Document:

[Exhibit 4(a)]

Teachers Insurance and Annuity Association of America

730 Third Avenue, New York, N.Y. 10017-3206

Telephone: 800-842-2733

Effective Date: [This endorsement is
effective on the date the TIAA Access Account (the Access Account) is made
available for your certificate under the terms of your employer plan.] [July 1,
2006] [Attached at Issue]

Endorsement to Your Retirement Annuity Contract

This is an
endorsement to the Retirement Annuity Contract issued to you, the annuitant.
The purpose of this endorsement is to introduce the availability of the TIAA
Access Account. In addition to the options previously provided under your
contract, TIAA now offers you the option of accumulating funds in the Access
Account as of the effective date of this endorsement. Except as otherwise noted
within, this endorsement replaces all of the provisions of your contract in
order to explain the nature of the Access Account and the impact of its
availability on the provisions of your contract. 

GENERAL DESCRIPTION

You may
allocate your TIAA premiums between the Traditional Annuity and the Investment
Accounts. 

Traditional Annuity.
Each premium allocated to the Traditional Annuity buys a guaranteed minimum
amount of lifetime income for you, based on the rate schedule in effect for
your contract at the time the premium is paid. Your Traditional Annuity
accumulation will be credited with a guaranteed interest rate, and may also be
credited with additional amounts declared by TIAA. You can transfer your
Traditional Annuity accumulation to your companion CREF certificate or to the
Investment Accounts over a 10-year period. You cannot withdraw or transfer your
Traditional Annuity accumulation in a lump sum. 

Investment Accounts. Each premium allocated to any of the
Investment Accounts buys a number of accumulation units. Accumulations in the Investment Accounts are not
guaranteed, and may increase or decrease depending on investment results.
Before beginning to receive annuity income, you can transfer any of your
Investment Account accumulations to your Traditional Annuity accumulation or to
your companion CREF certificate in a lump sum.

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.

When you are ready to start
receiving your income, you may, in accordance with the terms of your employer
plan, choose an option from among those described in your contract. If you die
before you start receiving your income, your accumulation will provide a death
benefit for your beneficiary.

Your contract cannot
be assigned and it does not provide for loans. 
Your contract does
not provide for cash surrenders from the Traditional Annuity. 

	
 

	
 

	
 

	

	
 

	
Chairman, President and 
  Chief Executive Officer 

	
 

	
 

	
INDEX ON NEXT PAGE

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA Retirement Annuity Contract

	

	
 

	
INDEX OF PROVISIONS

	
Section

	
 

	
 

	
 

	
Accumulation

	
 

	
 

	
 - Definition

	
 

	
1

	
 - Investment Account

	
 

	
38

	
 - Traditional
Annuity

	
 

	
33

	
Accumulation Arising From
  Elective Deferrals

	
 

	
 

	
 - Restrictions on
  Distribution of

	
 

	
81

	
Accumulation Units

	
 

	
 

	
 - Definition

	
 

	
37

	
 - Number of

	
 

	
43

	
Additional Amounts

	
 

	
34

	
Annuity Starting Date

	
 

	
 

	
 - Definition

	
 

	
2

	
 - Required Beginning

	
 

	
19

	
Assignment - Void and of
  no effect

	
 

	
71

	
Benefits

	
 

	
 

	
 - Based on Incorrect
Data

	
 

	
78

	
 - Requests for

	
 

	
82

	
Business Day

	
 

	
4

	
Cash Surrender

	
 

	
 

	
-     Not Available from the

	
 

	
 

	

     Traditional
  Annuity

	
 

	
72

	
Claims of Creditors –
  Protection Against

	
 

	
73

	
Commuted Value

	
 

	
5

	
Companion CREF Certificate

	
 

	
28

	
Contestability

	
 

	
27

	
Contract

	
 

	
 

	
 - Consists of

	
 

	
26

	
 - Substitute

	
 

	
32

	
Correspondence with us

	
 

	
82

	
Death Benefit

	
 

	
 

	
 - Amount of Payments

	
 

	
51

	
 - Beneficiary

	
 

	
3

	
- Definition

	
 

	
6

	
 - Methods of Payment

	
 

	
50

	
 - Naming Your
Beneficiary

	
 

	
49

	
 - Payment of

	
 

	
48

	
 - Payments after Death of
  Beneficiary

	
 

	
52

	
Elections and Changes -
  Procedure for

	
 

	
82

	
Employer

	
 

	
7

	
Employer Plan

	
 

	
8

	
Employment – Severance
  from

	
 

	
22

	
ERISA

	
 

	
9

	
Funding Vehicle

	
 

	
10

	
General Account

	
 

	
11

	
Gross Investment Factor

	
 

	
41

	
Income Benefit

	
 

	
 

	
 - Amount of Payments

	
 

	
47

	
 - Definition

	
 

	
12

	
 - Options

	
 

	
45

	
 - Payments during a
  Guaranteed Period

	
 

	
46

	
 - Starting Payments

	
 

	
44

	
Internal Transfers

	
 

	
 

	
 - Crediting

	
 

	
57

	
 - Definition

	
 

	
13

	
 - Effective Date

	
 

	
56

	
 

	
Section

	
 

	
 

	
 

	
 - From the Investment
  Accounts or CREF

	
 

	
53

	
 - From the Traditional
  Annuity

	
 

	
55

	
 - Restrictions

	
 

	
58

	
 - Systematic

	
 

	
54

	
Investment
  Account

	
 

	
14

	
 - Insulation of

	
 

	
66

	
 - Modification of

	
 

	
67

	
Investment Company Act of
  1940

	
 

	
70

	
IRC

	
 

	
15

	
Lapse or Forfeiture

	
 

	
 

	
 - Protection against

	
 

	
31

	
Laws and Regulations -
  Compliance with

	
 

	
80

	
Loans - No provision for

	
 

	
71

	
Lump-sum Benefit from an
  Investment Account

	
 

	
 

	
 - Availability of

	
 

	
59

	
 - Definition

	
 

	
16

	
 - Effective Date

	
 

	
60

	
 - Payment of

	
 

	
61

	
 - Systematic
Withdrawals

	
 

	
62

	
 - Systematic Withdrawals to
  pay fees

	
 

	
63

	
Net Investment Factor

	
 

	
 

	
 - For Other Investment
  Accounts

	
 

	
40

	
 - For the Real Estate
Account

	
 

	
39

	
Non-Forfeiture of Benefits

	
 

	
74

	
Payee

	
 

	
17

	
Payment to an Estate,
  Trustee, etc

	
 

	
76

	
Premiums

	
 

	
 

	
 - Allocation of

	
 

	
30

	
 - Payment of

	
 

	
29

	
Prior Provisions -
  Applicability

	
 

	
68

	
Proof of Survival

	
 

	
79

	
Rate Schedule

	
 

	
 

	
 - Applicable to the Access
  Account

	
 

	
85

	
 - Change of

	
 

	
83

	
 - Definition

	
 

	
18

	
 - Guarantees

	
 

	
84

	
Real Estate Account

	
 

	
 

	
 - Definition

	
 

	
35

	
Report of Accumulation

	
 

	
69

	
Second Annuitant

	
 

	
20

	
Separate Account

	
 

	
 

	
 - Charge

	
 

	
42

	
 - Definition

	
 

	
21

	
Service of Process upon
  TIAA

	
 

	
77

	
Spouse’s Rights

	
 

	
 

	
 - Definition

	
 

	
23

	
 - Rights to Benefits

	
 

	
64

	
 - Waiver of Rights

	
 

	
65

	
Tax-Free Rollover - Right
  to

	
 

	
75

	
TIAA Access Account

	
 

	
36

	
Traditional Annuity

	
 

	
24

	
Valuation Day and
  Valuation Period

	
 

	
25

	
 

	
 

	

	

	
 

	
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TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

Account Specifications Page

The following Investment Accounts are
available as of the effective date of this endorsement. Your employer plan may
restrict your right to invest in some or all of the accounts: 

TIAA Real Estate Account:

TIAA Access Account Subaccounts:

                    Account
1:

                    Account
2:

                    Account
3:

                    .

                    .

                    .

                    .

                    .

TIAA Access Account Pricing Category: Level x

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

This page has been left blank intentionally.

	
 

	
 

	

	

	
 

	
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TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

PART A: TERMS USED IN YOUR CONTRACT

	
 

	
 

	
1.

	
Your accumulation is equal to the sum of your
  Traditional Annuity accumulation (described in Part C) and your Investment
  Account accumulations (described in Part D). Your accumulation will provide
  the benefits described in your contract. 

	
 

	
 

	
2.

	
Your annuity starting date is the date as of
  which you begin to receive income benefits or payments under a transfer
  payout annuity, from your accumulation under your contract. 

	
 

	
 

	
3.

	
Beneficiaries are persons you name, in a
  form satisfactory to TIAA as explained in section 49, to receive the
  death benefit if you die before your annuity starting date.

	
 

	
 

	
4.

	
A business day is any day that the New York
  Stock Exchange is open for trading. A business day ends at 4:00 P.M. Eastern
  time, or when trading closes on the New York Stock Exchange, if earlier.

	
 

	
 

	
5.

	
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
  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.

	
 

	
 

	
6.

	
The death benefit is the current value of
  your accumulation under your contract. It will be paid to your beneficiary under
  one of the methods set forth in Part F if you die before your annuity
  starting date.

	
 

	
 

	
7.

	
Your employer is the organization that remits
  premiums to your contract.

	
 

	
 

	
8.

	
An employer plan is a plan satisfying the
  requirements of IRC Section 401(a), 403(a), 403(b), 415(m), 457, or any other
  section providing similar benefits for employees.

	
 

	
 

	
9.

	
ERISA is the Employee Retirement Income
  Security Act of 1974, as amended.

	
 

	
 

	
10.

	
A funding vehicle is an annuity contract,
  custodial account, or trust designated to receive contributions under an
  employer plan.

	
 

	
 

	
11.

	
The general account consists of all of TIAA’s
  assets other than those in the separate accounts.

	
 

	
 

	
12.

	
The income benefit is the periodic amount
  payable to you under one of the income options set forth in Part E.

	
 

	
 

	
13.

	
An internal transfer is the movement of
  accumulations between your Traditional Annuity accumulation and your
  Investment Account accumulations, among Investment Account accumulations, or
  between your contract and your companion CREF certificate. The provisions
  concerning internal transfers are set forth in Part G.

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
14.

	
An Investment Account under your contract
  refers to the Real Estate Account. It also refers to any subaccount of any
  other Separate Account available under your contract, that holds shares of a
  fund or funds which are managed with a specified investment objective. The
  Investment Accounts available as of the effective date of this endorsement
  are listed on the account specifications page and are specific to the
  indicated pricing category. 

	
 

	
 

	
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 and any successor
  statutory provisions and any regulations thereunder.

	
 

	
 

	
16.

	
A lump-sum benefit from an Investment Account
  is a withdrawal in a single sum of all or part of any of your Investment
  Account accumulations. The provisions concerning lump-sum benefits are set
  forth in Part H.

	
 

	
 

	
17.

	
The payee is a person named to receive any
  periodic payments or amounts due under an income option or method of payment
  of the death benefit under the circumstances described in sections 46 and 52.

	
 

	
 

	
18.

	
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 the Change of Rate Schedule section.

	
 

	
 

	
19.

	
Your required beginning date is the latest
  date on which you can begin to receive your accumulation in accordance with
  the rules of the IRC and the terms of your employer plan. Generally, it is
  the April 1 following the calendar year in which you attain 70 1⁄2 or, if
  later, the April 1 following the calendar year in which you retire.

	
 

	
 

	
20.

	
The second annuitant is the person you name,
  if you choose to receive your income under a two-life annuity, to receive an
  income for life if he or she survives you. You may name any person eligible
  under TIAA’s practices then in effect to be a second annuitant, subject to
  the rights of your spouse, if any, as described in Part I.

	
 

	
 

	
21.

	
The Separate accounts are the accounts
  described in Part D.

	
 

	
 

	
22.

	
A severance from employment occurs when you
  cease to be employed by the employer that maintains the employer plan.  In accordance with the provisions of the
  IRC and applicable regulations, a severance from employment will be deemed to
  occur even if you continue to perform the same job for a different employer
  that does not maintain the employer plan after a merger, acquisition,
  consolidation or other business transaction.

	
 

	
 

	
23.

	
Spouse’s rights. If you are married, then
  your spouse may be entitled to benefits, as described in Part I.

	
 

	
 

	
24.

	
The Traditional Annuity refers to the
  guaranteed annuity benefits under your contract. Amounts credited to the
  Traditional Annuity under your contract buy a guaranteed minimum amount of
  lifetime income for you, in accordance with the applicable rate schedule or
  rate schedules. 

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
25.

	
A valuation day is any business day, as
  well as the last calendar day of each month. 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. Valuation days that aren’t
  business days end at 4:00 p.m. Eastern Time. A valuation period is the time
  from the end of a valuation day to the end of the next valuation day.

	
 

	
 

	
PART B: CONTRACT AND PREMIUMS

	
 

	
 

	
26.

	
The Contract. Your contract (and any endorsements
  and amendments to it) is the entire contract between you and TIAA.  We have issued your contract in return for
  the first premium.  Any endorsements
  or amendments to your 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.

	
 

	
 

	
27.

	
Contestability. The contract is
  incontestable. 

	
 

	
 

	
28.

	
Companion CREF certificate. The College
  Retirement Equities Fund (CREF) is a companion organization to TIAA. A
  companion CREF Retirement Unit-Annuity certificate was issued to you when you
  received your contract, or if not, on the date that you first participated in
  CREF, if applicable. 

	
 

	
 

	
29.

	
Premiums remitted for your contract may be
  any amount not less than $100. 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. Your right to apply distributions from other plans to
  your contract as direct rollovers under the IRC may be limited by the terms
  of your employer plan. 

	
 

	
 

	
 

	
          TIAA
  reserves the right to limit to $300,000 the total premiums paid on your
  contract and any other TIAA annuity contract on your life in any twelve-month
  period. TIAA will not accept premiums after your annuity starting date or
  prior death. Premiums will be credited to your 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.

	
 

	
 

	
 

	
          Elective
  deferral contributions made to your TIAA or CREF contracts or certificates
  may not exceed the annual limits on elective deferrals described in Section
  402(g) of the IRC, or as otherwise permitted by law. TIAA will refund the
  accumulated value of all excess premiums made to your contract, as required
  by law.

	
 

	
 

	
30.

