Moving Account Balances Between or Within Investment Sponsors
The following rules apply for moving account balances from one investment sponsor to another:
- For a TIAA Group Retirement Annuity Accounts issued after June 1, 2005:
While you are employed at the University transfers can be made out of the TIAA Traditional Annuity Account into CREF or Fidelity by use of a transfer payout annuity but only by spreading the amount transferred out over a nine-year period. At termination of service, transfers may be made from the TIAA Traditional Annuity Account to CREF or Fidelity over a five-year period, or, within the first 120 days following separation from service, in a lump sum, which is subject to a 2.5% surrender fee.For a TIAA Retirement Annuity Account issued prior to June 1, 2005:
Transfers can be made out of the TIAA Traditional Annuity Account into CREF or Fidelity by use of a transfer payout annuity but only by spreading the amount transferred out over a nine-year period.
- Transfers out of CREF into TIAA or Fidelity may be made in any amount at any time.
- Transfers out of Fidelity into TIAA or CREF may be made in any amount at any time, except that TIAA and CREF cannot accept Roth after-tax contributions.
- Transfers among Fidelity funds may be made at any time, but a fee may be charged if more than four transfers are made in a calendar year.
Other restrictions or requirements may apply. See the disclosure materials for any fund you are considering.