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EXHIBIT 99.B.4
TIAA-CREF LIFE INSURANCE COMPANY
000 XXXXX XXXXXX, XXX XXXX, X.X. 00000-0000
TELEPHONE: [000-000-0000]
PERSONAL ANNUITY SELECT CONTRACT
Contract Date of Issue
Number mo day yr
[0-000000-0 01 01 1999]
Annuitant [Xxxx X. Xxxxx]
Owner [Xxxx X. Xxx]
This is a contract between you, the owner, and TIAA-CREF Life Insurance
Company ("TIAA-CREF Life"). This page refers briefly to some of the features of
this contract. The next pages set forth in detail the rights and obligations of
both TIAA-CREF Life and you under the contract.
PLEASE READ YOUR CONTRACT. IT IS IMPORTANT.
GENERAL DESCRIPTION
This is a flexible premium limited deferred annuity contract. You
allocate any future premiums to the fixed account and/or to investment accounts
of the separate account. Your contract accumulation (the value of your contract)
is the sum of your fixed account accumulation and your separate account
accumulations. Accumulations in the fixed account are credited with a guaranteed
interest rate, and may also be credited with additional interest. ACCUMULATIONS
IN THE SEPARATE ACCOUNT ARE VARIABLE, ARE NOT GUARANTEED, AND MAY INCREASE OR
DECREASE DEPENDING ON INVESTMENT RESULTS OF THE FUNDS UNDERLYING THE INVESTMENT
ACCOUNTS.
TIAA-CREF Life will pay the income benefit provided under this contract
to you, the owner. The income benefit is based on the life of the annuitant
named above, who may be the owner or another person. If you or the annuitant die
before the income benefit begins, TIAA-CREF Life will pay the death benefit
provided in this contract. Income and death benefits are based on your contract
accumulation and the rate schedule under which premiums and transfers are
credited to your fixed account accumulation.
You may choose to withdraw all or a part of your contract accumulation
on or before the day income benefits begin. This contract does not provide for
loans.
TIAA-CREF Life may stop accepting premiums under this contract and
accept premiums under a replacement contract. Such a replacement contract may
include a surrender charge, a lower guaranteed interest rate on fixed account
accumulations, and different annuity purchase rates.
30 DAY RIGHT TO EXAMINE YOUR CONTRACT. You have 30 days from the day
you receive this contract to examine it. If you decide to cancel this contract,
send it and your request to cancel to TIAA-CREF Life at the address above. Upon
receipt of such request, TIAA-CREF Life will refund the contract accumulation as
of the date you mailed or delivered your request to us, plus premium taxes (if
any) deducted from premiums paid. As of that date, the contract will then be
void and no benefits will be provided under it.
If you have any questions about your contract or need help to resolve a
problem, you can contact us at the address or phone number above.
NONQUALIFIED FLEXIBLE PREMIUM LIMITED DEFERRED ANNUITY
FIXED AND VARIABLE ACCUMULATIONS
Xxxxxx X. Xxxxx
President and
Chief Executive Officer
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
INDEX OF IMPORTANT TERMS AND PROVISIONS
Section
Accumulation
Contract.............................................................24
Fixed Account........................................................25
Investment Account...................................................27
Accumulation Unit
Number of............................................................32
Definition...........................................................28
Additional Interest...........................................................26
Annuitant - Definition.........................................................1
Annuity Starting Date
Definition............................................................2
Assignment - Rights Subject to................................................52
Beneficiary
Definition............................................................3
Naming................................................................3
Benefits Based on Incorrect Age...............................................59
Business Day...................................................................4
Claims of Creditors
Protection Against...................................................53
Contract - Consists of........................................................19
Correspondence with Us........................................................63
Death Benefit
Availability of......................................................38
Amount of Payments...................................................41
Death Benefit Payee - Definition......................................6
Definition............................................................5
Guaranteed Minimum...................................................40
Methods of Payment...................................................43
Naming Your Beneficiary...............................................3
Payable Date.........................................................39
Variable Accumulations...............................................42
Distributions Required on Death of Owner
After the Annuity Starting Date......................................37
Before the Annuity Starting Date.....................................44
Elections and Changes - Procedure.............................................55
Fixed Account..................................................................7
Fund - Definition..............................................................8
General Account................................................................9
Gross Investment Factor.......................................................30
Income Benefit
Amount of Payments...................................................34
Automatic Election...................................................36
Definition...........................................................10
Options..............................................................36
Payment of...........................................................33
Starting Payments....................................................35
Investment Account
Addition or Deletion.................................................48
Description..........................................................11
Change or Substitution of Funds......................................49
Investment Company Act of 1940................................................57
Lapse or Forfeiture -
Protection Against...................................................20
Laws and Regulations -
Compliance with......................................................61
Loans - Not available.........................................................51
Lump-sum Benefit and Transfers
Availability.........................................................45
Definition...........................................................12
Effective Date.......................................................46
Net Investment Factor.........................................................29
Non-Forfeiture of Benefits....................................................54
Owner - Definition............................................................13
Payment to an Estate, Trustee, etc............................................56
Premiums
Allocation...........................................................22
Limits on............................................................21
Taxes................................................................23
Proof of Survival.............................................................60
Rate Schedule.................................................................64
Definition...........................................................14
Report of Accumulation........................................................50
Right to Amend................................................................62
Second Annuitant - Definition.................................................15
Separate Account
Charge...............................................................31
Description..........................................................16
Insulation of........................................................47
Service of Process upon TIAA-CREF Life........................................58
Transfer......................................................................17
Valuation Day.................................................................18
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
PART A: ANNUITANT DATA
Annuity
Date of Starting Date of
Contract Issue Date Birth
Number mo day yr mo day yr mo day yr
0-000000-0 01 01 1999 12 01 2018
Annuitant Xxxx X. Xxxxx 12 20 1952
Owner Xxxx X. Xxx 11 15 1950
Annuitant's Social Security Number: 000-00-0000
Owner's Social Security Number: ###-##-####
This contract was made and delivered in the State of New York. The validity and
effect of the contract are governed by the laws there in force.
