Your plan offers many distribution options, including:

• Lifetime Retirement Income
  • One-life annuity. This option provides income for as long as you live. At your death, payments can continue to your designated beneficiaries if you include a guaranteed period.
  • Two-life annuity. This option pays lifetime income to you and an annuity partner (spouse or any other person you name) for as long as either of you live. At the death of both you and your annuity partner, payments can continue to your designated beneficiaries if you include a guaranteed period.
  • One-life or two-life annuity with a guaranteed period. A guaranteed period of either 10, 15, or 20 years can be added to your lifetime annuity income option as long as it does not exceed your life expectancy. Guaranteed periods ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period.
    
• Systematic withdrawals- This option can provide you the flexibility to determine the amount you'd like to withdraw semimonthly, monthly, quarterly, semiannually or annually (minimum of $100). You can increase, decrease or suspend the payments at anytime. Systematic cash withdrawals are not available from TIAA Traditional Retirement Annuity contracts.
  
• Lump Sum- This represents a single withdrawal of all or a portion of your available TIAA-CREF retirement account. Subject to plan rules, Retirement Annuities only allow cash withdrawals from the CREF variable annuity accounts, the TIAA Real Estate Account and mutual funds. Supplemental Retirement Annuities and Group Supplemental Retirement Annuities are entirely cashable after you satisfy a triggering event (such as separation from service or attainment of age 59 1/2).
  
• Small Sum Distribution- Upon separating from service you may be eligible to withdraw your total Retirement Annuity or Group Retirement Annuity if the value of your TIAA Traditional does not exceed $2000 and the total of your accounts is below a certain level as defined by your employer's plan. Therefore, regardless of your age and your employer's cash rules, you may be able to withdraw your retirement account in full; assuming the total accumulation is below the maximum limit set by your Employer's plan (generally $4,000).
  
• TPA to Cash- You can withdraw your Retirement Annuity and Group Retirement Annuity TIAA Traditional accumulation through the Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. In addition to the TPA, lump-sum withdrawals of TIAA Traditional are available from Group Retirement Annuities within 120 days after termination of employment and are subject to a 2.5% surrender charge. You may also be eligible to establish a fixed period annuity of 5 - 30 years from a Group Retirement Annuity.
  
• The Limited Periodic Option- This option allows cash withdrawals of up to 7% from CREF and TIAA Real Estate for individuals over 55 (currently only available in the TIAA-CREF Group Retirement Annuity plan).
  
• Interest-Only- This option provides monthly payments of the total current interest earned on your TIAA Traditional in Retirement Annuity and Group Retirement Annuity contracts. Your principal remains intact while you receive the payments. Interest-Only payments are generally available to individuals between ages 55 and 69 1/2.
  
• The Retirement Transition Benefit- This option allows you to receive a cash withdrawal of up to 10% of the accumulation converted to lifetime annuity income. The amount you receive as a cash withdrawal will reduce your lifetime annuity income by the same percentage.
  
• Fixed-Period Annuities- These options provide income for a specific number of years, not to exceed your life expectancy. At the end of the period, you will have received all of your principal and earnings, and payments stop. Depending on the retirement product, you can select a fixed period from 2 - 30 years.
  
• Minimum Distribution Option- Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year you reach age 70 1/2 or retire, whichever is later. The Minimum Distribution Option is designed to maximize the tax deferral of your assets while keeping you in compliance with the federal regulations.
• Retirement Loan - Some retirement plans allow you to borrow funds from your account. Generally, under the Internal Revenue Code the maximum loan allowed from all your employer's plans is up to $50,000 or 50% of your vested accumulation, whichever is less. (This may be further limited by the terms of your contract.) Borrowing funds from your retirement plan is a nontaxable event as long as you repay your loan in full.
• Single Sum Death Benefit- This is the amount paid to your beneficiary(ies) as a death benefit from your retirement account.

The primary purpose of your University of Iowa retirement plan is to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

C34786