Thread regarding TIAA (TIAA-CREF) layoffs

@za TIAA shucks and jives and bobs and weaves over the years about providing correct info. The products and restrictions on them were so complex and convoluted you had these young untrained reps who didn't know left from right, right from wrong, nor Tiaa from the g-a-yer CREF. It isn't surprising no one truly knows what the restrictions are and how to access funds and what to access. Another Lawsuit waiting to happen on Big T's Rolex Watch.

@z9 I called the NCC and this is exactly what they told me so either I have a “dolt” that shouldn’t be allowed to communicate with participants/associates, or I can in fact do what I said I can do.

Either way, it’s more concerning that what you know versus what I was told are completely different outcomes and once again proves that HOW this place communicates plan information a suspect.

@yt You should check with HR or call the call center employee line. The 7% you can take out starting at age 55 is 7% of each year's CREF balance (not TIAA Traditional). So, it never pays you out in full. As far as RMD, at 73, it only pays out the required minimum balance each year. It also never pays you out in full. You cannot take all of the Retirement plan funds out when you reach RMD age. If you can get it below $7,000, you might be able to take it as Lump Sum. Most employees, with any decent tenure, won't have it that low. If you don't believe any of the above, check the plan rules, HR, or the call center.

@yb that’s NOT the case. Maybe you should do some add’l research. As a separated employee, I can start to withdraw 7% of my account balance starting at age 55. Then when I reach RMD age, I can take all of the money out if I want (paying taxes).

I refused to put any of my 401k or retirement account into TIAA Traditional and manage the investment mix on my own.

@tk You can always ask questions and do research. The funds in the Retirement Plan are 100% employer-contributed. The employer has the right to direct the terms of withdrawal. In this case, the only way you'll ever get all of your funds out of that specific plan is to do a lifetime annuity, and live to your life expectancy. The funds in your 401k are fully cashable upon separation of employment.

@r0 how would I know any of that as a candidate for a role at TIAA?

This place purposefully obfuscates the truth of until it’s took late, and these lawsuits tend to support that assertion.

@p9 So many participants I met with over the years had absolutely no clue their RA or GRA Traditional money was locked up. Now granted, maybe all of them are liars but I got to believe most probably didn't know until after the fact before it was too late. The 9 year payout always hits them like a surprise but maybe these professors don't research what their investing in. This Traditional money that is tied up could be a massive class action suit.

@p9 You could have called the NCC to discuss your employee accounts...no excuse for not knowing your retirement plan options when you work for a retirement company. It is not up to HR to educate you...all the resources is on the website or call the NCC.

@f6 Naw....it will not happen...I have been with TIAA for many years and there have been class action suits regarding the TIAA Trad restrictions and you can not win.

@f6 not necessarily related to the lawsuit (at least not directly) but I recently left the company and was told that I can only start withdrawing monies from my retirement account when I hit 55 years of age and even then it’s limited to 7% annually until I reach RMD age in my 70’s. I plan to start rolling over those monies into an IRA the minute I can (almost two decades from now!)

When I joined TIAA, the retirement contribution was pretty much glossed over and HR could/would not give me any direct answers when I inquired.

Hopefully this place stays solvent enough until then but those of you joining or recently joined, take that into your calculus when deciding your long-term prospects of this place and your career goals.

The next lawsuit is going to be the lawyers going after the TIAA Traditional in the RA and GRA contracts. So many people had no idea that their employer monies were locked up for 9 plus years and couldn't take it as a lump sum. If the lawyers ever file a class action on that, TIAA is absolutely f#u#c#k#e#d

@OP It's not AARP, per se, but the lawyers. The lawyers are the only people that benefit from these class action suites. It is a shell game and a charade game with the insurance companies and liberal judges that allow this bull-Shi*t to move forward.

https://www.plansponsor.com/aarp-joins-suit-against-tiaa-alleging-mismanagement-of-retirement-funds/

Of course the company spokesperson is going to say the lawsuit is without merit. How many breach of fiduciary duty lawsuits is this now? I don't see how the bootlickers can continue to blindly opine about TIAA's superior products and how it cares for participants/employees. The demise of this company continues to accelerate. Where there's smoke there's fire.

@OP The $18M CEO of TIAA is really racking up the lawsuits just like she did back at Chase. The lawyers are the only ones who truly benefit from these lawsuits and the CEO as the Board will probably give her another raise.