Your initial premium has been allocated to the accounts shown below. All future
premiums will be allocated to these accounts as shown unless you change your
allocation instructions as described in section 22.
Fixed Account: 30%
Investment Accounts
Stock Index Account: 70%
Minimum Fixed-Account Accumulation Interest Rate: 3.0%
The following investment account is available as of the date of issue:
STOCK INDEX ACCOUNT: This account holds shares in the Stock Index Fund
of the TIAA-CREF Life Funds, which maintains a broadly diversified
portfolio consisting primarily of common stocks selected to track the
overall U.S. stock market.
The separate account charge is 1.2% per year of the separate account's net
assets. TIAA-CREF Life may choose to waive a portion of the separate account
charge.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
PART B: TERMS USED IN THIS CONTRACT
1. The ANNUITANT is the natural person whose life is used in determining the
income benefit to be paid. The annuitant is named on Page 3 of this contract,
and may not be changed, except as provided in section 38.
2. The ANNUITY STARTING DATE shown on Page 3 is the date on which your income is
scheduled to begin. You may change your annuity starting date as explained in
section 35.
3. BENEFICIARY. Beneficiaries are persons you name, in a form satisfactory to
TIAA-CREF Life, to:
A) receive the death benefit as death benefit payee(s) if you die
before the annuity starting date while the annuitant is alive;
or
B) become the owner, and receive any benefits due as owner, if
you die on or after the annuity starting date.
At any time you may name, change, add or delete beneficiaries, by
written notice to TIAA-CREF Life as explained in section 55.
You can name two "classes" of beneficiaries, primary and contingent.
These classes set the priority of payment or ownership. If any primary
beneficiary is alive at the time of your death, the primary beneficiary(ies)
will receive the death benefit or become the owner(s). If no primary beneficiary
survives you, your "beneficiaries" are the surviving contingent beneficiary or
beneficiaries you named. If a class contains more than one person, the
then-living person(s) in the class will receive the death benefit or become
owners in equal shares, unless you provide otherwise. For example, if you die
before the annuity starting date, and you named your spouse as primary
beneficiary and "children" as contingent beneficiaries, your spouse would
receive the death benefit or become owner if he or she survived you. But if your
spouse did not survive you, then your surviving children would receive the death
benefit or become owners in equal shares. 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.
If you die before the annuity starting date and if you named your
estate as beneficiary, none of the beneficiaries you named is alive at the time
of your death, or you never named a beneficiary, the death benefit will be paid
to your estate in one sum.
If you die on or after the annuity starting date and if none of the
beneficiaries you named is alive at the time of your death, or you never named a
beneficiary, the annuitant will become the owner. If the annuitant is not alive,
the second annuitant (if any) will become the owner. If no beneficiary or
annuitant is alive, the present value of any income benefit remaining due will
be paid to your estate in one sum.
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 DEATH BENEFIT is the value of your contract accumulation, or if greater,
the sum of all
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
premiums credited to this contract less any lump-sum benefits paid. It will be
paid to the death benefit payee under one of the methods of payment set forth in
Part F, if you or the annuitant dies before the annuity starting date.
6. The DEATH BENEFIT PAYEE can receive the death benefit if you or the annuitant
dies before the annuity starting date. If you die, your beneficiary will be the
death benefit payee. If the annuitant dies and you are not the annuitant, you
will be the death benefit payee. Where the owner and the annuitant have died and
there is not sufficient evidence that they have died other than simultaneously,
then the beneficiary is the death benefit payee, unless you have provided
otherwise.
7. FIXED ACCOUNT. All premiums and transfers credited to the fixed account
become part of TIAA-CREF Life's general account.
8. A FUND is a mutual fund or a separate series of a mutual fund registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. Each Fund consists of a portfolio of assets managed with a
specific investment objective.
9. The GENERAL ACCOUNT consists of all of TIAA-CREF Life's assets other than
those in separate accounts.
