OKLAHOMA STATE UNIVERSITY

Oklahoma Board of Regents for the A&M Colleges TDA Plan

These are important details regarding this plan.

ELIGIBILITY

All employees paid through the OSU payroll system are eligible to participate in the 403(b) Plan regardless of classification, percent of time employed or length of appointment.

CONTRIBUTIONS

Employees may elect to defer from a minimum amount of $15.00 a month to the OSU 403(b) Plan each calendar year up to the maximum amount allowable by law, not to exceed the limits of the federal tax code.

EMPLOYER MATCHING

Oklahoma State University does not make matching contributions in the 403(b) Plan.

VESTING

"Vesting" refers to an employee's right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Your contribution to this account will be 100% vested immediately.

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:

  • 59½ in Service 

     You generally can withdraw funds, attributable to elective deferrals, from your account while still employed once you have reached age 59½. Contact TIAA-CREF for additional information.
     
  • 90-24 Transfer
     
    You can directly transfer your 403(b) funds from one approved financial provider to another under your employer's retirement plan, or to another 403(b) annuity contract or mutual fund under another plan, as your plan and contract permit. This transfer is not considered a taxable distribution.
      
  • 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.
       
  • Hardship Distribution

    If your plan permits, you can withdraw your elective deferrals (but not earnings) due to financial hardship while still employed.

    • Generally, you must show an immediate, significant need that cannot be met with other resources, including loans from your retirement plan.
       
  • 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.
       
  • Retirement Loan

    Some retirement plans allow you to borrow funds from your account.

    • Generally, under the Internal Revenue Code the maximum loan allowed from all your employer's plans is up to $50,000 or 50% of your vested accumulation, whichever is less. (This may be further limited by the terms of your contract.)
       
    • Borrowing funds from your retirement plan is a nontaxable event as long as you repay your loan in full.
       
    • Important: TIAA-CREF does not offer loans on Roth accumulations in 403(b)/401(k) plans. The maximum loan amount available to you is calculated based on the total accumulations in your contract. Roth accumulations will be excluded from the collateral when the loan is issued.
       
  • 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. Contact TIAA-CREF for additional information.
     
  • 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.

If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.

Your Oklahoma Board of Regents for the A&M Colleges TDA 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.

The Oklahoma Board of Regents for the A&M Colleges TDA 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.

Contact TIAA-CREF for additional information.

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TAXATION

Any earnings on the contributions you make to a supplemental plan grow tax deferred. The taxable income you'll pay upon withdrawing funds depends on the type of contributions you make to the plan.

If you make pretax contributions, withdrawals are fully taxable as ordinary income. If you make after-tax Roth 403(b)/401(k) contributions, the contributions are always tax free when you begin to withdraw from the plan. However, in order to receive the Roth earnings tax-free you must meet the five year seasoning period and attain age 59½ or if you are disabled. The payment of Roth 403(b)/401(k) accumulations will be on a pro-rata basis including both contributions and earnings as required by the Internal Revenue Code.

For either type of contribution, withdrawals before age 59½ are generally subject to a 10% early withdrawal penalty on the taxable portion of the amount received.

Important: The tax information contained herein is not intended to be used, and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed herein. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

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LOANS

Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. How much you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. The maximum loan amount available to you is calculated based on the total accumulations in your contract.

Important: TIAA-CREF doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. Roth accumulations will be excluded from the collateral when the loan is issued.

If you have accumulations in other employers' plans, you may be able to transfer or roll them over to this plan in order to increase your maximum loan amount if this plan allows it.*

* Prior to initiating a transfer of assets, be sure to carefully consider differences in features, costs, charges and expenses, services, company strength and other important aspects. There may also be surrender charges and tax consequences associated with the transfer. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation.

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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. Contact TIAA-CREF for additional information.

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Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.

© 2013 and prior years, Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017.