Transfers and Withdrawals from the Tiaa Traditional annuity

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1 Transfers and Withdrawals from the Tiaa Traditional annuity Tiaa s Transfer Payout annuity

2

3 This guide has information about moving funds out of the Tiaa Traditional annuity using the Transfer Payout annuity (TPa). * On the following pages, you ll learn how this transfer and withdrawal option may help you with your financial goals and how it may fit into your plans for retirement. Moving funds out of Tiaa Traditional As you review your retirement account periodically during your career or at retirement, you may feel that you need to adjust your investment allocation to better meet your goals. Or you may decide you want to start receiving income earlier than you planned. If you have a TIAA Traditional Annuity account balance in a Retirement Annuity, Group Retirement Annuity or Retirement Choice Annuity, you have the opportunity to: W Transfer the funds to other investment choices available under your employer s plan. W Receive your TIAA Traditional balance in cash or directly roll it over to an IRA or other account, if your employer s plan allows. * The TIAA Traditional Annuity is issued by Teachers Insurance and Annuity Association of America (TIAA). 1

4 All you need to do is move those TIAA Traditional funds to a Transfer Payout Annuity. Then, according to your instructions, we ll either transfer or withdraw the funds in installments. Each installment includes a portion of your principal plus interest, based on the rates in effect when you transfer or withdraw the funds. The number of installments depends on the type of annuity: W For Retirement Annuities and Group Retirement Annuities, transfers or withdrawals are done in 10 annual installments. * W For Retirement Choice Annuities, transfers or withdrawals are done over an 84-month period. For information about a Transfer Payout annuity for Tiaa Traditional account balances in after-tax Retirement annuities, please see page 8. The minimum amount for a Transfer Payout Annuity is $10,000 or 100% of the TIAA Traditional account balance you ve accumulated under a plan. If your account balance is below a certain minimum amount, a Transfer Payout Annuity may not be available. However, you may have other transfer options for small account balances. Please see page 7 for more information. Note: If you have a Group Retirement Annuity or Retirement Choice Annuity and your employer s plan permits, you can transfer or withdraw the full TIAA Traditional account balance within 120 days of discontinuing employment, subject to a 2.5% surrender fee. After the 120-day period, transfers must be done through a Transfer Payout Annuity. And if permitted by your employer s plan, withdrawals from a Group Retirement Annuity after the 120-day period may be done through a fixed-period annuity ranging from 5 to 30 years or a Transfer Payout Annuity. and keep in mind Transfers or withdrawals from Tiaa Traditional account balances in supplemental retirement plans, iras and 457(b) plans are available any time. This means that you can move funds into and out of Tiaa Traditional as your needs change. * Transfers or withdrawals are done over a period of 9 years and 1 day. 2

5 Frequently asked questions and answers Why installments? To understand the reason transfers and withdrawals must be done in installments, it s important first to understand the TIAA Traditional Annuity s objective. The TIAA Traditional Annuity s primary objective is to protect your principal while providing a high potential rate of return. * To do this, the TIAA General Account which supports the TIAA Traditional Annuity invests in long-term, relatively illiquid assets like publicly traded bonds, commercial mortgages, private placement loans to business and industry, and real estate. ** This helps support the guarantee of your principal and a minimum interest rate between 1% and 3%. You also have the opportunity for higher returns through additional amounts, which may be declared annually by the TIAA Board of Trustees. *** By specifying that transfers or withdrawals must be spread out in installments over a period of time, TIAA can continue to invest in long-term instruments in its General Account, which generally tend to provide a higher return than short-term instruments. Offering transfers and withdrawals over time effectively balances your need for flexibility and TIAA s need to meet its guarantees and achieve its goal of increasing the account s earnings for all participants. * All guarantees are subject to TIAA s claims-paying ability. ** Participants do not participate directly in the performance of General Account holdings. Instead, those who choose to allocate a portion of their retirement savings to TIAA Traditional make contributions that purchase a specific amount of future lifetime income, based on the contractual rate schedule in effect at the time the contribution is made. TIAA Traditional Annuity returns are based on a number of factors, including investment performance, expenses, and the need to maintain adequate contingency reserves. *** When declared, additional amounts are in effect for the declaration year which begins each March 1 for accumulating annuities and January 1 for lifetime payout annuities. Additional amounts are not guaranteed for future years. 3

