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Depending upon the kind of account the employee has -- a retirement plan, an IRA, a mutual fund, or an after-tax annuity -- there are a number of ways to make contributions. Payroll deductions, payroll reductions, automatic investment plans, or just plain mailing a check, are some examples.
If the employee is still employed and has a TIAA-CREF retirement plan, they can make contributions on a tax-deferred (salary reduction) or after-tax (salary deduction) basis depending on their employers' plan. If the employee decides to make tax-deferred or salary reduction contributions to their TIAA-CREF retirement plan, they must complete a Salary Reduction Agreement with their employer. By signing this agreement, the employee authorizes their employer to reduce their paychecks by the designated amount and place that money in their accounts.
To make after-tax salary deduction contributions to their TIAA-CREF retirement plan, the employee needs to complete an Authorization for Payroll Deductions form through their employer and indicate the amount or percentage and the date for additional contributions on the form.
If the employee has a TIAA-CREF retirement plan and is no longer employed at the contributing employer, they can make additional after-tax contributions. To do so, they should call 1 800 842-2776.
For a supplemental retirement plan, as well as when making any tax-deferred contributions to their retirement plan, the employee should get a calculation -- from TIAA-CREF or from their benefits office -- of the maximum allowable contribution and decide how much they want to set aside each pay period. The employee can contribute any amount from $25 per paycheck up to the maximum allowed by the IRS -- many people can contribute as much as $12,000 per year. The maximum will depend on their income, years of service, and other factors.
If the employee has a TIAA-CREF IRA, they can continue to make contributions to their account:
- If the employee's contract starts with a letter, they can make additional contributions to it on-line, by phone at 1 800 842-2776 (using an authorized electronic fund transfer (EFT) for their IRA account), or by mail -- noting their contract number and the tax year for their contribution on the check -- to: TIAA-CREF, P.O. Box 530166, Atlanta, GA 30353-0166.
- If the employee's contract does not start with a letter, they can make additional contributions by phone at 1 800 223-1200, or by mail -- noting their TIAA-CREF IRA fund and account number and the tax year for their contribution on the check -- to: TIAA-CREF Mutual Funds, P.O. Box 8009, Boston, MA 02266-8009.
The employee can buy additional shares of retail mutual funds on-line. The minimum additional investment per fund is $50. All payments will be transferred from their bank account. Using our online secure system is the fastest way to make a transfer. If the employee has never used our Secure Access system before, they will first need to create a log-in. Once they have logged into Secure Access, they select "Purchase Additional Shares" from the left-hand menu and follow the menu prompts.
Call 1 800 223-1200 to purchase additional shares by phone.
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To purchase additional shares by mail,
| Make checks payable to TIAA-CREF Mutual Fund and send them to: |
The TIAA-CREF Mutual Funds
c/o Boston Financial Data Services
P.O. Box 8009
Boston, MA 02266-8009 |
Overnight Mail:
The TIAA-CREF Mutual Funds
c/o Boston Financial Data Services
66 Brooks Drive
Braintree, MA 02184-3839 |
To buy additional shares by wire,
the employee must instruct their bank to wire money to:
State Street Bank
ABA Number 011000028
DDA Number 99052771 |
| Specify "The TIAA-CREF Mutual Funds" on the wire. |
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