Corporate officers, vice presidents, professors, and Directors can participate.

Note: The assets in a 457(b) plan are owned by your employer and are subject to creditor claims in the event of bankruptcy until distributed.

LOANS

DISTRIBUTIONS

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.

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.

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.

Other than your specific investment services fees, your plan has no additional record keeping or other plan services fees paid to TIAA.

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:

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.

Salary Reduction AgreementOpens pdf in new window