Whether and how your clients can withdraw cash from their TIAA-CREF
retirement plans depends on the provisions the employer has adopted for
its employees' plan and the specific TIAA-CREF investment product being used
as a funding vehicle. Many plans allow cash only at retirement or termination
of employment; there may be age restrictions as well.
For information about your client's plan rules, call Advisor Services at 1 888 842-0318.
Retirement Plans
If an institution's plan is funded with TIAA-CREF
Retirement Annuities, up to 100 percent of CREF and TIAA Real Estate accumulations may
be available in a single lump sum, depending on employer plan rules.
Cash withdrawals from the TIAA Traditional Annuity must be taken over
a 10-year period using a Transfer Payout Annuity (TPA).
Retirement plans funded with TIAA-CREF Group Retirement Annuities may allow up to 100 percent
of CREF and TIAA Real Estate accumulations to be withdrawn as a single
sum based on the employer's plan. TIAA Traditional funds can be withdrawn in a single sum, but only
at termination of employment within 120 days after termination with a 2.5 percent
surrender charge.
Supplemental Retirement Plans
Supplemental Retirement Annuities and Group Supplemental Retirement Annuities are used to fund tax-deferred
annuity plans for employees' voluntary contributions. Funds are fully
cashable but up to age 55 withdrawals ordinarily require a so-called "triggering
event," such as separation from employment, disability, or hardship. TIAA
Traditional, TIAA Real Estate and CREF accumulations can all be withdrawn
in a lump sum.
Individual Retirement Annuities (IRAs) and Keoghs
Both are fully cashable, though subject to IRS restrictions and penalties.
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