	
Allocation of premiums. You allocate
  premiums between the Traditional Annuity and the Investment Accounts. If you
  allocate premiums to the Traditional Annuity they increase your Traditional
  Annuity accumulation. If you allocate premiums to an Investment Account, they
  purchase accumulation units in that Investment Account. You may change your
  allocation for future premiums at any time. TIAA will allocate your premiums
  according to the most recent valid instructions we have received from you in
  a form acceptable to TIAA. Your employer plan may limit your right to
  allocate premiums to any Investment Account(s). 

	
 

	
 

	
 

	
          TIAA
  may stop accepting premiums to any or all Investment Accounts at any time.

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA Retirement
  Annuity Contract

	

	
31.

	
Unconditional protection against lapse or forfeiture.
  Your contract will not lapse after the  first
  premium has been paid. No additional premiums are required.

	
 

	
 

	
 

	
 

	
32.

	
Substitute contract. TIAA reserves the right
  to stop accepting premiums under your contract after we have given you three
  months’ notice, but only if: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
at the same
  time we stop accepting premiums to all other Retirement Annuity contracts
  written on that contract form and delivered in the same jurisdiction; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
premiums are
  accepted under a new TIAA deferred annuity contract issued without an
  application, to be effective with the first premium paid for it; and

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the new
  contract has the same annuity starting date, beneficiary, income options and
  methods of benefit payment as those under your contract at the time of
  substitution. 

	
 

	
 

	
 

	
 

	
PART C: TRADITIONAL ANNUITY ACCUMULATION

	
 

	
 

	
 

	
 

	
33.

	
Your Traditional Annuity accumulation is equal
  to: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
all premiums
  allocated to the Traditional Annuity under your contract; plus

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
interest
  credited by TIAA at the guaranteed interest rate set forth in the rate
  schedule; plus

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
any
  additional amounts credited to the Traditional Annuity under your contract by
  TIAA; plus

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
any internal
  transfers to the Traditional Annuity under your contract; less

	
 

	
 

	
 

	
 

	
 

	
 

	
E)

	
any amounts
  applied to a transfer payout annuity paid from the Traditional Annuity; less

	
 

	
 

	
 

	
 

	
 

	
 

	
F)

	
any charges
  for expenses and contingencies deducted by TIAA set forth in the rate
  schedule; less

	
 

	
 

	
 

	
 

	
 

	
 

	
G)

	
amounts
  deducted to provide an annuity income option or a death benefit method of
  payment from the Traditional Annuity. 

	
 

	
 

	
 

	
 

	
 

	
When
  different rate schedules apply to different parts of the Traditional Annuity
  accumulation, any deductions from the Traditional Annuity accumulation will
  be allocated among the parts on a pro-rata basis in accordance with
  procedures established by TIAA.

	
 

	
 

	
 

	
 

	
34.

	
Additional amounts. TIAA may credit
  additional amounts to your 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. 

	
 

	
 

	
 

	
 

	
 

	
          Any
  additional amounts credited to your Traditional Annuity accumulation will buy
  benefits for you based on the rate schedule in effect on the day the
  additional amounts are credited. Additional amounts may also be paid with any
  Traditional Annuity benefits payable to you or your beneficiary.

	
 

	
 

	
 

	
 

	
 

	
          Any
  additional amounts credited to your 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 premiums, any
  additional amounts, and any internal transfers applied to the Traditional
  Annuity during the twelve-month period described in the preceding sentence,
  TIAA may declare 

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
 

	
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,
  additional amounts and internal transfers will remain in effect for periods
  of twelve months or more.

	
 

	
 

	
 

	
 

	
PART D: SEPARATE ACCOUNTS

	
 

	
 

	
 

	
 

	
35.

	
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. 

	
 

	
 

	
 

	
 

	
36.

	
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. 

	
 

	
 

	
 

	
 

	
37.

	
Accumulation Unit.  Each Investment Account maintains a separate accumulation unit
  unique to the indicated pricing category. The value of each Investment
  Account’s accumulation unit is calculated at the end of each valuation
  day.  The value of an Investment
  Account’s accumulation unit is equal to the prior valuation day’s value
  multiplied by that account’s net investment factor. 

	
 

	
 

	
 

	
 

	
38.

	
An Investment Account Accumulation (the
  value of your share of an Investment Account) is equal to the number of your
  accumulation units 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. 

	
 

	
 

	
 

	
 

	
39.

	
The Real
  Estate Account’s Net Investment Factor
  for a valuation period is based on the amount of accrued real estate net
  operating income, dividends, interest and other income during the current
  period, a deduction of the separate account charge, both realized and
  unrealized capital gains and losses incurred, and other accounting
  adjustments during the current period. The precise formula for the net
  investment factor is A divided by B, as follows: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
The value of
  the Real Estate Account’s net assets at the end of the current valuation
  period, less any premiums received during the current period. 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
The value of
  the Real Estate Account’s net assets at the end of the previous valuation
  period, plus the net effect of transactions (e.g. internal transfers, benefit
  payments) made at the start of the current valuation period. 

	
 

	
 

	
 

	
 

	
40.

	
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. 

	
 

	
 

	

	

	
 

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
 

	
41.

	
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.

	
 

	
 

	
 

	
 

	
 

	
42.

	
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 is specific to the
  VA-3 pricing category indicated on the account specifications page. 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.

	
 

	
 

	
 

	
 

	
 

	
43.

	
Number of Accumulation Units.  The number of your accumulation units in
  an Investment Account under your contract will be increased by: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
any premiums
  you allocate to that Investment Account; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
any internal
  transfers you make to that Investment Account; 

	
 

	
 

	
 

	
 

	
 

	
 

	
and will be decreased
  by:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the
  application of any accumulations to provide any form of benefit; and

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
any internal
  transfers from your accumulation in that Investment Account to the
  Traditional Annuity, another Investment Account, or your companion CREF
  certificate.

	
 

	
 

	
 

	
 

	
 

	
 

	
          The
  increase or decrease in the number of your 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
  valuation day on which the transaction becomes effective.

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	

	
 

	
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 PART E: YOUR INCOME BENEFIT

	
 

	
 

	
 

	
 

	
44.

	
Starting your income benefit. Your annuity
  starting date may not be earlier than the earliest date allowed under your
  employer plan, nor later than your required beginning date. Payment of your
  income benefit will begin as of the annuity starting date you have chosen, if
  you are then living and: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
you have
  chosen one of the income options set forth in section 45; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
if you
  choose a one-life annuity, we have received proof of your age; 

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
if you
  choose a two-life annuity, we have received proof of your age and the age of
  your second annuitant; 

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
if you
  choose the minimum distribution annuity, we have received proof of your age
  and the age of the calculation beneficiary you name, if any; and

	
 

	
 

	
 

	
 

	
 

	
 

	
E)

	
if your
  accumulation is subject to the spousal rights described in Part I, we
  have received any required waiver of spouse’s rights or proof that you are
  not married. 

	
 

	
 

	
 

	
 

	
 

	
          If
  the requirements of this section have not been completed by the annuity
  starting date you have chosen, the annuity starting date will be deferred to
  a date after these requirements have been completed, or if earlier, to your
  required beginning date. You may not begin a one-life annuity after you
  attain age 90, nor may you begin a two-life annuity after you or your second
  annuitant attain age 90.

	
 

	
 

	
 

	
 

	
 

	
          At
  any time before you start to receive your income benefit, you may change your
  annuity starting date to a date after the change, by written notice to TIAA
  as explained in section 82.

	
 

	
 

	
 

	
 

	
45.

	
Income options are the ways in which you may
  have your income benefit paid to you. These income options are available from
  your Traditional Annuity accumulation only. You can transfer some or all of
  any of your Investment Account accumulations to your Traditional Annuity
  accumulation to receive benefits under an income option available from the
  Traditional Annuity. Also, you may transfer some or all of any of your
  Investment Account accumulations to your companion CREF certificate, as
  described in section 53, to receive benefits under an income option available
  under that certificate. 

	
 

	
 

	
 

	
 

	
 

	
          You
  may choose the option you want any time before your annuity starting date.
  You may change your choice any time before payments begin, but once they have
  begun, the election to begin receiving benefits is irrevocable and no change
  can be made. Any choice of option or change of such choice must be made by
  written notice to TIAA as explained in section 82. 

	
 

	
 

	
 

	
 

	
 

	
          Your
  right to elect an option or change such election may be limited in accordance
  with section 80. If your accumulation is subject to spousal rights, your
  choice of an income option is subject to the rights of your spouse, if any,
  to benefits as explained in Part I. The availability of certain income
  options may be restricted by the IRC and by the terms of your employer plan. 

	
 

	
 

	
 

	
 

	
 

	
          If
  you separate from service with your employer, we may distribute your
  accumulation to you, in accordance with the terms of your employer plan. If
  the plan administrator for your employer plan or his or her designee notifies
  us that distribution from your contract must begin under the minimum
  distribution rules of federal tax law, we will begin income benefits under
  the income option selected by your plan administrator, provided that the income
  option is one of the options described below. 

	
 

	
 

	
 

	
 

	
 

	
          The
  following are the income options from which you may choose. All of them
  provide an income for you, some provide that payments will continue for the
  lifetime of a second annuitant and some provide that payments will continue
  in any event during a guaranteed period as explained in section 46. The
  periodic amount paid to you or a surviving second annuitant depends on which
  of these options you choose. 

	
 

	
 

	

	

	
 

	
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One-life annuity. A payment will be made to
  you each month for as long as you live. You may include a guaranteed period
  of 10, 15 or 20 years. If you do not include a guaranteed period, all
  payments will cease at your death. If you include a guaranteed period and you
  die before the end of that period, monthly payments will continue until the
  end of that period and then cease.

	
 

	
 

	
 

	
 

	
Two-life annuity. A payment will be made to
  you each month for as long as you live. After your death, a payment will be
  made each month to the second annuitant you have named, for as long as he or
  she survives you. You cannot change your choice of second annuitant after
  your payments begin. You may include a guaranteed period of 10, 15 or 20
  years. If you do not include a guaranteed period, all payments will cease
  when you and your second annuitant have both died. You may choose from among
  the following forms of two-life annuity. 

	
 

	
 

	
 

	
 

	
 

	
Full benefit to survivor. At the death of
  either you or your second annuitant, the full amount of the monthly payments
  that would have been paid if you both had lived will continue to be paid to
  the survivor. If you include a guaranteed period and you and your second
  annuitant both die before the end of the period chosen, the full amount of
  the monthly payments that would have been paid if you both had lived will
  continue to be paid until the end of that period and then cease.

	
 

	
 

	
 

	
 

	
 

	
Two-thirds benefit to survivor. At the death
  of either you or your second annuitant, two-thirds of the monthly payments
  that would have been paid if you both had lived will continue to be paid to
  the survivor. If you include a guaranteed period and you and your second
  annuitant both die before the end of the period chosen, two-thirds of the
  monthly payments that would have been paid if you both had lived will
  continue to be paid until the end of that period and then cease. 

	
 

	
 

	
 

	
 

	
 

	
Half benefit to second annuitant. The full
  monthly income will continue to be paid as long as you live. After your
  death, if your second annuitant survives you, one-half of the monthly
  payments that would have been paid if you had lived will continue to be paid
  to your second annuitant. If you include a guaranteed period and you and your
  second annuitant both die before the end of the period chosen, one-half of
  the monthly payments that would have been paid if you had lived will continue
  to be paid until the end of that period and then cease. 

	
 

	
 

	
 

	
 

	
Interest payment and retirement annuity. A
  payment will be made to you each month until you die or convert to another
  income option. The amount of the payment will be equal to the interest that
  TIAA would otherwise credit to your Traditional Annuity accumulation.

	
 

	
 

	
 

	
 

	
          You
  must convert to another income option no later than your required beginning
  date, as defined in section 19, or, if earlier, the first day of the month in
  which you attain age 90. If you die before converting, a death benefit equal
  to your accumulation plus any interest credited to your Traditional Annuity
  accumulation since the last payment will be paid to the person or persons you
  name when electing this option. 

	
 

	
 

	

	

	
 

	
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          This
  income option is only available if you are at least age 55 and it is more
  than one year prior to your required beginning date. The value of the
  Traditional Annuity accumulation placed under this option must be at least $10,000.

	
 

	
 

	
 

	
 

	
 

	
Minimum distribution annuity. This income
  option enables you to limit your distribution to the minimum distribution
  requirements of federal tax law. Payments will be made to you from your
  accumulation until your accumulation is entirely paid out, or until your
  prior death. This option may not provide income that lasts for your entire
  lifetime. 

	
 

	
 

	
 

	
 

	
 

	
          If,
  under this income option, you die before your entire accumulation has been
  paid out, a death benefit equal to your remaining accumulation will be paid
  to the person or persons you name when electing this option. 

	
 

	
 

	
 

	
 

	
 

	
          This
  income option is only available on or after your required beginning date. The
  value of the accumulation placed under this option must be at least $10,000.

	
 

	
 

	
 

	
 

	
If and only
  if your original Retirement Annuity contract included an income option
  entitled “Instalment Refund”, the following applies:

	
 

	
 

	
 

	
 

	
 

	
Instalment refund annuity. A payment will be
  made to you each month as long as you live. If you die before the sum of
  contractual payments equals or exceeds the amount of your accumulation that
  was applied to provide this option, monthly payments will continue for a
  guaranteed period that ends when the sum of the payments made does equal that
  amount.

	
 

	
 

	
 

	
 

	
          Automatic
  election provision. If on your required beginning
  date, you have not met the requirements for starting your income benefit
  described in section 44, you will be deemed to have chosen the form of
  benefit distribution, if any, specified by the terms of your employer plan,
  if such form of benefit is available under your contract. Otherwise, you will
  be deemed to have chosen a one-life annuity if you are then single, or the
  “half benefit to second annuitant” form of the two-life annuity if you are
  then married, each with a 10-year guaranteed period, if allowed under federal
  tax law.

	
 

	
 

	
 

	
46.

	
Post-mortem payments during a guaranteed period.
  Any periodic payments or other amounts remaining due after your death and the
  death of your second annuitant, if any, during a guaranteed period will be
  paid to the payee named to receive them. You name the payee at the time you
  choose the income option, as described in section 82. You may later change
  the named payee. If you choose a two-life annuity, your surviving second
  annuitant may change the named payees after your death, unless you direct
  otherwise. 

	
 

	
 

	
 

	
 

	
          A
  payee may choose to receive in one sum the commuted value of any remaining
  periodic payments that do not involve life contingencies, unless you direct
  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 your estate, or to the
  estate of the last survivor of you and your second annuitant if you chose a
  two-life annuity.

	
 

	
 

	
 

	
 

	
          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 you (or your second annuitant) had
  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.

	
 

	
 

	

	

	
 

	
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47.

