Form 497VPI TIAA SEPARATE ACCOUNT

SUMMARY PROSPECTUS

FOR NEW INVESTORS

MAY 1, 2026

TIAA Access

An individual and group variable annuity contracts funded through TIAA Separate Account VA-3 of Teachers Insurance and Annuity Association of America

Levels 1, 2, 3, 4

This Summary Prospectus summarizes key features of TIAA Access individual and group variable annuity contracts (“Contract”), which are funded through the TIAA Separate Account VA-3 (the “Separate Account”). Before you invest, you should also review the prospectus for the Contract, which contains more information about its features, benefits and risks. You can find this document and other information about the Contract on our website at: www.tiaa.org/access_pro and you can also obtain this information at no cost by calling: 800-842-2252 or by sending an email request to: [email protected].

The Contract is a tax-deferred variable annuity, which is generally offered to individuals and groups that are employees of colleges, universities, other educational and research organizations, and other governmental and nonprofit institutions. You or Your Employer can purchase this Contract in connection with tax-qualified pension plans under Internal Revenue Code (“IRC”) sections 401(a)/403(a) (including 401(k) plans), and plans under IRC sections 403(b), 414(d), 415(m), 457(b), or 457(f). Generally, you will be enrolled in the Contract when we receive a completed application or enrollment form in Good Order together with submitting an initial premium.

Subject to the terms of the Contract, if you are a new investor in the Retirement Annuity, Supplemental Retirement Annuity, or Group Supplemental Retirement Annuity Contracts, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

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

This prospectus describes the TIAA Access variable annuity. It does not constitute an offering in any jurisdiction where such an offering cannot lawfully be made. No dealer, sales representative, or anyone else is authorized to give any information or to make any representation in connection with this offering other than those contained in this prospectus. If anyone does offer you such information or representations, you should not rely on them.

The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Table of contents

Special terms used in this Summary Prospectus

The terms and phrases below are defined so you will know how they are used in this prospectus. To understand some definitions, you may have to refer to other defined terms.

Accumulation. The total value of your accumulation units under the Contract.

Accumulation Period. The period during which Investment Account accumulations are held under a contract prior to their being annuitized or otherwise paid out. Sometimes referred to herein as the “accumulation phase.”

Accumulation Unit. A share of participation in an Investment Account for someone in the accumulation period. An Investment Account has its own accumulation unit value, which changes each Valuation Day.

Annuitant. The natural person whose life is used in determining the annuity payments to be received. You are the annuitant under the Contract.

Annuity Partner. The person you name, if you choose to receive income under a two-life annuity, to receive an income for life if he or she survives you. In some Contracts, this person is referred to as the second annuitant.

Beneficiary. Any person or institution you name, in a form satisfactory to us, to receive benefits if you die during the accumulation period or if you (and your annuity partner, if you have one) die before the end of any guaranteed period.

Business Day. Any day the New York Stock Exchange (“NYSE”) or its affiliated exchanges NYSE Arca Equities or NYSE American (collectively with NYSE, the “NYSE Exchanges”) is open for trading. A Business Day generally ends at 4 p.m. Eastern Time or when trading closes on the NYSE Exchanges, if earlier. A Business Day may end early only as of the latest closing time of the regular (or core) trading session of any of the NYSE Exchanges.

Contract(s). The individual and group variable annuity contracts, including your certificate and any endorsements under the Contract.

CREF. The College Retirement Equities Fund, a companion organization to TIAA is a variable annuity, which is described in a separate prospectus that you may obtain by calling 877-518-9161 or by visiting our website at: www.tiaa.org/public/prospectuses.

CREF Account(s). Accounts that are available as investment options under a CREF variable annuity contract. Each CREF Account has its own investment objective and risks.

Employer. Your employer is the organization that may remit premiums you paid under the Contract.

Fund(s) or Underlying Fund(s). An investment company that is registered with the SEC in which an Investment Account invests. The Funds available under the Contract, subject to your employer’s plan, are listed in “Appendix A—Funds Available under the Contract” in this prospectus.

Good Order. Actual receipt of an order 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, or withdrawals of 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 transaction. We may, in our sole discretion, determine whether any particular transaction request 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. 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 are not in good order, the transaction may be cancelled.

