Frequently Asked Questions
If plan participants have questions about taking RMDs, loans or withdrawals, remember to remind them that it’s best to speak with their financial advisor and/or tax consultant before making any decisions.
No. The waiver of required minimum distributions does not apply to defined benefit pension plans.
No, plan sponsors do not need to decide whether or not to allow participants to suspend RMDs.
- The option automatically applies to all 401(a), 403(a), 403(b) and governmental 457(b) plans and IRAs.
- Participants in these plans currently receiving RMDs can request that they be canceled for 2020, with recurring payments restarted in 2021. They also have the option to repay payments received.
- Under the act, TIAA cannot set up new RMD payments, but if participants need the money, they may be able to take a cash withdrawal per their plan's rules by logging in to their account on TIAA.org, clicking on ‘Actions’ and then selecting ‘Start a Loan/Withdrawal.’
Yes. If participants need the money, they can continue to receive their RMDs. If RMDs have not started, the most efficient way to receive funds is by taking a cash withdrawal per their plan’s rules by logging in to their account on TIAA.org, clicking on ‘Actions’ and then selecting ‘Start a Loan/Withdrawal.’