The University of Rochester Retirement Program allows you to take a loan against the pretax accumulation in your TIAA Retirement Choice Plus (RCP) account.
Subject to the rules of your funding vehicle, retirement accumulations arising from your pretax Voluntary Contributions that are in other accounts can be transferred to your University of Rochester Retirement Program account for the purpose of taking a loan. Please note that Roth after-tax accumulations and the University's Direct Contributions are not available for a loan. However, Roth after-tax accumulations and the University's Direct Contribution are included in the calculations to determine the amount available for a loan.Loans are available from a minimum of $1,000 to a maximum of the lesser of 50% of the (vested) balance or $50,000 (less your highest outstanding loan amount in the past 12 months), including amounts loaned from retirement accounts through members of the controlled group of the University.The amount you can borrow depends on the amount currently in your TIAA accumulation. Call a TIAA Consultant for more detailed information on loans at 800-410-6497.
You have a variety of options when it’s time to take income from this plan:
Tier 1 and 2: Target Date Fund Series and Core Funds