10. The INCOME BENEFIT is the periodic amount payable under one of the options
set forth in Part E. The first payment will be payable as of the annuity
starting date.
11. An INVESTMENT ACCOUNT is a subaccount of the separate account that holds
shares of a Fund or Funds which are managed with a specified investment
objective. The investment account(s) available as of the date of issue are shown
on Page 3. TIAA-CREF Life may add, combine, or delete investment accounts as
described in section 48.
12. A LUMP-SUM BENEFIT is a withdrawal in a single sum of all or part of your
contract accumulation. The provisions concerning lump-sum benefits are set forth
in Part G.
13. You are the OWNER. During your lifetime, you may, subject to the rights of
any assignee and to the extent permitted by law, exercise every right given by
this contract without the consent of any other person. The owner may be changed
as explained in section 55. The name of the owner as of the date of issue is
shown on Page 3.
14. The RATE SCHEDULE sets forth the guaranteed annuity purchase rates to be
used in determining income and death benefit payments. All such payments are
made from the general account. The rate schedule applies only to your fixed
account accumulation. The minimum income or death benefit equals that part of
your fixed account accumulation multiplied by the guaranteed annuity purchase
rate calculated on the basis specified in the rate schedule. The rate schedule
is in section 64.
15. You name a SECOND ANNUITANT if you choose an income benefit under a two-life
Annuity option, as explained in section 36. Under a two-life Annuity option the
lives of the annuitant and the second annuitant are used in determining the
income benefit.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
16. SEPARATE ACCOUNT. All premiums and transfers credited to an investment
account are part of the separate account. The separate account is designated as
"TIAA-CREF Life VA-1" and was established by TIAA-CREF Life in accordance with
New York law to provide benefits from this contract and other similar contracts.
The assets and liabilities of separate account TIAA-CREF Life VA-1 are
segregated from the assets and liabilities of the general account and from the
assets and liabilities of any other TIAA-CREF Life separate account.
17. You may TRANSFER some or all of your contract accumulation between the fixed
account and the available investment accounts. The provisions concerning
transfers, including restrictions, are set forth in Part G.
18. A VALUATION DAY is any business day, as well as the last calendar day of
each month.
PART C: CONTRACT AND PREMIUMS
19. THE CONTRACT. This document is the entire contract between you and TIAA-CREF
Life. We have issued it in return for your completed application and the first
premium. The application is not part of the contract. Any endorsement to or
amendment of this contract or waiver of any of its provisions will be valid only
if in writing and signed by an executive officer or a registrar of TIAA-CREF
Life. All benefits are payable at TIAA-CREF Life's home office in New York, NY.
This contract is incontestable.
20. PROTECTION AGAINST CONTRACT TERMINATION OR FORFEITURE. While your contract
accumulation is at least $250, your rights under the contract will remain in
force after the first premium has been paid. No additional premiums are
required. You own this contract. If no premiums have been paid for three years,
and your accumulation is less than $250, we may pay you your contract
accumulation and terminate this contract.
21. PREMIUMS. Premiums for this contract may be paid until the annuity starting
date and in any amount not less than $25. TIAA-CREF Life may limit total
premiums and transfers allocated to the fixed account to $300,000 in any
twelve-month period. TIAA-CREF Life may stop accepting premiums under this
contract after the effective date of a change in New York State Insurance Law
which lowers the minimum required accumulation interest rate for flexible
premium annuities from the rate in effect on December 31, 1998, provided that:
a) you have been given three months' written notice; and
b) TIAA-CREF Life accepts premiums under a new TIAA-CREF Life
deferred annuity contract issued to you with the same
annuitant, annuity starting date, beneficiary and methods of
benefit payment as those under this contract at the time of
replacement. Such new contract may include a surrender charge
on fixed account accumulations and may have a lower guaranteed
interest rate and different annuity purchase rates than those
under this contract. The new contract will also provide the
same rights to elect changes as those provided under this
contract.
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Your initial premium will be credited to your contract within two
business days of the business day on which it is received by TIAA-CREF Life at
the location that TIAA-CREF Life will designate. Each subsequent premium will be
credited to your contract as of the business day on which it is received by
TIAA-CREF Life at the location that TIAA-CREF Life will designate.
22. ALLOCATION OF PREMIUMS. You allocate premiums among the fixed account and
the available investment accounts. As of the date of issue, the Stock Index
Account is the only available investment account. If you allocate premiums to
the fixed account they increase your fixed account accumulation. If you allocate
premiums to an investment account they purchase accumulation units in that
account. Your allocation instructions as of the date of issue are shown on Page
3, and may be changed at any time for future premiums. Your premiums are
allocated according to the most recent valid instructions TIAA-CREF Life has
received from you in a form acceptable to TIAA-CREF Life.
23. PREMIUM TAXES. State and local government premium tax, if applicable, will
be deducted from your contract accumulation when incurred by TIAA-CREF Life.
