Just received literature on a TIAA/CREF "after-tax" annuity. They have no surrender or withdrawal fees, no sales commission (no load), no transfer fees between a stock index account and a fixed account. They claim to have the lowest expenses in the industry for a fixed account (0.37%). For a limited time they will guarantee an annuity interest rate of 6.25% thru Sept 2000. This seems to be a guaranteed tax deferred plan at 6.25% for 10 months with the ability to withdraw or terminate any time with no penalty (at my age). Is this a good deal or what, for a very safe investment in an annuity?