TIAA CREF Annuity Questions

[Norwayguy]

She also stated, "the 403(b) RMD rules won't be met if she goes to a traditional IRA". I forget as it hardly comes up for me, whats the difference?

There is no difference in RMDs between a 403(b) or Traditional IRA. RMDs is a percentage of total qualified amount and can be satisfied with a distribution from any qualified account. But the 10 year distribution on the Fixed side is something I have run into time and time again...Its interesting normally when I run into this my clients are typically 40-50 years of age and having left the University where they got this account it is an easy decision to make because they either move it now over 10 years and normally the new policy will be fully liquid before retirement or be stuck with TIAA dictating their Retirement distributions.


It drives me nuts that TIAA is held in such high esteem with the high browed types with this time of crap they pull.

 

[VolAgent]

It drives me nuts that TIAA is held in such high esteem with the high browed types with this time of crap they pull.

Marketing baby, marketing.

 

[scagnt83]

The RMDs would be met with the TIAA account during the 10 year distribution.

All the drone on the phone said was that they (as in TIAA) cant guarantee that the new product you roll the $ to will meet the requirements.
Think about it; how could they guarantee guarantee what the client and the new company does?? Its out of TIAAs control at that point..

Its just a confusing statement meant to confuse/scare you & the client into leaving things alone.

Any reputable company/annuity should satisfy the RMD requirements when needed.

 

[CALTCAgent]

The RMDs would be met with the TIAA account during the 10 year distribution.

All the drone on the phone said was that they (as in TIAA) cant guarantee that the new product you roll the $ to will meet the requirements.
Think about it; how could they guarantee guarantee what the client and the new company does?? Its out of TIAAs control at that point..

Its just a confusing statement meant to confuse/scare you & the client into leaving things alone.

Any reputable company/annuity should satisfy the RMD requirements when needed.

Yeah, they do a good job of scaring the client, it was working. I had it on speaker phone and it casted enough doubt.

The way I understand it, if the 10 payments were transferred, they would not satisfy the RMD at TIAA CREF. You'd have to take the RMD at new company. Of course if you took a withdrawl of 10%, that would satisfy the RMD, then you could pay taxes and put money in Non Qualified annuity.

Anybody know if they have their own transfer forms or if they accept transfer paperwork from new company? (they say they need their own, sometimes that BS)

If they need there own forms are they online somewhere?

I should have asked customer service person but got tired of the BS on the phone.

Thanks!

 

[Norwayguy]

Anybody know if they have their own transfer forms or if they accept transfer paperwork from new company? (they say they need their own, sometimes that BS)

If they need there own forms are they online somewhere?

I should have asked customer service person but got tired of the BS on the phone.

Thanks!

Not only do they have their own transfer forms you must make sure the forms they send you are to transfer to an external company if you are not specific they will send you transfer forms that are only good to transfer to a new annuity inside TIAA.

I can't remember if they will accept faxed forms or not.

 

[CALTCAgent]

Thanks for that info!

They don't have the Transfer out forms online, only the forms to transfer internally.

 

[Norwayguy]

Thanks for that info!

They don't have the Transfer out forms online, only the forms to transfer internally.

You have to call with the customer and they will mail the form.

 

[Franz Kafka]

It drives me nuts that TIAA is held in such high esteem with the high browed types with this time of crap they pull.

Might have to do with the fact it was created by a non-profit foundation. They consider themselves as a knight in shining armor against the evil empire of greedy insurance companies. The very first VA was created by them (CREF).

As a rule I don't touch them. And I don't touch teachers. "You're a teacher? Shoo! Go away".

 

[CALTCAgent]

Might have to do with the fact it was created by a non-profit foundation. They consider themselves as a knight in shining armor against the evil empire of greedy insurance companies. The very first VA was created by them (CREF).

As a rule I don't touch them. And I don't touch teachers. "You're a teacher? Shoo! Go away".

I do get that vibe from them. I will not forget them again.

I think I might adopt that rule about teachers too. Although this lady was a former nurse.

Thanks!

 

[Norwayguy]

Might have to do with the fact it was created by a non-profit foundation. They consider themselves as a knight in shining armor against the evil empire of greedy insurance companies. The very first VA was created by them (CREF).

As a rule I don't touch them. And I don't touch teachers. "You're a teacher? Shoo! Go away".

I laugh my ass off when people bring up "Non-Profit", I ask them one question unless they recieve all their funding via government grants if they spend more than they make how long will they remain in business...so the turn a profit its just what they do with those profits....Since they don't give you those profits shouldn't you compare what I can offer you in comparison to what they might do?