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

When it's time to decide how to take income from your Tax Sheltered Annuity Plan (TSA), 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.
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 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.
Systematic Withdrawals — If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time. (Note: These withdrawals are not available from TIAA Traditional Account balances.)

* 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.