TIAA-CREF Life may deduct these taxes when the premium is received by TIAA-CREF
Life or when annuity income or death benefit payments commence. If no amount for
premium tax was deducted, but premium tax is later determined to be due,
TIAA-CREF Life will reduce your contract accumulation by the amount of tax which
is determined to be due by TIAA-CREF Life.
PART D: ACCUMULATIONS
24. Your CONTRACT ACCUMULATION is equal to the sum of your fixed account
accumulation and your investment account accumulations. Your fixed account
accumulation is guaranteed by TIAA-CREF Life's general account. Separate account
accumulations are not guaranteed, and you bear the investment risk of your
separate account accumulations.
25. Your FIXED ACCOUNT ACCUMULATION is equal to:
A) all premiums allocated to your fixed account accumulation;
plus
B) all transfers credited to your fixed account accumulation;
plus
C) interest credited to your fixed account accumulation at the
guaranteed effective annual rate of 3%; plus
D) any additional interest in excess of the guaranteed interest
credited to your fixed account accumulation; less
E) any premium taxes incurred by TIAA-CREF Life for your fixed
account accumulation; less
F) the amount of any lump-sum benefits paid, or transfers from
your fixed account accumulation.
26. TIAA-CREF Life may credit ADDITIONAL INTEREST to your fixed account
accumulation. TIAA-CREF Life does not guarantee that there will be additional
interest.
Additional interest, if any, will be credited under a schedule of
additional interest rates declared by TIAA-CREF Life from time to time.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
27. An INVESTMENT ACCOUNT ACCUMULATION (the value of your share of an investment
account) is equal to the number of your accumulation units 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 investment results of the funds underlying the investment accounts.
28. ACCUMULATION UNIT. Each investment account maintains a separate accumulation
unit. The value of each investment account's accumulation unit is calculated at
the end of each valuation day. The value of an investment account's accumulation
unit is equal to the prior valuation day's value multiplied by the account's net
investment factor.
29. An investment account's NET INVESTMENT FACTOR equals its gross investment
factor minus the separate account charge incurred since the previous valuation
day.
30. An investment account's GROSS INVESTMENT FACTOR equals (A) divided by (B),
as follows:
(A) equals i. the net asset value of the shares in the
fund(s) held by the account as of the end of
the valuation day, excluding the net effect
of contract holders' 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 contract holders' transactions made during
the prior valuation day.
31. SEPARATE ACCOUNT CHARGE. A separate account charge is assessed for mortality
and expense risk and administration. The separate account charge is guaranteed
not to exceed 1.2% of the separate account's average daily net assets per year.
32. 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 transfers you make to that investment account;
and will be decreased by:
C) any premium taxes incurred by TIAA-CREF Life for your
investment account accumulation;
D) any lump-sum benefits paid from your account accumulation in
that investment account; and
E) any transfers from your account accumulation in that
investment account to the fixed account or another investment
account.
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
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
accumulation unit as of the end of the valuation day.
PART E: INCOME BENEFIT
33. PAYMENT OF THE INCOME BENEFIT. Your contract accumulation can be used to
provide an income benefit guaranteed by TIAA-CREF Life's general account. No
income benefit is available from the separate account. The income benefit will
be paid to you, the owner. If you die while any income benefit payments remain
due, the beneficiary will become the owner. The beneficiary, as the new owner,
will receive the income benefit and may name or change beneficiaries as
described in section 3.
34. The AMOUNT OF THE INCOME BENEFIT as of the annuity starting date will be
determined by:
A) the amount of your contract accumulation;
B) the rate schedule under which any premiums and transfers were
credited to your fixed account accumulation;
C) the income option and payment frequency you choose;
D) if you choose a one-life annuity, the annuitant's age; and
E) if you choose a two-life annuity; the annuitant's age and the
second annuitant's age.
If the income benefit would be less than $100 a month, TIAA-CREF Life
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.
35. STARTING THE INCOME BENEFIT. Payment of your income benefit will begin as of
the annuity starting date you have chosen, if you and the annuitant are then
living and:
A) you have chosen one of the income options set forth in section
36; and
B) if you choose a one-life annuity, we have received due proof
of the annuitant's age; and
C) if you choose a two-life annuity, we have received due proof
of the annuitant's age and the second annuitant's age.
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 the first of the month after these requirements have been completed.
You may change the annuity starting date at any time on or before the day the
income benefit begins, by written notice to TIAA-CREF Life as explained in
section 55. You may change the annuity starting date to the first of any month
following the date of the change, but not to a month:
A) earlier than fourteen months after the date of issue shown on
page 3; or
B) later than the annuitant's ninetieth birthday.
If you have not chosen an annuity starting date prior to the first of
the month in which the annuitant turns age 90, you will be deemed to have chosen
that date.
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36. INCOME OPTIONS are the ways in which you may have the income benefit paid.
Any time before the annuity starting date you may choose one of the options
listed below. Any choice or change of such choice must be made by written notice
to TIAA-CREF Life as explained in section 55. You may change your choice at any
time before payments begin, but once they have begun no change can be made.
