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What types of annuities are usually provided by a retirement program?

April 26, 2017annuities program provided retirement types usually

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What types of annuities are usually provided by a retirement program?

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There are two types of annuities, fixed and variable. The income from a fixed annuity once determined generally remains constant. The income from a variable annuity generally changes on a yearly basis. SERS provides only a fixed annuity; TIAA provides both fixed and variable annuities. The College Retirement Equities Fund (CREF) of TIAA-CREF offers a variable annuity program. A participant in TIAA-CREF may elect to allocate all or part of the contributions to CREF. Those contributions purchase units (like share of ownership) in CREF’s stock account, money market, bond, social choice, global equities fund, growth account, equity index account and TIAA real estate account. Both before and after retirement, the value of each CREF unit varies upwards or downwards depending upon the performance of the funds.