TIAA-CREF has temporarily suspended sales of its after-tax deferred annuities, Teachers Personal Annuity and Personal Annuity Select.

"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, VP of annuities and mutual funds.

Applications for new business will be accepted through June 13, and the company is also honoring additional contributions from existing accounts.

TIAA-CREF’s other annuity products, including its single premium immediate annuity and those available through its before-tax pension system, are still available.

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