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Description |
Solutions for Usage
Transferring Monies to a TIAA-CREF supplemental retirement plan
Forms and Applications |
Account Fact Sheets
Description
Supplemental retirement plans provide a tax-deferred way to
help build extra retirement assets.
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They are available to employees by an employer under a 403(b) tax-deferred annuity plan. |
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Contribution limits vary by individual, but many people can
contribute $15,500 or more in 2007. |
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Withdrawals are generally subject to restrictions and a 10
percent penalty before age 59½. |
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Starting a supplemental retirement plan authorizes the employer to set aside a portion of
your client's salary and place it in the allocation options selected.
Because the contributions are in before-tax dollars, less taxable
income is repayable to the IRS and less federal income taxes are owed.
No taxes are due on earnings until they're taken as income. |
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Supplemental retirement plans are available at 8,300 education and research institutions
across the country, and are currently helping over half a million
people build more secure retirements. |
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Supplemental retirement plans offer traditional, variable annuity, and mutual fund allocation options.
Variable annuity returns will fluctuate and are not guaranteed. |
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Solutions for Usage
If your clients work for a TIAA-CREF participating institution, and are
interested in reducing taxes while saving for the future, they may be
able to contribute to supplemental retirement plans offered
through their employer.
Your clients can contribute any amount from $25 per paycheck up to the
annual maximum allowed by the Internal Revenue Code. The annual
maximum depends on your client's income, years of service, tax-deferred
contributions made in the past, and other factors. TIAA-CREF
will help your clients determine how much they can contribute by
providing a personalized maximum calculation upon request.
Transferring Monies to a TIAA-CREF supplemental retirement plan
The IRS specifies that transfers can be made between retirement type plans.
Your clients can transfer funds from a retirement plan to a
403(b) plan or from an IRA to a 403(b). Rollovers are not limited to conduit IRAs. Rollovers can be made from 401(a) plans,
403(b) plans and government 457(b) plans; IRAs to a 403(b) plan.
Forms and Applications
To open or transfer eligible funds to a TIAA-CREF supplemental retirement plan, your client
will need to complete an application and a salary reduction agreement
with his/her employer. Your client can request an enrollment kit online
or by calling 1 888 842-0318.
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