulation chosen. Payment of a lump-sum benefit reduces the        accumulation from which it is paid by the amount chosen, including any surrender charge. If        different rate schedules apply to different parts of an employee’s Traditional Annuity       IGRSP-MEP-01                                                                Page 17                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              accumulation, the portion applied to provide the lump-sum benefit will be allocated among the        parts on a pro-rata basis in accordance with procedures established by TIAA.              Any choice of lump-sum benefit must be made by notice to TIAA as explained in section        81 in a form acceptable to TIAA. A lump-sum benefit will be effective as of the business day on        which we receive, in a form acceptable to TIAA, an employee’s request for a lump-sum benefit.        An employee may choose to defer the effective date of the lump-sum benefit until any business        day following the date on which we receive the request. TIAA will determine all values as of the        end of the effective date. TIAA reserves the right to receive satisfactory evidence that a lump-       sum benefit payment is being made at the voluntary direct affirmative request of an employee        before effecting the payment. An employee can't revoke a request for a lump-sum benefit after        its effective date.              TIAA may defer the payment of a Traditional Annuity lump-sum benefit for up to six        months.    60.   Amount and effective date of a retirement plan loan.  If the MEP so provides and in        accordance with section 72(p) of the IRC, as amended, and ERISA, to the extent applicable, an        employee may request a retirement plan loan from his or her Traditional Annuity accumulation        or his or her Investment Account accumulations, at any time prior to that employee’s maturity        date. The amount of a retirement plan loan shall comply with ERISA (to the extent applicable),        the IRC and the MEP.              A request for a retirement plan loan must be made on or before the employee’s maturity        date. A retirement plan loan will be effective as of the business day on which we receive the        employee’s request, in a form acceptable to TIAA as well as any spousal waiver that may be        required under ERISA or MEP. TIAA will determine all values as of the end of the effective        date. A request for a retirement plan loan can’t be revoked after its effective date. TIAA may        defer the payment of a retirement plan loan from the Traditional Annuity accumulation for up to        six months.              If an employee requests a retirement plan loan from his or her Traditional Annuity        accumulation, we will lend the portion of his or her Traditional Annuity accumulation chosen,        less any charges.              A retirement plan loan reduces the accumulations from which it is paid by the amount of        the loan chosen. The loan will be issued in accordance with the terms of a loan agreement. The        loan agreement will describe the terms, conditions and any fees or charges for the loan. Any loan        repayments applied to this contract will be applied as new premiums. If an employee chooses a        retirement plan loan from his or her Traditional Annuity accumulation and different rate        schedules apply to different parts of his or her accumulation, the reduction in his or her        accumulation will be allocated among the parts on a pro-rata basis in accordance with        procedures established by TIAA.   61.   Amount and effective date of contractholder payments from the Traditional Annuity.         Contractholder payments from the Traditional Annuity accumulation are a series of payments        made for the purpose of paying out the contract’s entire Traditional Annuity accumulation or        the contract’s entire Traditional Annuity accumulation attributable to a specific participating        employer, including payments made to effect a transfer to an Investment Account accumulation        or to the companion CREF contract, if any. Such contractholder payments will be made        [monthly] over [a 60-month period]. The amount of each payment will be equal to the total        remaining Traditional Annuity accumulation divided by the number of remaining payments.        Each contractholder payment will be reduced by any surrender charge in accordance with the        applicable rate schedule or schedules. TIAA and the contractholder may agree to contractholder       IGRSP-MEP-01                                                                Page 18                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              payment arrangements with alternative schedules and associated charges. Any such surrender        charges may be deducted from employees’ accumulations. The contractholder does not require        the consent of any employee to elect contractholder payments.              The first contractholder payment will be effective as of the end of the business day that is        [90 days] after the business day we receive the contractholder’s request to begin contractholder        payments from the Traditional Annuity accumulation by written instructions in a form        acceptable to TIAA. The contractholder may not notify employees of the intention to begin        contractholder payments from the Traditional Annuity accumulation prior to making the request        of TIAA. In connection with a request for contractholder payments from the Traditional Annuity        accumulation, neither the contractholder nor any party acting on the contractholder’s behalf may        intentionally and specifically advise employees, or release employee communications that are        intended to encourage employees to transfer or withdraw part or all of their contributions from        their Traditional Annuity accumulation. Any such action may result in TIAA making the        determination that coordinated transactions are occurring with the result of the surrender charge        associated with coordinated transactions becoming applicable as described in the rate schedule.              TIAA will determine all values as of the end of the effective date. The request for        contractholder payments may not be revoked after the effective date of the first payment. Each        contractholder payment reduces each employee’s Traditional Annuity accumulation. The        reduction, including any applicable surrender charge, will be allocated among the employees’        Traditional Annuity accumulations on a pro-rata basis. If different rate schedules apply to        different parts of an employee’s Traditional Annuity accumulation, the reduction to that        employee’s accumulation will be on a pro-rata basis among the parts in accordance with        procedures established by TIAA. The contractholder does not require the consent of any        employee to elect contractholder payments.              As of the effective date of contractholder payments of the contract’s entire Traditional        Annuity accumulation or the contract’s entire Traditional Annuity accumulation attributable to a        specific participating employer, no further premiums or internal transfers will be accepted into        the Traditional Annuity accumulation of the contract or for the participating employer,        respectively.   62.   Amount and effective date of a contractholder payment from an Investment Account.  A        contractholder payment from an Investment Account accumulation is a lump-sum payment of        the contract’s entire accumulation in that Investment Account or the contract’s entire        Investment Account accumulation attributable to a specific participating employer, including        payments made to effect a transfer to the Traditional Annuity accumulation or to the companion        CREF contract, if any. A lump-sum contractholder payment from an Investment Account        accumulation will be effective as of the end of the business day in which we receive the        contractholder’s request for a contractholder payment from an Investment Account accumulation        by written instructions in a form acceptable to TIAA. However, for contractholder payments        from the Real Estate Account, TIAA reserves the right to defer the effective date of payment, for        some or all of the amount to be paid, for up to [180 days] if the total amount to be paid exceeds        [$10 million].  If the cumulative amount of contractholder payments attributable to participating        employers made during the prior six month period exceeds the [$10 million] limit, TIAA        reserves the right to defer the effective date of payment, for some or all of the amount to be paid,        for up to [180 days]. TIAA will determine all values as of the end of the effective date. The        request for a contractholder payment from an Investment Account accumulation may not be        revoked after the effective date of the payment. A contractholder payment reduces each        employee’s accumulation in the chosen Account. The reduction will be allocated among the       IGRSP-MEP-01                                                                Page 19                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              employees’ accumulations on a pro-rata basis. The contractholder does not require the consent        of any employee to elect contractholder payments.              