Distributions

Contents:

How TIAA-CREF Helps

TIAA-CREF efficiently administers participant distributions according to your plan’s rules. We provide all necessary information and forms and interact directly with the participant to determine eligibility and process the request. Clients who are served exclusively by TIAA-CREF (with no additional investment providers) also have access to reporting via our Plan Sponsor website that provides detailed or summary information on plan loan and hardship transactions.

TIAA-CREF Industry Leadership in Information Sharing Standards

Many retirement plan administrators work with a number of investment providers and other third parties. Information sharing between these organizations is key to ensuring that participant loans and distributions are compliant. TIAA-CREF is actively involved with the Society of Professional Asset-managers and Record Keepers to help drive industry information sharing standards that will facilitate these transactions.

For Multi-Vendor Employers

For our institutional clients with more than one investment provider, we offer a proactive approach designed to help prevent noncompliant transactions before they occur. One example of this approach is an easy-to-use, web-based tool designed to help plan sponsors with multiple investment providers ensure that loans and hardship withdrawals are processed by all investment providers in compliance with applicable IRS regulations. To provide this service, we contracted with an independent, industry-leading financial data firm that aggregates data from multiple investment providers on the plan.

The tool is transparent to the participant, but allows providers to verify that the maximum loan amount available is not exceeded and that the participant has received the maximum allowable loan amount before a hardship withdrawal is permitted. Each investment provider is required to supply the independent firm with data on loans and hardship withdrawals so that it can be aggregated and used exclusively for monitoring and reporting purposes.

The tool is completely electronic, allowing you to view information via a web-based application that provides both detailed and summary reports in relation to investment provider and participant.

Please contact your Managing Consultant for more details.

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