CURP

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.

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.

• 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.