As of the effective date of contractholder payments of the contract’s entire accumulation        in an Investment Account or the contract’s entire accumulation attributable to a participating        employer in an Investment Account, no further premiums or internal transfers will be accepted        into that Investment Account’s accumulation of the contract or for the participating employer,        respectively.                                     PART F: INTERNAL TRANSFERS     63.   Availability of Internal Transfers. The contractholder may permit an employee to transfer        between his or her Traditional Annuity accumulation and his or her Investment Account        accumulations. The contractholder may also permit an employee to transfer among his or her        Investment Account accumulations.  In addition, the contractholder may permit an employee to        transfer all or part of his or her Traditional Annuity accumulation or Investment Account        accumulations to the companion CREF contract, if any, or from his or her accumulation in any        such companion CREF contract to this contract. TIAA reserves the right to limit internal        transfers from an employee’s Traditional Annuity accumulation and each of an employee’s        Investment Account accumulations to not more than one in a calendar quarter. Any internal        transfer to or from CREF is subject to the terms of the companion CREF contract and CREF’s        Rules of the Fund. TIAA reserves the right to stop accepting or to limit internal transfers to the        Traditional Annuity and/or internal transfers to any or all Investment Accounts at any time. The        MEP may limit the employee’s right to transfer to the Traditional Annuity, any or all Investment        Accounts, and/or to a CREF account.   64.   Amount of internal transfer. Internal transfers may be for all of an employee’s Traditional        Annuity accumulation or all of any of an employee’s Investment Account accumulations, or any        part of any of these accumulations not less than [$1,000]. If an employee chooses to transfer        from his or her Traditional Annuity accumulation, the amount to be transferred will be reduced        by any surrender charge in accordance with the applicable rate schedule or schedules.              An internal transfer reduces the accumulation from which it is paid by the amount        transferred, including any surrender charge. If different rate schedules apply to different parts of        an employee’s Traditional Annuity accumulation, the portion applied to provide the transfer will        be allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA.   65.   Effective date of internal transfer. An internal transfer will be effective as of the end of the        business day in which we receive an employee’s request for an internal transfer in a form        acceptable to TIAA. An employee may defer the effective date of the internal transfer until any        business day following the date on which we receive the request. TIAA will determine all values        as of the end of the effective date. TIAA reserves the right to receive satisfactory evidence that        an internal transfer is being made at the voluntary direct affirmative request of an employee        before effecting the transfer. An employee can't revoke a request for an internal transfer after its        effective date. TIAA may defer the effective date of an internal transfer from the Traditional        Annuity for up to six months.        IGRSP-MEP-01                                                                Page 20                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        66.   Crediting internal transfers. Internal transfers to an employee’s Traditional Annuity        accumulation are credited to the Traditional Annuity as of the end of the effective date of the        internal transfer and begin participation in the Traditional Annuity as of the following day.        Internal transfers to an employee’s Investment Account accumulations purchase accumulation        units as of the end of the effective date of the internal transfer.    67.   Restrictions on transfers. To the extent permitted by applicable law, we may reject, limit, defer        or impose other conditions on transfers into or out of an Investment Account in order to curb        frequent transfer activity to the extent that comparable limitations are imposed on the purchase,        redemption or exchange of shares of any of the funds held by an Investment Account. In        accordance with applicable law, we may terminate the transfer feature of the contract at any        time.              A fund in which an Investment Account invests may impose a redemption charge on its        assets that are redeemed out of the fund in connection with a transfer. The fund determines the        amount of the redemption charge and the charge is retained by or paid to the fund and not by or        to TIAA. The redemption charge may affect the number and value of accumulation units        transferred out of the Investment Account that invests in that fund and, therefore, may affect the        Investment Account accumulation.   68.   Additional restrictions on transfers into the Real Estate Account. For the purposes of this        section, an internal funding vehicle transfer is the movement of accumulations among or        between any of the following:                              i. the Traditional Annuity accumulation held on behalf of an employee              ii. the Real Estate Account accumulation held on behalf of an employee              iii. any other Investment Account accumulation held on behalf of an employee              iv. the CREF accumulation held on behalf of an employee in a companion CREF                 certificate              v. any other funding vehicle accumulation held on behalf of an employee which is                 administered by TIAA or CREF on the same record-keeping system as this contract.                However, an internal funding vehicle transfer does not include any of the following:                      i. Systematic withdrawals and transfers (SWATs)               ii. Automatic rebalances              iii. Any transaction arising from a TIAA sponsored advice product or service              iv. Transfer Payout Annuity (TPA) payments directed to the Real Estate Account.                      Internal funding vehicle transfers may not be applied to the Real Estate Account        accumulation held on behalf of an employee if the Real Estate Accumulation held on behalf of        an employee under this contract and any other TIAA annuity contract or certificate already        exceeds a threshold amount of [$150,000], or if after giving effect to such transfer, such        threshold would be exceeded.  Any internal funding vehicle transfer which cannot be applied        pursuant to this rule will be rejected in its entirety and we will communicate such rejection to the        employee.                The Real Estate Account accumulation unit values used in applying this provision will be        those calculated as of the valuation day preceding the day on which the proposed transfer is to        be effective. For the purpose of this provision, the total value of the Real Estate Account        accumulation held on behalf of an employee will include the value of any pending internal      IGRSP-MEP-01                                                                Page 21                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              funding vehicle transfers into the Real Estate Account accumulation held on behalf of the        employee under any TIAA annuity contracts or certificates.              TIAA reserves the right in the future to increase or decrease the threshold dollar amount        associated with this provision. However, the threshold amount will never be less than        [$100,000]. If, as of the effective date of such a change in the threshold amount, the total value        of the Real Estate Account accumulation held on behalf of an employee under this contract and        any other TIAA annuity contract or certificate already exceeds the new threshold amount, the        employee will not be required to reduce such accumulation to a level at or below the new        threshold. TIAA also reserves the right in the future to include among the restricted transactions        any of the categories currently excluded above or to include any categories of transactions        associated with services that may be introduced in the future. Any such future changes will only        affect transactions with effective dates on or after the effective date of such change. You will be        given at least two months advance written notice of any such change.               Nothing in this section shall be construed to limit TIAA’s right to stop accepting or to        limit premiums and/or internal transfers to the Real Estate Account at any time.                              PART G: GENERAL PROVISIONS                                             69.   Roth accounting. Notwithstanding any other provision in this contract, all amounts added to or        deducted from accumulations under the contract will be accounted for separately to the extent        required by IRC Section 402A, or any successor section governing Roth amounts. If there is a        change in IRC Section 402A, this provision shall be construed as referring to such section as        changed.   70.   Section 403(b).  