I have a client who is about to retire from a large western university. Per the recommendation of the university and TIAA financial advisers, he has contributed together with the school a substantial sum into the TIAA fixed annuity over several decades. When he first signed on with TIAA he was advised that he must also simultaneously open an account with CREF which is the mutual fund investment side. Although he has questioned the financial advisors (there have been a minimum of 3-4 so far) over the years about whether it would be wiser to invest part of his monthly contributions in the CREF side as well as the TIAA side, he was always adivsed to contribute only to and leave everything in the TIAA side. Over the decades, TIAA has averaged an annual return of only 4-5%/year because it was invested soley in fixed income investments. Now that he is ready to retire, he is being told by TIAA that he cannot have his money. He must leave it with TIAA, but his choices for payout are: 1. A 6%/year payout over his lifetime or 4.7% payout over 2 lives. 2. A 10, 15 or 20 year guaranteed payout for 2 lives that would generate a maximum payout equal to only 1/3 of his account over 10 years, approximately 1/2 of his account paid out over 15 or 2/3 paid out over 20 years. 3. Or they will pay out 10% of his total account to him over the next 10 years, but the remainder stays in TIAA with no possibility of a surrender under any circumstances. Loans are not allowed nor a rollover into CREF so that it could be in mutual funds during the 10 year payout. He is stuck with a 4-5% return on his money even after retirement. Anybody have any idea how to rollover all the account into anything that would be more productive and liquid than TIAA?