TIAA-CREF Rollover... or Not

[VolAgent]

Almost all of thier assets come from Qualified plans in which TIAA-CREF is the only option.

Sounds like a great lawsuit against your fiduciary. It is not in my best interest to make my money inaccessible should I need it or find a better option.

 

[somarco]

TIAA-CREF is very active in school systems and non-profits, using their product(s) for 403(b) plans.

Very low admin fees and no commission.

Sounds good to the consumer.

 

[Norwayguy]

TIAA-CREF is very active in school systems and non-profits, using their product(s) for 403(b) plans.

Very low admin fees and no commission.

Sounds good to the consumer.

I've never seend them in public k-12, but find them all over the place in private schools, universities and hospitals. I wouldn't waste my breath trying to go against their image, I would just deal with the client before me and advise them of their options now.

 

[somarco]

They are in public & private here. May be a "southern" thing.

 

[Josh]

Medicare, I told you this very same thing weeks ago...If the client is in TIAA the fixed side they restrict to 10 equal payments.

I recall, but because she is retiring and the employer is terminating the employment I was under the impression that might change things, but apparently not.

Client might actually be interested in paying the fee because she needs the income stream; I guess I'll give them another call tomorrow.

 

[briko3]

I recall, but because she is retiring and the employer is terminating the employment I was under the impression that might change things, but apparently not.

Client might actually be interested in paying the fee because she needs the income stream; I guess I'll give them another call tomorrow.

She annuitized. If she had been in mutual funds with them, she wouldn't have a problem. (At least that's how I understand it)

 

[Josh]

She annuitized. If she had been in mutual funds with them, she wouldn't have a problem. (At least that's how I understand it)

I don't think she annuitized, that's what they want her to do to get the money out. The rep said that they need to have a guarantee that folks will be in the fund for a certain period of time in order to "maintain the stability of the fund" because of the "high interest rate".

 

[scagnt83]

She annuitized. If she had been in mutual funds with them, she wouldn't have a problem. (At least that's how I understand it)

No, this is just part of the contract. Its just like Alliance does/did with certain contracts.

You have to take a "payout option" thats usually a minimum of 10 years; you cant lump sum out at the end of the surrender period.