Guaranteed Period. The period during which annuity payments remaining due after your death and the death of your annuity partner, if any, will continue to be paid to the payee named to receive them.

Investment Account. This term describes a subaccount of the separate account, which invests its assets exclusively in a corresponding fund. This term does not include the TIAA Real Estate Account, the TIAA Traditional Annuity, and the CREF accounts. Not all Investment Accounts listed in this prospectus are available to you as an investment option and are subject to your employer’s plan.

NYSE. The New York Stock Exchange.

Premiums. Monies remitted under a Contract to purchase accumulation units.

Separate Account. The TIAA Separate Account VA-3 of Teachers Insurance and Annuity Association of America (“TIAA Access Account”) is designated as “VA-3” and was established by TIAA in accordance with New York law to provide benefits under your Contract and other Contracts. The assets and liabilities of TIAA

Separate Account VA-3 are segregated from the assets and liabilities of the general account, and from the assets and liabilities of any other TIAA separate accounts.

Teachers Insurance and Annuity Association of America. Referred to as TIAA throughout this prospectus. The terms “TIAA,” “we,” “us,” and “our” are used interchangeably and all refer to Teachers Insurance and Annuity Association of America.

TIAA Traditional Annuity. A fixed annuity offered by TIAA. Subject to certain restrictions, you may transfer accumulation units under this Contract to the TIAA Traditional Annuity.

You or Your. This means any contract owner or any prospective contract owner. In certain instances, in accordance with the terms of your employer plan, your employer may exercise or limit certain rights under your Contract or certificate.

Valuation Day. Any Business Day as well as the last day of each calendar month.

Overview of the Contract

Purpose of the Contract

The Contract is a tax-deferred variable annuity contract. It is designed for retirement planning purposes and to help you accumulate assets through investments in the underlying Investment Accounts. You make investments in the Contract’s Investment Accounts during the Accumulation Period. The value of your investments or Accumulation is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use your Accumulation to calculate the payments that we make during the annuity period. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your Accumulation may be for setting your annuity payouts. The Contract includes a standard death benefit to help financially protect your designated Beneficiary.

This Contract may be appropriate for you if you have a long investment time horizon. Any withdrawals made during the accumulation phase will reduce the Accumulation in your Contract. Because withdrawals will be subject to ordinary income tax and may be subject to a 10% premature distribution tax penalty on early withdrawals if taken before age 59¹⁄₂, the Contract is not intended for individuals who may need to access invested funds within a short-term timeframe or on a frequent basis. In addition, the Contract is not intended for individuals who intend to engage in frequent transfers of the Investment Accounts.

Your financial goal in acquiring the Contract should be consistent with a long-term insurance product for retirement income or other long-term investment purposes offering the prospect of investment growth through payment of Premiums.

Phases of the Contract

The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income).

Accumulation phase

During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. Premium payments made during the accumulation phase are subject to your employer’s plan and IRC limits and may continue until the annuity starting date.

To accumulate value during the accumulation phase, you may allocate your Premiums and earnings in the Investment Accounts of the Separate Account that are available under your employer’s plan, which, in turn, invest in one or more of the Underlying Funds that have different investment strategies, objectives and risk profiles. You may allocate all or part of your Premiums and Contract value to the Investment Accounts, the TIAA Traditional Annuity and the TIAA Real Estate Account. Amounts that you allocate to Investment Accounts will increase or decrease in dollar value depending in part on the investment performance of each Underlying Fund in which such Separate Account invests.

You bear the risk of any decline in your Accumulation of your Contract resulting from the performance of the Underlying Funds you have chosen. Your Accumulation 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 Underlying Fund carefully before making an investment decision. Additional information about each Underlying Fund is provided in “Appendix A—Funds available under the Contract.”

Annuity phase

You enter the income phase when you annuitize your Contract. The annuity phase, also referred to as the annuity period, occurs after the annuity starting date and when you or a second Annuitant begin receiving regular annuity payments from your Contract. During the annuity phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. Subject to the provisions under your Contract and your employer’s plan, you can elect any one of the following payment income 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; (4) a minimum distribution; and (5) lump-sum payments.

Please note that when you annuitize, your Accumulation will be converted to income payments. If you elect partial annuitization, you may apply a portion of your Accumulation to one of the income options that we offer, while the remainder of your Accumulation can remain invested in your Investment Accounts. If you 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 benefit.

