Participation in the 457(b) is limited to a specific employee group. Please contact HR if you have questions about eligibility.

Contributions to the 457(b) plan are immediately vested.

Upon employment termination

• Within 30 days of employment termination, you MUST contact TIAA to select a distribution option, or defer your selection to a later date. If you do not select a distribution option or defer the selection within 30 days of termination, a lump sum distribution will be made to you automatically on the 60th day following your termination date. Due to IRS rules, the deadlines cannot be extended.
• Available forms of payment following termination include:
  • Lump sum
  • Fixed period payments over a set number of years, between 2 – 30 years available
  • Required Minimum Distributions

In-service distributions:

• Unforeseeable emergency
• One-time de minimis exception if your account does not exceed $5,000 and you have not made or received a contribution in the two years prior to the distribution date

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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 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:

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.

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