Summary Prospectus for New Investors by Investment Company (Form 497VPI)

SUMMARY PROSPECTUS FOR NEW INVESTORS

MAY 1, 2026

Accounts & Ticker Symbols

Class R1

Class R2

Class R3

Class R4

Total Global Stock Account (formerly Stock Account)

QCSTRX

QCSTPX

QCSTIX

QCSTFX

Global Equities Account

QCGLRX

QCGLPX

QCGLIX

QCGLFX

Growth Account

QCGRRX

QCGRPX

QCGRIX

QCGRFX

S&P 500 Index Account (formerly Equity Index Account)

QCEQRX

QCEQPX

QCEQIX

QCEQFX

Core Bond Account

QCBMRX

QCBMPX

QCBMIX

QCBMFX

Inflation-Linked Bond Account

QCILRX

QCILPX

QCILIX

QCILFX

Responsible Balanced Account (formerly Social Choice Account)

QCSCRX

QCSCPX

QCSCIX

QSCCFX

Money Market Account

QCMMRX

QCMMPX

QCMMIX

QCMMFX

Retirement Product

Available Classes

RA (Retirement Annuity)

R1, R2, R3

GRA (Group Retirement Annuity)

R1, R2, R3

SRA (Supplemental Retirement Annuity)

R1, R2, R3

GSRA (Group Supplemental Retirement Annuity)

R1, R2, R3

Retirement Choice and Retirement Choice Plus Annuity

All Classes

GA (Group Annuity) and Institutionally Owned GSRAs

R1, R2, R3

Traditional, Roth IRA and Rollover (Individual Retirement Annuity) including SEP IRAs (Simplified Employee Pension Plans)

R3 only

Keogh (no longer offered)

R1 only

ATRA (After-Tax Retirement Annuity)

R2 only

Important information you should consider about the Contract 3

Overview of the Contract 6

Benefits available under the Contract 8

Buying the Contract 9

Important information about procedures for opening a new account 11

What this means for you 11

Making withdrawals: Accessing the money in your Contract 11

Additional information about fees 12

Appendix: Accounts available under the Contract 16

Location in Statutory Prospectus

FEES AND EXPENSES

Charges for early withdrawals

· None

How to transfer and withdraw your money

Transaction charges

· The Contract does not impose a transaction charge nor a transfer charge.

· Currently, Teachers Insurance and Annuity Association of America ("TIAA") does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee.

Fee and expense tables of each Contract

· A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans.

Loans

Ongoing fees and expenses (annual charges)

The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay each year, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected.

Fee and expense tables of each Contract

Annual Fee

Minimum

Maximum

Annual Contract Expenses (varies by investment Account and Class) (as a percentage of average annual net assets)

CREF Money Market Account, Class R4: 0.025%

CREF Total Global Stock Account, Class R1: 0.430%

Optional benefits available for an additional charge (for single optional benefit, if elected)

N/A

N/A

Location in Statutory Prospectus

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost (not including any fees of a financial advisor) you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add charges for early withdrawals that substantially increase costs.

Lowest Annual Cost:
CREF Money Market Account, Class R4: $24

Highest Annual Cost:
CREF Total Global Stock Account,
Class R1: $411

Assumes:

· Investment of $100,000

· 5% annual appreciation

· Least expensive combination of Contract Classes and Account management fees

· No optional benefits

· No sales charges

· No additional purchase payments, transfers, or withdrawals

Assumes:

· Investment of $100,000

· 5% annual appreciation

· Most expensive combination of Contract Classes, Account management fees, and optional benefits

· No sales charges

· No additional purchase payments, transfers, or withdrawals

RISKS

Risk of loss

· You can lose money by investing in your Contract, including loss of principal.

Principal risks of investing in the Contract

Not a short-term investment

· The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash (except for the Money Market Account).

· The benefits of a tax deferral product, adding premiums over time to the value of your Contract and long-term income means the Contract is generally more beneficial to investors with a long-term horizon.

· Your employer's plan or the Internal Revenue Code ("IRC") may impose restrictions on your ability to redeem your accumulation under certain circumstances.

· If you make a withdrawal, it will reduce the value of your Contract and the amount of money you will receive when you annuitize.

Principal risks of investing in the Contract

Location in Statutory Prospectus

Risks associated with investments

· An investment in the Contract is subject to the risk of poor investment performance. Performance can vary depending on the performance of the Accounts you choose under the Contract.

· Each Account has its own unique risks.

· You should review the Accounts before making an investment decision.

Principal risks of investing in the Contract

Appendix B-Additional information about the Accounts available under the Contract

Insurance risks

· An investment in the Contract is subject to risks related to CREF, and any obligations, guarantees or benefits of the Contract are subject to CREF's claims-paying ability. CREF may not be able to meet its obligations to you. CREF is not an insurance company.

Principal risks of investing in the Contract

RESTRICTIONS

Investments

· Though the Accounts are available under the terms of your Contract, they may not be available under the terms of your employer's plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus.

