You have options with
TIAA Traditional
*
Using TIAA’s Transfer Payout Annuity for transfers and withdrawals
* TIAA Traditional is issued by
Teachers Insurance and Annuity
Association of America (TIAA),
New York, NY.
The promise of retirement
paychecks for life
1
For more than 100 years TIAA Traditional has provided millions
of retirement plan participants in the educational, nonprot and
public sectors the assurance of having money coming in for life.
When you contribute to TIAA Traditional, your retirement savings are protected
and cannot decline in value. And your balance is guaranteed to grow every day
throughout your working years no matter the market ups and downs.
2
When
you’re ready to retire, you can activate retirement paychecks that last the rest
of your life using all or part of your TIAA Traditional savings.
1,3
Given that retirement today could last 20 to 30 years or more, contributing
to TIAA Traditional and choosing retirement paychecks gives you the
certainty that you’ll have predictable income for life to help cover expenses in
retirement.
4
You may also benefit from TIAA’s unique way of sharing profits,
with the opportunity for raises and bigger retirement paychecks beyond the
guaranteed minimums.
5
The longer you save, the bigger your retirement
paychecks may be.
Every year since 1949, TIAA has paid more than the guaranteed minimum
income payment. Plus, because of the exclusive, only-from-us TIAA Loyalty
Bonus
SM
, those who've contributed over time to TIAA Traditional have received
even higher payments than those who've transferred money in at retirement.
6
1. Retirement paycheck is the annuity income received in retirement. Guarantees of fixed monthly
payments are only associated with TIAA’s fixed annuities.
2. All guarantees are based on TIAA’s claims-paying ability.
3. Converting some or all of your savings to income benefits (referred to as “annuitization”) is a
permanent decision. Once income benefit payments have begun, you are unable to change to
another option.
4. Guarantees of fixed monthly payments are only associated with TIAA’s fixed annuities.
5. TIAA may share profits with TIAA Traditional Annuity owners through declared additional
amounts of interest during accumulation, higher initial annuity income, and through further
increases in annuity income benefits during retirement. These additional amounts are not
guaranteed beyond the period for which they were declared.
6. Lifetime income payments from TIAA Traditional may include a TIAA Loyalty Bonus
SM
, which is
discretionary and determined annually.
Consider the benefits of TIAA Traditional before making a transfer or
withdrawal. Taking money out can mean forfeiting the option to convert
savings to retirement paychecks for life as well as additional amounts
you may receive such as the TIAA Loyalty Bonus.
1,3,6
2 Transfers and withdrawals from TIAA Traditional
7. Participants do not invest in the TIAA General Account portfolio, which supports the minimum guaranteed returns, additional amounts and payout obligations
under the TIAA Traditional Annuity. The TIAA General Account is an insurance company account and is not available to investors as an investment.
8. When the TIAA Traditional Annuity is available in an employer-sponsored retirement plan, income and withdrawal options are subject to the terms of the plan.
Withdrawals prior to age 59½ may be subject to a 10% federal tax penalty in addition to ordinary income tax.
9. Refers to installments under RA, GRA and RC contracts. A lump-sum withdrawal within 120 days after termination with a 2.5% surrender charge under GRA
and RC contracts is not paid in installments.
10. There are dierent rules on how to withdraw money from the TIAA Traditional Annuity depending on the contract(s) available to you. The Transfer Payout
Annuity applies to Retirement Annuity (RA), Group Retirement Annuity (GRA) and Retirement Choice (RC) contracts with “delayed liquidity.” These contracts
have historically provided higher returns than “fully liquid” contracts in exchange for some limitations on transfers and withdrawals. Your contract was selected
by your employer. You may have access to multiple versions. Log in at tiaa.org to view your available options.
11. Installments are made over a period of nine years and one day and include a portion of your principal plus interest based on the rates in eect at the time.
12. Supplemental retirement plan contracts refer to the Supplemental Retirement Annuity (SRA), the Group Supplemental Retirement Annuity (GSRA) and the
Retirement Choice Plus (RCP) Annuity.
