Form of Income Test Drive Endorsement for Retirement Annuity Contracts. After-Tax Retirement Annuity Contracts, Supplemental Retirement Annuity Contracts and IRA Contracts (including Rollover IRA, Contributory IRA, Roth IRA, OneIRA)

This endorsement is attached to, modifies, and becomes part of annuity contract number: [DA00000-0]

This endorsement covers only TIAA contract accumulation units, if any, applied to this [Income Test Drive] Election.

The purpose of this endorsement is to acknowledge your election of the [Income Test Drive] income option (“the [Income Test Drive] Election”) [with respect to the accumulations shown on page E3 from the above contract]. [The [Income Test Drive] Election is generally available if you are between ages [59½] [(or age [55] if you separate from service from the employer sponsoring the Employer Plan in or after the year you reach age 55)] and [88] and the Second Annuitant, if any, is less than age [88]. An Opt- Out will be triggered immediately upon discovery that the Endorsement has been issued to an ineligible contract.]

This endorsement also provides the detail regarding the [Income Test Drive] Election. For the amounts under the [Income Test Drive] Election, TIAA’s obligations under the contract are only as described in this endorsement. The terms and provisions of this endorsement are specific to the [Income Test Drive] Election and the amounts under the [Income Test Drive] Election and do not modify any terms or provisions pertaining to other amounts under the contract. Any terms not specifically defined in this endorsement should be understood as having the same meanings and applications that they otherwise have under the contract. Any other provisions of the underlying contract not addressed in this endorsement are applicable equally to the [Income Test Drive] Election as well as to other amounts under the contract. If, as pertains to amounts under the [Income Test Drive] Election, any provisions of this endorsement conflict with any provision of the underlying contract, this endorsement shall govern.

If any additional [Income Test Drive] Election covering additional accumulations from the contract is made subsequent to the effective date of this endorsement, a separate endorsement will be issued covering the terms of that election.

Note: This endorsement does not apply, and its provisions will have no effect, with respect to any contract issued in connection with a non-qualified deferred compensation plan, including, but not limited to, non-governmental 457(b) plans, 415(f) plans and 415(m) plans.

The provisions of the [Income Test Drive] Election do not apply to any accumulations held under the Traditional Annuity.

Accumulation .............................................. 1

Accumulation Units

Number of .......................................... 7

Annuity Benefit

Choosing .......................................... 15

Number of Annuity Units ................ 17

Compliance with Laws and Regulations ... 24

Internal Transfer ..................................... 3, 20

Investment Account ..................................... 4

Lump-sum Benefit ................................. 5, 22

Minimum Distribution Amount ................... 6

Payment of ....................................... 13

No Separate Death Benefit ........................... 2

Opt-Out ................................................... 8, 18

[Income Test Drive] Payments

Amount ..........................................10, 11

Income Change Method ..................... 12

Spouse's Rights ............................................ 23

Transition Date ........................................ 9, 14

[TIAA has issued this endorsement in conjunction with proceeds applied to the [Income Test Drive]

Election from your companion CREF certificate. A companion CREF [Income Test Drive] Unit-Annuity

Election Endorsement has been issued under this Election.

Companion CREF Certificate Number: [C-000000-1/None]]

Date of First Periodic Payment: [07-01-2017]

Frequency of Payment: [Monthly]

Transition Date to [One-Life Unit-Annuity or Two-Life Unit-Annuity]: [07-01-2019]

On the Transition Date, the accumulation under the [Income Test Drive] Election will be converted to a

one-life or two-life unit-annuity, unless you have previously elected to Opt-Out of this [Income Test

Drive] Election. You may make this conversion before the Transition Date subject to forms and

procedures intended to provide an orderly transition from withdrawals to annuity payments. Payments

under the one-life or two-life unit-annuity may be greater or lesser than the payments under this [Income

Test Drive] Election.

The unit-annuity will be issued as follows, subject to any allowable modifications unless you Opt-Out

before the Transition Date.

[First] Annuitant: [Jane S. Public]

Date of Birth: [January 1, 1950]

SSN: [On File]

[Second Annuitant: [John Q. Public]

Date of Birth: [January 1, 1951]

SSN: [On File]]

Income Option: [Two-Life Unit-Annuity with Full Benefit to Survivor]

Issue Date: [July 1, 2019]

Guaranteed Period: [8 Years]

Date of Last Guaranteed Payment: [06 01 2027]

Beneficiary for Guaranteed Period: [Joan Public and James Public]

Frequency of Payment: [Monthly, quarterly, semi-annual or annual]

The number of annuity units payable will be determined on the Transition Date as described in Section 17

of this endorsement.

No change is allowed in the choice of the [First] Annuitant, [Second Annuitant,] Income Option, Issue

Date, Guaranteed Period and Date of Last Guaranteed Payment. Any correction to a Date of Birth shown

above on or after the Transition Date will be made under the provisions of the unit-annuity stated above.

