The executor alleges that the guaranteed income option the participant elected for her existing retirement annuity contract was unsuitable and detrimental to her beneficiaries, and the participant was not capable of understanding the ramifications of the annuity income option that she elected.

$125,000.00

As a result of prior inquiries from the executor of the decedent's estate, TIAA was unable to find any error or basis for reversing the decedent's election to receive lifetime income with a 10-year guaranteed period. Documentation from meetings held in 2018 with the decedent and her limited Power of Attorney supported the options discussed and the client's decision to proceed with annuitizing. The executor's request to disperse the annuity balance of the contract before annuitizing, less payment sent, plus interest was declined