Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans.
Your employer will typically allow you to withdraw funds once you've reached 59 1/2 years of age.
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 10 annual payments under those terms.
If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.
- These withdrawals are not available from TIAA Traditional Account balances.
When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).
You can withdraw elective deferrals and earnings from your retirement plan while employed by your institution but not working due to a disability.
- To qualify you must be totally and permanently disabled, and the deferrals and earnings must have been credited to your plan on or after January 1, 1989.
- Disability withdrawals are not subject to the 10% IRS penalty on withdrawals prior to age 59.1/2.
If your plan permits, you can withdraw some of the money you've put in over the years (but not earnings) due to financial hardship, such as medical or funeral expenses, while still employed.
- Generally, you must show an immediate, significant need that cannot be met with other resources, including loans from your retirement plan.
Lifetime retirement income
- One-life annuity - provides income for as long as you live.
- Two-life annuity - provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
- One- or two-life annuity with guaranteed period - guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.
Single-sum death benefit
A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
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.
Some retirement plans allow you to borrow funds from your account.
- Generally, under the Internal Revenue Code the maximum loan allowed from all your employer's plans is up to $50,000 or 50% of your vested accumulation, whichever is less. (This may be further limited by the terms of your contract.)
- Borrowing funds from your retirement plan is a nontaxable event as long as you repay your loan in full
TPA to cash
If you need some of your retirement savings in cash, you can withdraw your TIAA Traditional Account balance through a Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.
Prior to rolling over, consider your other options. You may also be able to leave money in your current plan or withdraw cash. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment.
If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA).
- Direct rollovers - from one account to another - are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution.
Minimum distribution option
Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 72 or retire, whichever is later. This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
Immediate partial pay
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 is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.
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.