Each of the income options listed below is payable from TIAA-CREF
Life's general account. No income option is payable from any investment account.
You must transfer (as described in Part G) your investment account accumulation
to your fixed account accumulation in order to apply your investment account
accumulation to one of the income options listed below.
The following are the income options from which you may choose. In
addition to providing an income during the lifetime of the annuitant or for a
fixed period, some options 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 below. The income options are described
as monthly payments, but you may choose quarterly, semi-annual or annual
payments. The periodic amount paid to you or a surviving second annuitant
depends on which of these options you choose. You may not elect an option which
would not be treated as an annuity under federal tax law. The periodic amount
paid depends on which of these options you choose:
ONE-LIFE ANNUITY. A payment will be made to you each month for as long
as the annuitant is alive. 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 the annuitant's death. If you include a guaranteed period
and the annuitant dies 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 either the annuitant or the second annuitant is alive. You cannot
change your choice of second annuitant after 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 at the death of
the last survivor of the annuitant and second annuitant. You may choose
from among the following forms of two-life annuity.
FULL BENEFIT WHILE EITHER THE ANNUITANT OR THE SECOND
ANNUITANT IS ALIVE. The full monthly benefit will continue as
long as either the annuitant or the second annuitant is alive.
If you included a guaranteed period and the annuitant and
second annuitant both die before the end of the period chosen,
the full amount of the monthly payments that would have been
paid if both had lived will continue until the end of that
period and then cease.
TWO-THIRDS BENEFIT AFTER THE DEATH OF EITHER THE ANNUITANT OR
THE SECOND ANNUITANT. At the death of either the annuitant or
the second annuitant, two-thirds of the monthly payments that
would have been paid if both had lived will continue for the
life of the survivor. If you included a guaranteed period and
the annuitant and the second annuitant both die before the end
of the period chosen, two-thirds of the monthly payments that
would have been paid if both had lived will continue to the
end of that period and then cease.
HALF BENEFIT AFTER THE DEATH OF THE ANNUITANT. The full
monthly income will
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
continue as long as the annuitant is alive. If the second
annuitant survives the annuitant, one-half the monthly
payments that would have been paid if the annuitant had lived
will continue for the life of the second annuitant. If you
included a guaranteed period and the annuitant and the second
annuitant both die before the end of the period chosen,
one-half the monthly payments that would have been paid if the
annuitant had lived will continue to the end of that period
and then cease.
FIXED-PERIOD ANNUITY. A payment will be made each month for a fixed period you
choose that is not less than 2 nor more than 30 years. If the annuitant dies
before the end of the period chosen, the monthly payments will continue to the
end of that period and then cease.
AUTOMATIC ELECTION PROVISION. If, on the annuity starting date determined in
accordance with section 35, you have not chosen one of the income options
described in the contract, you will be deemed to have chosen a one-life annuity
with a 10-year guaranteed period, or a shorter guaranteed period if required to
meet federal tax law.
37. DISTRIBUTION REQUIREMENTS UPON THE DEATH OF THE OWNER. If you die on or
after the annuity starting date, any income benefit remaining due must be
distributed at least as rapidly as under the income option on which income
benefit payments were being made as of the date of death.
PART F: DEATH BENEFIT
38. AVAILABILITY OF THE DEATH BENEFIT. If you or the annuitant dies before the
annuity starting date, the death benefit will become available to the death
benefit payee. If you die and your spouse is the sole death benefit payee, he or
she may choose to become the owner and continue the contract, or instead choose
to be paid the death benefit. If your spouse does not make a choice, within 60
days of the date we receive due proof of death, he or she will automatically
become the owner of the contract as of the date of your death. If you were also
the annuitant, your spouse, upon becoming the owner, will also become the
annuitant.
39. The DEATH BENEFIT PAYABLE DATE is the date TIAA-CREF Life authorizes payment
of the death benefit which is the date TIAA-CREF Life receives:
A) due proof of death of you or the annuitant;
B) the choice of a method of payment as provided in section 43;
and
C) due proof of the death benefit payee's age if the method of
payment chosen pays a lifetime income,
provided that the death benefit payable date will not be later than the first of
the month following the 60th day after we receive due proof of the death of you
or the annuitant. If no method of payment is chosen before that date, TIAA-CREF
Life will pay the death benefit as annual payments for a fixed period ending in
the twelve-month period preceding the fifth anniversary of the date of the
death.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
40. GUARANTEED MINIMUM DEATH BENEFIT. The death benefit will be the greater of A
and B where:
A is your contract accumulation; and
B is the sum of all premiums credited less any lump-sum benefits
paid.
As of the death benefit payable date, your fixed account accumulation will be
increased by the excess, if any, of B over A (where A and B are as defined
above) in order to pay the death benefit in accordance with this minimum amount.
