What to do with TIAA-CREF SRA?

I will be eligible to participate in the 403k plan of my employer starting next Feb 07. I started work in Jan 07. Since I couldn't contribute money this year, I opened up an account with TIAA-CREF and about $1200 monthly (pretax) into their SRA (Supplemental Retirement Annuity) Account. However, annuities, as far as I understand, are insurance products for guaranteed income after retirement.

When I open up my 403k with Vanguard, I will put in 12% of my salary along with 8.5% employer contribution to max it out. I have further 8% of my salary I'd like to contribute to the existing SRA (so that I'm putting away 20% of my salary each year). Should I continue to put money into SRA? Or should I stop and roll over whatever I have currently into the 403k when it is opened? Is that possible? If the SRA functions just like the 403k and I have a beneficiary, what could be a potential disadvantage?

I also have a Roth IRA that I max out. I have 30-35 year to go so I would appreciate if someone can give me some advice on this.

Thanks for your time.

Kind regards.

Thank you for your response. Let me clarify. I have a Roth IRA that I max out and will continue to do that every year. The reason why I opened up the TIAA-CREF SRA account was that in my first year of job, I am not eligible for 403(b). To put away pre-tax money (15% of salary), I opened this account. I allocated the proceeds to different assets like TIAA-CREF stock, global equities, index, fixed income, real-estate, etc.

As far as I understand this money is just growing like a normal 401k. But what I fail to understand is that it says, 'University name, TAX DEFERRED ANNUITY PLAN'. Now what I don't understand is whether I have already bought the annuity (i.e. whose distributions will depend upon how my account grows with time) or I can later on choose to whether buy the annuity (i.e. my account is still like a 401k) or just transfer the money out.

My employers 403(b) is structured as follows:

Basic Retirement Plan (either Vanguard/TIAA-CREF). 3.5% basic + upto

5% match. no distributions allowed until age 70.5 while an employee of the University

Supplemental Retirement Plan (either Vanguard/TIAA-CREF). Distributions allowed at age 59.5 and 'in-service' withdrawals allowed for qualified hardships.

Vesting is 100% and immediate. Should I change employers, all money is available for receiving a distribution, rollover, or left alone in plan.

In Feb 2008 when I open up 403(b), I'm thinking I'll put 5% in Basic (to get the match) and then 15% in Supplemental Retirement Plan. Of that 15%, 50% to Vanguard (in their index funds), and 50% to TIAA-CREF (which is also index funds, but the confusion is the 'ANNUITY PLAN'). I don't like the 70.5 age restriction so no more than 5%. Or should i just do the entire 100% of the 15% to Vanguard.

Now the questions is should I continue to put a little bit in the TIAA- CREF or just have it transfered into the Vanguard Supplemental Plan and put it in the index funds.

Thanks for your time and help.

Kind regards.