The Insurance and Financial Advisor recently reported good news for TIAA-CREF clients with a TIAA Traditional Annuity. An executive VP from the company confirms that the guaranteed fixed annuties will provide payouts in 2009 that are equal or greater to the income recieved in 2008.
According to TIAA, it can afford to offer steady returns in a fluctuating market because the Traditional General Account backing the annuities is extremely diversified (no more than 1% in a single investment) and has therefore suffered less from market swings.