41. The AMOUNT OF DEATH BENEFIT payment(s) will be determined, as of the death
benefit payable date, by:
A) the amount of your contract accumulation, after any adjustment
in accordance with the guaranteed minimum death benefit, as
described in section 40;
B) the rate schedule under which premiums and transfers were
credited to your fixed account accumulation;
C) the method of payment and the frequency of payment chosen for
the death benefit; and
D) if the method chosen pays a lifetime income, the age of the
death benefit payee.
42. TREATMENT OF ACCUMULATIONS IN INVESTMENT ACCOUNTS. Death benefits are paid
out of the fixed account. All accumulations held in investment accounts on the
date of death will remain in those accounts until the death benefit payable
date, unless the death benefit payee instructs otherwise. Accumulations in
investment accounts will be transferred to the fixed account for payment of the
death benefit as of the death benefit payable date.
43. METHODS OF PAYMENT. TIAA-CREF Life will pay the death benefit to the death
benefit payee under one of the methods of payment set forth below. You may
choose or change the method of payment at any time before payments begin. If
your beneficiary is the death benefit payee, he or she may change the method
chosen by you, unless you specify otherwise. If you do not choose a method, your
beneficiary will make the choice if he or she becomes entitled to payments. Any
choice of method or change of such choice must be made by written notice to
TIAA-CREF Life, as explained in section 55. Once payment of the death benefit
has begun, the choice may not be changed. Methods providing a lifetime income
may be elected only if the death benefit payee is a natural person. A fixed or
guaranteed period may not exceed the death benefit payee's life expectancy. The
methods of payment are described as monthly payments, but the death benefit
payee may choose quarterly, semi-annual or annual payments.
Each of the methods of payment listed below is payable from the fixed
account. No method of payment is payable from any investment account.
SINGLE-SUM PAYMENT. The death benefit will be paid to the death benefit
payee in one sum.
ONE-LIFE ANNUITY. A payment will be made to the death benefit payee
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 benefit payee's death. If a guaranteed period is
included and the death benefit payee dies before the end of that
period, monthly payments
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
will continue until the end of that period and then cease.
FIXED-PERIOD ANNUITY. A payment will be made to the death benefit payee
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 the death benefit payee dies before
the end of the period chosen, the monthly payments will continue until
the end of that period and then cease.
If any method chosen would result in payments of less than $100 a
month, TIAA-CREF Life will have the right to require a change in choice that
will result in payments of not less than $100 a month.
44. DISTRIBUTION REQUIREMENTS UPON THE DEATH OF THE OWNER. Notwithstanding any
other provision in your contract, if you die before the annuity starting date,
TIAA-CREF Life will pay the death benefit in accordance with the requirements of
Section 72(s) of the Internal Revenue Code of 1986, as amended. Thus, the death
benefit must be distributed within five years of the death of the owner.
However, if your beneficiary is a natural person and payments begin within one
year of your death, and within 60 days of the date we receive due proof of your
death, the distribution may be made over the lifetime of your beneficiary or
over a period not to exceed your beneficiary's life expectancy. If your spouse
is the sole death benefit payee, he or she may choose to become the owner and
continue the contract. If the owner is not a natural person, the death of the
first annuitant is treated as the death of the owner for these distribution
requirements.
PART G: LUMP-SUM BENEFITS AND TRANSFERS
45. AVAILABILITY. On or before the day your income benefits begin, you may
choose a lump-sum benefit or transfer from any account under your contract.
Lump-sum benefits from an account's accumulation must be at least $1,000 or for
the entire account accumulation. Transfers between account accumulations must be
at least $250 or for the entire account accumulation. Only one lump-sum benefit
or transfer from the fixed account may be made in any 180-day period. After we
have given you three months' written notice, we may limit transfers from any
investment account to no more than one transfer in any 90-day period.
TIAA-CREF Life may limit to $300,000 the total premiums and transfers
credited to your fixed account accumulation, in any twelve-month period.
Any request to receive a lump-sum benefit must be made by written
notice to TIAA-CREF Life as explained in section 55. If your entire contract
accumulation is withdrawn, all obligations of TIAA-CREF Life to you under the
contract are fulfilled. Any request to transfer accumulations must be in a form
acceptable to TIAA-CREF Life.
46. EFFECTIVE DATE. A lump-sum benefit payment or transfer will be effective,
and all values determined as of the end of the business day we receive, in a
form acceptable to TIAA-CREF Life, your request, unless you choose to defer the
effective date to a future day acceptable to TIAA-CREF Life. A request for a
lump-sum benefit or transfer cannot be revoked after its effective date.
TIAA-CREF Life is required by law to reserve the right to defer payment
of a lump-sum
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
benefit from the fixed account for up to six months. Also, TIAA-CREF Life
reserves the right to delay a transfer from the fixed account for up to six
months. If we defer payment of a lump-sum benefit or a transfer from the fixed
account for ten or more working days, we will credit interest at the total rate
then applicable to amounts left on deposit with TIAA-CREF Life, but not less
than 3%. If at any time applicable state law requires a higher rate of interest,
such rate will be credited. Payment of a lump-sum benefit or a transfer from an
investment account may be delayed to the extent permitted or required under the
federal Investment Company Act of 1940, or any other applicable federal or state
law.
