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I'm a annuitants with TIAA, I have a group annuity question regarding policy language and impact. I access the sample group policy document through the SEC/ edgar. My plan the policyholder is the state, I am a former college employee. Provision 55- Large sum withdrawal- "If the sum of the policyholder payments and internal transfers requested from the Traditional Annuity accumulation within any 12 month period exceeds $1,000,000 TIAA reserves the right to limit such withdrawals within the 12 month period to an aggregate of $1,000,000 and pay the excess over a period of not more than five years in equal annual installments, the first annual installment will be payable 12 months after the date TIAA receives such a request." For the Real Estate Account the policy reads,"For policyholder payments and transfers from the Real Estate Account, TIAA reserves the right to defer the effective date of payment for some or all of the amount to be paid up to 180 days if the total amount to be paid exceeds $10 million within a 30 day period. This contract is inconsiderable. This contract maybe amended by agreement of TIAA and the policyholder without the consent of any other person, provided that such change does not reduce any benefit purchased under the contract up to that time. The additional information are other provisions. I await interpretations.