	
The amount of your periodic income benefit as
  of the annuity starting date will be determined by: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
the amount
  of your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
the rate
  schedule or schedules under which any premiums, additional amounts and
  internal transfers were applied to your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the income
  option you choose; 

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
if you
  choose a one-life annuity, your age; 

	
 

	
 

	
 

	
 

	
 

	
 

	
E)

	
if you
  choose a two-life annuity, your age and your second annuitant’s age; and 

	
 

	
 

	
 

	
 

	
 

	
 

	
F)

	
if you
  choose the minimum distribution annuity, your age and the age of the
  calculation beneficiary you name under the minimum distribution annuity, if
  applicable. 

	
 

	
 

	
 

	
 

	
 

	
          If your
  income benefit 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.

	
 

	
 

	
 

	
 

	
PART F: DEATH BENEFIT

	
 

	
 

	
 

	
 

	
48.

	
Payment of the death benefit. If you die
  before your annuity starting date, the death benefit will be payable to your
  beneficiary. We must receive the following in a form acceptable to TIAA
  before any death benefit will be paid: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
proof of
  your death; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
the choice
  of a method of payment as provided in section 50; and

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
proof of the
  beneficiary’s age if the method of payment chosen is the one-life annuity or
  the minimum distribution annuity. 

	
 

	
 

	
 

	
 

	
 

	
          Payment
  under the single-sum payment method will be made as of the date we receive
  these items; payment under any other method of payment will start no later
  than the first day of the month after we have received these items. 

	
 

	
 

	
 

	
 

	
 

	
          Upon
  receipt of proof of your death, we will divide your accumulation into as many
  portions as there are validly designated beneficiaries for your contract. If
  different rate schedules apply to different parts of your 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 your contract in connection with his or her portion of the
  accumulation. 

	
 

	
 

	
 

	
 

	
49.

	
Naming your beneficiary. Beneficiaries are
  persons you name to receive the death benefit if you die before your annuity
  starting date. At any time before your annuity starting date, you may name,
  change, add or delete your beneficiaries by written notice to TIAA, as
  explained in section 82. If your accumulation is subject to spousal rights,
  then your right to name a beneficiary for the death benefit is subject to the
  rights of your spouse, if any, as described in Part I. 

	
 

	
 

	
 

	
 

	
 

	
          You
  can name two classes of beneficiaries, primary and contingent, which set the
  order of payment. At your death, your beneficiaries are the surviving primary
  beneficiary or 

	
 

	
 

	

	

	
 

	
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beneficiaries
  you named. If no primary beneficiary survives you, your beneficiaries are the
  surviving contingent beneficiary or beneficiaries you named.

	
 

	
 

	
 

	
 

	
          The
  share of any named beneficiary in a class who does not survive will be
  allocated in equal shares to the beneficiaries in such class who do survive,
  even if you’ve provided for these beneficiaries to receive unequal shares. 

	
 

	
 

	
 

	
 

	
          The
  death benefit will be paid to your estate in one sum if you name your estate
  as beneficiary; or none of the beneficiaries you have named is alive at the
  time of your death; or at your death you had never named a beneficiary. If
  distributions to a named beneficiary are barred by operation of law, the
  death benefit will be paid to your estate. 

	
 

	
 

	
 

	
 

	
          If
  at your death any distribution of the death benefit would be in conflict with
  any rights of your spouse under law that were not previously waived, or with
  the terms of your employer plan, TIAA will pay the death benefit in
  accordance with your spouse’s rights. 

	
 

	
 

	
 

	
50.

	
Methods of payment are the ways in which
  your beneficiary may receive the death benefit. The single-sum payment method
  is available from your Traditional Annuity and Investment Account
  accumulations. The other methods are available from the Traditional Annuity
  only. Your beneficiary can, however, transfer some or all of any of your
  Investment Account accumulations to the Traditional Annuity in order to
  receive that portion of the death benefit under a method of payment available
  from the Traditional Annuity. Your beneficiary can also transfer some or all
  of your accumulation to CREF in order to receive that portion of the death
  benefit under a method of payment offered by CREF. Such transfer can be for
  all of your accumulation, or for any part thereof not less than $1,000. 

	
 

	
 

	
 

	
 

	
          You
  may choose the method of payment and change your choice at any time before
  payments begin. After your death, your beneficiary may change the method
  chosen by you, if you so provide. If you do not choose a method of payment,
  your beneficiary will make the choice when he or she becomes entitled to
  payments. The right to elect a method or change such election may be limited
  in accordance with section 80. 

	
 

	
 

	
 

	
 

	
          A
  beneficiary may not begin to receive the death benefit under the one-life
  annuity method after he or she attains age 90. If you die before your annuity
  starting date and have chosen the one-life annuity method for a beneficiary
  who has attained age 90, he or she must choose another method. Any choice of
  method or change of such choice must be made by written notice to TIAA, as
  explained in section 82. 

	
 

	
 

	
 

	
 

	
          Generally,
  the distribution of the death benefit under any method of payment must be
  made over the lifetime of your beneficiary or over a period not to exceed
  your beneficiary’s life expectancy, in accordance with applicable tax law. 

	
 

	
 

	
 

	
 

	
          The
  distribution of the death benefit under a method of payment must be made in
  such a form and begin at such date as meets the requirements of the IRC and
  the regulations thereunder. If such method of payment has not been chosen to
  begin by that date, we will elect a method of payment in accordance with the
  requirements of the IRC and any regulations thereunder. 

	
 

	
 

	
 

	
 

	
          Notwithstanding
  any other provision in your contract, if you die before the annuity starting
  date, we will pay the portion of the death benefit, if any, attributable to
  premiums not remitted under an employer plan in accordance with the
  requirements of Section 72(s) of the IRC. 

	
 

	
 

	
 

	
 

	
 

	
The
  following are the methods of payment: 

	
 

	
 

	
 

	
 

	
 

	
Single-sum payment. The death benefit will
  be paid to your beneficiary in one sum.

	
 

	
 

	
 

	
 

	
 

	
One-life annuity. A payment will be made to
  your beneficiary each month for life. A guaranteed period of 10, 15 or 20
  years may be included. If a guaranteed period isn’t 

	
 

	
 

	

	

	
 

	
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included,
  all payments will cease at the death of your beneficiary. If a guaranteed
  period is included and your 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 52.

	
 

	
 

	
 

	
 

	
 

	
 

	
Fixed-period annuity. A payment will be made
  to your beneficiary each month for a fixed period of not less than 2 nor more
  than 30 years, as chosen. At the end of the period chosen, the entire death
  benefit will have been paid out. If your beneficiary dies before the end of
  the period chosen, the monthly payments will continue until the end of that
  period and then cease, as explained in section 52. 

	
 

	
 

	
 

	
 

	
 

	
 

	
Minimum distribution annuity. This method enables
  your beneficiary to limit his or her distribution to the minimum distribution
  requirements of federal tax law. Payments are made from your accumulation in
  each year that a distribution is required, until your accumulation is
  entirely paid out or until your beneficiary dies. This method may not provide
  income for your beneficiary that lasts for his or her entire lifetime. If
  your beneficiary dies before the entire accumulation has been paid out, the
  remaining accumulation will be paid in one sum to the payee named to receive
  it. The value of the death benefit placed under this method must be at least
  $10,000.

	
 

	
 

	
 

	
 

	
 

	
 

	
Interest payments.  A payment of interest on the death benefit will be made to your
  beneficiary each month for a chosen period of not less than 2 nor more than
  30 years.  At the end of the period
  chosen, TIAA will pay the death benefit to your beneficiary.  If your beneficiary dies while any part of
  the death benefit is held by TIAA, that amount will be payable as explained
  in section 52.

	
 

	
 

	
 

	
 

	
51.

	
The amount of death benefit payments will be
  determined as of the date payments are to begin by: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
the amount
  of your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
the rate
  schedule or schedules under which any premiums, additional amounts and
  internal transfers were applied to your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the method
  of payment chosen for the death benefit; and 

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
if the
  method chosen is the one-life annuity or the minimum distribution annuity,
  the age of your 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.

	
 

	
 

	
 

	
 

	
52.

	
Payments after the death of a beneficiary.
  Any periodic payments or other amounts remaining due after the death of your
  beneficiary during a guaranteed or fixed period will be paid to the payee
  named by you or your beneficiary to receive them, by written notice to TIAA
  as explained in section 82. The commuted value of these payments may be paid
  in one sum unless we are directed otherwise. 

	
 

	
 

	
 

	
 

	
 

	
          If
  no payee has been named to receive these payments, or if no one so named is
  living at the death of your beneficiary, the commuted value will be paid in
  one sum to your beneficiary’s estate. 

	
 

	
 

	
 

	
 

	
 

	
          If
  a payee receiving these payments dies before the end of the guaranteed or
  fixed period, the commuted value of any payments still due that person will
  be paid to any other payee named 

	
 

	
 

	

	

	
 

	
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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.

	
 

	
 

	
 

	
 

	
 

	
          If
  your beneficiary dies while any part of the death benefit is held by TIAA
  under the minimum distribution annuity, that amount will be paid in one sum
  to the payee you or your beneficiary have named to receive it. If no such person
  survives your beneficiary, the death benefit will be paid in one sum to your
  beneficiary’s estate.

	
 

	
 

	
 

	
 

	
PART G: INTERNAL TRANSFERS

	
 

	
 

	
 

	
 

	
53.

	
Internal transfers from the Investment Accounts, among the Investment
  Accounts or from CREF. Subject to section 58, you
  may transfer all of any of your Investment Account accumulations, or any part
  thereof not less than $1,000, to your TIAA Traditional Annuity accumulation
  or your companion CREF certificate. You may also transfer among your
  Investment Account accumulations. If you have an accumulation in your
  companion CREF certificate, you may transfer from that certificate to your
  contract. Any transfer to or from CREF is subject to the terms of your
  companion CREF certificate and CREF’s Rules of the Fund. TIAA reserves the
  right to limit internal transfers from each of the Investment Accounts to not
  more than one in a calendar quarter. TIAA reserves the right to stop
  accepting internal transfers to the Traditional Annuity and/or any or all of
  the Investment Accounts at any time. 

	
 

	
 

	
 

	
 

	
54.

	
Systematic transfers from and among the Investment Accounts.
  Subject to section 58, you may elect to have transfers from or among
  Investment Accounts made on a systematic basis. Systematic transfers may be
  made semi-monthly, monthly, quarterly, semi-annually or annually.
  Semi-monthly transfers are made twice a month, with the second payment
  scheduled 14 days after the first payment. You choose which day the transfer
  will be made, except that if the date of a scheduled transfer is not a
  business day, the transfer will be made on the following business day.
  Transfers will continue until you tell us to stop or an Investment Account
  accumulation is insufficient to support the transfer. Systematic transfers
  are subject to all the provisions described above for transfers, except that
  a reduced minimum amount of $100 applies to such transfers. 

	
 

	
 

	
 

	
 

	
55.

	
Internal transfers from the Traditional Annuity.
  You may transfer your Traditional Annuity accumulation to your companion CREF
  certificate or to an Investment Account under a transfer payout annuity. Each
  transfer payout annuity payment to CREF is subject to the terms of your
  companion CREF certificate and CREF’s Rules of the Fund. For the portion of
  your Traditional Annuity accumulation purchased by premiums remitted under an
  employer plan, your right to transfer to an Investment Account may be limited
  by the plan. TIAA reserves the right to stop accepting transfer payout
  annuity payments to any of the Investment Accounts at any time. 

	
 

	
 

	
 

	
 

	
 

	
          Transfer
  payout annuity payments will be made over a 10-year period. The amount of
  each transfer payout annuity payment will be determined as of the annuity
  starting date for the transfer payout annuity by:

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
the amount
  of your Traditional Annuity accumulation; and

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
the interest
  rate(s) in the rate schedule(s) under which any premiums, additional amounts,
  and internal transfers were applied to your Traditional Annuity accumulation.
  

	
 

	
 

	

	

	
 

	
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          Your
  request for a transfer payout annuity must be made by written notice to TIAA,
  as described in section 82. If you die before all transfer payout annuity
  payments have been made, any remaining payments will continue to the
  beneficiary you name when electing this option. Your beneficiary may instead
  choose to receive a death benefit equal to the commuted value of any
  remaining payments.

	
 

	
 

	
 

	
56.

	
Effective date of internal transfers. An
  internal transfer will be effective as of the end of the business day in
  which we receive your written request for an internal transfer. You may defer
  the effective date of the internal transfer until any business day following
  the date on which we receive your request. TIAA will determine all values as
  of the end of the effective date. You can’t revoke a request for an internal
  transfer after its effective date. 

	
 

	
 

	
 

	
57.

	
Crediting internal transfers. Internal
  transfers to your Traditional Annuity accumulation are credited to the
  Traditional Annuity as of the end of the effective date of the internal
  transfer. Internal transfers to an Investment Account accumulation purchase
  accumulation units as of the end of the effective date of the internal
  transfer. 

	
 

	
 

	
 

	
58.

	
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.

	
 

	
 

	
 

	
PART H: INVESTMENT ACCOUNT LUMP-SUM
  BENEFITS

	
 

	
 

	
 

	
59.

	
Availability of an Investment Account lump-sum benefit.
  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
  thereof not less than $1,000. TIAA reserves the right to limit lump-sum
  benefits from each of your Investment Account accumulations to not more than
  one in a calendar quarter. A lump-sum benefit will not be available before
  the earliest date permitted under your employer plan. The portion of your
  accumulation available to you as a lump-sum benefit may be limited by your
  employer plan. 

	
 

	
 

	
 

	
 

	
          If
  you are married and some or all of any of your Investment Account
  accumulations are subject to spousal rights, your right to receive a lump-sum
  benefit is subject to the rights of your spouse as described in Part I. 

	
 

	
 

	
 

	
 

	
          Federal
  tax law may restrict distributions before age 59 1⁄2, as described in
  section 81. 

	
 

	
 

	
 

	
60.

	
Effective date of an Investment Account lump-sum benefit.
  Any choice of lump-sum benefit must be made by written notice to TIAA on or
  before the day your income benefits begin, as 

	
 

	
 

	

	

	
 

	
Page E18

	
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Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
 

	
explained in
  section 82. A lump-sum benefit will be effective as of the business day on
  which we receive, in a form acceptable to TIAA:

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
your request
  for a lump-sum benefit; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
verification
  of your eligibility for a lump-sum benefit for that Investment Account’s
  accumulation units purchased by premiums remitted on your behalf under an
  employer plan; and

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
if any of
  that Investment Account accumulation is subject to the spousal rights
  described in Part I, a waiver of spouse’s rights or proof that you are not
  married. 

