When it's time to decide how to take income from your Wake Forest University Tax-Deferred Annuity Plan, you have a variety of options*:
59 1/2 in Service - You generally can withdraw funds, attributable to elective deferrals, from your account while still employed once you have reached age 59 1/2.The amount you can withdraw is subject to your plan's rules. Talk to TIAA-CREF 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 TIAA-CREF 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 if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of the guaranteed period for the remainder of the guaranteed 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 under those terms). Talk to TIAA-CREF 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 70 ½ or retire, whichever is later. This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
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 spouses right to survivor benefits. Talk to TIAA-CREF for details.
Your Wake Forest University Tax-Deferred Annuity Plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.
The Wake Forest University Tax-Deferred Annuity Plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts Taxes and penalties may apply.
