CURP

College & University Retirement Plan (CURP)

These are important details regarding this plan.

ELIGIBILITY

To be eligible for participation in the CURP, you must meet the definition of an education employee*, and be employed in a position normally requiring the performance of duties during not less than 1,000 hours per year at one of the following institutions:

  • Central Missouri State University
  • Harris-Stowe State University
  • Lincoln University Missouri
  • Western State University Missouri
  • Southern State University
  • Northwest Missouri State University
  • Southeast Missouri State University
  • Missouri State University
  • Truman State University

You must have been hired by one of these institutions for the first time on or after July 1, 2002, and never have service credit under another plan administered by MOSERS.

*Education employees are defined as teaching personnel, instructors, assistant professors, associate professors, professors, and academic administrators holding faculty rank. Your employer will determine your eligibility for the CURP based on the law and MOSERS's board rules.

Once your eligibility for the CURP is determined, you will automatically be enrolled in the plan. Plan contributions on your behalf will be made to the TIAA-CREF Lifecycle Fund closest to your expected year of retirement. Please note that you may change your investment allocations and beneficiary designation at any time following your first contribution being remitted to the plan.

CONTRIBUTIONS

Contributions will be made directly to your plan account by your employer no later than two weeks after each pay date consistent with any applicable federal law requirements as determined by TIAA-CREF.

By law, the CURP contribution rate is equal to 1% less than the normal cost contribution rate of the Missouri State Employees' Plan 2000 (MSEP 2000). Each fall, MOSERS will set the contribution rate to become effective July 1 of the following fiscal year. Your human resources representative will distribute the new contribution rate information. In addition, check your quarterly statement from TIAA-CREF.

EMPLOYER MATCHING

CURP is a non-contributory plan, therefore employer matching does not apply.

VESTING

You are fully and immediately vested in the benefits arising from contributions made under the CURP. Such amounts are non-forfeitable.

INVESTMENTS

Your employer offers you a variety of investment choices from an array of asset classes. You can see a list of the investment choices under this plan on the Investment Choices page.

EXPENSES

Expenses vary from investment to investment. To learn about expenses associated with an investment, see a list of the investment choices under this plan on the Investment Choices page, and read the Fact Sheet or the prospectus for that investment.

DISTRIBUTIONS

You have a variety of options1 when it’s time to take income from this plan:

  • Fixed Period

    You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).

    • Payments stop at the end of the period, during which you will have received all your principal and earnings.
       
  • Interest Only

    You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest.

    • These payments are generally available to individuals between ages 55 and 70½ when minimum distributions are required.
       
  • Lifetime Retirement Income

    • One-life annuity — provides income for as long as you live.
       
    • Two-life annuity — provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
       
    • One- or two-life annuity with guaranteed period — guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.
       
  • Lump Sum

    You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.

    • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking 10 annual payments under those terms.
       
  • Minimum Distribution Option

    Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 70½ or retire, whichever is later.

    • This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
       
  • Other in Service

    If your plan permits, you can withdraw cash from your account while still employed by your institution, but you generally must meet an IRS-defined "triggering event," such as reaching age 59½, to qualify.
     
  • Retirement Transition Benefit

    If your contract allows, you can withdraw, in cash, up to 10% of your accumulation at the beginning of a conversion to lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.
     
  • Single-Sum Death Benefit

     A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
     
  • Small-Sum Distribution

    If your plan doesn't otherwise allow cash distributions, upon separation from service you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (typically $4,000). If your plan does allow cash distributions, upon separation you may be able to withdraw your TIAA Traditional accumulation if the value does not exceed $2,000. Talk to your benefits office for details.
     
  • Systematic Withdrawals

    If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.

    • These withdrawals are not available from TIAA Traditional Account balances.
       
  • TPA to Cash

    If your plan allows, you can withdraw your TIAA Traditional Account accumulation through a Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.
This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.

TAXATION

Retirement plan contributions are usually made with before-tax dollars, so federal income taxes are deferred until you begin taking withdrawals later on.

No taxes are due on pretax contributions and earnings made until the money is withdrawn, but because these plans are intended primarily for retirement, you can generally withdraw funds only after termination of employment or age 59½ (subject to plan rules). If you withdraw funds before age 59½, they may be subject to an additional 10% early-withdrawal penalty.

In limited instances when you are making contributions to your retirement plan with after-tax dollars, you will not have to pay income tax on your principal. However, when monies are withdrawn, taxes may be applicable to any earnings and interest accrued.

For additional information and guidance, contact your tax advisor.

LOANS

This plan does not offer a loan feature.


1 The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. Talk to your benefits office for details.

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