6 Financial strength and stability TIAA is one of only three insurance groups in the United States to hold the highest ratings currently awarded from all four leading independent insurance industry ratings agencies. W A.M. Best Co.: A++ (as of 5/14) W Fitch: AAA (as of 4/14) W Moody s Investors Service: Aaa (as of 4/14) W Standard & Poor s: AA+ (as of 7/14) For its stability, claims-paying ability and overall financial strength, TIAA currently holds these ratings. Per S&P criteria, the downgrade of U.S. long-term government debt limits the highest rating of U.S. insurers to AA+ (the second-highest rating available). There is no guarantee that current ratings will be maintained. Ratings represent a company s ability to meet policyholders obligations and claims and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA s claims-paying ability. are transfers or withdrawals taxable? No, if you: W Transfer the funds to other investments available under your plan. W Roll over or directly transfer your funds to an IRA or other qualified retirement account. Rollovers are reported on IRS Form 1099R as a nontaxable distribution. Yes, if you: W Receive funds in cash. Cash withdrawals are generally taxable as ordinary income and are subject to 20% mandatory federal withholding. State withholding is based on your state of residence. Plus, there may be a 10% early withdrawal penalty if you withdraw the funds before age 59½. Withdrawals are reported on IRS Form 1099R as a taxable distribution. 4

7 Don t miss out on the Tiaa-CREF advantage. If you re setting up a Transfer Payout Annuity to move your retirement savings to another investment company, consider some of the important ways you may benefit from staying with TIAA-CREF: W Financial strength Your account balances in the TIAA Traditional Annuity are backed by TIAA, which holds the highest ratings currently awarded from the four leading independent insurance rating agencies. W Low fees You may pay less in fees with TIAA-CREF variable annuities and mutual funds, which means more of your money is working for you. * W Income choices You have a range of income choices, making it easy for you to create a flexible withdrawal plan to help meet your retirement income needs. W IRAs and brokerage services You have the opportunity to invest in mutual funds, ETFs, individual stocks and bonds, CDs and money market funds. ** What interest rates apply to my Transfer Payout annuity? Each Transfer Payout Annuity installment from a Retirement Annuity or Group Retirement Annuity is based on a guaranteed interest rate of 2.5%, plus additional amounts, if any, credited above the guaranteed rate. For Retirement Choice Annuities, installments are based on a guaranteed interest rate ranging from 1% to 3%. Plus you also have the opportunity for additional amounts above the guaranteed rate. All guarantees are subject to TIAA s claims-paying ability. Additional amounts are declared by the TIAA Board of Trustees. When declared, they are in effect for the declaration year that begins each March 1 for accumulating annuities. They aren t guaranteed for future years. * Morningstar Direct (June 2014) based on Morningstar expense comparisons by category. This applies to variable annuities and mutual fund expense ratios. Our mutual funds and variable products are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense risk charge. ** Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC, member FINRA. 5

8 a hypothetical Tiaa Traditional transfer or withdrawal Below is the annual transfer or withdrawal amount if someone moves $50,000 of his or her TIAA Traditional account balance to a Transfer Payout Annuity on September 1, 2014, and we assume a total (guaranteed, plus additional amounts) interest rate of 4%. The actual initial payment and future payments will vary depending on the total interest rates in effect. Date of first transfer/withdrawal initial transfer/ withdrawal Final scheduled transfer/ withdrawal September 1, 2014 $5,927 September 1, 2023 Please note that this is hypothetical and does not reflect the amount you would actually receive. It is not intended to predict or project results. You can request a personalized illustration by: W Visiting us online at tiaa-cref.org. W Calling us at Consultants are available Monday to Friday, 8 a.m. to 10 p.m. (ET), and Saturday, 9 a.m. to 6 p.m. (ET). Can i change my Transfer Payout a nnuity? Yes. If your needs or goals change once you begin your Transfer Payout Annuity, you can: W Transfer the funds to different investments available under your employer s plan. W Transfer the funds back to TIAA Traditional, and they will be credited with the interest rates in effect for new contributions. To move these funds out of TIAA Traditional in the future, you would have to set up a new Transfer Payout Annuity. W Transfer or roll over the funds to an IRA or other retirement account that will accept them, if available through your employer s plan. W Receive the installments in cash, if available through your employer s plan. 6

9 W Change to another income option. For example, if you retire and are ready to begin lifetime income, you can stop your transfers or withdrawals at any time and convert the remaining account balance to a lifetime annuity. Or, at the time of your next scheduled installment, you can choose to receive TIAA interest-only income from the remaining balance in your Transfer Payout Annuity as long as the balance is at least $10,000. if i have a small account balance, what transfer options are available other than a Transfer Payout annuity? If your account balance under a plan is less than the minimum described below, you can transfer the entire TIAA Traditional account balance at any time. You can do this once during the life of the annuity contract. W $2,000 for balances in a Retirement Annuity issued outside New York State. W $5,000 for balances in a Retirement Annuity issued in New York State, Group Retirement Annuity or Retirement Choice Annuity. How does the 84-month Transfer Payout annuity for my Retirement Choice annuity account balance work? The initial transfer or withdrawal amount is 1/84 of your account balance. After that, each installment is based on the number of months remaining in the payment period. For example, the second month s payment will be 1/83 of your remaining account balance. This continues through the final installment, which will be 1/1 or your entire balance. 7

