Labels:book | reckoner | sky | tree OCR: A-105 A participant under contract issued by CREF accrues a cumulation units based upon premiums and dividends and other incorne earned on the assets held in CREF' general" ac cuunt which obligations under such contracts. The vatue of participant's accumulation urits (the participant's aC- cumulation) is not guaranteed, and varie with the market value of the CREF invest tment portfolio to reflect in part. the realized and unreal ized capital appreci iation of the assets n port folio When participant retires, the participant' accumula tion after making provision for appropriate operating charges must he applied to the purchase of an annuity under one the variable payment options, or certain circumstances, quity issued by TAA The dollar amount the retired partici- year pant to recei year ver ...
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