Notwithstanding any other provision in this contract, if this contract is intended        to comply with Section 403(b) of the Internal Revenue Code of 1986, as amended, its terms shall        be interpreted accordingly. As such, TIAA and the contractholder shall apply the limitations of        and follow the requirements of Treasury Regulation sections 1.403(b)-3(a)(4) (deferral        limitations), 1.403(b)-3(a)(6) (minimum required distributions), 1.403(b)-3(a)(7) (rollover        distribution requirements), 1.403(b)-3(a)(8) (limitation on incidental benefits) and 1.403(b)-       3(a)(9) (maximum annual additions) and such other limitations, requirements or successor        Treasury regulation sections as may be promulgated pursuant to Applicable Law.   71.   MEP  fee withdrawals.  The contractholder may, in accordance with the MEP, and in        accordance with TIAA’s procedures, instruct TIAA to withdraw amounts from the contract’s        accumulation, to pay fees associated with the administration of the MEP.              The amount and the effective date of a MEP fee withdrawal will be in accordance with        the MEP. TIAA will determine all values as of the end of the effective date. A MEP fee        withdrawal cannot be revoked after it has been withdrawn.              A MEP fee withdrawal reduces the accumulation from which it is paid by the amount        withdrawn.              No surrender charge applies to MEP fee withdrawals.              If a portion of a MEP fee withdrawal is payable from an employee’s Traditional Annuity        accumulation and different rate schedules apply to different parts of the employee’s        accumulation, the portion applied to provide the withdrawal will be allocated among the parts on        a pro-rata basis in accordance with procedures established by TIAA.        IGRSP-MEP-01                                                                Page 22                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract        72.   MEP Expense Reimbursement Agreement. TIAA and the contractholder may enter into a        MEP expense reimbursement agreement under which TIAA shall agree to pay certain reasonable        and necessary MEP expenses on behalf of the MEP.   73.   Equity Wash Restrictions: If an internal transfer from the Traditional Annuity or a lump-sum        benefit from the Traditional Annuity is to be applied, whether directly or indirectly, to an        internal funding vehicle which has been designated as a competing fund, the amount of the        transfer must first be applied to an internal funding vehicle which is a non-competing fund and        remain in a non-competing fund for a period of at least 90 days from the effective date of the        transfer. At the end of such 90-day period, the amount available to be subsequently applied to a        competing fund, would be the amount originally transferred net of any increase or decrease in        value resulting from the participation in the non-competing fund(s) during the 90-day period,        determined in accordance with the applicable terms of those funds. This 90-day restriction        (commonly known as an “equity wash”) will be administered in a manner such that when such        an amount is removed from the Traditional Annuity and applied to a non-competing fund, the        full 90-day period must elapse before any transfer or withdrawal made from non-competing        funds and applied to competing funds will be allowed to reduce the total non-competing fund        balance below the amount of the transaction that triggered the 90-day period. These “equity        wash” restrictions will not apply to transactions made in connection with automated periodic or        pre-scheduled purchase, redemption, exchange or transfer arrangements, including, but not        limited to, salary reduction agreements, MEP benefit payments, “dollar cost averaging”        programs, asset allocation programs, or periodic “account rebalancing” programs.              [Irrespective of the provisions above, a transfer from the contract may not be applied to a        TIAA or CREF Supplemental Retirement Annuity (SRA), a TIAA or CREF Group        Supplemental Retirement Annuity (GSRA), or any other TIAA contract providing for liquidity        provisions similar to the aforementioned contracts.]   74.   Disruptive transactions. TIAA reserves the right to reject any transfer into or out of the        Traditional Annuity provided TIAA reasonably determines that such transaction would be        disruptive to the efficient management of the Multiple Employer Plan Retirement Choice Plus        Traditional Annuity. TIAA may also suspend the ability to transact by telephone, fax or over the        internet in order to prevent market timing. A purchase or exchange request could be rejected or        electronic trading privileges could be suspended because of the timing or amount of the transfers        or because of a history of excessive trading by an employee.   75.   Insulation of the Investment Accounts. TIAA owns the assets in each Investment Account. To        the extent permitted by law, the assets in each Investment Account will not be charged with        liabilities arising out of any other business TIAA may conduct. All income, investment gains        and investment losses of each Investment Account, whether or not realized, will be credited to or        charged against only that account without regard to TIAA's other income, gains or losses.   76.   Modification of an Investment Account. We may, as permitted by applicable law, combine or        delete Investment Accounts. We may add other Investment Accounts in accordance with the        MEP. We may also, as permitted by applicable law and the New York Department of Financial        Services, change or substitute the fund(s) whose shares are held by the Investment Accounts. If        any Investment Accounts were, at any time, available under the MEP, and all Investment        Accounts are subsequently deleted, then a companion CREF contract will be issued to you at the        time of the deletion, if one had not been previously issued to you. If accumulation units are        owned under the contract in an Investment Account that is deleted, the units must be transferred       IGRSP-MEP-01                                                                Page 23                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              to the Traditional Annuity accumulation or to the companion CREF contract. If the        contractholder does not tell us where to transfer the accumulation units, we will transfer them in        accordance with the MEP.    77.   Report of accumulation. At least once each year, we will provide the contractholder with a        report for this contract.  It will show the value of the accumulation.   78.   Investment Company Act of 1940.  The TIAA Access Account is a unit-investment trust which        is a registered investment company under the Investment Company Act of 1940.  However, we        may operate the separate account using any other form permitted under the Act.  Also, we may        deregister the separate account under the Act, subject to compliance with applicable law.   79.   Ownership. The contractholder owns this contract. The contractholder may, to the extent        permitted by law, exercise every right that is granted to the contractholder without the consent of        any other person unless the right has been given to such other person and authorized by the        contractholder as described in section 81.    80.   No assignment or transfer.  Neither you nor any other person may assign, pledge, or transfer        ownership of this contract or any benefits under its terms unless permitted under applicable law        and only with our prior written approval. If not permitted under applicable law and in the        absence of our prior written approval, any such action will be void and of no effect.              In the event that a participating employer withdraws from the MEP, TIAA shall allow the        contractholder to assign or transfer the accumulations attributable to that participating employer        and its employees to a new TIAA contract. In this circumstance, notwithstanding the restrictions        set forth in paragraphs 61 and 62, such accumulations shall be transferred in a single lump sum        to a TIAA Retirement Choice Plus contract to be issued to and owned by the participating        employer. Traditional Annuity accumulations in this contract shall be applied to the Traditional        Annuity in the new TIAA contract. Investment Account accumulations in this contract shall be        applied to the same Investment Accounts in the new TIAA contract.   81.   Procedure for elections and changes and requests for benefits. Notice in a form acceptable to        TIAA and including all information required by TIAA must be provided to TIAA identifying        each person that becomes eligible for benefit payments. Upon receipt of proof of an employee’s        death, we will divide that employee’s accumulation into as many portions as there are validly        designated beneficiaries for that employee’s accumulation. If different rate schedules apply to        different parts of that employee’s Traditional Annuity accumulation, the resulting portions will        be allocated among the parts on a pro-rata basis in accordance with procedures established by        TIAA. Each validly designated beneficiary will then have the right to make elections available        under this contract in connection with his or her portion of such employee’s accumulation.              