	
 

	
 

	
 

	
 

	
 

	
          You
  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.
  TIAA will determine all values as of the end of the effective date. You can’t
  revoke a request for a lump-sum benefit after its effective date.

	
 

	
 

	
 

	
 

	
61.

	
Payment of an Investment Account lump-sum benefit.
  A lump-sum benefit may be paid: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
to you as a
  cash withdrawal; 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
to another
  funding vehicle as a direct transfer under federal tax law; or

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
to a TIAA
  IRA contract, a CREF IRA certificate, or to a funding vehicle whether or not
  it is offered by TIAA or CREF, as a tax-free rollover as permitted in section
  75. 

	
 

	
 

	
 

	
 

	
62.

	
Systematic withdrawals. You may elect to
  have lump-sum benefits from any of your Investment Account accumulations made
  on a systematic basis. Systematic withdrawals may be made semi-monthly,
  monthly, quarterly, semi-annually or annually. Semi-monthly withdrawals are
  made twice a month, with the second payment scheduled 14 days after the first
  payment. You choose which day the lump-sum benefit will be paid, except that
  if the date of a scheduled lump-sum benefit is not a business day, it will be
  paid on the following business day. Withdrawals will continue until you tell
  us to stop or until the portion of an Investment Account accumulation
  available to you is insufficient to support the benefit. Systematic
  withdrawals are subject to all the provisions described above for lump-sum
  benefits, except that a reduced minimum amount of $100 applies. 

	
 

	
 

	
 

	
 

	
63.

	
Systematic Withdrawals from the Investment Accounts to Pay Financial
  Advisor Fees. You may authorize a series of
  systematic withdrawals from your Investment Account accumulations to pay the
  fees of a financial advisor.  Such
  systematic withdrawals are subject to all provisions applicable to systematic
  withdrawals, except as otherwise described in this section. 

	
 

	
 

	
 

	
 

	
 

	
          One
  series of systematic withdrawals to pay financial advisor fees may be in
  effect at the same time that one other series of systematic withdrawals is
  also in effect.  Systematic
  withdrawals to pay financial advisor fees must be scheduled to be made
  quarterly only, on the first day of each calendar quarter.  The amount withdrawn from each account
  must be specified in dollars or percentage of accumulation, and will be in
  proportion to the accumulations in each account at the end of the business
  day prior to the withdrawal. The financial advisor may request that we stop
  making withdrawals. 

	
 

	
 

	
 

	
 

	
 

	
          We
  reserve the right to determine the eligibility of financial advisors for this
  type of fee reimbursement. 

	
 

	
 

	

	

	
 

	
Page E19

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
PART I: SPOUSE’S RIGHTS TO BENEFITS

	
 

	
 

	
 

	
 

	
64.

	
Spouse’s rights to benefits. If you are married, and all or part
  of your accumulation is attributable to contributions made under:

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
an employer plan subject to ERISA; or

	 	 	 	 
	 	 	B)	an employer plan that provides for spousal rights to benefits, 
	
 

	
then,
  only to the extent required by the IRC, ERISA or the terms of your employer
  plan, your rights to choose certain benefits are restricted by the rights of
  your spouse to benefits as follows:

	
 

	
 

	
 

	
 

	
 

	
 

	
Spouse’s survivor retirement benefit. If you are married on your annuity
  starting date, your income benefit must be paid under a two-life annuity with
  your spouse as second annuitant.

	
 

	
 

	
 

	
 

	
 

	
 

	
Spouse’s survivor death benefit. If you die before your annuity
  starting date and your spouse survives you, the payment of the death benefit
  to your named beneficiary may be subject to your spouse’s right to receive a
  death benefit.  Under an employer plan
  subject to ERISA, your spouse has the right to a death benefit of at least
  50% of any part of your accumulation attributable to contributions made under
  such plan.  Under an employer plan not
  subject to ERISA, your spouse may have the right to a death benefit in the
  amount stipulated in the plan. 

	
 

	
 

	
 

	
 

	
 

	
          Your
  spouse may consent to a waiver of his or her rights to these benefits, as
  explained in section 65.

	
 

	
 

	
 

	
 

	
65.

	
Waiver of spouse’s rights. If you are married, your spouse must
  consent to a waiver of his or her rights to survivor benefits before you can
  choose: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
an income option other than a two-life
  annuity with your spouse as second annuitant; or

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
beneficiaries who are not your spouse for
  more than the percentage of the death benefit allowed by the employer plan;
  or

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
an Investment Account lump-sum benefit.
  

	
 

	
 

	
 

	
 

	
 

	
          In
  order to waive the rights to spousal survivor benefits, we must receive, in a
  form satisfactory to TIAA, your spouse’s consent, or a satisfactory
  verification that your spouse cannot be located. A waiver of rights with
  respect to an income option or a lump-sum benefit must be made in accordance
  with the IRC and ERISA, or the applicable provisions of your employer plan. A
  waiver of the survivor death benefit may not be effective if it is made prior
  to the earlier of the plan year in which you reach age 35 or your severance
  from employment of your employer. 

	
 

	
 

	
 

	
 

	
 

	
          Verification
  of your marital status may be required, in a form satisfactory to TIAA, for
  purposes of establishing your spouse’s rights to benefits or a waiver of
  these rights. You may revoke a waiver of your spouse’s rights to benefits at
  any time during your lifetime and before the annuity starting date. Your
  spouse may not revoke a consent after the consent has been given.
  

	
 

	
 

	

	

	
 

	
Page E20

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
PART J: GENERAL PROVISIONS

	
 

	
 

	
 

	
 

	
66.

	
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. 

	
 

	
 

	
 

	
 

	
67.

	
Modification of an Investment Account. We
  may, as permitted by applicable law, combine or delete Investment Accounts.
  We may add other Investment Accounts with the consent of your employer under
  your employer plan. We may also, as permitted by applicable law and the New
  York Insurance Department, change or substitute the fund(s) whose shares are
  held by the Investment Accounts. 

	
 

	
 

	
 

	
 

	
 

	
          If
  you own accumulation units in an Investment Account that is deleted, you will
  be deemed to have instructed us to transfer them to the CREF Money Market
  Account, if available, or such other account as specified by your employer
  under the terms of the employer plan.
  However, if permitted by your employer plan, you may instruct us to
  transfer such amounts to any other available Investment Account, the
  Traditional Annuity or to your companion CREF certificate.

	
 

	
 

	
 

	
 

	
68.

	
Applicability of prior provisions. Any of the following provisions of
  your original contract will remain in effect as of the effective date of this
  endorsement to the extent that they are applicable to substantially similar
  provisions of this endorsement: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
Provisions detailing the terms of your
  employer plan appearing on page 3 of your original contract. 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
Any provisions pertaining to ownership of
  your contract other than by the annuitant. 

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
The rate schedule or rate schedules as
  applicable. 

	
 

	
 

	
 

	
 

	
 

	
 

	
D)

	
Annuitant specific information appearing on
  page 3 of your original contract subject to any changes you have made as
  allowed under the terms of your contract.
  

	
 

	
 

	
 

	
 

	
 

	
 

	
E)

	
Provisions detailing premium taxes.
  

	
 

	
 

	
 

	
 

	
 

	
 

	
F)

	
Lower minimum transaction amounts relative
  to the amounts indicated in this endorsement. 

	
 

	
 

	
 

	
 

	
69.

	
Report of accumulation. At least once each
  year, we will provide you with a report for your contract showing the value
  of your accumulation (death benefit) as of a date specified in the report. 

	
 

	
 

	
 

	
 

	
70.

	
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. 

	
 

	
 

	

	

	
 

	
Page E21

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
71.

	
No assignment, transfer or loans. Neither
  you nor any other person may assign, pledge, or transfer ownership of your
  contract or any benefits under its terms. Any such action will be void and of
  no effect. Your contract does not provide for loans. 

	
 

	
 

	
 

	
 

	
72.

	
No cash surrender benefit is available from
  your Traditional Annuity accumulation. 

	
 

	
 

	
 

	
 

	
73.

	
Protection against claims of creditors. The
  benefits and rights accruing to you or any other person under your contract
  are exempt from the claims of creditors or legal process to the fullest
  extent permitted by law. 

	
 

	
 

	
 

	
 

	
74.

	
Non-forfeiture of benefits. Amounts payable
  under your contract will not be less than the minimum required as of the date
  of issue by any statute of the state or other jurisdiction in which your contract
  is delivered. Your accumulation and any benefits purchased cannot be
  forfeited under your contract. 

	
 

	
 

	
 

	
 

	
75.

	
Right to a tax-free rollover. If you or your
  surviving spouse (or your spouse or former spouse as an alternate payee under
  a “qualified domestic relations order,” as defined in the IRC) receive a
  distribution from your contract which qualifies as an eligible rollover
  distribution under IRC Section 402(c)(4), any portion of it may be paid as a
  direct rollover to an eligible retirement plan. An eligible retirement plan
  is, to the extent permitted by law, a plan satisfying the requirements of IRC
  Section 401(a), 403(a), 403(b), 408 or to the extent that the plan sponsor is
  a state or local government, Section 457(b). 

	
 

	
 

	
 

	
 

	
 

	
          Retirement
  plans eligible for such rollovers may, in the future, be changed by law. If
  such changes become effective, your contract will be governed by the laws and
  regulations then applicable.

	
 

	
 

	
 

	
 

	
76.

	
Payment to an estate, trustee, etc. TIAA
  reserves the right to pay in one sum the commuted value of any benefits due
  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
  your contract. 

	
 

	
 

	
 

	
 

	
 

	
          If
  you designate a trustee of a trust 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 your death; 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
  you; otherwise payment will be made to the executors or administrators of
  your 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 you; otherwise payment will be made to the
  executors or administrators of your estate. 

	
 

	
 

	
 

	
 

	
 

	
          Payment
  to any trustee, successor beneficiary, executor, or administrator, as
  provided for above, shall fully satisfy TIAA’s payment obligations under your
  contract to the extent of such payment. 

	
 

	
 

	

	

	
 

	
Page E22

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
77.

	
Service of process upon TIAA. We will accept
  service of process in any action or suit against us on your contract in any
  court of competent jurisdiction in the United States or Puerto Rico 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. 

	
 

	
 

	
 

	
 

	
78.

	
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 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%.

	
 

	
 

	
 

	
 

	
79.

	
Proof of survival. TIAA reserves the right
  to require satisfactory proof that anyone named to receive benefits under the
  terms of your 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%, has been
  recovered. 

	
 

	
 

	
 

	
 

	
80.

	
Compliance with laws and regulations. TIAA
  will administer your contract to comply with the restrictions of all laws and
  regulations pertaining to the terms and conditions of your contract. You
  cannot elect any benefit or exercise any right under your 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, annuity starting date, beneficiary or second
  annuitant, method of payment of the death benefit, the availability of
  internal transfers and lump-sum benefits, and the rights of spouses to
  benefits, as set forth in your contract are 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.

	
 

	
 

	
 

	
 

	
81.

	
Restrictions on distribution of accumulation arising from elective
  deferrals. Your ability to elect a distribution as
  available under the terms of your contract is also subject to the applicable
  provisions of the IRC. In general, IRC Section 403(b) prohibits the
  distribution to you of the portion of your accumulation equal to: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
amounts
  attributable to funds transferred to your contract from a custodial account
  established under IRC Section 403(b)(7); plus

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
amounts
  attributable to premiums paid to an IRC Section 403(b)(1) annuity contract as
  elective deferrals under a salary reduction agreement (within the meaning of
  IRC Section 403(b)(11)); less

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the value,
  if any, of the amounts described in B) determined as of December 31,
  1988. 

	
 

	
 

	
 

	
 

	
 

	
until you:

	
 

	
 

	

	

	
 

	
Page E23

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
 

	
 

	
(1)

	
reach age 59
  1⁄2;

	
 

	
 

	
 

	
 

	
 

	
 

	
(2)

	
have a
  severance from employment with respect to the employer under whose plan the
  aforementioned portion is attributable;

	
 

	
 

	
 

	
 

	
 

	
 

	
(3)

	
die; 

	
 

	
 

	
 

	
 

	
 

	
 

	
(4)

	
become
  disabled within the meaning of IRC Section 72(m)(7); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(5)

	
encounter
  financial “hardship” within the meaning of IRC Section 403(b).

	
 

	
 

	
 

	
 

	
 

	
          In
  the case of hardship, IRC Section 403(b) generally requires that any earnings
  credited after December 31, 1988 and any contributions paid after December
  31, 1988 to a custodial account established under IRC Section 403(b)(7) that
  are not elective deferrals under a salary reduction agreement, will not be
  available for distribution. 

	
 

	
 

	
 

	
 

	
 

	
          Any
  request for an early withdrawal due to disability, hardship, or severance
  from employment must be submitted with evidence of the disability, hardship,
  or severance from employment on forms satisfactory to TIAA and must not be
  inconsistent with applicable law. 

	
 

	
 

	
 

	
 

	
82.

	
Procedure for elections, changes, and requests for benefits.
  You (or your beneficiaries after your death) have to make any choice or
  changes available under your contract in a form acceptable to TIAA at our
  home office in New York, NY, or at another location that we designate. If you
  (or your beneficiaries after your death) send us a notice changing your
  beneficiaries or other persons named to receive payments, it will take effect
  as of the date it was signed even if you (or any other signer) then die
  before the notice actually reaches TIAA. Any other notice will take effect as
  of the date TIAA receives it. If TIAA takes any action in good faith before
  receiving the notice, we won’t be subject to liability even if our acts were
  contrary to what you told us in the notice.
  All benefits are payable at our home office in New York, NY, or at
  another location that we designate. If you have any questions about your
  contract or inquiries about our service, or if you need help to resolve a
  problem, you can contact us at the address or phone number below. 

	
 

	
 

	
 

	
 

	
TIAA

  730 Third Avenue

  New York, NY 10017-3206

  Telephone: 800 842-2733

	
 

	
 

	
 

	
 

	
83.

	
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, additional amounts, 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, additional amounts, and internal transfers
  applied to the Traditional Annuity. Any change in the interest rate credited
  before your annuity starting date or your prior death is subject to the
  minimum rate specified in the applicable state nonforfeiture law, if any, or
  if none, the applicable National Association of Insurance Commissioners model
  nonforfeiture law. Any change in the charge for expenses or contingencies
  must comply with any applicable state nonforfeiture law. A change in the rate
  schedule will be made only after we have given you three months’ written notice
  of the change. Any such change will also be made to all other Retirement
  Annuity contracts written on that contract form and delivered in the same
  jurisdiction. Any new rate schedule will specify: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
the charges
  for expenses and contingencies; and

	
 

	
 

	

	

	
 

	
Page E24

	
END-1000.24-ACC

	
TIAA RA

	
 

	
Endorsement to Your TIAA
  Retirement Annuity Contract

	

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
the interest
  rates and the mortality bases used for determining benefits arising from
  amounts applied to the Traditional Annuity. 

