Regulation best interest disclosure - TIAA

1 Regulation best interest disclosureFor over 100 years, TIAA has served the retirement needs of people who work in the academic, medical, cultural and research fields, and their families. Our goal is to help you pursue financial well-being throughout your life through a variety of investing solutions.* TIAA provides broker-dealer services through its affiliate TIAA-CREF Individual & Institutional Services, LLC ( TC Services ) and its registered representatives ( Financial Professionals ). We are required to provide this document to you as a retail customer1 under the SEC s Regulation Best interest .

2 You may receive this document multiple times, depending on the products and services you have with us. You should review this document (and any updates and revisions to it) when you receive any securities recommendations (including investment strategies involving securities) from us. We refer to TC Services and its Financial Professionals collectively as we / us / our throughout this Retail customers are natural persons, or their legal representatives that use recommendations primarily for personal, family or household purposes.

3 This document is not intended for plan sponsors or nonretail of November 15, 2021 This document describes the products and services we provide as a broker-dealer registered with the Securities and Exchange Commission ( SEC ).* It can help you understand important information about the recommendations we provide such as the fees we charge and how we are paid for these services. Specifically, this document provides information on: WOur broker-dealer services WThe standard of conduct that applies to any recommendation (including investment strategies involving securities) we provide for your TIAA accounts when we act as a broker-dealer as well as important considerations (including conflicts) and limitations related to our recommendations WThe accounts, products and services we may recommend as a broker-dealer (called Solutions in this document)

4 As well as our fees and other compensation WOur investment philosophy, the general basis for our recommendations and risks of investing WOur Financial Professionals roles, how they are compensated and material conflicts of interest related to their compensationOur solutionsMost, but not all, of our clients begin their relationship with us when they enroll in an employer-sponsored retirement plan ( Plan ) at TIAA. For clients with investing needs beyond their Plan(s), we offer a range of Solutions, such as affiliated individual retirement accounts ( IRAs ), self-directed brokerage accounts, variable annuities and variable universal life insurance through third parties.

5 All Solutions are described in more detail starting on page 8. We also offer services as a registered investment adviser and services from our affiliates (collectively, Other Services ), which are summarized starting on page 25. Please review all documents and disclosures associated with Solutions and Other Services we recommend to make fully informed decisions. If you have a Plan that is recordkept by TIAA as a service provider, we may use data from your Plan when we recommend or provide you with Solutions and Other Services.

6 Plan sponsors do not review or endorse any Solutions or Other Services outside of their Our broker-dealer services ..3 Our recommendations ..4 The best interest standard applicable to our recommendations 4 Fiduciary Acknowledgment re: Certain Retirement Plan Recommendations ..4 Limitations on our Recommendations: Affiliated products and related conflicts of interest ..4 Types of affiliated products and conflicts of interest ..5 Affiliated funds from the TIAA-CREF and Nuveen family of mutual funds ( Affiliated Funds ).

7 5 Retirement annuities issued by TIAA and CREF, including: ..5 Other affiliated products ..5 Third-party products and conflicts of interest ..6 Limited buy and sell recommendations ..6No monitoring of our recommendations ..6 Important IRA rollover and account transfer considerations ..6 Important annuitization considerations ..7 Our solutions ..8 Plan accounts recordkept by TIAA ..8 TIAA IRAs* ..9 TIAA brokerage accounts ..11 Retail variable annuities from TIAA and its affiliates ..12 Variable life insurance through third parties.

8 14 Our investment philosophy and the general basis for our recommendations ..15 Risks of investing.. 16 Our financial professionals and their compensation ..18 National Contact Center financial services consultants ..18 Financial consultants ..19 Individual financial consultants ..19 Advisory consultants ..20 Wealth management advisors ..21 Life and annuity specialists ..24 Managers of financial professionals ..24 Additional compensation from third parties ..24 Other services ..25 Our investment advisory services.

9 25 Financial planning services ..25 Managed account solutions ..25 Investment management services through TIAA Bank ..25 Referrals to TIAA affiliates ..25 Insurance agents offering annuity and life insurance products ..25 Appendix A ..26 Fees imposed by third-party life carriers for variable universal life policies ..26 Regulation best interest disclosure - November 15, 2021 2 WOpen, contribute or enroll in our Solutions, including consolidating assets via an IRA or plan rollover or transfer WCreate a lifetime income stream by annuitizing affiliated variable annuity holdings at TIAA WPurchase and sell specific investments within your Plans at TIAA (where available), the TIAA IRAs and certain TIAA-CREF Life Insurance Company ( TIAA Life )

10 Annuities WPurchase third-party variable universal life insurance policiesRecommendations to enroll in, roll over to or contribute more to a TIAA professionally managed account are provided as registered investment adviser services and not as broker-dealer services. You will be provided with a separate disclosure document for managed account recommendations. For more information about our and our affiliates advisory programs and offerings, see the program disclosure documents at and the applicable client also offer educational services as a broker-dealer that do not involve a Recommendation, including.