The right of an employee (or the employee’s beneficiaries, after the employee’s death) to        make choices and elections available under the contract, with respect to that employee’s        accumulation under the contract, are subject to the authorization of the contractholder. Such        rights include but are not limited to the right to allocate premiums, name a second annuitant,        designate beneficiaries and payees, elect lump-sum benefits, make transfers, and choose forms        of benefit payment. The contractholder may revoke or modify any such authorization.               To be valid, any choices or elections available under the contract, any authorization by        the contractholder, or revocations or modifications of such authorization, must be made in a        form acceptable to TIAA at a location that we designate. Valid instructions will take effect as of        the date TIAA receives the instructions. TIAA will only accept as valid, instructions received       IGRSP-MEP-01                                                                Page 24                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              from the party entitled to issue the instruction, as determined by our records.  If TIAA takes any        action in good faith before receiving a valid instruction, we will not be subject to liability even if        our acts were contrary to such instruction.  All benefits are payable at our home office or at        another location that we designate.              For purposes of determining the effective dates of any transactions and premium receipts,        transaction requests and premiums will only be deemed to have been received when they are        received by TIAA, or its appropriately designated agent, in good order, in accordance with        procedures established by TIAA or as required by law. No available transaction may be made        effective on a day that is not a business day. TIAA reserves the right to limit the number of        transactions that may be made effective on a single business day.    82.   Payment to an estate, trustee, etc. Upon the death of an employee, TIAA reserves the right to        pay in one sum the commuted value of any benefits due to an estate, corporation, partnership,        trustee or other entity that isn't a natural person. TIAA won't be responsible for the acts or        neglects of any executor, trustee, guardian, or other third party receiving payments under this        contract. If a trustee of a trust is designated as beneficiary, TIAA is not obliged to inquire into        the terms of the underlying trust or any will.                  If death benefits become payable to the designated trustee of a testamentary trust, but:                       A)  no qualified trustee makes claim for the benefits within nine months after the death of                the employee; or             B)  evidence satisfactory to TIAA is presented at any time within such nine-month period                that no trustee can qualify to receive the benefits due,                     payment will be made to the successor beneficiaries, if any are designated and survive the        employee; otherwise payment will be made to the executors or administrators of the employee’s        estate.              If benefits become payable to an inter-vivos trustee (the person appointed to execute a        trust created during an individual’s lifetime), but the trust is not in effect or there is no qualified        trustee, payment will be made to the successor beneficiaries, if any are designated and survive        the employee; otherwise payment will be made to the executors or administrators of the        employee’s estate.              Payment to any trustee, successor beneficiary, executor, or administrator, as provided for        above, shall fully satisfy TIAA's payment obligations under the contract to the extent of such        payment.   83.   Service of process upon TIAA. We will accept service of process in any action or suit against        us on this contract in any court of competent jurisdiction in the United States provided such        process is properly made. We will also accept such process sent to us by registered mail if the        plaintiff is a resident of the jurisdiction in which the action or suit is brought. This section does        not waive any of our rights, including the right to remove such action or suit to another court.   84.   Benefits based on incorrect data. If the amount of benefits is determined by data as to a        person's age or sex that is incorrect, the benefits payable will be such as the premium paid would        have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the        incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on        the basis of the incorrect data will be charged against the payments due after the correction is       IGRSP-MEP-01                                                                Page 25                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract              made. Any amounts so paid or charged will include compound interest at the effective annual        rate of 6% per year.   85.   Proof of survival. TIAA reserves the right to require satisfactory proof that anyone named to        receive benefits under the terms of the contract is alive on the date any benefit payment is due. If        this proof is not received after it has been requested in writing, TIAA will have the right to make        reduced payments or to withhold payments entirely until such proof is received. If under a two-       life annuity TIAA has overpaid benefits because of a death of which we were not notified,        subsequent payments will be reduced or withheld until the amount of the overpayment, plus        compound interest at the effective annual rate of 6% per year, has been recovered.   86.   Protection against claims of creditors. The benefits and rights accruing under the contract are        exempt from the claims of creditors or legal process to the fullest extent permitted by law. Such        exemption does not apply to the extent this contract is issued in connection with a non-qualified        deferred compensation plan sponsored by an employer that is not a state or local government, an        IRC section 457(b) plan sponsored by an employer that is not a state or local government, a plan        operating under IRC section 457(f), or a plan operating under IRC section 415(m).   87.   Compliance with laws and regulations. TIAA will administer the contract to comply with the        restrictions of all laws and regulations pertaining to the terms and conditions of the contract. No        benefit may be elected and no right may be exercised under the contract if the election of that        benefit or exercise of that right is prohibited under an applicable state or federal law or        regulation.              The choice of income option and effective date thereof, beneficiary or second annuitant,        death benefit payment method and effective date, the availability of transfers and lump-sum        benefits, and the rights of spouses to benefits, are all subject to the applicable restrictions,        distribution requirements and incidental benefit requirements of ERISA and the IRC and any        rulings and regulations issued under ERISA and the IRC.              The contractholder will comply with the terms of all applicable state and federal laws        and regulations, and the MEP to the extent consistent with the terms of the contract.   88.   Correspondence.  If you have any questions about the contract, or inquiries about our service,        or if you need help to resolve a problem, you can contact us at the web address or phone number        below or at such other location that we may designate.                                                                                  TIAA                                     [www.tiaa.org                                     800 842-2733]   89.   Change of rate schedule. We may, at any time and from time to time, substitute a new rate        schedule for the one currently effective in your contract. A new rate schedule will apply only to        benefits arising from any premiums and internal transfers applied to the Traditional Annuity        while such rate schedule is in effect. Any change in the rate schedule will not affect the amount        of benefits purchased prior to the change by any premiums and internal transfers applied to the        Traditional Annuity. A change in the rate schedule will be made only after we have given you        three months' written notice of the change. Any new rate schedule will specify:                     IGRSP-MEP-01                                                                Page 26                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                   A) the charges for expenses and contingencies;             B) the interest rates and the mortality bases used for determining benefits arising from                amounts applied to the Traditional Annuity;              C) any applicable surrender charges on lump-sum benefits and internal transfers arising                from amounts applied to the Traditional Annuity; and             D) any applicable surrender charges on contractholder payments arising from amounts                applied to the Traditional Annuity.        IGRSP-MEP-01                                                                Page 27                                                                                    

