Transfers Out of TIAA

[austin3515]

Anyone tried to transfer a plan out of TIAA? We;re aware of the tiaa-traditional account and the 10 year surrender period, but I was wondering about those plans set up with "RA" contracts, versus GRA contracts. Am I correct that there's really no way to transfer existing RA money because it is a contract with an individual?

[mbozek]

Anyone tried to transfer a plan out of TIAA? We;re aware of the tiaa-traditional account and the 10 year surrender period, but I was wondering about those plans set up with "RA" contracts, versus GRA contracts. Am I correct that there's really no way to transfer existing RA money because it is a contract with an individual?

Even worse, there is no cash value in an RA contract. Only benefit is an annuity in various forms.

[austin3515]

That doesnt seem possible (even for TIAA:) - you're saying they couldn't for example roll their balance to an IRA?

[mbozek]

That doesnt seem possible (even for TIAA - you're saying they couldn't for example roll their balance to an IRA?

Under the contract RAs have no cash value. Only a one time option when annuity benefits commence annuity owner can elect a single sum payment of 10% of account balance which can be rolled to an IRA. 100% lump sum is only available as a death benefit if death occurs before benefits are annuitized.

As yogi says you can look it up on the T/C website.

[Flyboyjohn]

Has there been any loosening of TIAA's grip on the annuity values since this thread back in 2011?

[mbozek]

none that I am aware of. Only way to get a lump sum in an RA is to die.