Tulane University offers this plan as part of workplace benefits. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future.
Learn what plans allow eligible employees to do.
You can invest into this plan right away.
Contributions to this account will be 100% vested immediately.
Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer that you are eligible to take a loan from. How much you can borrow may depend on the amount you currently have in the plan that is eligible for loans and whether you have other outstanding loans. If you have money in other employer's plans, you may be able to transfer or roll it over to the Tulane University retirement plan to increase your maximum loan amount. This is only if the Tulane University retirement plan accepts rollovers.
Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or roll over the money to an IRA. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Contact TIAA or your HR Office to verify details of your plan(s) in regards to loan availability and transfer/rollover loan eligibility.
Your employer will typically allow you to withdraw funds once you've reached 59.50.
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.
If your plan allows, you can choose to receive regular income payments on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.
When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).
If your plan permits, you can withdraw some of the money you've put in over the years (but not earnings) due to financial hardship, such as medical or funeral expenses, while still employed.
A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
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).
In order to more easily transition into retirement, you may be able to withdraw up to 10%, in cash, of your lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.
Prior to rolling over, consider your options. You may be able to leave money in your current plan or withdraw cash. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment.
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).
If you're married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.
This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.
Understanding investment fees
Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you.
Cost of plan services
Fees and expenses have always been part of a retirement savings plan-some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. The following three categories of services are provided to your plan:
1. General record keeping and other plan services
Over the course of a year you pay for services like record keeping.
Many services are necessary for the day-to-day operation of your employer's retirement plan. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of these expenses are fixed and other expenses may vary from year to year. These costs are allocated to each participant in a uniform way.
A TIAA Plan Services Fee, an annual service fee of $26, is charged based upon your account balance and deducted on a Quarterly basis.
2. Specific investment services3. Personalized services
You can opt for extra features, like loan services.
Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are:
Retirement Plan LoansBrokerage account
To learn more about the brokerage service including fees call 800-927-3059 or Get the BasicsOpens in a new window.
Qualified Domestic Relations Orders (QDRO)In addition, for more information on fees and investments, refer to "Mutual Funds and In-Plan Annuities" via TIAA.org/performanceOpens in a new window which is a good source for additional plan and investment-related information.
More information about retirement plan fees and expenses is available at TIAA.org/fees.