 

TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                                                                                                                                                                                                                                                                                      This page has been left blank intentionally.                                               IGRSP-MEP-01                                                                Page 28                                                                                    

 

Teachers Insurance and Annuity Association of America  TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract                                    RATE SCHEDULE                A)  Rates applicable to premiums and internal transfers applied to the Traditional Annuity.          The benefits bought by any premiums and internal transfers applied to the Traditional Annuity          while this rate schedule is in effect will be computed on the basis described below. This basis          applies to such amounts for as long as such amounts remain in the Traditional Annuity. Any          guaranteed interest and additional amounts credited to the Traditional Annuity accumulation          will buy benefits calculated on the same basis that is applicable to the premiums or internal          transfers that gave rise to such guaranteed interest and additional amounts:                    (1) no deduction for expenses or contingencies, except for any premium taxes incurred                 by TIAA for the contract and except for any MEP fee withdrawals in accordance with                 the terms of the MEP;                               (2) [interest from the end of the day on which the premium or internal transfer is                 credited, to the date that such amount is deducted from the Traditional Annuity                 accumulation, in accordance with the terms of the contract, at the effective annual                 rate of [x.xx];]              OR                 [interest from the end of the day on which the premium or internal transfer is                 credited, to the date that such amount is deducted from the Traditional Annuity                 accumulation, in accordance with the terms of the contract, as follows:                                  [The minimum effective annual interest rate to be credited will be reset each [March                 1]. The rate will be set equal to the CMT less [0.0125], rounded to the nearest                 [0.0005], provided however that the minimum rate will not be less than [1%] nor                 greater than [3%]. The CMT is the average five-year Constant Maturity Treasury                 Rate reported by the Federal Reserve for the [calendar month of [January]][[12]                 month period from [February] through the [January]] preceding the reset date.]                                  We may make future changes to the reset date and/or to the choice of calendar month                 for which the average five-year Constant Maturity Treasury Rate will be used to set                 the CMT. Any such change will be effected only after obtaining any approvals                 required by the insurance regulatory authority of the jurisdiction shown on page 1,                 and will also be made to all other contracts written on this form and delivered in that                 jurisdiction. Any such change will be made only after we have given you three                 months’ written notice.]                               (3) for one-life annuities and two-life annuities, annuity payments based on interest at                 the effective annual rate of 2% after the date that payments begin, and mortality                 according to the Annuity 2000 Mortality Table (TIAA Merged Gender Mod C), with                 ages set back three months for each completed year between January 1, 2000 and the                 date that annuity payments begin, as illustrated in the accompanying chart.                        [A surrender charge of [0%] will be deducted from any lump-sum benefit and internal          transfer from the Traditional Annuity accumulation arising from amounts applied to the          Traditional Annuity while this rate schedule is in effect.]                 IGRSP-MEP-01-RS                                                           Page RS1                                                                                    

 

Teachers Insurance and Annuity Association of America  TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract            [A surrender charge of [1.5%] will be deducted from any lump-sum benefit and internal          transfer from the Traditional Annuity accumulation arising from amounts applied to the          Traditional Annuity while this rate schedule is in effect and where such transaction is effected          during a period of time in which TIAA has determined that coordinated transactions are          occurring.]                    [A surrender charge of [1.5%] will be deducted from any contractholder payment from the          Traditional Annuity accumulation arising from amounts applied to the Traditional Annuity          while this rate schedule is in effect.]                     Betterment of rates. When an employee or an employee’s beneficiary begin benefits under a          one-life or two-life annuity, we will compute any benefits provided by the portion of the          Traditional Annuity accumulation resulting from amounts applied to the Traditional Annuity          while this rate schedule is in effect on the basis stated above, or, if it produces a larger          guaranteed benefit, on the basis in use for any single premium immediate annuities then being          offered by TIAA for contracts of the same class as this contract.        IGRSP-MEP-01-RS                                                           Page RS2                                                                                    

 

