Form 497VPI COLLEGE RETIREMENT EQUIT

SUMMARY PROSPECTUS FOR NEW INVESTORS MAY 1, 2026

College Retirement Equities Fund (CREF)

Individual, group and tax-deferred variable annuity products

This Initial Summary Prospectus for New Investors describes key features of the individual, group and tax-deferred variable annuity products CREF offers and contains essential information about the contracts and your investment options. Please read it carefully before investing and keep this document for your future reference. Before you invest, you should also review the statutory prospectus (“Statutory Prospectus”) and Statement of Additional Information (“SAI”) for CREF, each dated May 1, 2026, as subsequently supplemented, which contain more information about its features, benefits and risks. The Statutory Prospectus and SAI are incorporated by reference into this Summary Prospectus. You can find these documents and other information about CREF online at www.tiaa.org/cref_pro. You can also obtain this information at no cost by calling 877-518-9161 or by sending an email request to [email protected].

You should be aware that investing in a CREF variable annuity product involves financial risk and you could lose money. CREF does not guarantee the performance of your investments, and you bear all investment risks. This is an important consideration as you plan your financial future.

If you are an employee of a college, university, educational institution, research organization, governmental institution, or nonprofit organization, CREF offers you variable annuities and tax-deferred savings plans. CREF’s main purpose is to invest for your retirement through our investment options.

When you invest with CREF, you can choose from eight different investment accounts (the “Accounts”). Each Account offers four classes (each, a “class”) of accumulation or annuity units (collectively, “units”): Class R1, Class R2, Class R3, and Class R4. The class you select will determine specific aspects of your investment, including fees and features.

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

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You or your employer can purchase a CREF variable annuity in connection with certain types of retirement plans. CREF offers the following types of annuities and products:

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

Subject to the terms of your Contract, if you are a new investor, you may be able to cancel your annuity within 10 days of receiving it without paying fees or penalties. Some states allow for a longer cancellation period. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract value, depending on the circumstances. You should review this Prospectus carefully or consult with your investment professional to understand specific cancellation terms that may apply.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s (“SEC”) staff and is available at Investor.gov.

The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Initial Summary Prospectus. Any representation to the contrary is a criminal offense. The CREF Accounts are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation (“FDIC”) or any other governmental agency.

Table of contents

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

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Important information you should consider about the Contract

							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

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							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

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					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

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					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

Overview of the Contract

Purpose of the Contract

The Contract is a tax-deferred variable annuity contract designed for retirement planning and asset accumulation through investing in the Accounts. The Contract may be appropriate for you if you have a long investment time horizon and is not intended for individuals who may need to access invested funds within a short-term timeframe or on a frequent basis (except for the Money Market Account). In addition, the Contract is not intended for individuals who intend to engage in frequent transfers between the Accounts.

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Phases of the Contract

The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income). Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your annuity payouts and optional benefits should you choose to annuitize.

Accumulation phase

During the accumulation phase, earnings grow tax deferred until withdrawal and are taxed as ordinary income when withdrawn. Premiums are subject to your employer’s plan and IRC limits and may continue until the annuity starting date.

You can allocate your premiums across one or more of the Accounts available under the Contract and your employer’s plan. Amounts that you allocate to an Account will increase or decrease in dollar value depending on the investment performance of the Account. You bear the risk of any decline in the balance of your Contract resulting from the performance of the Accounts you have chosen. Your accumulation value could decline significantly, and there is a risk of loss of the entire amount invested. You should consider the investment objectives, risks, and charges and expenses of each Account carefully before making an investment decision. Additional information about each Account is provided in the Appendix at the end of this Prospectus.

At the end of the accumulation phase, if you choose to annuitize, we use the accumulated value of your investments to calculate the payments that will be made during the annuity phase.