· Your employer's plan may impose additional restrictions, including restrictions on allocations of premiums and transfers of accumulation. Please see your employer's plan.

· We have adopted policies and procedures to discourage market timing and excessive transaction activity.

· We reserve the right to add or close Accounts, substitute another Account without your consent, or combine Accounts. A substituted Account may have different fees and expenses.

Who we are and other related information

Market timing/excessive trading policy

Location in Statutory Prospectus

Optional benefits

· Certain optional benefits are subject to a minimum dollar amount. We reserve the right to cancel optional benefits at any time.

· There are restrictions on the frequency of transactions within a certain period.

· We may modify or terminate the transfer feature of the Contract at any time.

Benefits available under the Contract

Other features of the Contract

TAXES

Tax implications

· You should consult with a qualified tax professional to determine the tax implications of an investment in the Accounts and annuity payments received under the Contract.

· Withdrawals on your Contract will be subject to ordinary income tax and may be subject to premature distribution taxes if taken before age 59½.

· Generally, you are not taxed until you make a withdrawal from the Contract.

· Premium taxes may apply with respect to the Contract.

· If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax benefit.

Taxes

CONFLICTS OF INTEREST

Financial professional compensation

· Some financial professionals may receive compensation for selling the Contract to you, in the form of an additional cash benefit (e.g., a bonus). Accordingly, your financial professional may have a financial incentive to offer or recommend the Contract over another investment.

Conflicts of interest

Exchanges

· Some financial professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract.

How to transfer and withdraw your money

Name of benefit
Purpose

Standard/
Optional

Maximum fee

Brief description of restrictions/limitations

Death benefit

The amount of the death benefit is the accumulation on the Valuation Day that we authorize payment of the death benefit.

Standard

No charge

Withdrawals could significantly reduce the death benefit.

Only available in accumulation phase.

Name of benefit
Purpose

Standard/
Optional

Maximum fee

Brief description of restrictions/limitations

Retirement transition benefit

If your employer's plan allows, you may be able to receive a single-sum payment of up to 10% of the value of any part of an accumulation being converted to a one-life or two-life annuity on the annuity starting date. Such employer plan and 10% limitations do not apply to IRAs.

Subject to the provisions under your Contract, you may redeem accumulation units generally not less than $1,000 from one or more of the Accounts prior to annuitization.

Optional

No charge

Subject generally to a minimum amount of $1,000.

This benefit will not be available before the earliest date permitted under your employer's plan.

The portion of your accumulation available to you in this benefit may be limited by your employer's plan.

If you are married and if some or all of your accumulation is subject to ERISA, your right to receive this benefit is subject to the rights of your spouse.

Withdrawals may lower your Contract value, will be subject to ordinary tax and may be subject to a premature distribution tax if taken before age 59½.

Charge on all accounts

Expense type

Class R1

Class R2

Class R3

Class R4

Sales load imposed on purchases
(as a percentage of premiums)

none

none

none

none

Deferred sales load (or surrender charge) (as a percentage of premiums or amount surrendered, as applicable)

none

none

none

none

Exchange fee or Redemption fee¹

none

none

none

none

General loan origination fee

$75

$75

$75

$75

Residential loan origination fee

$125

$125

$125

$125

Annual loan maintenance fee

$25

$25

$25

$25

¹

Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional Annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee.