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 2 year period by taking withdrawals from your Contract. (See “Income Test Drive,” below.)

Contract features

The Contract provides for the Accumulation of retirement savings and income. The Contract offers income, death benefit protection and various payout options.

Accessing Your Money. Before your Contract is annuitized, you can take withdrawals from your Contract. Withdrawals will reduce your account value, will be subject to ordinary income tax and may be subject to a 10% premature distribution tax penalty if you take a withdrawal before age 59¹⁄₂.

Internal Transfers. Subject to the provisions under your Contract, you may transfer Accumulation Units, generally not less than $1,000, from one Investment Account to another Investment Account or to your companion TIAA contract, either the TIAA Traditional Annuity or the TIAA Real Estate Account. Internal transfers may be restricted to not more than one transfer in a calendar quarter and may be subject to a redemption charge by the Underlying Funds.

Tax Treatment. You can transfer money between Investment Accounts without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receipt of an income payment from the Contract; or (4) payment of a death benefit.

Death Benefits. The Contract includes a standard death benefit, which will pay a death benefit to your designated Beneficiary at the time of your death.

Loans. To the extent your employer’s plan provides and in accordance with certain other conditions, you may request a loan from your available Investment Account Accumulation. The loan must be requested before your annuity starting date. The loan will be issued in accordance with the terms of a loan agreement and the loan agreement will describe the terms, conditions and any fees or charges for the loan.

Additional benefits

Systematic Withdrawals. Subject to the provisions under your Contract, you may have withdrawals redeemed from one or more of the Investment Accounts on a systematic basis. Systematic withdrawals are generally subject to a minimum amount of $100 and may be scheduled to be paid semi-monthly, monthly, quarterly, semi-annually or annually. Systematic withdrawals may be subject to a redemption charge, which may be imposed by the Underlying Funds and not by TIAA or the Separate Account. Withdrawals will lower your Accumulation, will be subject to ordinary income tax and may be subject to a 10% premature distribution tax penalty if taken before age 59¹⁄₂.

Systematic Transfers. Subject to the provisions under your Contract, systematic transfers are generally subject to a minimum amount of $100. Systematic transfers may be scheduled semi-monthly, monthly, quarterly, semi-annually or annually. Systematic transfers may be subject to a redemption charge, which may be imposed by the Underlying Funds and not by TIAA or the Separate Account.

Systematic Withdrawals to Pay Advisory Fees. Subject to the provisions under your Contract, you may authorize a series of systematic withdrawals to pay the fees of your financial advisor. Withdrawals will lower your Accumulation.

Important information you should consider about the Contract

Benefits available under the Contracts

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

Buying the Contract

The Contract is a tax-deferred variable annuity, which is generally offered to individuals and groups that are employees of colleges, universities, other educational and research organizations, and other governmental and nonprofit institutions. You or Your Employer can purchase a Contract in connection with tax-qualified pension plans under Internal Revenue Code (“IRC”) sections 401(a)/403(a) (including 401(k) plans), and plans under IRC sections 403(b), 414(d), 415(m), 457(b), or 457(f). Generally, we will issue a Contract when we receive a completed application or enrollment form in Good Order together with the initial premium.

“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 and any other information or supporting documentation we may require.

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 most cases, TIAA accepts Premiums to the Contract during your Accumulation Period. Once your initial premium has been paid, your TIAA Contract cannot lapse or be forfeited for nonpayment of Premiums.

Minimum initial and subsequent premiums

Initial Premium. The minimum initial premium generally must be at least $100.

Subsequent premiums. Subsequent premium payments may be in any amount not less than $100, subject to your employer’s plan and IRC limits and may continue until the annuity starting date. Premiums received before the close of the Business Day (typically 4:00 pm eastern) will be credited that Business Day. Premiums received after the close of the Business Day will be credited the next Business Day. Once your initial premium has been paid, your Contract cannot lapse or be forfeited for nonpayment of Premiums.

Currently, TIAA does not restrict the amount or frequency of Premiums contributed to your Contract, although it reserves the right to impose restrictions. TIAA reserves the right to limit to $300,000 the total Premiums paid on this and any other TIAA unit-annuity on your life in any twelve-month period. Your employer’s retirement plan may limit your premium amounts. In addition, the Internal Revenue Code (“IRC”) limits the total annual Premiums to plans qualified for favorable tax treatment.