Annuity phase

The annuity phase occurs after the annuity starting date and when you (and your Annuity Partner, if you name one) begin receiving regular annuity payments from your Contract. You will receive a stream of annuity payments for the payout period you elect. Subject to the provisions under your Contract and your employer’s plan, you can elect any one of the following options to receive annuity payments:

1. One-life annuity with or without a guaranteed period

2. Annuity for a fixed period

3. Two-life annuities with or without a guaranteed period

4. Required minimum distributions

5. Retirement transition benefit (single-sum payments)

Upon annuitization, your Accumulation is converted to Annuity payments and you will no longer be able to make any withdrawals from your Contract. Your Annuity Units remain allocated to the Accounts you selected. CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive income payments. Partial annuitization is when a participant converts less than all of their Accumulation Units to Annuitization Units. If you partially annuitize, only the elected portion is applied to an income option (allocated to Annuity Units of the Accounts you selected), and the remainder of your Accumulation Units stays

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invested in the Accounts you selected. If you fully annuitize your entire Accumulation, generally, you will no longer be able to make withdrawals from your Contract, and all Accumulation Phase benefits terminate, including the death benefits. Please see CREF’s Statement of Additional Information (“SAI”) for additional detail about how the value of your Annuity Units and/or Accumulation Units is determined.

Subject to the provisions of your employer’s plan, you may elect an Income Test Drive, an optional feature that provides variable payments to you for a two-year period by taking withdrawals from your Contract.

Contract features

Withdrawals. Before your Contract is annuitized, you may take withdrawals. Withdrawals will reduce your account value and are subject to ordinary income tax and potential early withdrawal penalties if taken before age 59½.

Tax treatment. You can transfer money between Accounts tax-free, and if there are earnings on your investments, those earnings are generally tax deferred. You would be taxed when: (1) you make a withdrawal; (2) you surrender the Contract; (3) you receive an annuity payment from the Contract; (4) a death benefit is paid; or (5) if you default on a loan from your Contract.

Death benefits. The Contract includes a standard death benefit payable to your designated beneficiary at the time of your death.

Loans. Loans may be available for request under your employer’s plan, subject to applicable conditions.

Additional services. The Contract offers systematic options for withdrawals, transfers between Accounts, and financial intermediary fee payments, all subject to minimum amounts and/or scheduling requirements. These transactions may affect your Contract value and have tax implications.

Partial annuitization. Partial annuitization is when a participant converts less than all of their accumulation units to annuitization units. Under the terms of the Contract, CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive lifetime income.

Benefits available under the Contract

The following table summarizes information about the benefits available under the Contract.

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.

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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.

Buying the Contract

Generally, we will issue a Contract when we receive a completed application or enrollment form in good order. Good order means actual receipt of the transaction request along with all information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes your complete application (or complete request for redemptions, transfers, withdrawals, or payment of death or other benefits) and any other information or supporting documentation we may require. With respect to purchase requests, good order also generally includes receipt of sufficient funds by us to effect the purchase. We may, in our sole discretion, determine whether any particular transaction request (including, among others, a purchase, redemption, or withdrawal request or request to pay benefits) is in good order and reserve the right to change or waive any good order requirement at any time either in general or with respect to a particular plan, Contract or transaction.

There are no initial or subsequent minimum premiums.

If your application is incomplete and we do not receive the necessary information and signed application in good order within five business days of our receipt of the initial premium, we will return the initial premium at that time. In addition, it is also possible that if we are unable to reach you to obtain additional or missing information relating to incomplete applications, or transaction requests that are not in good order, the transaction may be cancelled.

If we receive premiums from your employer and (where applicable) a completed application from you before we receive your specific allocation instructions (or if

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your allocation instructions violate employer plan restrictions or do not total 100%), we will invest all premiums remitted on your behalf in the default option that your employer has designated. We consider your employer’s designation of a default option to be an instruction to us to allocate your premiums to that option as described above. You should consult your plan documents or sales representative to determine your employer’s designated default option and to obtain information about that option. Further, to the extent you hold an IRA Contract, the default option will be that fund or Account specified in your IRA forms.

