Help with Variable Annuity Funds

[SilverStoned1.8T]

Ok...so one of my employer's 403b accounts is with TIAA-CREF and it looks like all the investment options in it are variable annuity funds. When I started this account with my employer, I thought all the funds were just mutual funds. The reports on each fund are just like mutual funds, they have the morningstar ratings and categories, they have expense ratios just like mutual funds, etc., but after further detailed inspection they all say variable annuity fund. What is the difference between regular mutual funds in a retirement account and these variable annuity funds? And should I have these or should I go with my employer's other plan that offers regular mutual and index funds?

[jnm2.0t]

Never had to actually use them, luckily everyplace I have been that offers it also has Fidelity/Vanguard. Do you happen to have that option or are you stuck with them?

[SilverStoned1.8T]

Never had to actually use them, luckily everyplace I have been that offers it also has Fidelity/Vanguard. Do you happen to have that option or are you stuck with them?

My employer has another 403b option with a company called Great West. I just happened to choose the TIAA-CREF option when I started over five years ago. I looked at the Great West plan and they have standard mutual and index funds that I recognize. I suppose I have the option of going from TIAA-CREF to Great West if I choose to do so.

I just wanted the lowdown on the variable annuity funds. I don't quite understand the difference and whether it would be beneficial to move to the other company.