	
 

	
 

	
 

	
 

	
 

	
The following sections are new and apply to the rate schedule(s)
  under your contract:

	
 

	
 

	
 

	
 

	
 

	
84.

	
Rate schedule guarantees.  The guarantees provided in your contract’s
  rate schedule(s) are provided only for amounts applied to the Traditional
  Annuity and only for as long as such amounts remain in the Traditional
  Annuity.

	
 

	
 

	
 

	
 

	
 

	
85.

	
Rates applicable to the Access Account accumulations transferred to
  immediately begin income from the Traditional Annuity.
  The following applies to the Access Account accumulations attributable to any
  premiums and internal transfers applied to the Access Account while the
  current rate schedule is in effect and for as long as such amounts remain in
  the Access Account accumulation:

	
 

	
 

	
 

	
 

	
 

	
 

	
          If
  you transfer accumulations from the Access 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 your contract. 

	
 

	
 

	

	

	
 

	
Page E25

	
END-1000.24-ACC

	
TIAA RA[Exhibit 4(b)]

Teachers Insurance and Annuity Association of America

730 Third Avenue, New York, N.Y. 10017-3206

Telephone: 800-842-2733

Effective Date: [This endorsement is
effective on the date the TIAA Access Account (the Access Account) is made available
for your certificate under the terms of your employer plan.] [July 1, 2006]
[Attached at Issue]

Endorsement to Your Supplemental Retirement Annuity
Contract

This is an
endorsement to the Supplemental Retirement Annuity Contract issued to you, the
annuitant. The purpose of this endorsement is to introduce the availability of
the TIAA Access Account. In addition to the options previously provided under
your contract, TIAA now offers you the option of accumulating funds in the
Access Account as of the effective date of this endorsement. Except as otherwise
noted within, this endorsement replaces all of the provisions of your contract
in order to explain the nature of the Access Account and the impact of its
availability on the provisions of your contract. 

GENERAL DESCRIPTION

All premiums
for your contract must be remitted under the terms of your employer plan. You
may allocate your TIAA premiums between the Traditional Annuity and the
Investment Accounts.

Traditional Annuity. Each premium allocated to the Traditional
Annuity buys a guaranteed minimum amount of lifetime income for you, based on
the rate schedule in effect for your contract at the time the premium is paid.
Your Traditional Annuity accumulation 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 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.

Subject to the terms of your
employer plan, you may withdraw all or part of your accumulation before
beginning to receive annuity income. You may transfer between the Traditional
Annuity and any of the Investment Accounts, or from any of those accumulations
to your companion CREF certificate.

When you are ready to start
receiving your income, you may, in accordance with the terms of your employer
plan, choose an option from among those described in your contract. If you die
before you start receiving your income, your accumulation will provide a death
benefit for your beneficiary.

Your contract cannot
be assigned and it does not provide for loans.

	
 

	
 

	
 

	

	
 

	
Chairman, President and

  Chief Executive Officer

	
 

	
 

	
INDEX ON NEXT PAGE

	

	
 

	
Page E1

	
END-1200.8-ACC

	
TIAA SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract

	

INDEX OF PROVISIONS

	
 

	
 

	
 

	
 

	
 

	
Section

	
 

	
 

	
 

	
Accumulation

	
 

	
 

	
- Definition

	
 

	
1

	
- Investment Account

	
 

	
38

	
- Traditional Annuity

	
 

	
33

	
Accumulation Arising From
  Elective Deferrals

	
 

	
 

	
- Restrictions on Distribution of

	
 

	
80

	
Accumulation Units

	
 

	
 

	
- Definition

	
 

	
37

	
- Number of

	
 

	
43

	
Additional Amounts

	
 

	
34

	
Annuity Starting Date

	
 

	
 

	
- Definition

	
 

	
2

	
- Required Beginning

	
 

	
19

	
Assignment - Void and of
  no effect

	
 

	
71

	
Benefits

	
 

	
 

	
- Based on Incorrect Data

	
 

	
77

	
- Requests for

	
 

	
81

	
Business Day

	
 

	
4

	
Claims of Creditors

	
 

	
 

	
- Protection Against

	
 

	
72

	
Commuted Value

	
 

	
5

	
Companion CREF Certificate

	
 

	
28

	
Contestability

	
 

	
27

	
Contract

	
 

	
 

	
- Consists of

	
 

	
26

	
- Substitute

	
 

	
32

	
Correspondence with us

	
 

	
81

	
Death Benefit

	
 

	
 

	
- Amount of Payments

	
 

	
51

	
- Beneficiary

	
 

	
3

	
- Definition

	
 

	
6

	
- Methods of Payment

	
 

	
50

	
- Naming Your Beneficiary

	
 

	
49

	
- Payment of

	
 

	
48

	
- Payments after Death of Beneficiary

	
 

	
52

	
Elections and Changes -
  Procedure for

	
 

	
81

	
Employer

	
 

	
7

	
Employer Plan

	
 

	
8

	
Employment - Severance
  from

	
 

	
22

	
ERISA

	
 

	
9

	
Funding Vehicle

	
 

	
10

	
General Account

	
 

	
11

	
Gross Investment Factor

	
 

	
41

	
Income Benefit

	
 

	
 

	
- Amount of Payments

	
 

	
47

	
- Definition

	
 

	
12

	
- Options

	
 

	
45

	
- Payments during a Guaranteed Period

	
 

	
46

	
- Starting Payments

	
 

	
44

	
Internal Transfers

	
 

	
 

	
- Amount

	
 

	
54

	
- Availability

	
 

	
53

	
- Crediting

	
 

	
57

	
- Definition

	
 

	
13

	
 

	
 

	
 

	
 

	
 

	
Section

	
 

	
 

	
 

	
- Effective Date

	
 

	
55

	
- Restrictions

	
 

	
58

	
- Systematic

	
 

	
56

	
Investment Account

	
 

	
14

	
- Insulation of

	
 

	
66

	
- Modification of

	
 

	
67

	
Investment Company Act of
  1940

	
 

	
70

	
IRC

	
 

	
15

	
Lapse or Forfeiture

	
 

	
 

	
- Protection against

	
 

	
31

	
Laws and Regulations

	
 

	
 

	
- Compliance with

	
 

	
79

	
Loans - No provision for

	
 

	
71

	
Lump-sum Benefit

	
 

	
 

	
- Availability of

	
 

	
59

	
- Definition

	
 

	
16

	
- Effective Date

	
 

	
60

	
- Payment of

	
 

	
61

	
- Systematic Withdrawals

	
 

	
62

	
- Systematic Withdrawals to pay fees

	
 

	
63

	
Net Investment Factor

	
 

	
 

	
- For Other Investment Accounts

	
 

	
40

	
- For the Real Estate Account

	
 

	
39

	
Non-Forfeiture of Benefits

	
 

	
73

	
Payee

	
 

	
17

	
Payment to an Estate,
  Trustee, etc

	
 

	
75

	
Premiums

	
 

	
 

	
- Allocation of

	
 

	
30

	
- Payment of

	
 

	
29

	
Prior Provisions -
  Applicability

	
 

	
68

	
Proof of Survival

	
 

	
78

	
Rate Schedule

	
 

	
 

	
- Applicable to the Access Account

	
 

	
84

	
- Change of

	
 

	
82

	
- Definition

	
 

	
18

	
- Guarantees

	
 

	
83

	
Real Estate Account

	
 

	
 

	
- Definition

	
 

	
35

	
Report of Accumulation

	
 

	
69

	
Second Annuitant

	
 

	
20

	
Separate Account

	
 

	
 

	
- Charge

	
 

	
42

	
- Definition

	
 

	
21

	
Service of Process upon
  TIAA

	
 

	
76

	
Spouse’s Rights

	
 

	
 

	
- Definition

	
 

	
23

	
- Rights to Benefits

	
 

	
64

	
- Waiver of Rights

	
 

	
65

	
Tax-Free Rollover

	
 

	
 

	
- Right to

	
 

	
74

	
TIAA Access Account

	
 

	
36

	
Traditional Annuity

	
 

	
24

	
Valuation Day and
  Valuation Period

	
 

	
25

	
 

	
 

	

	
 

	
Page E2

	
END-1200.8-ACC

	
TIAA SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

Account Specifications Page

The following Investment Accounts are
available as of the effective date of this endorsement. Your employer plan may
restrict your right to invest in some or all of the accounts: 

TIAA Real Estate Account:

TIAA Access Account Subaccounts:

          Account
1:

          Account
2:

          Account
3:

          .

          .

          .

          .

          .

TIAA Access Account Pricing Category: Level x

	
 

	
 

	

	
 

	
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  E3

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

This page has been left blank intentionally.

	
 

	
 

	

	
 

	
Page
  E4

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

PART A: TERMS USED IN YOUR CONTRACT

	
 

	
 

	
1.

	
Your accumulation is equal to the sum of your
  Traditional Annuity accumulation (described in Part C) and your Investment
  Account accumulations (described in Part D). Your accumulation will
  provide the benefits described in your contract. 

	
 

	
 

	
2.

	
Your annuity starting date is the date as of
  which you begin to receive income benefits from your accumulation under your
  contract. 

	
 

	
 

	
3.

	
Beneficiaries are persons you name, in a
  form satisfactory to TIAA as explained in section 49, to receive the
  death benefit if you die before your annuity starting date.

	
 

	
 

	
4.

	
A business day is any day that the New York
  Stock Exchange is open for trading. A business day ends at 4:00 P.M. Eastern
  time, or when trading closes on the New York Stock Exchange, if earlier.

	
 

	
 

	
5.

	
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
  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.

	
 

	
 

	
6.

	
The death benefit is the current value of
  your accumulation under your contract. It will be paid to your beneficiary
  under one of the methods set forth in Part F if you die before your
  annuity starting date.

	
 

	
 

	
7.

	
Your employer is an organization that remits
  premiums to your contract.

	
 

	
 

	
8.

	
An employer plan is a plan satisfying the
  requirements of IRC Section 401(a), 401(k), 403(a), 403(b), 415(m), 457, or
  any other section providing similar benefits for employees.

	
 

	
 

	
9.

	
ERISA is the Employee Retirement Income
  Security Act of 1974, as amended.

	
 

	
 

	
10.

	
A funding vehicle is an annuity contract,
  custodial account, or trust designated to receive contributions under an
  employer plan.

	
 

	
 

	
11.

	
The general account consists of all of TIAA’s
  assets other than those in the separate accounts.

	
 

	
 

	
12.

	
The income benefit is the periodic amount
  payable to you under one of the income options set forth in Part E.

	
 

	
 

	
13.

	
An internal transfer is the movement of
  accumulations between your Traditional Annuity accumulation and your
  Investment Account accumulations, among Investment Account accumulations, or
  between your contract and your companion CREF certificate. The provisions
  concerning internal transfers are set forth in Part G.

	
 

	
 

	

	
 

	
Page
  E5

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
14.

	
An Investment Account under your contract
  refers to the Real Estate Account. It also refers to any subaccount of any
  other Separate Account available under your contract, that holds shares of a
  fund or funds which are managed with a specified investment objective. The
  Investment Accounts available as of the effective date of this endorsement
  are listed on the account specifications page and are specific to the
  indicated pricing category. 

	
 

	
 

	
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 and any successor
  statutory provisions, and any regulations thereunder.

	
 

	
 

	
16.

	
A lump-sum benefit is a withdrawal in a
  single sum of all or part of your accumulation. The provisions concerning
  lump-sum benefits are set forth in Part H.

	
 

	
 

	
17.

	
The payee is a person named to receive any
  periodic payments or amounts due under an income option or method of payment
  of the death benefit under the circumstances described in sections  46 and 52.

	
 

	
 

	
18.

	
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 the Change of Rate Schedule section.

	
 

	
 

	
19.

	
Your required beginning date is the latest
  date on which you can begin to receive your accumulation in accordance with
  the rules of the IRC and the terms of your employer plan. Generally, it is
  the April 1 following the calendar year in which you attain 70 1⁄2 or, if
  later, the April 1 following the calendar year in which you retire.

	
 

	
 

	
20.

	
The second annuitant is the person you name,
  if you choose to receive your income under a two-life annuity, to receive an
  income for life if he or she survives you. You may name any  person eligible under TIAA’s practices
  then in effect to be a second annuitant, subject to the rights of your
  spouse, if any, as described in Part I.

	
 

	
 

	
21.

	
The Separate accounts are the accounts
  described in Part D.

	
 

	
 

	
22.

	
A severance from employment occurs when you
  cease to be employed by the employer that maintains the employer plan.  In accordance with the provisions of the
  IRC and applicable regulations, a severance from employment will be deemed to
  occur even if you continue to perform the same job for a different employer
  that does not maintain the employer plan after a merger, acquisition,
  consolidation or other business transaction.

	
 

	
 

	
23.

	
Spouse’s rights. If you are married, then
  your spouse may be entitled to benefits, as described in Part I.

	
 

	
 

	
24.

	
The Traditional Annuity refers to the
  guaranteed annuity benefits under your contract. Amounts credited to the
  Traditional Annuity under your contract buy a guaranteed minimum amount of
  lifetime income for you, in accordance with the applicable rate schedule or
  rate schedules.

	
 

	
 

	

	

	
 

	
 

	

	
 

	
Page
  E6

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 25.
	
A valuation day is any business day, as
  well as the last calendar day of each month. 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. Valuation days that aren’t business days
end at 4:00 p.m. Eastern Time. A
valuation period is the time from the end of a valuation day to the end of
the next valuation day. 

	
 

	
 

	
PART B: CONTRACT AND PREMIUMS

	
 

	
 

	
26.

	
The contract. Your contract (and any
  endorsements and amendments to it) is the entire contract between you and
  TIAA. We have issued your contract in return for the first premium. Any
  endorsements or amendments to your 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.

	
 

	
 

	
27.

	
Contestability. The contract is
  incontestable.

	
 

	
 

	
28.

	
Companion CREF certificate. The College
  Retirement Equities Fund (CREF) is a companion organization to TIAA. A companion
  CREF Supplemental Retirement Unit-Annuity certificate was issued to you when
  you received your contract or, if not, on the date that you first
  participated in CREF, if applicable.

	
 

	
 

	
29.

	
Premiums for your contract must be remitted
  under the terms of your employer plan and may be any amount not less than
  $100. 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 limit to $300,000 the total premiums paid on your
  contract and any other TIAA annuity contract on your life in any twelve-month
  period. TIAA will not accept premiums after your annuity starting date or
  prior death. Premiums will be credited to your 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.