When we receive complete allocation instructions from you in good order, we will follow your instructions for future premiums. However, if you want the premiums previously allocated to the default option (and earnings or losses on them) to be transferred to the options identified in your instructions, you must specifically request that we transfer these amounts from the default option to your investment option choices.

Currently, CREF does not restrict the amount or frequency of premiums contributed to your Contract, although it reserves the right to impose restrictions. Your employer’s retirement plan may limit your premium amounts. There may also be restrictions on remitting premiums to an IRA. In addition, the IRC limits the total annual premiums to plans qualified for favorable tax treatment. If you want to directly contribute personal premiums under the contractual provisions of your RA Contract, you will be issued an ATRA Contract. Premiums and any earnings on the ATRA Contract will not be subject to your employer’s retirement plan. The only restrictions relating to these premiums are in the Contract itself, or to any Contract used to fund a non-qualified deferred compensation arrangement. The Inflation-Linked Bond Account is not available as an investment choice in the ATRA Contract, and this restriction applies to premiums and also to transfers between Accounts under the Contract.

In most cases, CREF accepts premiums to a Contract during your accumulation phase. Once your first premium has been paid, your CREF Contract cannot lapse or be forfeited for nonpayment of premiums. CREF can stop accepting premiums to GRA, Retirement Choice/Retirement Choice Plus, GSRA, GA, Keogh and Institutional GSRA Contracts at any time. There are currently no minimum account values and we do not charge a low balance fee.

Note that we cannot accept credit cards, money orders, travelers’ checks or digital (including virtual or crypto) currencies (e.g., Bitcoin). In addition, we will not accept a third-party check where the relationship of the payor to the Account owner cannot be identified from the face of the check.

For locations where a third party administers the receipt of mail, we will not be deemed to have received any premiums sent to the addresses designated for remitting premiums until the third-party service that administers the receipt of mail through those addresses has administered the payment on our behalf.

Financial intermediaries may have their own requirements for considering transactions to be in good order. If you hold your units through an intermediary, please contact the intermediary for their specific good order requirements.

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Important information about procedures for opening a new account

To help the United States government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions, including us, to obtain, verify and record information that identifies each person who purchases a Contract.

What this means for you

When you apply for a Contract, we will ask for your name, street address (not a post office box), date of birth, Social Security number and other information, such as your home telephone number, that will allow us to identify you. Until you provide us with the information we need, we may not be able to issue a Contract or effect any transactions for you.

In certain circumstances, we may be required to block a Contract owner’s ability to make certain transactions and may refuse to accept any premium payments or requests for transfers, withdrawals, surrenders, annuitization, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators without notice or your consent.

Making withdrawals: Accessing the money in your Contract

Generally, depending on the terms of your plan, Contracts, tax law and applicable governing documents, CREF allows you to withdraw some or all of your accumulation. You may redeem the entire current accumulation or withdraw a lesser amount from one or more of the investment accounts. Generally, withdrawals are not permitted less than $1,000. Such withdrawals will not be available before the earliest date permitted under your employer’s plan. A portion of your account accumulation available to withdraw 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 your entire account accumulation 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.

Systematic withdrawals and transfers

If your employer’s plan allows, you can set up a program to make cash withdrawals or transfers automatically by specifying that we withdraw or transfer from an Account accumulation any fixed number of accumulation units, dollar amount or percentage of accumulation until you tell us to stop or until your accumulation is exhausted. Currently, the program must be set up so that

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internal transfers must be at least $100. In the future, we may eliminate this minimum transfer amount. Each Account may from time to time, in its discretion, suspend, change or terminate the processes and procedures for systematic withdrawals and transfers, although the Accounts will notify you if this occurs.

