A growing number of advisors are realizing the advantages of retaining retirement assets with TIAA or rolling over funds into an IRA or Keogh. But the TIAA pension accounts can be complex. To help ensure that we provide advisors with the support and service they need to manage these accounts, we have dedicated Retirement Plan Consultants in the Advisor Services unit at 888 842-0318.
Besides overall service and support for retirement plans, we have found that Retirement Plan Consultants can help with a number of specific areas regarding TIAA and its features and products, notably:
One area of special expertise for the Retirement Plan Consultants is explaining the various distribution options when the time comes for a participant to begin taking payouts. The choices are flexible and differ based on whether the money is being withdrawn from a TIAA annuity or TIAA mutual funds.*
The Retirement Plan Consultants can help explain all these options and run retirement illustrations. To give a sense of how the Consultants’ expertise can facilitate decision-making, consider the variety of distribution flexibilities available from our annuity accounts, including:
If, on the other hand, the retirement portfolio includes TIAA mutual funds, as with TIAA SRAs, IRAs and Keoghs, the mutual funds payout options are limited to systematic cash withdrawals or a lump sum payout. At retirement, however, mutual fund balances can be transferred to an annuity account to take lifetime income.
The Retirement Consultants are also often asked to explain how the TIAA Traditional Annuity vintages work, are calculated, and change, and how this relates to the guarantees provided by the account. An understanding of TIAA vintages is essential to maximizing the use of TIAA as a volatility hedge in a retirement plan portfolio.
Because of our charter, there are eligibility requirements for TIAA IRAs and Keoghs. The Retirement Plan Consultants can also help with the details of these requirements, to help ensure that any eligible client you may have can take advantage of these high-quality products.
We can also help with fee billing, downloads, and other service aspects of managing your clients’ TIAA retirement plan assets. Call us today at 888 842-0318 or e-mail us at AdvisorRetirement@TIAA.org.
*Available through the Retirement Class of Shares of TIAA-CREF Institutional Mutual Funds. Teachers Personal Investors Services, Inc., principal underwriter.