Inside Iowa State
Oct. 10, 1997
Pilot TIAA-CREF plan open to some retirees
Some ISU retirees are eligible to participate in a pilot program to cash in or transfer all of the assets in their basic TIAA-CREF plans.
The program is available to retirees who have not settled some or all of their TIAA-CREF Basic Retirement Annuity contracts and who have been retired from ISU for at least five years or will attain that five-year mark before Nov. 1, 1998, said Gary Wiggins, manager of the benefits office.
Participating former employees also must be 55 or older and have left employment with ISU more than five years prior to the date of application.
Applications are due on or after Nov. 1, 1997, but before Nov. 1, 1998. Applications will apply only to TIAA-CREF assets that have not been "settled" at the time the application is made, Wiggins said.
TIAA assets will be available over a 10-year payout period. CREF assets will be available in a lump sum. To apply, contact TIAA-CREF at 730 3rd Ave., New York, NY, 10017-3206, or call 1-800-842-2776.
"Any decision to elect cash should be made only after careful consideration of the tax impact and the long-term effect of this withdrawal on your retirement income," Wiggins said.
The Iowa Board of Regents adopted the pilot program at its September meeting.
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