Additional information about fees

The following tables describe the fees and estimated expenses you will pay when buying, owning, surrendering, or making withdrawals from the Contract. These estimates typically change from year to year. TIAA or subsidiaries of TIAA provide or arrange for the provision of services for CREF “at cost” to TIAA and its affiliates. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and estimated expenses you will pay at the time you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract value between Accounts. State premium taxes (which vary by state) may also be deducted. These fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping. If such charges were reflected, the fees and expenses would be higher.

TRANSACTION EXPENSES

			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.

The next table describes the fees and expenses of each Account (not including any advisory fees paid to financial intermediaries) you will pay each year during the time you own the Contract. These fees and expenses typically change from year to year.

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ESTIMATED ANNUAL CONTRACT EXPENSES
(as a percentage of average net assets)

			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

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			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

 

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Example

This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and Account operating expenses. This example does not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping. If such charges were reflected, the costs of the Contract would be higher.

The example assumes that you invest $100,000 in the Contract for the time periods indicated and surrender your Contract at the end of each of these time periods. The example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Account operating expenses. We do not impose a surrender charge when you make a withdrawal nor do we charge for any elected optional benefit under the Contract. As a result, your Contract value would be the same whether or not you surrender or annuitize at the end of the applicable time period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

		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

College Retirement Equities Fund  ■  Initial Summary Prospectus     15

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		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

Appendix: Accounts available under the Contract

The following is a list of the Accounts available under the Contract. Not all Accounts may 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. TIAA-CREF Investment Management, LLC (“TCIM”) manages the assets of each Account under the supervision of the Board of Trustees of CREF.

More information about the Accounts is available in the Statutory Prospectus for the Contract, which can be requested at no cost by following the instructions on the front cover page. The current expenses and performance information below reflect Contract fees and expenses that are paid by each investor in CREF Class R3 units, but does not reflect the impact of any advisory fees paid to financial intermediaries or TIAA plan pricing arrangements. If such charges were reflected, the fees and expenses would be higher. Each Account’s past performance is not necessarily an indication of future performance.

16     Initial Summary Prospectus  ■  College Retirement Equities Fund

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						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

College Retirement Equities Fund  ■  Initial Summary Prospectus     17

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More information about CREF is contained in its Statutory Prospectus, dated May 1, 2026, and its Statement of Additional Information (“SAI”), dated May 1, 2026, each of which is incorporated by reference into this Summary Prospectus. The Statutory Prospectus, SAI and CREF’s annual report for the year ended December 31, 2025 and semi-annual report for the period ended June 30, 2025, which are incorporated by reference herein, are on file with the SEC. For a free copy of any of these documents, to request additional information about CREF or the Accounts or to make other investor inquiries, visit our website at www.tiaa.org, write to us at 730 Third Avenue, New York, NY 10017-3206, Attn: TIAA Imaging Services or call us at 877-518-9161.

You may also obtain reports and other information about CREF on the SEC’s website at www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].

How to reach us

By mail

Send all notices, forms, requests or payments to:

TIAA
P.O. Box 1259
Charlotte, NC 28201

TIAA website

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

TIAA.org
24 hours a day, 7 days a week

Automated telephone service

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800-842-2252
24 hours a day, 7 days a week

National Contact Center

Retirement saving and planning, income options and payments, beneficiary services and tax reporting

800-842-2252
8 a.m. to 10 p.m. (ET), Monday–Friday

For the hearing- or speech-impaired

800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday

TIAA Brokerage Services

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800-927-3059
8 a.m. to 7 p.m. (ET), Monday–Friday

Advisor services

888-842-0318
8 a.m. to 7:30 p.m. (ET), Monday–Friday

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and the Securities Investor Protection Corporation (“SIPC”), distributes securities products. SIPC only protects customers’ securities and cash held in brokerage accounts. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

©2026 Teachers Insurance and Annuity Association of America–College Retirement
Equities Fund, 730 Third Avenue, New York, NY 10017-3206

Printed on paper containing recycled fiber

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)

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