TIAA-CREF will be raising mortality and expense (M&E) fees on its Personal Annuity Select July 1. The M&E, at 10 basis points one of the lowest around, will be going up to 40 basis points because the company's variable sub-accounts have dropped in assets.
"VAs have not been attracting as many assets as in past years, due to the stock market decline," said a company spokesperson. "While an increase, our products [are] among the lowest cost annuities in the marketplace."
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