TIAA-CREF - Financial Services for The Greater Good™ : Plan Details Distributions

When it's time to decide how to take income from your CSU 403(b) Tax Sheltered Annuity (TSA) Program, you have a variety of options*:

59½ in Service — You generally can withdraw funds, attributable to elective deferrals, from your account while still employed once you have reached age 59½. The amount you can withdraw is subject to your plan's rules. Talk to your benefits office for details.
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. Talk to your benefits office for details.
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.
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). Talk to your benefits office for details.
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.
Rollover — If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA). Direct rollovers — from one account to another — are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution. Talk to your benefits office for details.
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.

* 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. Talk to your benefits office for details.