	
 

	
 

	
          Elective
  deferral contributions made to your TIAA or CREF contracts or certificates
  may not exceed the annual limits on elective deferrals described in Section
  402(g) of the IRC, or as otherwise permitted by law. TIAA will refund the
  accumulated value of all excess premiums made to your contract, as required
  by law.

	
 

	
 

	
30.

	
Allocation of premiums. You allocate
  premiums between the Traditional Annuity and the Investment Accounts. If you
  allocate premiums to the Traditional Annuity they increase your Traditional
  Annuity accumulation. If you allocate premiums to an Investment Account, they
  purchase accumulation units in that Investment Account. You may change your
  allocation for future premiums at any time. TIAA will allocate your premiums
  according to the most recent valid instructions we have received from you in
  a form acceptable to TIAA. Your employer plan may limit your right to
  allocate premiums to any Investment Account(s). 

	
 

	
 

	
          TIAA
  may stop accepting premiums to any or all Investment Accounts at any time.

	
 

	
 

	
31.

	
Unconditional protection against lapse or forfeiture.
  Your contract will not lapse after the first premium has been paid. No
  additional premiums are required.

	
 

	
 

	
32.

	
Substitute contract. TIAA reserves the right
  to stop accepting premiums under your contract after we have given you three
  months’ notice, but only if:

	
 

	
 

	

	
 

	
Page
  E7

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
 

	
A)

	
at the same
  time we stop accepting premiums to all other Supplemental Retirement Annuity
  contracts written on that contract form and delivered in the same
  jurisdiction; 

	
 

	
 

	
 

	
 

	
B)

	
premiums are
  accepted under a new TIAA deferred annuity contract issued without an
  application, to be effective with the first premium paid for it; and

	
 

	
 

	
 

	
 

	
C)

	
the new
  contract has the same annuity starting date, beneficiary, income options and
  methods of benefit payment as those under your contract at the time of
  substitution.

PART C: TRADITIONAL ANNUITY ACCUMULATION

	
 

	
 

	
33.

	
Your Traditional Annuity accumulation is equal
  to: 

	
 

	
 

	
 

	
 

	
A)

	
all premiums
  allocated to the Traditional Annuity under your contract; plus

	
 

	
 

	
 

	
 

	
B)

	
interest
  credited by TIAA at the guaranteed interest rate set forth in the rate
  schedule; plus

	
 

	
 

	
 

	
 

	
C)

	
any
  additional amounts credited to the Traditional Annuity under your contract by
  TIAA; plus

	
 

	
 

	
 

	
 

	
D)

	
any internal
  transfers to the Traditional Annuity under your contract; less

	
 

	
 

	
 

	
 

	
E)

	
the amount
  of any lump-sum benefits, rollovers, and internal transfers paid from the
  Traditional Annuity; less

	
 

	
 

	
 

	
 

	
F)

	
any charges
  for expenses and contingencies deducted by TIAA set forth in the rate
  schedule; less

	
 

	
 

	
 

	
 

	
G)

	
amounts
  deducted to provide an annuity income option or a death benefit method of
  payment from the Traditional Annuity.

	
 

	
 

	
 

	
 

	
          When
  different rate schedules apply to different parts of the Traditional Annuity
  accumulation, any deductions from the Traditional Annuity accumulation will
  be allocated among the parts on a pro-rata basis in accordance with
  procedures established by TIAA.

	
 

	
 

	
34.

	
Additional amounts. TIAA may credit
  additional amounts to your 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. 

	
 

	
 

	
 

	
          Any
  additional amounts credited to your Traditional Annuity accumulation will buy
  benefits for you based on the rate schedule in effect on the day the
  additional amounts are credited. Additional amounts may also be paid with any
  Traditional Annuity benefits payable to you or your beneficiary.

	
 

	
 

	
 

	
          Any
  additional amounts credited to your 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 premiums, any
  additional amounts, and any 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, additional amounts and internal transfers will
  remain in effect for periods of twelve months or more.

	
 

	
 

	

	
 

	
Page
  E8

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

PART D: SEPARATE ACCOUNTS

	
 

	
 

	
35.

	
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.

	
 

	
 

	
36.

	
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.

	
 

	
 

	
37.

	
Accumulation
Unit. Each Investment Account maintains a separate accumulation unit
unique to the indicated pricing category. The value of each Investment
Account’s accumulation unit is calculated at the end of each valuation
day. The value of an Investment
Account’s accumulation unit is equal to the prior valuation day’s value
multiplied by that account’s net investment factor. 

	
 

	
 

	
38.

	
An Investment Account Accumulation (the
  value of your share of an Investment Account) is equal to the number of your
  accumulation units 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.

	
 

	
 

	
39.

	
The Real
  Estate Account’s Net Investment Factor
  for a valuation period is based on the amount of accrued real estate net
  operating income, dividends, interest and other income during the current
  period, a deduction of the separate account charge, both realized and
  unrealized capital gains and losses incurred, and other accounting
  adjustments during the current period. The precise formula for the net
  investment factor is A divided by B, as follows: 

	
 

	
 

	
 

	
 

	
A)

	
The value of
  the Real Estate Account’s net assets at the end of the current valuation
  period, less any premiums received during the current period. 

	
 

	
 

	
 

	
 

	
B)

	
The value of
  the Real Estate Account’s net assets at the end of the previous valuation
  period, plus the net effect of transactions (e.g. internal transfers, benefit
  payments) made at the start of the current valuation period. 

	
 

	
 

	
40.

	
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. 

	
 

	
 

	
41.

	
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: 

	
 

	
 

	

	
 

	
Page
  E9

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
 

	
 

	
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.

	
 

	
 

	
42.

	
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 is specific to the
  VA-3 pricing category indicated on the account specifications page. 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.

	
 

	
 

	
43.

	
Number of Accumulation Units.  The number of your accumulation units in
  an Investment Account under your contract will be increased by: 

	
 

	
 

	
 

	
 

	
 

	
A)

	
any premiums
  you allocate to that Investment Account; and

	
 

	
 

	
 

	
 

	
B)

	
any internal
  transfers you make to that Investment Account; 

	
 

	
 

	
 

	
 

	
and will be
  decreased by:

	
 

	
 

	
 

	
 

	
 

	
C)

	
the
  application of any accumulations to provide any form of benefit; and; 

	
 

	
 

	
 

	
 

	
D)

	
any internal
  transfers from your accumulation in that Investment Account to the
  Traditional Annuity, another Investment Account, or your companion CREF
  certificate. 

	
 

	
 

	
 

	
 

	
          The
  increase or decrease in the number of your 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
  valuation day on which the transaction becomes effective.

PART E:
YOUR INCOME BENEFIT

	
 

	
 

	
44.

	
Starting your income benefit. Your annuity
  starting date may not be earlier than the earliest date allowed under your
  employer plan, nor later than your required beginning date. Payment of your
  income benefit will begin as of the annuity starting date you have chosen, if
  you are then 

	
 

	
 

	

	
 

	
Page
  E10

	
END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
living and: 

	
 

	
 

	
 

	
 

	
A)

	
you have
  chosen one of the income options set forth in section 45; 

	
 

	
 

	
 

	
 

	
B)

	
if you
  choose a one-life annuity, we have received proof of your age;

	
 

	
 

	
 

	
 

	
C)

	
if you
  choose a two-life annuity, we have received proof of your age and the age of
  your second annuitant; 

	
 

	
 

	
 

	
 

	
D)

	
if you
  choose the minimum distribution annuity, we have received proof of your age
  and the age of the calculation beneficiary you name, if any; and

	
 

	
 

	
 

	
 

	
E)

	
if your
  accumulation is subject to the spousal rights described in Part I, we
  have received any required waiver of spouse’s rights or proof that you are
  not married. 

	
 

	
 

	
 

	
          If
  the requirements of this section have not been completed by the annuity
  starting date you have chosen, the annuity starting date will be deferred to
  a date after these requirements have been completed, or if earlier, to your
  required beginning date. You may not begin a one-life annuity after you
  attain age 90, nor may you begin a two-life annuity after you or your second
  annuitant attain age 90. If your accumulation is less than $2,000 on your
  annuity starting date, TIAA may choose instead to pay your accumulation to
  you in a single sum.

	
 

	
 

	
 

	
          At
  any time before you start to receive your income benefit, you may change your
  annuity starting date to a date after the change, by written notice to TIAA
  as explained in section 81.

	
 

	
 

	
45.

	
Income options are the ways in which you may
  have your income benefit paid to you. These income options are available from
  your Traditional Annuity accumulation only. You can transfer some or all of
  any of your Investment Account accumulations to your Traditional Annuity accumulation
  to receive benefits under an income option available from the Traditional
  Annuity. Also, you may transfer some or all of your accumulation to your
  companion CREF certificate, as described in section 53, to receive benefits
  under an income option available under that certificate. 

	
 

	
 

	
 

	
          You
  may choose the option you want any time before your annuity starting date.
  You may change your choice any time before payments begin, but once they have
  begun, the election to begin receiving benefits is irrevocable and no change
  can be made. Any choice of option or change of such choice must be made by
  written notice to TIAA as explained in section 81.

	
 

	
 

	
 

	
          Your
  right to elect an option or change such election may be limited in accordance
  with section 79. If your accumulation is subject to spousal rights, your
  choice of an income option is subject to the rights of your spouse, if any,
  to benefits as explained in Part I. The availability of certain income
  options may be restricted by the IRC and by the terms of your employer plan.

	
 

	
 

	
 

	
          If
  you separate from service with your employer, we may distribute your
  accumulation to you, in accordance with the terms of your employer plan. If
  the plan administrator for your employer plan or his or her designee notifies
  us that distribution from your contract must begin under the minimum
  distribution rules of federal tax law, we will begin income benefits under
  the income option selected by your plan administrator provided that the
  income option is one of the options described below.

	
 

	
 

	
 

	
          The
  following are the income options from which you may choose. All of them
  provide an income for you, some provide that payments will continue for the
  lifetime of a second annuitant and some provide that payments will continue
  in any event during a guaranteed or fixed period as explained in section 46.
  The periodic amount paid to you or a surviving second annuitant depends on
  which of these options you choose.

	
 

	
 

	

	
 

	
Page
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END-1200.8-ACC

	
TIAA
  SRA

	
 

	
Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
One-life annuity. A payment will be made to
  you each month for as long as you live. You may include a guaranteed period
  of 10, 15 or 20 years. If you do not include a guaranteed period, all
  payments will cease at your death. If you include a guaranteed period and you
  die before the end of that period, monthly payments will continue until the
  end of that period and then cease.

	
 

	
 

	
 

	
Two-life annuity. A payment will be made to
  you each month for as long as you live. After your death, a payment will be
  made each month to the second annuitant you have named, for as long as he or
  she survives you. You cannot change your choice of second annuitant after
  your payments begin. You may include a guaranteed period of 10, 15 or 20
  years. If you do not include a guaranteed period, all payments will cease
  when you and your second annuitant have both died. You may choose from among
  the following forms of two-life annuity. 

	
 

	
 

	
 

	
 

	
 

	
Full benefit to survivor. At the death of
  either you or your second annuitant, the full amount of the monthly payments
  that would have been paid if you both had lived will continue to be paid to
  the survivor. If you include a guaranteed period and you and your second
  annuitant both die before the end of the period chosen, the full amount of
  the monthly payments that would have been paid if you both had lived will
  continue to be paid until the end of that period and then cease.

	
 

	
 

	
 

	
 

	
 

	
Two-thirds benefit to survivor. At the death
  of either you or your second annuitant, two-thirds of the monthly payments
  that would have been paid if you both had lived will continue to be paid to
  the survivor. If you include a guaranteed period and you and your second
  annuitant both die before the end of the period chosen, two-thirds of the
  monthly payments that would have been paid if you both had lived will
  continue to be paid until the end of that period and then cease. 

	
 

	
 

	
 

	
 

	
 

	
Half benefit to second annuitant. The full
  monthly income will continue to be paid as long as you live. After your
  death, if your second annuitant survives you, one-half of the monthly
  payments that would have been paid if you had lived will continue to be paid
  to your second annuitant. If you include a guaranteed period and you and your
  second annuitant both die before the end of the period chosen, one-half of
  the monthly payments that would have been paid if you had lived will continue
  to be paid until the end of that period and then cease. 

	
 

	
 

	
 

	
Fixed-period annuity. A payment of principal
  and interest will be made to you each month for a fixed period you choose
  that is not less than 5 nor more than 30 years. At the end of the period
  chosen all the principal and interest credited will have been paid out. If
  you die before the end of the period chosen, the monthly payments will
  continue until the end of that period and then cease.

	
 

	
 

	
 

	
Minimum distribution annuity. This income
  option enables you to limit your distribution to the minimum distribution
  requirements of federal tax law. Payments will be made to you from your
  accumulation until your accumulation is entirely paid out, or until your
  prior death. This option may not provide income that lasts for your entire
  lifetime. 

	
 

	
 

	

	
 

	
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          If,
  under this income option, you die before your entire accumulation has been
  paid out, a death benefit equal to your remaining accumulation will be paid
  to the person or persons you name when electing this option. 

	
 

	
 

	
 

	
 

	
 

	
          This
  income option is only available on or after your required beginning date. The
  value of the accumulation placed under this option must be at least $10,000.

	
 

	
 

	
 

	
 

	
          If
  and only if your original Supplemental Retirement Annuity contract included
  an income option entitled “Instalment Refund”, the following applies:

	
 

	
 

	
 

	
 

	
 

	
Instalment refund annuity.  A payment will be made to you each month as
  long as you live.  If you die before
  the sum of contractual payments equals or exceeds the amount of your
  accumulation that was applied to provide this option, monthly payments will
  continue for a guaranteed period that ends when the sum of the payments made
  does equal that amount.

	
 

	
 

	
 

	
 

	
          Automatic election provision. If on your
  required beginning date, you have not met the requirements for starting your
  income benefit described in section 44, you will be deemed to have chosen the
  form of benefit distribution, if any, specified by the terms of your employer
  plan, if such form of benefit is available under your contract. Otherwise,
  you will be deemed to have chosen a one-life annuity if you are then single,
  or the “half benefit to second annuitant” form of the two-life annuity if you
  are then married, each with a 10-year guaranteed period, if allowed under
  federal tax law.

	
 

	
 

	
46.

	
Post-mortem payments during a guaranteed or fixed period.
  Any periodic payments or other amounts remaining due after your death and the
  death of your second annuitant, if any, during a guaranteed or fixed period
  will be paid to the payee named to receive them. You name the payee at the
  time you choose the income option, as described in section 81. You may later
  change the named payee. If you choose a two-life annuity, your surviving
  second annuitant may change the named payees after your death, unless you
  direct otherwise. 

