Abstract
The Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA/CREF) administer, through CREF, the largest variable annuity pension plan in the United States. The variable annuity is an important financial instrument, one increasingly being used to provide retirement benefits. TIAA/CREF is examined here both to provide information for its participants and to note choices that those considering introducing new variable annuity plans must make. CREF's investment experience, which has been neither exceptionally good nor bad, is not examined in detail. Rather, this study focuses on the rules for determining benefits paid during retirement. TIAA/CREF rules result in certain interand intra-beneficiary transfers of wealth. Although the amounts transferred are small,' they are systematic and rectifiable with changes in the rules. TIAA/CREF has changed procedures in response to well-reasoned arguments.2 We hope this work has such an effect.
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