PART H: GENERAL PROVISIONS
47. INSULATION OF SEPARATE ACCOUNT. TIAA-CREF Life owns the assets in separate
account TIAA-CREF Life VA-1. To the extent permitted by law, the assets of the
separate account will not be charged with liabilities arising out of any other
business TIAA-CREF Life may conduct. All income, gains and losses, whether or
not realized, of an investment account of the separate account will be credited
to or charged against only that investment account without regard to TIAA-CREF
Life's other income, gains or losses.
48. ADDITION OR DELETION OF AN INVESTMENT ACCOUNT. TIAA-CREF Life may, as
permitted by applicable law, add, combine, or delete investment accounts within
the separate account. If you own accumulation units in an investment account
that is deleted, you must transfer them to any other available investment
account or to the fixed account. Any such changes will be effected only after
obtaining the approval of the New York Insurance Department.
49. CHANGE OR SUBSTITUTION OF FUNDS. TIAA-CREF Life may, as permitted by
applicable law, change or substitute the Fund(s) whose shares are held by the
investment account(s). Any such changes will be effected only after obtaining
the approval of the New York Insurance Department.
50. REPORTS. At least once each year until the annuity starting date, we will
mail you a report for the calendar year just ended. It will provide a statement
of the investments held in the separate account, and it will show the value of
your contract accumulation, the death benefit, your fixed account accumulation,
and for each investment account accumulation, the value of your accumulation,
the number of your accumulation units, and the value of one accumulation unit.
51. NO LOANS. This contract does not provide for loans.
52. ASSIGNMENT. You may assign this contract. We assume no responsibility for
the validity of any such assignment, nor will we be charged with notice of any
assignment unless it is in writing and has been received by us. The rights of
the owner, annuitant, any second annuitant, any beneficiary and any other person
to receive benefits under this contract will be subject to the terms of any
assignment. You should consult your tax advisor before making any assignment of
your contract.
53. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under this contract are exempt from the claims of
creditors or legal process to the
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
fullest extent permitted by law.
54. NON-FORFEITURE OF BENEFITS. Any paid-up annuity, cash surrender or death
benefits payable under this contract will not be less than the minimum required
as of the date of issue by any applicable statute of the state or other
jurisdiction in which this contract was delivered.
55. PROCEDURE FOR ELECTIONS AND CHANGES. You (or your beneficiaries after your
death) have to make any choice or changes available under your contract in a
form acceptable to TIAA-CREF Life at our home office in New York, NY. 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 other signer) then dies before the
notice actually reaches TIAA-CREF Life. Any other notice will take effect as of
the date TIAA-CREF Life receives it. If TIAA-CREF Life takes any action in good
faith before receiving the notice, we will not be subject to liability even if
our acts were contrary to what you told us in the notice.
56. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. TIAA-CREF Life 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-CREF Life is not obliged to ask about
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-CREF Life 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 the owner's estate.
If benefits become payable to an inter-vivos trustee, 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 the owner's estate.
Payment to any trustee or estate as provided for above shall fully
satisfy TIAA-CREF Life's payment obligations under this contract to the extent
of such payment.
57. INVESTMENT COMPANY ACT OF 1940. The separate 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, TIAA-CREF Life may deregister the separate
account under the Act, subject to compliance with applicable law.
58. SERVICE OF PROCESS UPON TIAA-CREF LIFE. We will accept service of process in
any action or suit against us on this contract in any court of competent
jurisdiction in the United States 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 state, district or territory 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.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
59. BENEFITS BASED ON INCORRECT AGE. If the amount of benefits is determined by
data as to a person's age that is incorrect, benefits will be recalculated on
the basis of the correct age. Any amounts underpaid by TIAA-CREF Life on the
basis of the incorrect data will be paid at the time the correction is made. Any
amounts overpaid by TIAA-CREF Life on the basis of the incorrect data will be
charged against the payments due after the correction is made. Any underpayments
paid or overpayments charged will include compound interest at the effective
rate of 6% per year.
60. PROOF OF SURVIVAL. For any benefit that requires the owner, annuitant, any
second annuitant, any beneficiary and/or any other person named to receive
benefits be alive on the date any benefit payment is due under the terms of this
contract, TIAA-CREF Life may require satisfactory proof that such person or
persons are alive. If this proof is not received after it has been requested in
writing, TIAA-CREF Life 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 rate of 6% per year, has been
recovered.
61. COMPLIANCE WITH LAWS AND REGULATIONS. TIAA-CREF Life will administer the
contract to comply with all applicable laws and regulations pertaining to
annuities and the terms and conditions of the 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. TIAA-CREF Life will withhold and forward to tax
authorities any amounts required by law.
62. RIGHT TO AMEND. TIAA-CREF Life reserves the right to change this contract
from time to time in order to comply with applicable federal and state laws on
annuities. If we make such a change, we will do so for all contracts written on
this form and delivered in the same state this contract was delivered.
63. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form, or
request for benefits will be deemed to be received by us unless it is received
at our home office in New York, NY. All benefits are payable at our home office
in New York, NY. Any questions about your contract or inquiries about our
services should be directed to us at our home office address: TIAA-CREF Life,
000 Xxxxx Xxxxxx, Xxx Xxxx, XX 00000-0000.
PART I: RATE SCHEDULE
64. RATE SCHEDULE. All income and death benefits are payable from TIAA-CREF
Life's general account. TIAA-CREF Life may pay income or death benefits that are
higher than the benefit amounts guaranteed by this rate schedule.
THE GUARANTEED ANNUITY PURCHASE RATES APPLICABLE TO the portion of your fixed
account accumulation arising from premiums and transfers credited to your fixed
account accumulation will be computed on this basis:
(1) a deduction for any premium taxes incurred by TIAA-CREF Life for your
contract when
TCL-1291.2 Page 17
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
annuity payments commence;
(2) interest at an effective annual rate of 3% from the end of the day on
which the premium or transfer is received to the date income or death
benefits begin, and at the effective annual rate of 2 1/2% thereafter;
and
(3) mortality according to the Annuity 2000 Mortality Table (TIAA Merged
Gender Mod C).
These rates cease to apply to any fixed account accumulations that you transfer
to the separate account.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
GUARANTEED ANNUAL AMOUNT OF INCOME BENEFITS UNDER A
ONE-LIFE ANNUITY WITH 10-YEAR GUARANTEED PERIOD
PURCHASED BY A SINGLE PREMIUM OF $100
(PER $100 CREDITED AFTER ANY APPLICABLE PREMIUM TAXES BEEN DEDUCTED)
One-twelfth of the amount shown is payable each month
Age Age Age
Attained Attained Attained
When Annuity Beginning at When Annuity Beginning at When Annuity Beginning at
Premium Premium Premium
is Paid* Age 60 Age 65 Age 70 is Paid* Age 60 Age 65 Age 70 is Paid* Age 60 Age 65 Age 70
20 $14.27 $18.10 $23.30 37 $ 8.63 $10.95 $14.10 54 $ 5.22 $ 6.62 $ 8.53
21 13.85 17.57 22.62 38 8.38 10.63 13.69 55 5.07 6.43 8.28
22 13.45 17.06 21.96 39 8.14 10.32 13.29 56 4.92 6.24 8.04
23 13.06 16.56 21.32 40 7.90 10.02 12.90 57 4.78 6.06 7.81
24 12.68 16.08 20.70 41 7.67 9.73 12.52 58 4.64 5.89 7.58
25 12.31 15.61 20.10 42 7.45 9.44 12.16 59 4.51 5.71 7.36
26 11.95 15.15 19.51 43 7.23 9.17 11.81 60 4.37 5.55 7.14
27 11.60 14.71 18.94 44 7.02 8.90 11.46 61 5.39 6.93
28 11.26 14.28 18.39 45 6.81 8.64 11.13 62 5.23 6.73
29 10.94 13.87 17.86 46 6.62 8.39 10.80 63 5.08 6.54
30 10.62 13.46 17.34 47 6.42 8.15 10.49 64 4.93 6.35
31 10.31 13.07 16.83 48 6.24 7.91 10.18 65 4.79 6.16
32 10.01 12.69 16.34 49 6.05 7.68 9.89 66 5.98
33 9.72 12.32 15.87 50 5.88 7.46 9.60 67 5.81
34 9.43 11.96 15.40 51 5.71 7.24 9.32 68 5.64
35 9.16 11.61 14.96 52 5.54 7.03 9.05 69 5.47
36 8.89 11.28 14.52 53 5.38 6.82 8.78 70 5.31
The yearly payments shown above are those that result from a premium of $100,
net of premium tax, paid or credited when you have reached an age shown in the
"Age Attained" column, but have not passed that birthday by as much as one
month. All ages used in computing benefits are calculated in completed years and
months. Payments at ages other than those shown, and under other income options,
are computed on the basis stated in the rate schedule for benefits bought by
premiums. For premiums other than $100, payments will be proportionate.
* Premiums are considered to be paid, and will be credited to your contract, as
of the end of the business day on which they are received.
==========
TIAA-CREF Life will compute any benefits provided by the portion of your fixed
account accumulation resulting from amounts applied to the fixed account on the
basis stated above, or, if it produces a larger payment, on the rate basis
TIAA-CREF Life uses for computing the amount of any nonqualified individual
single premium immediate annuity being offered when the payments start, after a
deduction for any premium taxes incurred by TIAA-CREF Life for your contract
when annuity payments commence.
No surrender charge will be assessed against lump-sum benefit payments or
transfers from your fixed account accumulation.
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YOUR TIAA-CREF LIFE PERSONAL ANNUITY SELECT CONTRACT
NONQUALIFIED FLEXIBLE PREMIUM LIMITED DEFERRED ANNUITY
FIXED AND VARIABLE ACCUMULATIONS
Page 20 TCL-1291.2
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