	
 

	
 

	
 

	
          A
  payee may choose to receive in one sum the commuted value of any remaining
  periodic payments that do not involve life contingencies, unless you direct
  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 your estate, or to the
  estate of the last survivor of you and your second annuitant if you chose a
  two-life annuity.

	
 

	
 

	
 

	
          If
  a payee receiving payments during a guaranteed or fixed period option 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 you (or your
  second annuitant) had 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.

	
 

	
 

	
47.

	
The amount of your periodic income benefit as
  of the annuity starting date will be determined by: 

	
 

	
 

	
 

	
 

	
A)

	
the amount
  of your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
B)

	
the rate
  schedule or schedules under which any premiums, additional amounts and
  internal transfers were applied to your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
C)

	
the income
  option you choose; 

	
 

	
 

	
 

	
 

	
D)

	
if you
  choose a one-life annuity, your age; 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
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E)

	
if you
  choose a two-life annuity, your age and your second annuitant’s age; and 

	
 

	
 

	
 

	
 

	
F)

	
if you
  choose the minimum distribution annuity, your age and the age of the
  calculation beneficiary you name under the minimum distribution annuity, if
  applicable.

	
 

	
 

	
 

	
 

	
 

	
           If
  your income benefit 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.

PART F: DEATH BENEFIT

	
 

	
 

	
48.

	
Payment of the death benefit. If you die
  before your annuity starting date, the death benefit will be payable to your
  beneficiary. We must receive the following in a form acceptable to TIAA
  before any death benefit will be paid: 

	
 

	
 

	
 

	
 

	
A)

	
proof of
  your death;

	
 

	
 

	
 

	
 

	
B)

	
the choice
  of a method of payment as provided in section 50; and

	
 

	
 

	
 

	
 

	
C)

	
proof of the
  beneficiary’s age if the method of payment chosen is the one-life annuity or
  the minimum distribution annuity.

	
 

	
 

	
 

	
          Payment
  under the single-sum payment method will be made as of the date we receive
  these items; payment under any other method of payment will start no later
  than the first day of the month after we have received these items.

	
 

	
 

	
 

	
          Upon
  receipt of proof of your death, we will divide your accumulation into as many
  portions as there are validly designated beneficiaries for your
  contract.  If different rate schedules
  apply to different parts of your 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 your contract in connection with his or her
  portion of the accumulation.

	
 

	
 

	
49.

	
Naming your beneficiary. Beneficiaries are
  persons you name to receive the death benefit if you die before your annuity
  starting date. At any time before your annuity starting date, you may name,
  change, add or delete your beneficiaries by written notice to TIAA, as
  explained in section 81. If your accumulation is subject to spousal rights,
  then your right to name a beneficiary for the death benefit is subject to the
  rights of your spouse, if any, as described in Part I. 

	
 

	
 

	
 

	
          You
  can name two classes of beneficiaries, primary and contingent, which set the
  order of payment. At your death, your beneficiaries are the surviving primary
  beneficiary or beneficiaries you named. If no primary beneficiary survives
  you, your beneficiaries are the surviving contingent beneficiary or
  beneficiaries you named. The share of any named beneficiary in a class who
  does not survive will be allocated in equal shares to the beneficiaries in
  such class who do survive, even if you’ve provided for these beneficiaries to
  receive unequal shares.

	
 

	
 

	
 

	
          The
  death benefit will be paid to your estate in one sum if you name your estate
  as beneficiary; or none of the beneficiaries you have named is alive at the
  time of your death; or at your death you had never named a beneficiary. If
  distributions to a named beneficiary are barred by operation of law, the
  death benefit will be paid to your estate.

	
 

	
 

	

	
 

	
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          If
  at your death any distribution of the death benefit would be in conflict with
  any rights of your spouse under law that were not previously waived, or with
  the terms of your employer plan, TIAA will pay the death benefit in
  accordance with your spouse’s rights.

	
 

	
 

	
50.

	
Methods of payment are the ways in which
  your beneficiary may receive the death benefit. The single-sum payment method
  is available from your Traditional Annuity and Investment Account
  accumulations. The other methods are available from the Traditional Annuity
  only. Your beneficiary can, however, transfer some or all of any of your
  Investment Account accumulations to the Traditional Annuity in order to
  receive that portion of the death benefit under a method of payment available
  from the Traditional Annuity. Your beneficiary can also transfer some or all
  of your accumulation to CREF in order to receive that portion of the death
  benefit under a method of payment offered by CREF. Such transfer can be for
  all of your accumulation, or for any part thereof not less than $1,000. 

	
 

	
 

	
 

	
          You
  may choose the method of payment and change your choice at any time before
  payments begin. After your death, your beneficiary may change the method
  chosen by you, if you so provide. If you do not choose a method of payment,
  your beneficiary will make the choice when he or she becomes entitled to
  payments. The right to elect a method or change such election may be limited
  in accordance with section 79. 

	
 

	
 

	
 

	
          A
  beneficiary may not begin to receive the death benefit under the one-life
  annuity method after he or she attains age 90. If you die before your annuity
  starting date and have chosen the one-life annuity method for a beneficiary
  who has attained age 90, he or she must choose another method. Any choice of
  method or change of such choice must be made by written notice to TIAA, as
  explained in section 81. 

	
 

	
 

	
 

	
          Generally,
  the distribution of the death benefit under any method of payment must be
  made over the lifetime of your beneficiary or over a period not to exceed
  your beneficiary’s life expectancy, in accordance with applicable tax law. 

	
 

	
 

	
 

	
          The
  distribution of the death benefit under a method of payment must be made in
  such a form and begin at such date as meets the requirements of the IRC and
  the regulations thereunder. If such a method of payment has not been chosen
  to begin by that date, we will elect a method of payment in accordance with
  the requirements of the IRC and any regulations thereunder. 

	
 

	
 

	
 

	
 

	
 

	
The
  following are the methods of payment:

	
 

	
 

	
 

	
 

	
 

	
Single-sum payment. The death benefit will
  be paid to your beneficiary in one sum.

	
 

	
 

	
 

	
 

	
 

	
One-life annuity. A payment will be made to
  your 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 your beneficiary. If a guaranteed period is
  included and your 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 52. 

	
 

	
 

	
 

	
 

	
 

	
Fixed-period annuity. A payment will be made
  to your beneficiary each month for a fixed period of not less than 2 nor more
  than 30 years, as chosen. At the end of the period chosen, the entire death
  benefit will have been paid out. If your beneficiary dies before the end of
  the period chosen, the monthly payments will continue until the end of that
  period and then cease, as explained in section 52.

	
 

	
 

	
 

	
 

	
 

	
Minimum distribution annuity. This method
  enables your beneficiary to limit his or her distribution to the minimum
  distribution requirements of federal tax law. Payments are made from your accumulation
  in each year that a distribution is required, until your

	
 

	
 

	

	
 

	
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 accumulation is
  entirely paid out or until your beneficiary dies. This method may not provide
  income for your beneficiary that lasts for his or her entire lifetime. If
  your beneficiary dies before the entire accumulation has been paid out, the
  remaining accumulation will be paid in one sum to the payee named to receive
  it. The value of the death benefit placed under this method must be at least
  $10,000.

	
 

	
 

	
 

	
 

	
 

	
Interest payments.  A payment of interest on the death benefit
  will be made to your beneficiary each month for a chosen period of not less
  than 2 nor more than 30 years.  At the
  end of the period chosen, TIAA will pay the death benefit to your
  beneficiary.  If your beneficiary dies
  while any part of the death benefit is held by TIAA, that amount will be
  payable as explained in section 52.

	
 

	
 

	
 

	
51.

	
The amount of death benefit payments will be
  determined as of the date payments are to begin by:

	
 

	
 

	
 

	
 

	
A)

	
the amount
  of your Traditional Annuity accumulation; 

	
 

	
 

	
 

	
 

	
B)

	
the rate
  schedule or schedules under which any premiums, additional amounts and
  internal transfers were applied to your Traditional Annuity accumulation;

	
 

	
 

	
 

	
 

	
C)

	
the method
  of payment chosen for the death benefit; and 

	
 

	
 

	
 

	
 

	
D)

	
if the
  method chosen is the one-life annuity or the minimum distribution annuity,
  the age of your 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.

	
 

	
 

	
52.

	
Payments after the death of a beneficiary.
  Any periodic payments or other amounts remaining due after the death of your
  beneficiary during a guaranteed or fixed period will be paid to the payee
  named by you or your beneficiary to receive them, by written notice to TIAA
  as explained in section 81. The commuted value of these payments may be paid
  in one sum unless we are directed otherwise. 

	
 

	
 

	
 

	
          If
  no payee has been named to receive these payments, or if no one so named is
  living at the death of your beneficiary, the commuted value will be paid in
  one sum to your beneficiary’s estate. 

	
 

	
 

	
 

	
          If
  a payee receiving these payments dies before the end of the guaranteed or
  fixed 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. 

	
 

	
 

	
 

	
          If
  your beneficiary dies while any part of the death benefit is held by TIAA
  under the minimum distribution annuity, that amount will be paid in one sum
  to the payee you or your beneficiary have named to receive it. If no such
  person survives your beneficiary, the death benefit will be paid in one sum
  to your beneficiary’s estate. 

PART G: INTERNAL TRANSFERS

	
 

	
 

	
53.

	
Availability of internal transfers. Subject
  to section 58, you may transfer between your Traditional Annuity accumulation
  and any of your Investment Account accumulations. In addition, you may
  transfer all or part of your Traditional Annuity accumulation or any of your 

	
 

	
 

	

	
 

	
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Investment
  Account accumulations to your companion CREF certificate. You may also
  transfer among your Investment Account accumulations. If you have an
  accumulation in your companion CREF certificate, you may transfer from that
  certificate to your contract. TIAA reserves the right to limit internal
  transfers from each of your Investment Accounts to not more than one in a
  calendar quarter. TIAA reserves the right to stop accepting internal
  transfers to the Traditional Annuity and/or to any or all of the Investment
  Accounts at any time. Any internal transfer to or from CREF is subject to the
  terms of your companion CREF certificate and CREF’s Rules of the Fund.

	
 

	
 

	
54.

	
Amount of internal transfer. You can
  transfer 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. 

	
 

	
 

	
 

	
          An
  internal transfer reduces the accumulation from which it is paid by the
  amount transferred. If you transfer from your Traditional Annuity
  accumulation and different rate schedules apply to different parts of the
  accumulation, the reduction will be allocated among the parts on a pro-rata
  basis.

	
 

	
 

	
55.

	
Effective date of internal transfers. An
  internal transfer will be effective as of the end of the business day in
  which we receive your written request for an internal transfer. You may defer
  the effective date of the internal transfer until any business day following
  the date on which we receive your request. TIAA will determine all values as
  of the end of the effective date. You can’t revoke a request for an internal
  transfer after its effective date. 

	
 

	
 

	
56.

	
Systematic transfers. You may elect to have
  transfers made on a systematic basis. Systematic transfers may be made
  semi-monthly, monthly, quarterly, semi-annually or annually. Semi-monthly
  transfers are made twice a month, with the second payment scheduled 14 days
  after the first payment. You choose which day the transfer will be made,
  except that if the date of a scheduled transfer is not a business day, the
  transfer will be made on the following business day. Transfers will continue
  until you tell us to stop or your Traditional Annuity accumulation or an
  Investment Account accumulation is insufficient to support the transfer.
  Systematic transfers are subject to all the provisions described above for
  transfers, except that a reduced minimum amount of $100 applies to such
  transfers.

	
 

	
 

	
57.

	
Crediting internal transfers. Internal
  transfers to your Traditional Annuity accumulation are credited to the
  Traditional Annuity as of the end of the effective date of the internal
  transfer. Internal transfers to your Investment Account accumulations
  purchase accumulation units as of the end of the effective date of the
  internal transfer.

	
 

	
 

	
58.

	
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.

	
 

	
 

	

	
 

	
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PART H: LUMP-SUM BENEFITS

	
 

	
 

	
59.

	
Availability of the lump-sum benefit. You
  may, subject to the limits described below, withdraw as a lump-sum benefit
  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. 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. A lump-sum benefit
  will not be available before the earliest date permitted under your employer
  plan. The portion of your accumulation available to you as a lump-sum benefit
  may be limited by your employer plan. 

	
 

	
 

	
 

	
          If
  you are married and some or all of your accumulation is subject to spousal
  rights, your right to receive a lump-sum benefit is subject to the rights of
  your spouse as described in Part I. 

	
 

	
 

	
 

	
          Federal
  tax law may restrict distributions before age 59 1⁄2, as described in
  section 80. 

	
 

	
 

	
60.

	
Effective date of a lump-sum benefit. Any
  choice of lump-sum benefit must be made by written notice to TIAA on or
  before the day your income benefits begin, as explained in section 81. A
  lump-sum benefit will be effective as of the business day on which we
  receive, in a form acceptable to TIAA: 

	
 

	
 

	
 

	
 

	
A)

	
your request
  for a lump-sum benefit; and

	
 

	
 

	
 

	
 

	
B)

	
if your
  accumulation is subject to the spousal rights described in Part I, a
  waiver of spouse’s rights or proof that you are not married.

	
 

	
 

	
 

	
          You
  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.
  TIAA will determine all values as of the end of the effective date. You 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.

	
 

	
 

	
61.

	
Payment of a lump-sum benefit. A lump-sum
  benefit may be paid:

	
 

	
 

	
 

	
 

	
A)

	
to you as a
  cash withdrawal;

	
 

	
 

	
 

	
 

	
B)

	
to another
  funding vehicle as a direct transfer under federal tax law; or

	
 

	
 

	
 

	
 

	
C)

	
to a TIAA
  IRA contract, a CREF IRA certificate, or to a funding vehicle whether or not
  it is offered by TIAA or CREF, as a tax-free rollover as permitted in
  section 74. 

	
 

	
 

	
 

	
 

	
          Payment
  of a lump-sum benefit reduces the accumulation from which it is paid by the
  amount chosen. If you choose a lump-sum benefit from your Traditional Annuity
  accumulation and different rate schedules apply to different parts of your
  accumulation, the reduction will be allocated among the parts on a pro-rata
  basis.

	
 

	
 

	

	
 

	
 

	
 

	

	
 

	
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 62.
	