Teachers Insurance and Annuity Association of America  TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract               Guaranteed Annual Amount of Income Benefits from the Traditional Annuity                                   under the One-life                      Annuity with 10-Year Guaranteed Period option                    Provided by $10,000 from Employee’s Accumulation                           (assuming a premium tax rate of 0%)                                                               One-twelfth of the amount shown is payable each month         Adjusted     Annual      Adjusted     Annual      Adjusted    Annual       Age When     Amount of   Age When     Amount of   Age When    Amount of        Payments     Monthly     Payments    Monthly     Payments    Monthly         Begin       Benefit      Begin       Benefit      Begin      Benefit                    Payments                 Payments                Payments           40        $305.99        57        $383.81       74        $553.18            41        $309.20        58        $390.38       75        $568.43            42        $312.54        59        $397.25       76        $584.44            43        $316.02        60        $404.44       77        $601.22            44        $319.65        61        $411.96       78        $618.78            45        $323.43        62        $419.85       79        $637.13            46        $327.38        63        $428.13       80        $656.25            47        $331.50        64        $436.82       81        $676.14            48        $335.79        65        $445.95       82        $696.74            49        $340.27        66        $455.55       83        $718.03            50        $344.94        67        $465.65       84        $739.91            51        $349.82        68        $476.29       85        $762.31            52        $354.90        69        $487.50       86        $785.11            53        $360.20        70        $499.31       87        $808.15            54        $365.73        71        $511.75       88        $831.28            55        $371.50        72        $524.86       89        $854.30            56        $377.52        73        $538.66                            The yearly payments shown above are those that result from the application of an       accumulation of $10,000 (assuming a premium tax rate of 0%) in the Traditional Annuity to       the specified income option when the employee has attained an adjusted age as shown, but       has not passed the date on which that adjusted age was attained by as much as one month.           The employee’s adjusted age equals the employee’s actual age minus three months for       each completed year between January 1, 2000 and the date that payments begin.  All ages       used in computing benefits are calculated in completed years and months. Payments       beginning at ages other than those shown, and under other income options, are computed on       the basis stated in the rate schedule. For accumulations other than $10,000, payments will be       proportionate.                                                                                               IGRSP-MEP-01-RS                                                           Page RS3                                                                                    

 

Teachers Insurance and Annuity Association of America  TIAA Multiple Employer Plan Retirement Choice Plus Annuity Contract            B)  Rates applicable to Investment Account accumulations transferred to immediately begin          income from the Traditional Annuity.  The following applies to Investment Account          accumulations attributable to any premiums and internal transfers applied to an Investment          Account while this rate schedule is in effect and for as long as such amounts remain in the          Investment Account accumulation:                    If an employee transfers accumulations from an Investment Account to the Traditional          Annuity to purchase a one-life or two-life annuity, with benefits beginning immediately, the          resulting guaranteed benefit from the Traditional Annuity will be determined on whichever of          these bases produces the largest guaranteed payments:                        (1)   (a)   interest at the effective annual rate of 1.5%; and                    (b)   mortality according to the Annuity 2000 mortality table (TIAA Merged                          Gender Mod A), with ages set back one year for each completed year                          between January 1, 2004 and the effective date of the internal transfer;                             (2)   the basis otherwise applicable to internal transfers to the Traditional Annuity                    under the rate schedule in effect on the effective date of the transfer; or                            (3)   the basis in use for any single premium immediate annuities then being offered                    by TIAA for contracts of the same class as this contract.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Group Flexible Premium Deferred Annuity                            Fixed and Variable Accumulations                                   Nonparticipating            IGRSP-MEP-01-RS                                                           Page RS4                                                                                    

 

             Teachers Insurance and Annuity Association of America                       730 Third Avenue, New York, N.Y. 10017-3206                                Telephone: [800-842-2733]                                                                                                                                             Multiple Employer Plan Retirement Choice Plus Annuity Certificate        This certificate is issued to you, the employee, by us, Teachers Insurance and Annuity Association of America  (TIAA), in connection with amounts recorded in your name under a Multiple Employer Plan (“MEP”) funded  by a TIAA MEP Retirement Choice Plus Annuity Contract. The contract shall govern the payment of all  benefits by TIAA and the rights and obligations of TIAA, the contractholder and you. This certificate refers  briefly to some of the contract's features.    The contractholder remits all premiums under the contract. Premiums are allocated between the Traditional  Annuity and the Investment Accounts. Each premium allocated to the Traditional Annuity under the contract  buys a guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the  premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate, and  may also be credited with additional amounts declared by TIAA. Each premium allocated to any of the  Investment Accounts under the contract buys a number of accumulation units. Accumulations in the  Investment Accounts are not guaranteed, and may increase or decrease depending on investment results.  TIAA reserves the right to stop accepting or to limit premiums under the contract at any time.                      TIAA will pay to the contractholder all benefits set forth, with respect to you, under the terms of the contract  and in accordance with the MEP of the contractholder as from time to time amended, or any successor plan.  Your rights under the contract are those in accordance with the terms of the MEP and as delegated to you by the  contractholder.                                                                                                                                                President and        SMD, Corporate Secretary                     Chief Executive Officer                            Group Flexible Premium Fixed and Variable Deferred Annuity Certificate                                     Nonparticipating                                                                                           IGRSP-MEP-CERT1                                                               Page 1 

 

Your TIAA Multiple Employer Plan Retirement Choice Plus Annuity Certificate                                                                                         Your Rights  The contractholder owns the contract. The contractholder may, to the extent permitted by law, exercise every  right that is granted to the contractholder under the contract without the consent of any other person unless the  right has been given to such other person under the contract and authorized by the contractholder.           Your right (or that of your beneficiaries, after your death) to make choices and elections available under the  contract, with respect to amounts recorded in your name under the contract, is subject to the authorization of the  contractholder. Such rights include but are not limited to the right to allocate premiums, name a second  annuitant, designate beneficiaries and payees, elect lump-sum benefits, make transfers, and choose forms of  benefit payment. The contractholder may revoke or modify any such authorization. Notwithstanding the  authorization of the contractholder, such rights are subject to the vesting provisions of the MEP.    Employee Maturity Date  Your maturity date is the date as of which all of your accumulation has been distributed or applied to provide  benefit payments under the terms of the contract. As of such date, TIAA will have no further obligations under  the contract to you, beyond those associated with any ongoing payout annuity benefits being paid to you. TIAA  is not obliged to accept new premiums on your behalf.    Allocation Options  Premiums are allocated between the Traditional Annuity and the Investment Accounts. Each premium allocated  to the Traditional Annuity under the contract buys a guaranteed minimum amount of benefit payments, based on  the rate schedule in effect at the time the premium is credited. Traditional Annuity accumulations will be  credited with a guaranteed interest rate, and may also be credited with additional amounts declared by TIAA.  TIAA does not guarantee that there will be additional amounts.  Each premium allocated to any of the  Investment Accounts under the contract buys a number of accumulation units. Accumulations in the Investment  Accounts are not guaranteed, and may increase or decrease depending on investment results.    Accumulations  A record of your accumulation is maintained for the sole purpose of providing a record of amounts held under  the contract on your behalf. Your accumulation consists of the portion of the Traditional Annuity accumulation  and Investment Account accumulations held on your behalf under the contract.  Your rights under the contract  are those in accordance with the terms of the MEP and as delegated to you by the contractholder.    Benefit Guarantees  [Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be  [x.xx%]. The minimum interest rate will be credited on amounts applied to the Traditional Annuity  accumulation from the end of the day on which such amount is credited to the date such amount is deducted  from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the  contract. Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality table  provided for in the contract.]    OR    [Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be  reset each [March 1]. The rate will be set equal to the CMT less [0.0125], rounded to the nearest [0.0005],  provided however that the minimum rate will not be less than [1%] nor greater than [3%]. The CMT is the  average five-year Constant Maturity Treasury Rate reported by the Federal Reserve for the calendar month of  [[January]][ 12] month period from [February] through the [January]] preceding the reset date.    The minimum interest rate so determined will be credited on amounts applied to the Traditional Annuity  accumulation from the end of the day on which such amount is credited to the date such amount is deducted                                                                                       IGRSP-MEP-CERT1                                                               Page 2                                                                                 

