|
|
|
|
Online
To roll retirement plan funds from other companies directly to a TIAA-CREF IRA, the employee
completes any transfer form their current investment company may require*, then sign up for an
IRA with us on-line. Employees can get access to our Online IRA Enrollment System by going to
www.tiaa-cref.org. From the "open an account" drop down
menu in the upper left, they can select "IRAs". "Apply Online Now!" will take them to the system (The appropriate forms are also available here for download.)The tax code allows institutions to make most 403(b) and qualified plans eligible to be rolled over to an IRA. The employee should contact the benefits office of the employer where they contributed to these accounts to clarify the plan's rules.
By Mail
Obtain and complete an enrollment form for an IRA. Send the enrollment form, a check if necessary, and the Transfer/Rollover Authorization form to: TIAA-CREF, P.O. Box 1260, Charlotte, NC 28201-9911. When we receive the completed form, we'll send the employee a letter of acknowledgment and we'll contact the other investment company*. Before making any transfer, be sure to consider any surrender charges the other company may deduct.
- TIAA-CREF has no minimum or maximum required amounts for rollovers.
- Rollovers can be made at any time.
- TIAA-CREF currently charges no fees for rollovers.
If the employee prefers not to do a direct carrier-to-carrier transfer of funds, they have the option to take a distribution of their retirement plan funds. This check will be payable to the employee, and will have 20 percent withheld by the IRS. The employee has 60 days to roll the funds over to an IRA.
|
|
|
|
|
|
If the employee has after-tax annuities elsewhere, they can call our consultants at 1 800 223-1200 Monday through Friday from 8 a.m. to 10 p.m., ET, to determine whether they're eligible for a tax-free exchange, and whether surrender charges will apply.
If the employee is eligible for a tax-free exchange, complete an Exchange of Annuity Contracts form (included with all applications) and return it with their application for a new annuity.
- The request to transfer the funds should be sent to the other company within three working days of TIAA-CREF receiving all completed paperwork. The typical time frame for the transfer to be completed is two to three weeks after TIAA-CREF receives all completed paperwork.
|
|
|
|
|