13. Rollovers are reported on IRS Form 1099-R as a nontaxable distribution.
14. State withholding is based on the state where you live. You may also be subject to a 10% early withdrawal penalty if you withdraw funds before age 59½.
Withdrawals are reported on IRS Form 1099-R as a taxable distribution.
Moving your money
To provide lifetime guarantees, the TIAA General Account—which supports TIAA Traditional—invests in long-term, relatively illiquid
assets that aren’t designed to be quickly bought and sold.
7
Since TIAA Traditional is not intended as a short-term savings vehicle,
any transfers or withdrawals must generally be paid to you in installments over time through the Transfer Payout Annuity rather than
all at once.
8,9
This requirement provides flexibility and helps TIAA meet our guarantees and achieve our goal of paying competitive
interest and payout rates.
If you decide to move money out of TIAA Traditional through a Transfer Payout Annuity, your money will be paid to you based on
the terms of the annuity contract(s) in your employer’s retirement plan.
10
Annuity contract Transfer/withdrawal options Interest Minimum
Retirement Annuity (RA) 10 annual installments
11
Each installment is based
on a 2.5% guaranteed rate
plus the opportunity for
additional amounts
5
$10,000 or 100% of your
TIAA Traditional balance,
whichever is less
Group Retirement Annuity (GRA)
10 annual installments
11
If allowed by your employer’s retirement plan,
you can make a full withdrawal within 120 days
after ending employment, subject to a 2.5%
surrender fee
Retirement Choice (RC)
84 monthly installments
If allowed by your plan, you can make a full
withdrawal within 120 days after ending
employment, subject to a 2.5% surrender fee
Each installment is based
on a 1% to 3% guaranteed
rate plus the opportunity for
additional amounts
5
Supplemental retirement plans:
Supplemental Retirement Annuity (SRA),
Group Supplemental Retirement Annuity
(GSRA), Retirement Choice Plus (RCP),
12
IRA
No restrictions. You can move funds in and out of TIAA Traditional at any time.
After-tax retirement annuity See pages 5-6.
For each installment you can choose to:
• Transfer the money to other investment options in your employer’s retirement plan. There are no taxes on in-plan transfers.
• Roll over the money to an IRA or other qualified retirement account. There are no taxes on qualified rollovers.
13
• Withdraw your balance in cash. Amounts withdrawn are taxed as ordinary income and are subject to 20% mandatory
federal income tax withholding.
14
Transfers and withdrawals from TIAA Traditional 3
4 Transfers and withdrawals from TIAA Traditional
Frequently asked
questions
Can I change my Transfer Payout Annuity?
Yes. If your needs or goals change once you begin your Transfer Payout Annuity,
you can:
• Transfer the funds to dierent investments in your employer’s
retirement plan.
• Transfer the funds
back to TIAA Traditional. The amount transferred
will be credited with the interest rates in eect for new contributions. A
new Transfer Payout Annuity would be needed to move funds out of TIAA
Traditional again later.
• Transfer the funds to a TIAA IRA, another retirement account that will
accept them (if available through your employer’s plan) or an IRA outside
of TIAA.
• Receive the installments in cash, if available through your employer’s
retirement plan.
• Change to another income option. For example, if you retire and want to
begin receiving income, you can convert some or all of your remaining
Transfer Payout Annuity payments into retirement paychecks. However,
once retirement paychecks have begun, you’ll be unable to change to
another option. Amounts that are converted to retirement paychecks
may be eligible for the TIAA Loyalty Bonus. Another income option you
could choose is TIAA interest-only income—as long as the balance is at
least $10,000.
Example of a TIAA Traditional Transfer Payout Annuity*
Let’s say you move $50,000 of your TIAA Traditional account balance to
a Transfer Payout Annuity with a total interest rate of 4% (guaranteed,
plus additional amounts). Here’s a sample schedule of payments.