 

Your TIAA Multiple Employer Plan Retirement Choice Plus Annuity Certificate                                                                                         from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the  contract.  Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality  table provided for in the contract.    We may make future changes to the reset date and/or to the choice of calendar month for which the average  five-year Constant Maturity Treasury Rate will be used to set the CMT. Any such change will be effected only  after obtaining any regulatory approvals.]    These guarantees cease to apply to amounts that leave the Traditional Annuity.    Subject to applicable insurance law, the contract’s rate schedule may be changed.  Such a change will not affect  any benefits purchased prior to the change. A change in the rate schedule will be made only after we have given  the contractholder three months' written notice of the change.    Additional Amounts  Additional amounts may be credited to accumulations in the Traditional Annuity under the contract.  TIAA does  not guarantee that there will be additional amounts.  TIAA will determine at least annually if additional amounts  will be credited.      Lump-sum Benefits  Under the terms of the contract, the contractholder may permit you to withdraw your Traditional Annuity  accumulation or any of your Investment Account accumulations as a lump-sum benefit. Such withdrawal must  be for all of an accumulation or any part of any accumulation not less than [$1,000]     Lump-sum benefits paid from the Traditional Annuity accumulation will be reduced by any surrender charge in  accordance with the applicable rate schedule or schedules. Under the contract’s current rate schedule the  surrender charge is [0%].    TIAA reserves the right to limit lump-sum benefits from your Traditional Annuity accumulation and each of  your Investment Account accumulations to not more than one in a calendar quarter.    Transfers  Under the terms of the contract, the contractholder may permit you to transfer between your Traditional Annuity  accumulation and your Investment Account accumulations. In addition, the contractholder may permit you to  transfer all or part of your Traditional Annuity accumulation or Investment Account accumulations to the  companion CREF contract, if any, or from your accumulation in any such companion CREF contract to the  TIAA contract. The contractholder may also permit you to transfer among your Investment Account  accumulations. Such transfers may be for all of your Traditional Annuity accumulation or all of any of your  Investment Account accumulations, or any part of any of these accumulations not less than [$1,000]. Transfers  from the Traditional Annuity accumulation will be reduced by any surrender charge in accordance with the  applicable rate schedule or schedules. Under the contract’s current rate schedule the surrender charge is [0%].    TIAA reserves the right to limit internal transfers from your Traditional Annuity accumulation and each of your  Investment Account accumulations to not more than one in a calendar quarter.  TIAA reserves the right to stop  accepting or to limit internal transfers to the Traditional Annuity and/or internal transfers to any or all  Investment Accounts at any time.      To the extent permitted by applicable law, we may reject, limit, defer or impose other conditions on transfers  into or out of an Investment Account in order to curb frequent transfer activity to the extent that comparable  limitations are imposed on the purchase, redemption or exchange of shares of any of the funds held by an                                                                                        IGRSP-MEP-CERT1                                                               Page 3                                                                                 

 

Your TIAA Multiple Employer Plan Retirement Choice Plus Annuity Certificate                                                                                         Investment Account. In accordance with applicable law, we may terminate the transfer feature of the contract at  any time.          A fund in which an Investment Account invests may impose a redemption charge on its assets that are redeemed  out of the fund in connection with a transfer. The fund determines the amount of the redemption charge and the  charge is retained by or paid to the fund and not by or to TIAA. The redemption charge may affect the number  and value of accumulation units transferred out of the Investment Account that invests in that fund and,  therefore, may affect the Investment Account accumulation.    Additional Restrictions on Transfers into the Real Estate Account  An internal funding vehicle transfer is the movement of accumulations among or between any of the following:        i.    your Traditional Annuity accumulation        ii.   your Real Estate Account accumulation        iii.  your other Investment Account accumulation        iv.   your companion CREF certificate        v.    any other funding vehicle accumulation you may have which is administered by TIAA or CREF              on the same record-keeping system as this certificate.    However, an internal funding vehicle transfer does not include any of the following:        •  Systematic withdrawals and transfers (SWATs)         •  Automatic rebalances        •  Any transaction arising from a TIAA sponsored advice product or service        •  Transfer Payout Annuity (TPA) payments directed to the Real Estate Account.     You may not apply internal funding vehicle transfers to your Real Estate Account accumulation if the total value  of your Real Estate Account accumulation under this certificate and any other TIAA annuity contract or  certificate issued to you already exceeds a threshold amount of [$150,000], or if after giving effect to such  transfer, such threshold would be exceeded.  Any internal funding vehicle transfer which cannot be applied  pursuant to this rule will be rejected in its entirety and we will communicate such rejection to you.    The Real Estate Account accumulation unit values used in applying this provision will be those calculated as of  the valuation day preceding the day on which the proposed transfer is to be effective. For the purpose of this  provision, the total value of your Real Estate Account accumulation will include the value of any pending  internal funding vehicle transfers into your Real Estate Account accumulation under any TIAA annuity contracts  or certificates issued to you.     TIAA reserves the right in the future to increase or decrease the threshold dollar amount associated with this  provision.  However, the threshold amount will never be less than [$100,000]. If, as of the effective date of such  a change in the threshold amount, the total value of your Real Estate Account accumulation under this certificate  and any other TIAA annuity contract or certificate issued to you already exceeds the new threshold amount, you  will not be required to reduce such accumulation to a level at or below the new threshold. TIAA also reserves  the right in the future to include among the restricted transactions any of the categories currently excluded above  or to include any categories of transactions associated with services that may be introduced in the future. Any  such future changes will only affect transactions with effective dates on or after the effective date of such  change. You will be given at least two months advance written notice of any such change.     Nothing in this provision shall be construed to limit TIAA’s right to stop accepting or to limit premiums and/or  internal transfers to the Real Estate Account at any time.                                                                                          IGRSP-MEP-CERT1                                                               Page 4                                                                                 

