he continued decline in interest rates has prompted TIAA-CREF
to put its after-tax deferred annuity product on the sidelines. The New York City-based firm is suspending sales of its Teachers Personal Annuity and Personal Annuity Select
after June 13. Applications from individuals it receives will be honored, according to company officials.
The move will not affect the availability of TIAA-CREF's Single Premium Immediate Annuity and its before-tax pension system annuities.
"With interest rates at historic lows, we cannot continue to accept new customers for products which are required to provide a minimum guaranteed rate of 3% on their Fixed Account," said Dennis Foley
, TIAA-CREF vice president, mutual funds and annuities.
Existing policies remain in effect and TIAA-CREF will accept additional contributions from those accountholders.
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