Contributions will no longer be made to the TIAA Secure Income Account. However, if you’re eligible to take a distribution from your employer’s plan (typically because you’ve already terminated employment), you may be able to roll over your TIAA Secure Income Account balance to a similar TIAA fixed annuity product available in an Individual Retirement Account (IRA) from TIAA. The IRA-based fixed annuity includes guaranteed crediting rates and the choice of lifetime income payments when you retire—the features also available through the TIAA Secure Income Account used in your employer plan.
Keep in mind, though, that the interest crediting rates and lifetime income payout rates in the IRA-based fixed annuity typically won’t be as high as they had been in the TIAA Secure Income Account.
There are some eligibility conditions for the IRA-based fixed annuity, but we’re told that many employees will be able to meet them.
Of course, if you’re eligible to take distributions from the plan, you have other options to roll your balance out of the plan. However, those options will not typically include access to a similar TIAA fixed annuity.
If you’re not eligible to take distributions from the plan, your balance in the TIAA Secure Income Account will be transferred according to the mapping instructions that your employer provided.
Note for call center representatives: Additional information, including the eligibility questions, is available at www.tiaa.org/public/retire/financial-products/iras. Participants can review the information on the page and then select Open an Account to get started and determine if they’re eligible to rollover to the TIAA IRA fixed annuity product.