Allocation of Premiums. Your Premiums are allocated among the available investment accounts offered under your employer’s plan and according to the most recent valid instructions we have received from you in a form acceptable to us. Premiums allocated to an Investment Account purchase Accumulation Units in that account. You may change your allocation for future Premiums at any time.

Restrictions and/or Limitations. We cannot accept credit cards, cash, 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 contract owner cannot be identified from the face of the check.

Making withdrawals: accessing the money in your Contract

Withdrawals. You may withdraw all or part of your Contract Accumulation on or before the day your income benefits begin. We do not charge a fee on withdrawals or the surrender of your Contract. Withdrawals will lower your Accumulation and your death benefit.

A withdrawal generally must be at least $1,000 and may be up to the entire account Accumulation. If you are married and if some or all of your Accumulation is subject to ERISA, your right to receive a lump-sum benefit is subject to the rights of your spouse.

Any request for a lump-sum benefit must be made by written notice to TIAA on or before your income benefits begin. A lump-sum benefit will be effective as of the Business Day on which we receive it in a form acceptable to TIAA. TIAA reserves the right to limit lump-sum benefits from each account to not more than one in a calendar quarter. A lump-sum benefit will not be available before the earliest date permitted under your employer plan. The portion of your Accumulation available to you as a lump-sum benefit may be limited by your employer’s plan.

We usually pay the amounts of any withdrawal, death benefits or transfers from the Investment Account within 7 days after we receive, in Good Order, all applicable acceptable notices.

Withdrawals may reduce the value of your Contract, will be subject to ordinary income tax and may be subject to a penalty tax if taken under age 59¹⁄₂.

Systematic Withdrawals. Systematic withdrawals generally must be at least $100 and may be scheduled to be paid semi-monthly, monthly, quarterly, semi-annually or annually. If you are married and if some or all of your Accumulation is subject to ERISA, your right to receive a lump-sum benefit is subject to the rights of your spouse. Withdrawals may reduce the value of your Contract, will be subject to ordinary income tax and may be subject to a penalty tax if taken before age 59¹⁄₂.

Additional information about fees

The following tables describe the fees and expenses that you will pay when buying, owning and surrendering, or making withdrawals from the Contract. 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 expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, request a loan, or transfer Contract value between investment options. The fees and expenses in the table do not reflect any advisory fees you may elect to pay to financial intermediaries. State premium taxes may also be deducted.

TRANSACTION EXPENSES

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including fund fees and expenses).

ANNUAL CONTRACT EXPENSES

The next table shows the minimum and maximum total operating expenses charged by the funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in this prospectus under: “Appendix A—Funds available under the Contract.”

ANNUAL FUND EXPENSES

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 Annual Fund Expenses. The fees and expenses in this Example do not reflect any advisory fees you may elect to pay financial intermediaries.

The Example for each Contract Level assumes that you invest $100,000 in the Contract for the time periods indicated. The Example for each Contract Level also assumes that your investment has a 5% return each year and assumes the most expensive combination of Annual Fund Expenses and elected optional benefits and the least expensive combination of Annual Fund Expenses and no elected optional benefit. 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 cost would be:

LEVEL 1 CONTRACT

LEVEL 2 CONTRACT

LEVEL 3 CONTRACT

LEVEL 4 CONTRACT

Appendix A—Funds available under the Contract

The following is a list of Funds available under the Contract. The availability of Funds to invest in may vary by Employer and you should refer to your plan documents for the list of available Funds. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at: www.tiaa.org/access_pro. You can also request this information at no cost by calling 800-842-2252, or by sending an email request to: [email protected].

The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.

This Summary Prospectus incorporates by reference the TIAA Access Prospectus (“Prospectus”) and Statement of Additional Information (“SAI”) both dated May 1, 2026, as may be amended or supplemented from time to time, and both include additional information.

The Prospectus and SAI are available without charge upon request. To obtain a free copy of the Prospectus and SAI and make inquiries about your Contract, you may visit our website at: www.tiaa.org/access_pro; by calling us toll-free at 800-842-2252; or by writing us at our home office located at 730 Third Avenue, New York, New York 10017-3206 (attention: TIAA Imaging Services).

You may also obtain reports and other information about the Separate Account 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].

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