Any such correction made before the Transition Date will result in a corresponding adjustment of the

[Income Test Drive] payments or trigger an Opt-Out under Part C of this Endorsement if you are

ineligible for the [Income Test Drive] Election after adjustment. You may change any other aspects of the

one-life or two-life unit-annuity stated above.

As of the effective date of this endorsement, the [Income Test Drive] Election is only available for

accumulations from the following Investment Account(s). [Your Employer Plan, if applicable, may

restrict your right to invest in some or all of the accounts:]

[TIAA Real Estate Account]

[TIAA Access Account Level [x] Subaccounts:

[Account 1]

[Account 2]

[Account 3]

.

.

.

.]

1. Your accumulation under the [Income Test Drive] Election is the sum of the value of all

of your accumulation units in all of the Investment Accounts under the [Income Test

Drive] Election. Your accumulation will provide the benefits described in this

endorsement. Your accumulation under the [Income Test Drive] Election will remain

under the [Income Test Drive] Election until the Transition Date, unless there is an Opt-

Out. Unless otherwise specified, all references to accumulations in this endorsement refer

to accumulations under the [Income Test Drive] Election.

2. No separate death benefit is provided under the [Income Test Drive] Election. Upon your

death or the death of the Second Annuitant, if any, as provided in Part C, any remaining

accumulation units under this [Income Test Drive] Election will be released to the

contract. Upon your death, the death benefit under the contract (including the released

accumulation units) will then be paid.

3. An internal transfer is the movement of accumulations from one Investment Account

under the [Income Test Drive] Election to another, or between this contract and your

companion CREF certificate, if any, in connection with the [Income Test Drive] Election.

4. An Investment Account under the [Income Test Drive] Election refers to the Real Estate

Account or to any subaccount of any other Separate Account available under your

contract in accordance with the Employer Plan.

5. Except for withdrawals taken to satisfy the minimum distribution amount, a lump-sum

benefit is a withdrawal in a single sum of all or part of your accumulation under the

[Income Test Drive] Election.

6. The minimum distribution amount is the amount that is required under federal tax law

to be distributed to you for each calendar year for the accumulation under the [Income

Test Drive] Election. There is no minimum distribution amount for After Tax Retirement

Annuity (ATRA) contracts.

7. Number of accumulation units under the [Income Test Drive] Election. The number

of your accumulation units in each Investment Account under the [Income Test Drive]

Election is the number of units in each Investment Account applied to the [Income Test

Drive] Election as shown on page E3. For any Investment Account, the number of such

units:

A) Will be increased by any internal transfers to that Investment Account from your

accumulation in another Investment Account under the [Income Test Drive]

Election or from the [Income Test Drive] Election under your companion CREF

certificate;

B) May be increased by accumulation units purchased, after the issuance of this

endorsement, as a result of additional premiums remitted by your employer to

the contract.

And will be reduced by:

C) Any premium taxes deducted from that Investment Account in connection

with the [Income Test Drive] Election;

D) Payments made from that Investment Account under this [Income Test

Drive] Election;

E) [Any distribution of accumulation units from that Investment Account to

provide any form of payment of benefit;]

[F)] Any distribution of accumulation units from that Investment Account (in

addition to [Income Test Drive] payments) to satisfy the minimum

distribution requirements;

[G)] Any internal transfers from that Investment Account to your companion

CREF certificate or to another Investment Account under the [Income Test

Drive] Election;

[H)] The release of all accumulation units under the [Income Test Drive]

Election to the contract if you Opt-Out; and

[I)] The conversion of all accumulation units to an income benefit on the

Transition Date.

8. An Opt-Out of the [Income Test Drive] Election means any action described in Part C

that results in the termination of the [Income Test Drive] Election.

9. The Transition Date is the date (shown on page E3) on which the accumulation units

under the [Income Test Drive] Election are converted to annuity units and converted to a

one-life or two-life unit-annuity. After the Transition Date, all provisions of this [Income

Test Drive] Election will end.

10. Amount of [Income Test Drive] payments. The amount of the initial payment from

each Investment Account is shown on page E3. Payments will continue until the

Transition Date, unless you die prior to the Transition Date or Opt-Out.

11. Initially and on each [Income Test Drive] payment revaluation date before the Transition

Date, the amount of each payment is determined by dividing the value of your

accumulation units by the actuarial present value of a unit-annuity due of $1 payable

under the [Income Test Drive] Election. TIAA will use the same assumed net annual

investment return and mortality assumptions it currently uses on the payment revaluation

date to calculate payments under the income option selected. The amount will be

determined on the basis of:

A. The value of your accumulation units in each Investment Account under this

[Income Test Drive] Election;

B. The income option, payment frequency and any guaranteed period shown on page

E3;

C. Your age and the age of the Second Annuitant, if any, shown on page E3; and

D. The income change method.

12. Income Change Method. [Income Test Drive] payments are determined under one of

two income change methods.

