just wait until you leave and are a client! No wonder people hate TIAA. Trying to get anything done is is darn near impossible, your money is locked up in under performing produts, withdrawl options are nil, client services is horrendous and een simple changes take forever. I'm embarassed to have worked there fo ras long as I did. Thank God I left. Knowing what I know now, I'd never tell anyone to put money at TIAA. It's a joke.
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Once they got my rollover request in good order it took over 35 days to complete the process. Insane.
The number of replies with conflicing information in this thread perfectly illustrates why new money doesn't come to TIAA and why people are so frustrated with the organization. This place is a dinosaur that has the bulk of its assets locked up in products that simply aren't competitive anymore. The employee base doesn't even understand the products, rules etc.
@v8 That is partially incorrect. The 401k never follows the 7% rule. All investments in the 401k are fully cashable upon termination, or reaching 59 1/2. The 7% only applies to variable investments in the Retirement Plan.
@jm that was true when we were just ra/gsra but since rolling out retire Plus to each plan in the dual contract structure and so if you are opted out of retired plus with money in traditional it follows the 7-year payout rule.
@ka call centers make or break a company. Spend double the amount of money on customer service and your sales will increase by 10X. C-Suite never get this. They are clueless.
More than 80% of the contact center has less than 2 years of service at TIAA so they are pretty clueless! If management is smart they will let the handful of consultants in Denver stay on and work from home indefinitely. I left the company in December and I always ask to speak to someone from Denver. They know what they are talking about. I’m taking all my money out from the 401k once Denver is gone. The way they said they had a great pool of people to choose from in Frisco did not pan out! The planning is ridiculous, it’s like the higher ups have no idea what’s happening in the contact center and don’t care. That’s the front line, they better pay attention because the people coming out aren’t getting enough training!
@gw That is only true for the employee contract...not true the contract that the employer made contributions....employer contributions are not eligible for a full lump sum distribution/rolllover..
@gj putting money in an annuity within TIAA is not considered a rollover.
@bb Exactly...employees need to educate themselves on options!! That includes all...anything you are told ask for the resources, ask for the information to be sent to you in writing, research on your own in KE and HR resources...everything is in writing...
@jm good catch and you’re right, my mistake
@jj thanks for the Ted talk but you made one mistake. The 401k can be rolled out in one shot even including money in TIAA traditional.
I always find it surprising how many people who work here don’t understand the basics of our retirement plans, so addressing a few misconceptions here:
A. Most TIAA employees have two retirement accounts, which have different rules
B. The 401k plan (your contributions plus match) can be moved or withdrawn in a lump sum, unless you’re invested in TT.
C. The other plan (“Retirement Plan”, with just the age-based employer contributions) cannot, full stop. This remains true when in your RMD years.
D. The spousal waiver requirement is a US federal requirement for qualifying plans, not a TIAA-originated rule
E. The fee for e-notary isn’t profit-seeking by TIAA, but simply passing along the cost from the vendor that TIAA partners with to provide the option. Obviously anyone is free to find other notary services on their own instead.
Thanks for coming to my TED talk. It’s not much and this is probably the least efficient possible platform for me to correct the misinformation I’ve heard over the years but it’s honest work.
Every plan is different. Tiaa retirement plan for employees will not let you remove your entire balance. You can remove 7 percent per year very lumpsum or annuity. If you have for example 1,000,000 dollars you can remove 70,000 for the calendar year in a lump sum or you month anuitize your monies into monthly checks.
@gj Roll it into an annuity? Do you mean annuitize and turn the balance into lifetime income? That is not a rollover.
@gw One easy way to find out. Contact the Call center and ask them. If you're still not confident, ask to speak to a supervisor.
@bb at RMD age I can withdraw my RMD or my full balance. I strategically elected NOT to invest in TIAA Traditional. This was confirmed with numerous reps. Either they are wrong or you are.
@e5 you can use the online notary service for $25 a seal! What a joke.
@bb What do you mean "cannot be cashed or rolled over in one lump sum payment, at any age." What if you roll it into an annuity before you leave the company?
@dv you must not be married. TIAA requires a notarized form with your spouse’s signature to start the process. Glad you had an easy go of it. Hasn’t been the case for many I’ve talked to.
I moved my tiaa 401k over to another financial institutional. I did that online and it was not an issue. The money appeared at its destination in one week. If you do it online its quite smooth. If you can stay away from doing things by mail or over the phone where you need to speak to many people who confused about the process themselves because of the high turnover in personnel it will save you much aggravation
@bb that’s the problem with this company - no one knows anything and the story always changes.
@b8 and god forbid you have shares in TIAA Traditional aka hotel California.
@b8 Unless, it's less than $7,000 in the Retirement plan. If less than $7,000, you can take the full amount when you leave the company, at any age.
@b8 If a "CSR" told you that, they were in error. The TIAA Retirement Plan cannot be cashed or rolled over in one lump sum payment, at any age.
It’s no joke! It literally feels as if it takes an act of Congress to roll over a 401k to another plan or Traditional IRA.
Can’t wait for another 20+ years until I hit 55 and can start taking 7% of my retirement account out until I hit RMD age, where I’ll then take ALL of it in one feel swoop (and pay the taxes to boot)…or so the CSR I spoke too told me to do.
I had an awful experience last year as well. Your post 100% validates how I felt!