Systematic withdrawals. You may elect to have lump-sum benefits made on a systematic basis. Systematic
  withdrawals may be made semi-monthly, monthly, quarterly, semi-annually or
  annually. Semi-monthly withdrawals are made twice a month, with the second
  payment scheduled 14 days after the first payment. You choose which day the
  lump-sum benefit will be paid, except that if the date of a scheduled
  lump-sum benefit is not a business day, it will be paid on the following
  business day. Withdrawals will continue until you tell us to stop or until
  the portion of your Traditional Annuity accumulation or an Investment Account
  accumulation available to you is insufficient to support the benefit.
  Systematic withdrawals are subject to all the provisions described above for
  lump-sum benefits, except that a reduced minimum amount of $100 applies. 

	
 

	
 

	
63.

	
Systematic Withdrawals from the Investment Accounts to Pay Financial
  Advisor Fees. You may authorize a series of
  systematic withdrawals from your Investment Account accumulations to pay the
  fees of a financial advisor.  Such
  systematic withdrawals are subject to all provisions applicable to systematic
  withdrawals, except as otherwise described in this section. 

	
 

	
 

	
 

	
          One
  series of systematic withdrawals to pay financial advisor fees may be in
  effect at the same time that one other series of systematic withdrawals is
  also in effect.  Systematic
  withdrawals to pay financial advisor fees must be scheduled to be made
  quarterly only, on the first day of each calendar quarter.  The amount withdrawn from each account
  must be specified in dollars or percentage of accumulation, and will be in
  proportion to the accumulations in each account at the end of the business
  day prior to the withdrawal. The financial advisor may request that we stop
  making withdrawals. 

	
 

	
 

	
 

	
          We
  reserve the right to determine the eligibility of financial advisors for this
  type of fee reimbursement.

PART I: SPOUSE’S RIGHTS TO BENEFITS

	
 

	
 

	
64.

	
Spouse’s rights to benefits. If you are
  married, and all or part of your accumulation is attributable to
  contributions made under

	
 

	
 

	
 

	
 

	
A)

	
an employer
  plan subject to ERISA; or

	
 

	
 

	
 

	
 

	
B)

	
an employer
  plan that provides for spousal rights to benefits, 

	
 

	
 

	
 

	
then, only
  to the extent required by the IRC or ERISA or the terms of your employer
  plan, your rights to choose certain benefits are restricted by the rights of
  your spouse to benefits as follows:

	
 

	
 

	
 

	
Spouse’s survivor retirement benefit. If you
  are married on your annuity starting date, your income benefit must be paid
  under a two-life annuity with your spouse as second annuitant.

	
 

	
 

	
 

	
Spouse’s survivor death benefit. If you die
  before your annuity starting date and your spouse survives you, the payment
  of the death benefit to your named beneficiary may be  subject to your spouse’s right to receive
  a death benefit.  Under an employer
  plan subject to ERISA, your spouse has the right to a death benefit of at
  least 50% of any part of your accumulation attributable to contributions made
  under such plan.  Under an employer
  plan not subject to ERISA, your spouse may have the right to a death benefit
  in the amount stipulated in the plan.

	
 

	
 

	

	
 

	
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          Your
  spouse may consent to a waiver of his or her rights to these benefits, as
  explained in section 65.

	
 

	
 

	
65.

	
Waiver of spouse’s rights. If you are
  married, your spouse must consent to a waiver of his or her rights to
  survivor benefits before you can choose:

	
 

	
 

	
 

	
 

	
A)

	
an income
  option other than a two-life annuity with your spouse as second annuitant; or

	
 

	
 

	
 

	
 

	
B)

	
beneficiaries
  who are not your spouse for more than the percentage of the death benefit
  allowed by the employer plan; or

	
 

	
 

	
 

	
 

	
C)

	
a lump-sum
  benefit.

	
 

	
 

	
 

	
          In
  order to waive the rights to spousal survivor benefits, we must receive, in a
  form satisfactory to TIAA, your spouse’s consent, or a satisfactory
  verification that your spouse cannot be located. A waiver of rights with
  respect to an income option or a lump-sum benefit must be made in accordance
  with the IRC and ERISA, or the applicable provisions of your employer plan. A
  waiver of the survivor death benefit may not be effective if it is made prior
  to the earlier of the plan year in which you reach age 35 or your severance
  from employment of your employer. 

	
 

	
 

	
 

	
          Verification
  of your marital status may be required, in a form satisfactory to TIAA, for
  purposes of establishing your spouse’s rights to benefits or a waiver of
  these rights. You may revoke a waiver of your spouse’s rights to benefits at
  any time during your lifetime and before the annuity starting date. Your
  spouse may not revoke a consent after the consent has been given.

	
 

	
 

	
PART J: GENERAL PROVISIONS

	
 

	
 

	
66.

	
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. 

	
 

	
 

	
67.

	
Modification of an Investment Account. We
  may, as permitted by applicable law, combine or delete Investment Accounts.
  We may add other Investment Accounts with the consent of your employer under
  your employer plan. We may also, as permitted by applicable law and the New
  York Insurance Department, change or substitute the fund(s) whose shares are
  held by the Investment Accounts. 

	
 

	
 

	
 

	
          If
  you own accumulation units in an Investment Account that is deleted, you will
  be deemed to have instructed us to transfer them to the CREF Money Market
  Account, if available, or such other account as specified by your employer
  under the terms of the employer plan.
  However, if permitted by your employer plan, you may instruct us to
  transfer such amounts to any other available Investment Account, the
  Traditional Annuity or to your companion CREF certificate.

	
 

	
 

	
68.

	
Applicability of prior provisions.  Any of the following provisions of your
  original contract will remain in effect as of the effective date of this
  endorsement to the extent that they are

	
 

	
 

	

	
 

	
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Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
applicable
  to substantially similar provisions of this endorsement:

	
 

	
 

	
 

	
 

	
A)

	
The rate
  schedule or rate schedules as applicable.

	
 

	
 

	
 

	
 

	
B)

	
Annuitant
  specific information appearing on page 3 of your original contract subject to
  any changes you have made as allowed under the terms of your contract. 

	
 

	
 

	
 

	
 

	
C)

	
Provisions
  detailing premium taxes.

	
 

	
 

	
 

	
 

	
D)

	
Lower
  minimum transaction amounts relative to the amounts indicated in this
  endorsement. 

	
 

	
 

	
69.

	
Report of accumulation. At least once each
  year, we will provide you with a report for your contract showing the value
  of your accumulation (death benefit) as of a date specified in the report. 

	
 

	
 

	
70.

	
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.

	
 

	
 

	
71.

	
No assignment, transfer or loans. Neither
  you nor any other person may assign, pledge, or transfer ownership of your
  contract or any benefits under its terms. Any such action will be void and of
  no effect. Your contract does not provide for loans.

	
 

	
 

	
72.

	
Protection against claims of creditors. The
  benefits and rights accruing to you or any other person under your contract
  are exempt from the claims of creditors or legal process to the fullest
  extent permitted by law.

	
 

	
 

	
73.

	
Non-forfeiture of benefits. Amounts payable
  under your contract will not be less than the minimum required as of the date
  of issue by any statute of the state or other jurisdiction in which your
  contract is delivered. Your accumulation and any benefits purchased cannot be
  forfeited under your contract.

	
 

	
 

	
74.

	
Right to a tax-free rollover. If you or your
  surviving spouse (or your spouse or former spouse as an alternate payee under
  a “qualified domestic relations order,” as defined in the IRC) receive a
  distribution from your contract which qualifies as an eligible rollover
  distribution under IRC Section 402(c)(4), any portion of it may be paid as a
  direct rollover to an eligible retirement plan. An eligible retirement plan
  is, to the extent permitted by law, a plan satisfying the requirements of IRC
  Section 401(a), 403(a), 403(b), 408 or to the extent that the plan sponsor is
  a state or local government, Section 457(b).

	
 

	
 

	
 

	
          Retirement
  plans eligible for such rollovers may, in the future, be changed by law. If
  such changes become effective, your contract will be governed by the laws and
  regulations then applicable.

	
 

	
 

	
75.

	
Payment to an estate, trustee, etc. TIAA
  reserves the right to pay in one sum the commuted value of any benefits due
  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
  your contract.

	
 

	
 

	
 

	
          If
  you designate a trustee of a trust as beneficiary, TIAA is not obliged to
  inquire into the terms of the underlying trust or any will.

	
 

	
 

	

	
 

	
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Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
 

	
 

	
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 your death; 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
  you; otherwise payment will be made to the executors or administrators of
  your 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 you; otherwise payment will be made to the
  executors or administrators of your estate.

	
 

	
 

	
 

	
          Payment
  to any trustee, successor beneficiary, executor, or administrator, as provided
  for above, shall fully satisfy TIAA’s payment obligations under your contract
  to the extent of such payment.

	
 

	
 

	
76.

	
Service of process upon TIAA. We will accept
  service of process in any action or suit against us on your contract in any
  court of competent jurisdiction in the United States or Puerto Rico 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.

	
 

	
 

	
77.

	
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 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%.

	
 

	
 

	
78.

	
Proof of survival. TIAA reserves the right
  to require satisfactory proof that anyone named to receive benefits under the
  terms of your 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%, has been
  recovered.

	
 

	
 

	
79.

	
Compliance with laws and regulations. TIAA
  will administer your contract to comply with the restrictions of all laws and
  regulations pertaining to the terms and conditions of your contract. You
  cannot elect any benefit or exercise any right under your 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, annuity starting date, beneficiary or second
  annuitant, method of payment of the death benefit, and the availability of
  internal transfers and lump-sum benefits, and the rights of spouses to
  benefits, as set forth in your contract are subject to the

	
 

	
 

	

	
 

	
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applicable
  restrictions, distribution requirements, and incidental benefit requirements
  of ERISA and the IRC, and any rulings and regulations issued under ERISA and
  the IRC.

	
 

	
 

	
80.

	
Restrictions on distribution of accumulation arising from elective
  deferrals. Your ability to elect a distribution as
  available under the terms of your contract is also subject to the applicable
  provisions of the IRC.  In general,
  IRC Section 403(b) prohibits the distribution to you of the portion of your
  accumulation equal to: 

	
 

	
 

	
 

	
 

	
 

	
 

	
A)

	
amounts
  attributable to funds transferred to your contract from a custodial account
  established under IRC Section 403(b)(7); plus

	
 

	
 

	
 

	
 

	
 

	
 

	
B)

	
amounts
  attributable to premiums paid to an IRC Section 403(b)(1) annuity contract as
  elective deferrals under a salary reduction agreement (within the meaning of
  IRC Section 403(b)(11)); less

	
 

	
 

	
 

	
 

	
 

	
 

	
C)

	
the value,
  if any, of the amounts described in B) determined as of December 31,
  1988. 

	
 

	
 

	
 

	
 

	
 

	
until you:

	
 

	
 

	
 

	
 

	
 

	
 

	
(1)

	
reach age 59
  1⁄2;

	
 

	
 

	
 

	
 

	
 

	
 

	
(2)

	
have a
  severance from employment with respect to the employer under whose plan the
  aforementioned portion is attributable;

	
 

	
 

	
 

	
 

	
 

	
 

	
(3)

	
die; 

	
 

	
 

	
 

	
 

	
 

	
 

	
(4)

	
become
  disabled within the meaning of IRC Section 72(m)(7); or

	
 

	
 

	
 

	
 

	
 

	
 

	
(5)

	
encounter
  financial “hardship” within the meaning of IRC Section 403(b).

	
 

	
 

	
 

	
          In
  the case of hardship, IRC Section 403(b) generally requires that any earnings
  credited after December 31, 1988 and any contributions paid after December
  31, 1988 to a custodial account established under IRC Section 403(b)(7) that
  are not elective deferrals under a salary reduction agreement, will not be
  available for distribution.

	
 

	
 

	
 

	
          Any
  request for an early withdrawal due to disability, hardship, or severance
  from employment must be submitted with evidence of the disability, hardship,
  or severance from employment on forms satisfactory to TIAA and must not be
  inconsistent with applicable law.

	
 

	
 

	
81.

	
Procedure for elections, changes, and requests for benefits.
  You (or your beneficiaries after your death) have to make any choice or
  changes available under your contract in a form acceptable to TIAA at our
  home office in New York, NY, or at another location that we designate. If you
  (or your beneficiaries after your death) send us a notice changing your
  beneficiaries or other persons named to receive payments, it will take effect
  as of the date it was signed even if you (or any other signer) then die
  before the notice actually reaches TIAA. Any other notice will take effect as
  of the date TIAA receives it. If TIAA takes any action in good faith before
  receiving the notice, we won’t be subject to liability even if our acts were
  contrary to what you told us in the notice.
  All benefits are payable at our home office in New York, NY, or at
  another location that we designate. If you have any questions about your
  contract or inquiries about our service, or if you need help to resolve a
  problem, you can contact us at the address or phone number below.

TIAA

730 Third Avenue

New York, NY 10017-3206

Telephone: 800 842-2733

	
 

	
 

	

	
 

	
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Endorsement to Your TIAA Supplemental Retirement Annuity Contract 

	

	
 

	
 

	
82.

	
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, additional amounts, 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, additional amounts, and internal transfers
  applied to the Traditional Annuity. Any change in the interest rate credited
  before your annuity starting date or your prior death is subject to the
  minimum rate specified in the applicable state nonforfeiture law, if any, or
  if none, the applicable National Association of Insurance Commissioners model
  nonforfeiture law. Any change in the charge for expenses or contingencies
  must comply with any applicable state nonforfeiture law. A change in the rate
  schedule will be made only after we have given you three months’ written
  notice of the change. Any such change will also be made to all other
  Supplemental Retirement Annuity contracts written on that contract form and
  delivered in the same jurisdiction. Any new rate schedule will specify: 

	
 

	
 

	
 

	
 

	
A) 

	
the charges
  for expenses and contingencies; and

	
 

	
 

	
 

	
 

	
B) 

	
the interest
  rates and the mortality bases used for determining benefits arising from
  amounts applied to the Traditional Annuity.

	
 

	
 

	
The following sections are new and apply to the rate schedule(s)
  under your contract:

	
 

	
 

	
83.

	
Rate schedule guarantees.  The guarantees provided in your contract’s
  rate schedule(s) are provided only for amounts applied to the Traditional
  Annuity and only for as long as such amounts remain in the Traditional
  Annuity. 

	
 

	
 

	
84.

	
Rates applicable to the Access Account accumulations transferred to
  immediately begin income from the Traditional Annuity.
  The following applies to the Access Account accumulations attributable to any
  premiums and internal transfers applied to the Access Account while the current
  rate schedule is in effect and for as long as such amounts remain in the
  Access Account accumulation: 

	
 

	
 

	
 

	
          If
  you transfer accumulations from the Access 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 your contract.

	
 

	
 

	

	
 

	
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