How many of you will stay (or leave) if the eliminated the pension plan?
7 replies (most recent on top)
@2fb But, it's not a "Defined Benefit" plan, which was the primary point being made.
@av you might want to review what a pension is ....the the TIAA retirement plan is 401(a) aka a money purchase plan which IS a pension plan like OP said....
@1pk More detail is needed. The TIAA Retirement Plan, at separation, does allow some options other than lifetime annuity, but they are aged-based options.. LPWO is allowed starting at age 55 (up to RMD age), but even that is limited to 7% of the variable accumulation each year. There is no way to withdraw or rollover the full amount in that plan, unless the total is less than $7,000. Interest-only on TIAA Traditional is an option, also starting at 55. RMD payments are an option at RMD age.
@191 If you have not invested in TIAA traditional within the plan, then you are freee to rollover or Withdraw the funds. This is a common misconception. Unfortunately the advisors also do not provide the complete information, read the SPD for this plan to verify this.
@av I've often referred to the retirement plan as a defined contribution pension. Since you basically have to take it as an annuity
An employee who believes that TIAA provides a defined benefit pension should be fired on the spot for having no clue about the company’s products!
@OP as it is likely the biggest difference between us and everybody else (the contribution rates are high and get higher as you age) why would they?
Also what we have is not a defined benefit, so maybe even commenting on this post is a waste of time.