10 What if i have after-tax Retirement annuities? You can move funds out of TIAA Traditional through transfers or cash withdrawals in 10 annual installments. * However, keep the following rules in mind, which may be different from those for other annuities: W You must use your entire balance in your TIAA contract, which may include both TIAA Traditional and the TIAA Real Estate Account. This means that to set up a Transfer Payout Annuity for your TIAA Traditional account balance, you must first transfer or withdraw any funds you have in the TIAA Real Estate Account. There is one exception: If you use your entire TIAA Traditional balance to set up a Transfer Payout Annuity with all transfers going to the TIAA Real Estate Account, you don t have to first withdraw or transfer any funds you have in the TIAA Real Estate Account. (Note: You can t subsequently change your Transfer Payout Annuity to direct future transfers to a different account.) A transfer to the TIAA Real Estate Account is not taxable. W Transfers from TIAA Traditional to the CREF variable accounts or to another financial company are done as a 1035 exchange. This is a nontaxable transfer of funds between after-tax annuities from different companies and is reported on IRS Form 1099R as a tax-free distribution. W Earnings are generally taxable as ordinary income. So if you receive funds in cash, federal taxes will be withheld at the default rate of a married person claiming three allowances or a different amount, if requested; state tax is based on your state of residence. There may also be a 10% early withdrawal penalty if you withdraw funds before age 59½. Withdrawals are reported on IRS Form 1099R as taxable distributions. W Installments are based on a guaranteed interest rate of 2.5% plus additional amounts, if any, credited above the guaranteed rate. Additional amounts are declared by TIAA s Board of Trustees and are in effect for the declaration year that begins each March 1 for accumulating annuities. They are not guaranteed for future years. W You may be able to make changes to your Transfer Payout Annuity if your needs or goals change. Please call us at to speak with a TIAA-CREF Consultant. W If your account balance is under $2,000 for contracts issued outside New York State, or $5,000 for contracts in New York State, you can transfer the entire TIAA Traditional account balance at any time. This small account balance transfer is available once in the life of the annuity contract. * Transfers or withdrawals are done over a period of 9 years and 1 day. 8

11 Take the next step. Contact us today for more information, advice or help setting up your Transfer Payout Annuity. It s easy to reach us. Call us at Monday to Friday, 8 a.m. to 10 p.m. (ET), and Saturday, 9 a.m. to 6 p.m. (ET). Our consultants can answer your questions as well as create illustrations of the transfer and withdrawal options available to you. Visit us online at tiaa-cref.org to create illustrations of your income and explore the many ways we can serve your financial needs. To send us an , click Contact Us at the top of the home page. Schedule a one-on-one meeting with a TIAA-CREF Consultant at the TIAA-CREF office nearest you. To find a local office, go to You can also check with your employer s Human Resources Department to see if you can schedule an appointment with a TIAA-CREF Consultant the next time we visit your workplace.

12 Under Texas law, the benefits of an annuity purchased under the Optional Retirement Program are available only if a participant attains the age of 70½ years or terminates participation in the program. For these purposes, a person terminates participation in the Optional Retirement Program, without losing any accrued benefits, by: (1) death; (2) retirement; or (3) termination of employment in all Texas public institutions of higher education. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Annuity contracts contain exclusions, limitations and reductions of benefits, and may contain terms for keeping them in force. Your TIAA-CREF Financial Consultant can provide you with cost and complete details. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. These products are issued by Teachers Insurance and Annuity Association of America: Retirement Annuity (RA) TIAA Contract form series ; After-Tax Retirement Annuity (ATRA) TIAA Contract series ATRA-STD, After-Tax Retirement Annuity (ATRA) endorsement to the RA, and form series TIAA-ATRA; Group Retirement Annuity (GRA) TIAA Contract form series G or G1000.5, G or G (not available in all states); IRA Annuity TIAA Contract form series TIAA-IRA-01; Retirement Choice TIAA Contract form Series IGRS-01-5-ACC, IGRS ACC, and IGRS ACC, TIAA Certificate Series IGRS-CERT2-5-ACC, IGRS-CERT1-60-ACC, IGRS-CERT2-84-ACC Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY C _ A9852 (09/14)

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