Contact your benefits office to learn more.

To obtain vesting information regarding this plan, contact TIAA at 800-842-2252.

LOANS

DISTRIBUTIONS

Age based distribution

Your employer will typically allow you to withdraw funds once you've reached 70.50.

Lump-sum distribution

You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.

• Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking periodic payments under the terms of the contract. Please refer to your contract or certificate for full details or contact us at 800-842-2252.

Small-sum distribution

When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).

Single-sum death benefit

A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.

Fixed period

You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).

• Payments stop at the end of the period, during which you will have received all your principal and earnings.

Unforeseeable emergency

To withdraw money for an emergency with a 457(b) plan requires you to meet the rules for an Unforeseeable Emergency withdrawal. The IRS defines an unforeseeable emergency as a severe financial hardship to the participant or beneficiary resulting from, but not limited to:

• A sudden and unexpected illness or accident of the participant, a beneficiary, or the participant’s or beneficiary’s spouse or dependent.
• Loss of the participant’s or beneficiary’s property due to casualty.
• Imminent foreclosure or eviction from the participant’s or beneficiary’s primary residence
• Medical expenses, including non-refundable deductibles and the cost of prescription drug medication
• Funeral expenses of a spouse or dependent
• Other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant or beneficiary.

Please note that an unforeseeable emergency does not typically include the purchase of a home or payment of college tuition.

Generally, withdrawals are permitted if the hardship can’t be solved:

• Through reimbursement or compensation from insurance or otherwise;
• By liquidating or accessing personal assets including those associated with freely distributable amounts held in retirement and tax-sheltered savings plans (to the extent this would not itself cause a severe financial hardship); or
• By stopping deferrals under the plan.

457(b) In-service, non-hardship employee withdrawals

Some companies will allow active employees participating in a qualified employer retirement plan to withdraw a portion of their plan’s account balance upon request, without demonstrating a specific financial need - it’s called an “in-service withdrawal” or an “in-service distribution.” In service means you are still working for the employer sponsoring the plan.

When considering an in-service withdrawal, keep in mind:

• You may be able to roll the money over to another IRA or qualified plan or annuity without tax penalty, if you do so within 60 days.
• The in-service rule usually only allows payment of the employee’s money, but if you are terminated, you may be eligible for some matching funds.

For plans with balances of $5,000 or less, the following must be true in order to make 457(b) In-service withdrawals:

• You must still be employed
• You must not have made contributions within the last 24 months
• You must not have made this type of withdrawal request before

Please note that 457(b) In-service withdrawals may not always be at the discretion of the employer or specific to this plan.

If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.

Understanding investment fees

Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you.

Cost of plan services

Fees and expenses have always been part of a retirement savings plan-some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. The following three categories of services are provided to your plan:

1. General record keeping and other plan services

Over the course of a year you pay for services like record keeping.

Many services are necessary for the day-to-day operation of your employer's retirement plan. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of these expenses are fixed and other expenses may vary from year to year. These costs are allocated to each participant in a uniform way.

A TIAA Plan Services Fee, an annual service fee of $100, is charged based upon your account balance and deducted on a Quarterly basis.

2. Specific investment services
You pay only for what you use.
Each investment offered within the plan charges a fee for managing the investment and for associated services. But you pay only for the investments you actually use and in proportion to the amount of your investment. These fees are not deducted directly from your account; they are paid indirectly through the investment's "expense ratio". The specific expense ratio for each plan designated investment option is listed in your Quarterly Investment UpdateOpens in a new window.

3. Personalized services

You can opt for extra features, like loan services.

Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are:

Retirement Plan Portfolio Manager is an optional service for professional account management.

Retirement Plan Portfolio Manager provides investment advice on your retirement portfolio based on your goals and needs. This managed account is an optional service with professional oversight and a systematic, disciplined approach to managing your money.

For an annual fee of 30 basis points, which will be deducted from your account on a quarterly basis, your portfolio is reviewed and adjusted as needed to help keep it on track. Features include:

• Customized advice - Based on your goals, we'll help you decide how much to save, an appropriate asset mix and specific investment options.
• Ongoing portfolio oversight - We'll make adjustments based on market conditions and other factors that may affect your investments. These adjustments include quarterly asset reallocation and rebalancing.
• Modify direction as needed - You can update your preferences anytime and we'll fine-tune our recommendations.
• Quarterly statements - Show adjustments made to your portfolio so you can see your current investment mix.

Brokerage account

To learn more about the brokerage service including fees call 800-927-3059 or Get the BasicsOpens in a new window.

Qualified Domestic Relations Orders (QDRO)
No additional charge
Sales charges, purchase, withdrawal and redemption fees for certain investments
Certain charges may apply. For additional information, see Quarterly Investment UpdateOpens in a new window.

More information about retirement plan fees and expenses is available at TIAA.org/fees.