A nonprofit organization established in 1918 by the Carnegie Foundation for the Advancement of Teaching to provide retirement benefits for the employees of colleges, universities, and other nonprofit organizations. TIAA's Traditional Annuity provides maximum safety that, backed by the company's claims-paying ability, guarantees principal plus a specified rate of interest, and provides the opportunity for additional dividends. TIAA's Real Estate Account is a variable annuity that invests in a portfolio based largely on income-producing commercial and multifamily residential properties. Its returns will fluctuate and there are no guarantees.