 

Your TIAA Multiple Employer Plan Retirement Choice Plus Annuity Certificate                                                                                         Equity Wash Restrictions  If an internal transfer from your Traditional Annuity accumulation or a lump-sum benefit from your Traditional  Annuity accumulation is to be applied, whether directly or indirectly, to an internal funding vehicle which has  been designated as a competing fund under the terms of the contract, the amount of the transfer must first be  applied to an internal funding vehicle which is a non-competing fund and remain in a non-competing fund for a  period of at least 90 days from the effective date of the transfer. For the purposes of this restriction a funding  vehicle will be referred to as an internal funding vehicle if it is being administered under the same recordkeeping  system as that which is maintaining the individual employee records for the contract, whether or not TIAA is  providing those recordkeeping services. At the end of such 90-day period, the amount available to be  subsequently applied to a competing fund, would be the amount originally transferred net of any increase or  decrease in value resulting from the participation in the non-competing fund(s) during the 90-day period,  determined in accordance with the applicable terms of those funds. This 90-day restriction (commonly known as  an “equity wash”) will be administered in a manner such that when such an amount is removed from your  Traditional Annuity accumulation and applied to a non-competing fund, the full 90-day period must elapse  before any transfer or withdrawal made from non-competing funds and applied to competing funds will be  allowed to reduce the total non-competing fund balance below the amount of the transaction that triggered the  90-day period. These “equity wash” restrictions will not apply to transactions made in connection with  automated periodic or pre-scheduled purchase, redemption, exchange or transfer arrangements, including, but  not limited to, salary reduction agreements, MEP benefit payments, “dollar cost averaging” programs, asset  allocation programs, or periodic “account rebalancing” programs.    [Irrespective of the provisions above, a transfer from your accumulation may not be applied to a TIAA or CREF  Supplemental Retirement Annuity (SRA), a TIAA or CREF Group Supplemental Retirement Annuity (GSRA),  or any other TIAA contract providing for liquidity provisions similar to the aforementioned contracts.]    Generally, a competing fund, for the purpose of this provision, includes money market funds, short-term bond  funds, the TIAA Real Estate Account, the TIAA Traditional Annuity, the TIAA Stable Value Separate Account- 1 (SVSA-1), certain guaranteed annuity contracts and other funds with either similar duration characteristics or  performance patterns generally consistent with stability as determined by TIAA, and self-directed brokerage  accounts.    The designation of funds as competing funds may be modified by TIAA.     Coordinated Transactions  Coordinated transactions will be deemed to be occurring if TIAA becomes aware that, within 12 months prior to  TIAA’s receipt of the contractholder’s request to begin contractholder payments (as described below under the  heading Contractholder Rights) from the Traditional Annuity accumulation or at any time after TIAA’s receipt  of such request, the contractholder, MEP Sponsor, participating employer, or any other party has engaged in an  effort to coach or encourage groups of employees to request internal transfers, retirement plan loans, or lump- sum benefits from their Traditional Annuity accumulations. Under the contract’s current rate schedule, the  surrender charge applicable to transfers and lump-sum benefits from your Traditional Annuity accumulation,  where such transaction is effected during a period of time in which TIAA has determined that coordinated  transactions are occurring is [1.5%].    Disruptive Transactions  TIAA reserves the right to reject any internal transfer into or out of the Traditional Annuity provided TIAA  reasonably determines that such transaction would be disruptive to the efficient management of the MEP  Retirement Choice Plus Traditional Annuity.  TIAA may also suspend your ability to transact by telephone, fax  or over the internet in order to prevent market timing. Your purchase or exchange request could be rejected or  electronic trading privileges could be suspended because of the timing or amount of the transfers or because of a  history of excessive trading.                                                                                       IGRSP-MEP-CERT1                                                               Page 5                                                                                 

 

Your TIAA Multiple Employer Plan Retirement Choice Plus Annuity Certificate                                                                                           Death Benefits  If you die, your accumulation will provide a death benefit for your beneficiary.  The death benefit is the current  value of your accumulation under the contract.  It will be payable to the contractholder on behalf of your  beneficiary, in accordance with the MEP of the contractholder.    Retirement Plan Loan  A retirement plan loan is a disbursement of some or all of your accumulation to provide loans.  If the MEP so  provides and in accordance with section 72(p) of the IRC, as amended, and ERISA, to the extent applicable, you  may request a retirement plan loan from your accumulations, at any time prior to your maturity date. The loan  will be issued in accordance with the terms of a loan agreement. The loan agreement will describe the terms,  conditions and any fees or charges for the loan.    Benefits Based on Incorrect Data   If the amount of benefits is determined by data as to a person's age or sex that is incorrect, the benefits payable  will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by  TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by  TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made.  Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year.    MEP Fee Withdrawals  The contractholder may, in accordance with the MEP, and in accordance with TIAA’s procedures, instruct  TIAA to withdraw amounts from the contract’s accumulation, to pay fees associated with the administration of  the MEP.                       Contractholder Rights   The contractholder owns the contract. The contractholder may, to the extent permitted by law, exercise every  right that is granted to the contractholder under the contract without the consent of any other person unless the  right has been given to such other person under the contract and authorized by the contractholder.      The contractholder has the right to withdraw the Traditional Annuity accumulation and/or the accumulation in  an Investment Account. Contractholder payments from the Traditional Annuity accumulation will be made only  as a series of payments of the Traditional Annuity accumulation. A contractholder payment from an Investment  Account accumulation will be a lump-sum payment of that Account’s accumulation under the contract. Under  the contract’s current rate schedule, any amounts that the contractholder withdraws from the Traditional Annuity  are subject to a [0.0%] surrender charge. TIAA and the contractholder may agree to alternative contractholder  payment arrangements with alternative associated charges. Any such surrender charges may be deducted from  employees’ accumulations. The contractholder does not require the consent of any employee to elect  contractholder payments.    The contract does not require the contractholder to elect any withdrawals that would be subject to the surrender  charge.                     Group Flexible Premium Fixed and Variable Deferred Annuity Certificate                                     Nonparticipating                                                                                          IGRSP-MEP-CERT1                                                               Page 6

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