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- 1035 Exchange
- A tax-free exchange from one non-qualified annuity (or life insurance cash value) to another under Section 1035 of the Internal Revenue Code. A 1035 Exchange generally allows you to move non-qualified annuity balances or the cash value from a life insurance policy to another financial company without paying taxes on the transaction.
- After-Tax Annuity
- A personal account (not linked to your employer's plan) that accepts after-tax contributions and provides tax-deferred growth of any earnings. The account can be used as a supplement to employer-sponsored retirement plans or IRAs. You can also add a lump sum of money to the account and begin receiving income over your lifetime or for a set period of years.
- Your primary beneficiary is the first individual or entity that will receive the balance/benefits of your account upon your death. The contingent beneficiary will receive the balance/benefit of your account if you and your primary beneficiary die at the same time or if he or she dies before you. You can name multiple primary and contingent beneficiaries and designate a percentage that should go to each.
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- An electronic funds transfer is used to move funds from one financial institution to another.
- IRA Adoption Agreement
- A contract between you and TIAA-CREF that defines the provision of your IRA. By signing the agreement, you confirm your eligibility to open the account and authorize TIAA-CREF to administer the account on your behalf.
- Lifetime Fixed V
- A tax-deferred annuity to which you can contribute a single sum of after-tax money and earn a rate of interest over a five-year period.
- Lifetime Variable Select
- A tax-deferred variable annuity that accepts after-tax contributions. You can select from 10 variable investment accounts for your allocation of funds.
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- Minimum Distribution Option — The IRS generally requires that you begin withdrawing funds from your employer-sponsored retirement plans and IRAs when you reach age 70 ½. TIAA-CREFs MDO will help you meet that requirement by automatically calculating and sending you the amount you need to withdraw each year.
- Power of Attorney — A legal document giving an individual or organization the authority to obtain information on your accounts, transact business and act on your behalf.
- Private vs. Public Institutions
- You will need to complete this form if you work for a private institution. Private plans generally fall under the rules of the Employee Retirement Income Security Act (ERISA), which requires spousal consent for certain transactions. This form includes a section for your spouse to sign, authorizing the transaction. If you are not married, the form includes a section for you to designate that you are single and not subject to the requirements. Please call us at 800 842-2776 if you're unsure what type of plan you have.
- You will need to complete this form if you work for a public institution. Public plans generally are not subject to the Employee Retirement Income Security Act (ERISA) that requires spousal consent for certain transactions. Note that some public institutions have adopted the ERISA provisions for transactions under their plan. Please call us at 800 842-2776 if you're unsure what type of plan you have.
- Qualified vs. Non-Qualified Plan
- A qualified plan is a regulated plan that meets certain Internal Revenue Service (IRS) requirements. Qualified plans generally have tax advantages for the employer and must meet nondiscrimination requirements that prohibit employers from only providing benefits to certain employees. Contribution limits generally apply because of the tax advantages to the employer and employee.
Non-qualified plans are not subject to the same nondiscrimination requirements and generally have higher contribution limits. Employers may use non-qualified plans to fund accounts of highly compensated or key employees. Some Individual after-tax annuities are also considered non-qualified products.
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- Retirement Annuity and Group Retirement Annuity —The base retirement annuities available through an employer. Depending on your employer's plan, contributions may be made by your employer on your behalf or also taken from your salary. Since the employer contributes to the plan, special requirements may apply to when you are eligible to withdraw funds and when you become vested in the account balance.
- Supplemental Retirement Annuity and Group Supplemental Retirement Annuity — Supplemental annuities accept pretax contributions you elect to make above and beyond your employer's base plan. Maximum contribution limits apply and the sponsoring employer generally determines the available investment options.
- Transfer Payout Annuity — Lump-sum withdrawals and transfers from the TIAA Traditional Annuity in Retirement Annuity, Group Retirement Annuity and Retirement Choice Annuity are not available. The TPA enables you to withdraw or transfer your TIAA Traditional Annuity balance in ten approximately equal annual installments.
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