Moving Account Balances
Transfers can be made out of any investment option to another investment option available under the Plan in any amount at any time except that any Roth contributions may not be transferred to the TIAA Traditional Annuity account or the CREF Annuity accounts.
Transfers may be made out of the following annuities that are closed to new contributions at any time.*
- TIAA Real Estate Account
- CREF Equity Index Account
- CREF Global Equities
- CREF Bond Market
- CREF Growth Account
- CREF Social Choice
*Transfer subject to paperwork. If you would like to complete a transfer from any of the CREF Annuities or the TIAA Traditional, contact TIAA for the applicable paperwork.
Other restrictions or requirements may apply. See the fund administrator’s disclosure materials for any fund you are considering.
You will receive quarterly statements by mail directly from TIAA. Fidelity’s quarterly statements are available online at Fidelity NetBenefits.
In-Plan Roth Conversion
You may elect to convert all or a portion of your Supplemental Retirement and Savings Plan account (other than your Roth Contribution Account) to a Roth Contribution Account as an In-Plan Roth Conversion. This Conversion actually occurs within the Supplemental Retirement and Savings Plan. You do not receive a check and then contribute it to the Supplemental Retirement and Savings Plan. A key benefit of a Roth is the potential for federally tax-free earnings and withdrawals. Converting to a Roth 403(b) can be beneficial if you expect your tax rate to increase in the future, because you pay taxes on the money you convert now.
You are advised to consult a tax advisor to better understand these requirements. The full amount of any conversions to a Roth 403(b) processed in a calendar year will be considered taxable income in that calendar year.
You may take a distribution from your Roth 403(b) funds only if you are eligible, otherwise your funds are subject to the rules of the Supplemental Retirement and Savings Plan. An eligible distribution is (i) a distribution to an active Member on or after attaining age 59 1/2; (ii) a distribution made upon termination of employment, becoming disabled, or retirement; (iii) a distribution upon the Member’s death; or (iv) any distribution that would otherwise qualify as an eligible rollover distribution.