Some employers allow employees to borrow against their TIAA Group Supplemental Retirement Annuities, Retirement Annuities, or Group Retirement Annuities accumulations.
The minimum loan amount is $1,000. The maximum is the lesser of $50,000 or 45 percent of your client’s combined TIAA and CREF accumulations. At least 110 percent of the loan must be kept as collateral in the Retirement Loan Certificate. The loan must be repaid in full within five years, or ten years if it’s used to purchase a principal residence. The interest rate is variable, indexed to the Moody’s corporate bond yield average. Interest remains the same for the first year, and thereafter can be adjusted each year if Moody’s rate changes by at least one half of one percent.
Retirement Annuity (RA) TIAA Contract form series 1000.24/CREF Certificate series C1000.11 STD.1; Group Retirement Annuity (GRA) contract form series G-1000.4 or G-1000.5; G1000.6 or G1000.7 (not available in all states)/CREF Certificate series CG-1000.1; Group Supplemental Retirement Annuity (GSRA) TIAA Contract form series G1250.1 (GSRA’s are not available in all states)/CREF Certificate series CG1250.1.
Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
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