Date of first
installment
Initial installment
amount
Date of final scheduled
installment
December 1,
2024
$5,927 December 2, 2033
This is hypothetical and does not reflect the amount you’d actually
receive. It’s not intended to predict or project results. The actual initial
payment and future payments will vary depending on the total interest
rates in eect. To request a personalized illustration:
• Visit tiaa.org/rii.
• Call us at 800-842-2252. Consultants are available weekdays, 8
a.m. to 10 p.m. (ET).
*Under RA and GRA contracts.
Transfers and withdrawals from TIAA Traditional 5
What if I have a small account balance? Do I still need a Transfer Payout Annuity?
You may be able to transfer or withdraw your entire TIAA Traditional account balance if it’s less than the amounts below and:
• You’re no longer working for the employer that sponsors your retirement plan, or
• Your annuity contract is no longer available in your employer’s retirement plan.
Keep in mind that you can do this only once during the life of the annuity contract.
Maximum balance for full transfer without a Transfer Payout Annuity
$2,000
• Retirement Annuity contracts issued at any time in any state except New York
• Retirement Annuity contracts issued in New York before April 17, 2005
$5,000
• Retirement Annuity contracts issued in New York on and after April 17, 2005
• Group Retirement Annuity or Retirement Choice contracts issued in any state at any time
How do the 84 monthly installments work for Retirement Choice?
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, then 1/82 for the third month and so on.
This continues through the final installment, which will be 1/1—or your entire remaining balance.
What if I have an after-tax retirement annuity?
You can move funds out of TIAA Traditional through transfers or cash withdrawals in 10 annual installments. When you do this you
must use the entire balance in your TIAA contract. You may be able to make changes to your Transfer Payout Annuity if your needs or
goals change.
If you have a balance in TIAA Traditional and the TIAA Real Estate Account
• 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.
If you're transferring your entire TIAA Traditional balance to the TIAA Real Estate Account
• 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.
• You can’t change your Transfer Payout Annuity to direct future transfers to a dierent account. A transfer to the TIAA Real
Estate Account is not taxable.
Tax treatment on installments
• Transfers to other available funds or to another financial company are nontaxable transfers between after-tax annuities.
They are reported on IRS Form 1099-R as a nontaxable distribution.
• Earnings are generally taxable as ordinary income. If you receive funds in cash, federal taxes will be withheld at the default
rate of a married person claiming three allowances unless you request a dierent amount; 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 1099-R as taxable distributions.
Interest on installments
• 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 eect for the “declaration year” that begins
each March 1 for accumulating annuities and January 1 for payout annuities. They are not guaranteed for periods other than
the period for which they were declared.
Balances below the minimums
• If your TIAA Traditional account balance in your after-tax retirement annuity contract is less than the minimums described
below, you may be able to withdraw or transfer the entire balance at once. You can do this only once during the life of the
annuity contract.
After-tax retirement annuity balance minimums
$2,000
• After-tax retirement annuity contracts issued at any time in any state except New York and in New York before April 17, 2005
$5,000
• After-tax retirement annuity contracts issued in the state of New York on and after April 17, 2005
Contact us for help with your payout options.
• Call 800-842-2252, weekdays, 8 a.m. to 10 p.m. (ET).
• Visit tiaa.org/tools for online help with your planning.
• Find a local oce at tiaa.org/local to schedule a meeting.
• Check with your employer about meeting with TIAA at your workplace.
This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product
recommendation. This material does not consider an individual’s own objectives or circumstances, which should be the basis of any investment decision.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes 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. Each is solely responsible for its own
financial condition and contractual obligations.
The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.
Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.
TIAA Traditional is a fixed annuity product issued through these contracts by Teachers Insurance and Annuity Association of
America (TIAA), 730 Third Avenue, New York, NY, 10017: Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-
84-ACC; IGRSP-01-84-ACC; 6008.8. Not all contracts are available in all states or currently issued.
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.
TIAA Loyalty Bonus
SM
is a service mark of Teachers Insurance and Annuity Association of America.
©2024 and prior years, Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017.
XBR-3319253CR-Y0324P (05/24)