Base contract expenses

Management fees

Other
expenses: Administrative expenses

Other
expenses: Distribution expenses

Total other expenses

Total annual expense deductions

Total Global Stock Account

Class R4

0.005

%

0.090

%

0.005

%

0.005

%

0.010

%

0.105

%

Class R3

0.005

0.090

0.130

0.020

0.150

0.245

Class R2

0.005

0.090

0.170

0.025

0.195

0.290

Class R1

0.005

0.090

0.300

0.035

0.335

0.430

Global Equities Account

Class R4

0.005

%

0.080

%

0.005

%

0.005

%

0.010

%

0.095

%

Class R3

0.005

0.080

0.130

0.020

0.150

0.235

Class R2

0.005

0.080

0.170

0.025

0.195

0.280

Class R1

0.005

0.080

0.300

0.035

0.335

0.420

Growth Account

Class R4

0.005

%

0.050

%

0.005

%

0.005

%

0.010

%

0.065

%

Class R3

0.005

0.050

0.130

0.020

0.150

0.205

Class R2

0.005

0.050

0.170

0.025

0.195

0.250

Class R1

0.005

0.050

0.300

0.035

0.335

0.390

S&P 500 Index Account

Class R4

0.005

%

0.015

%

0.005

%

0.005

%

0.010

%

0.030

%

Class R3

0.005

0.015

0.130

0.020

0.150

0.170

Class R2

0.005

0.015

0.170

0.025

0.195

0.215

Class R1

0.005

0.015

0.300

0.035

0.335

0.355

Core Bond Account

Class R4

0.005

%

0.065

%

0.005

%

0.005

%

0.010

%

0.080

%

Class R3

0.005

0.065

0.130

0.020

0.150

0.220

Class R2

0.005

0.065

0.170

0.025

0.195

0.265

Class R1

0.005

0.065

0.300

0.035

0.335

0.405

Inflation-Linked Bond Account

Class R4

0.005

%

0.015

%

0.005

%

0.005

%

0.010

%

0.030

%

Class R3

0.005

0.015

0.130

0.020

0.150

0.170

Class R2

0.005

0.015

0.170

0.025

0.195

0.215

Class R1

0.005

0.015

0.300

0.035

0.335

0.355

Responsible Balanced Account

Class R4

0.005

%

0.060

%

0.005

%

0.005

%

0.010

%

0.075

%

Class R3

0.005

0.060

0.130

0.020

0.150

0.215

Class R2

0.005

0.060

0.170

0.025

0.195

0.260

Class R1

0.005

0.060

0.300

0.035

0.335

0.400

Base contract expenses

Management fees

Other
expenses: Administrative expenses

Other
expenses: Distribution expenses

Total other expenses

Total annual expense deductions

Money Market Account

Class R4

0.005

%

0.010

%

0.005

%

0.005

%

0.010

%

0.025

%

Class R3

0.005

0.010

0.130

0.020

0.150

0.165

Class R2

0.005

0.010

0.170

0.025

0.195

0.210

Class R1

0.005

0.010

0.300

0.035

0.335

0.350

1 year

3 years

5 years

10 years

Total Global Stock Account

Class R4

$108

$339

$593

$1,346

Class R3

$251

$789

$1,379

$3,119

Class R2

$297

$933

$1,631

$3,683

Class R1

$440

$1,381

$2,410

$5,422

Global Equities Account

Class R4

$97

$307

$537

$1,219

Class R3

$241

$757

$1,323

$2,993

Class R2

$287

$901

$1,575

$3,558

Class R1

$430

$1,349

$2,354

$5,299

Growth Account

Class R4

$67

$210

$368

$835

Class R3

$210

$660

$1,155

$2,615

Class R2

$256

$805

$1,407

$3,182

Class R1

$399

$1,253

$2,188

$4,928

S&P 500 Index Account

Class R4

$31

$97

$170

$386

Class R3

$174

$548

$959

$2,173

Class R2

$220

$693

$1,211

$2,741

Class R1

$363

$1,141

$1,993

$4,494

1 year

3 years

5 years

10 years

Core Bond Account

Class R4

$82

$258

$452

$1,027

Class R3

$225

$709

$1,239

$2,804

Class R2

$271

$853

$1,491

$3,370

Class R1

$414

$1,301

$2,271

$5,114

Inflation-Linked Bond Account

Class R4

$31

$97

$170

$386

Class R3

$174

$548

$959

$2,173

Class R2

$220

$693

$1,211

$2,741

Class R1

$363

$1,141

$1,993

$4,494

Responsible Balanced Account

Class R4

$77

$242

$424

$963

Class R3

$220

$693

$1,211

$2,741

Class R2

$266

$837

$1,463

$3,307

Class R1

$409

$1,285

$2,243

$5,052

Money Market Account

Class R4

$26

$81

$142

$322

Class R3

$169

$532

$931

$2,109

Class R2

$215

$676

$1,183

$2,678

Class R1

$358

$1,125

$1,965

$4,432

Average annual total returns
12/31/2025 (Class R3)

Investment objective

Account
Adviser

Current
expenses
(Class R3

)

One
year

Five
years

Ten
years

Seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks.

Total Global Stock Account
TCIM

0.245

%

21.46

%

10.94

%

11.89

%

Seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.

Global Equities Account
TCIM

0.235

21.67

11.10

11.85

Seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth.

Growth Account
TCIM

0.205

16.81

12.92

16.23

Seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index.

S&P 500 Index Account
TCIM

0.170

17.11

13.02

14.10

Seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital.

Core Bond Account
TCIM

0.220

7.50

0.07

2.42

Seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds-fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond.

Inflation-Linked Bond Account
TCIM

0.170

7.19

2.72

3.35

Seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria.

Responsible Balanced Account
TCIM

0.215

15.03

6.49

8.23

Seeks high current income consistent with maintaining liquidity and preserving capital.

Money Market Account
TCIM

0.165

4.20

3.09

1.99

EDGAR contract identifiers: C000154473, C000154474, C000154475, C000234671, C000154476, C000154477, C000154478, C000234672, C000154479, C000154480, C000154481, C000234673, C000154482, C000154483, C000154484, C000234674, C000154485, C000154486, C000154487, C000234675, C000154488, C000154489, C000154490, C000234676, C000154491, C000154492, C000154493, C000234677, C000154494, C000154495, C000154496, C000234678

A41187 (5/26)