Under the annual income change method, the amount of each [Income Test Drive]

payment is revalued each year. Currently, the payment changes on [May 1], based on the

accumulation as of the prior [March 31, or if March 31 is not a business day the prior

business day]. If you start your [Income Test Drive] payments in [April], your first

payment change will occur on [May 1] of the following year.

Under the monthly income change method, the amount of each [Income Test

Drive] payment is revalued every month. The payment amount is based on your

accumulation as of the valuation date of the prior month. Currently, the payment

valuation date for the monthly income change method is the [twentieth] day of a month

(or if the [twentieth] is not a business day, the prior business day) for [Income Test

Drive] payments due on the first day of the following month.

TIAA can modify the payment valuation date under either method and the date

the payment changes under the annual method. We can stop offering either the annual or

the monthly income change method.

13. Your accumulations under this [Income Test Drive] Election endorsement are subject to

minimum distribution requirements in accordance with IRC Sections 401(a)(9),

403(b)(10), 408(a)(6), 408(b)(3) or 457(d)(2) and related regulations. Any such required

payments of accumulation units under the [Income Test Drive] Election will not trigger

an Opt-Out. Any excess of such required payments over the [Income Test Drive] Election

payments will result in a corresponding reduction of future payments in accordance with

Section 11. This provision does not apply to ATRA contracts.

14. On the Transition Date your accumulation units will be converted to a one-life or two-life

unit-annuity as described on page E3, unless you have previously Opted-Out.

15. Choosing an annuity. When you choose the [Income Test Drive] Election, you must

select a one-life or two-life unit-annuity option provided in the contract. The one-life or

two-life unit-annuity you selected may be modified as provided in the contract to comply

with applicable laws & regulations on the Transition Date.

On the Transition Date, to begin annuity income under the option chosen, you

must satisfy all requirements of the contract for the particular one-life or two-life unitannuity

selected.

If your accumulation is subject to spousal rights, then your choice of an annuity is

subject to the right of your spouse, if any, to benefits as described in Part F.

16. A unit-annuity is a series of periodic payments based on a specified number of annuity

units payable at a stated payment frequency. Each unit-annuity payment is equal to the

then-current value of one annuity unit multiplied by the number of annuity units payable.

The value of each annuity unit will change either once each year or once each month

according to the income change method you select. The annuity unit is the basic unit of

payment for a unit-annuity. There is a separate and distinct annuity unit for each income

change method within each Investment Account. The annuity unit value for an account

and income change method is determined by multiplying the annuity unit value at the end

of the previous valuation day by the account's net investment factor for the valuation

period, and dividing the result by the value of $1.00 accumulated with interest over the

valuation period at an effective annual rate of [4%]. The resulting value is then adjusted

to reflect that annuity income amounts are redetermined only on the payment valuation

date for that income change method.

17. The number of annuity units in each Investment Account under your unit- annuity will

be determined as of the issue date of the unit-annuity by:

A) The value of your accumulation units in each Investment Account under

the [Income Test Drive] Election at that time;

B) The one-life or two-life unit-annuity option chosen, the payment

frequency, the income change method and any guaranteed period shown

on page E3;

C) Your age and the age of your Second Annuitant, if any; and

D) The value of each Investment Account's unit-annuity unit at that time.

If, prior to the Transition Date, you elect to convert all your accumulation units in

all Investment Accounts immediately into annuity units in those Investment Accounts for

your income change method, then any such election will also result in a corresponding

conversion of all your accumulation units held under the companion CREF [Income Test

Drive] Unit-Annuity Election Endorsement that has been issued in conjunction with this

endorsement.

TIAA will convert your accumulation units into a number of annuity units based

on the factors above which may result in unit-annuity payments that are greater or lesser

than the amount of your [Income Test Drive] payments. If you begin unit-annuity

payments before the Transition Date, then you will receive additional annuity units

reflecting the value of the remaining Opt-Out period. The number of annuity units you

will receive is based on the above factors and is calculated as follows.

Accumulation units will be converted into a number of annuity units equal to the

value of those accumulation units divided by the product of the annuity unit value and an

annuity factor equal to the present value of an annuity due of $1 payable under your

income option. To calculate this annuity factor, TIAA will use the same assumed net

annual investment return and mortality assumptions TIAA then uses to calculate

payments under the income option selected.

To comply with IRC Section 401(a)(9), we may make a supplemental payment to

you in the year the accumulations under this [Income Test Drive] Election are converted

to a one-life or two-life unit-annuity. The amount of any supplemental payment will

reduce the number of your accumulation units under the [Income Test Drive] Election

applied to the one-life or two-life unit-annuity.

