Is TIAA considered a pension?
TIAA is not a traditional defined-benefit pension plan funded entirely by an employer, but rather administers defined-contribution retirement plans such as 403(b) and 401(k) accounts. However, TIAA is famous for offering fixed and variable annuity options—such as the TIAA Traditional Annuity—that can convert accumulated retirement savings into a guaranteed, lifetime stream of income resembling a traditional pension payout during retirement years.
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