If the amount of your one-life or two-life unit-annuity benefit will be less than

$100 per payment, TIAA will have the right to change the payment frequency so that the

amount of one-life or two-life unit-annuity benefit will be $100 or more with the shortest

interval between payments.

18. You may elect to terminate the [Income Test Drive] Election at any time before the

Transition Date, for any reason. The [Income Test Drive] Election may also terminate in

certain circumstances specified in the endorsement. Any such action, whether initiated by

you, the Employer Plan or occurring by operation of the terms of the endorsement, will

be referred to as an Opt-Out. The following actions will trigger or require an Opt-Out:

A. You terminate the [Income Test Drive] Election in a form acceptable to TIAA;

B. You transfer any accumulation units under the [Income Test Drive] Election to an

investment not eligible for the [Income Test Drive] Election;

C. You convert any accumulation units under the [Income Test Drive] Election to a

lifetime income annuity prior to the Transition Date;

D. You elect a lump-sum benefit of any accumulation units under the [Income Test

Drive] Election;

E. You elect to take a loan against any accumulation units under the [Income Test

Drive] Election;

F. When accumulation units under the [Income Test Drive] Election are awarded to

another individual as a result of a Qualified Domestic Relations Order;

G. You or the Second Annuitant, if any, die;

H. If your date of birth or the date of birth of the Second Annuitant, if any, under

which [Income Test Drive] payments are being made is incorrect, and you would

not be eligible for the [Income Test Drive] Election after the correction;

I. Any other action by you, the Employer Plan or TIAA that results in accumulation

units being removed from the [Income Test Drive] Election unless you transfer

such accumulation units to another investment eligible for the [Income Test

Drive] Election.

J. [Any action resulting in an Opt-Out of the accumulation units held under the

companion CREF [Income Test Drive] Unit-Annuity Election Endorsement that

has been issued in conjunction with this endorsement.]

Upon the effective date of any event triggering an Opt-Out, future [Income Test Drive]

Election payments will cease. In the event of an Opt-Out due to action C above, the

provisions of Section 17 will apply. Otherwise, any remaining accumulation units under

this [Income Test Drive] Election will be released to the contract and, except as otherwise

specified in this endorsement or required by law, all provisions of the [Income Test

Drive] Election will end.

19. If you Opt-Out as described in A-E of Section 18, you may not choose another [Income

Test Drive] Election until [12 months] after the Opt-Out.

20. Internal transfers. You may transfer some or all of your accumulation units from an

Investment Account under your [Income Test Drive] Election to purchase accumulation

units in one of the other Investment Accounts under your [Income Test Drive] Election,

or to your companion CREF certificate under the [Income Test Drive] Election, if any. If

you have an accumulation under the [Income Test Drive] Election in your companion

CREF certificate, you may transfer from that certificate to this contract. Any transfer to

or from CREF is subject to the terms of your companion CREF certificate and CREF's

Rules of the Fund.

You may transfer some or all of your accumulation units from an Investment

Account under your [Income Test Drive] Election to an Investment Account, contract or

other investment that is not under the [Income Test Drive] Election. If you elect a full or

partial transfer to an Investment Account, contract or other investment that is not under

the [Income Test Drive] Election, an Opt-Out will occur as of the effective date of the

transfer.

21. Internal transfer to a TIAA Traditional or CREF pay-out annuity. You may transfer

some or all of your accumulation units from an Investment Account under the [Income

Test Drive] Election to the Traditional Annuity to purchase a guaranteed lifetime annuity

income. You may also transfer some or all of your accumulation units from an

Investment Account under the [Income Test Drive] Election to your companion CREF

certificate, if any, to receive benefits under an income option available under that

certificate. Any such transfer will result in an Opt-Out. The provisions pertaining to such

transfers and the bases for determining the resulting benefits as described in your contract

for transfers of other accumulations under your contract, also apply to such transfers of

amounts from your [Income Test Drive] Election as well.

22. Availability of lump-sum benefit. Lump-sum benefits are available from your

accumulations under the [Income Test Drive] Election to the same extent they are

otherwise available from other accumulations under your contract subject to the same

restrictions. If you elect a lump sum benefit you will Opt-Out of the [Income Test Drive]

Election.

23. Spouse's right to benefits. If you are married, your spouse must consent to the [Income

Test Drive] Election and such consent will include any later Opt-Out. You and your

spouse may also be required to provide consents prior to the issuance of the One-Life or

Two-Life Unit-Annuity. This provision does not apply to ATRA contracts and any other

contracts that are not subject to survivor annuity requirements under federal law.

[Renewal of such consent will be required at the end of each two-year period until the

Transition Date.]

24. Compliance with laws and regulations. TIAA will administer your contract, as

modified by this endorsement, to comply with the restrictions of all laws and regulations,