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koehlejo
08-19-2008, 2:08 PM | Post #2552148 |
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I called TIAA-CREF this a.m. to find out a specific fact about my group RA plan; namely, whether it allowed Transfer Payout Annuity funds to be sent to an IRA outside TIAA. The "wealth management advisor" questioned me at length about why I might want to do so and went on and on about the many options offered by TIAA-CREF. He also acted as though the company would be doing me a big favor by giving me back my TIAA Traditional funds over a 10-year period. Yes, I know the interest rate has been good, but not THAT good. Of course, I understand that the company does not want to lose my business. But when I have a simple question, I do not want to listen to a high-pressure sales pitch. Has anyone else had an experience like this? Frankly, it makes me want to take all my money out, as fast as possible, and send it to T. Rowe Price or Vanguard.
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Related Topics
TIAA Traditional
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Re: Just the facts, please!
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peter71
08-19-2008, 2:28 PM | Post #2552152
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Hi, I agree that's a bad experience and one wonders whether employees are indirectly compensated for keeping funds at TIAA-CREF rather than other companies (which is technically different from getting commissions to push particular products) . . . still, the consensus over at Bogleheads seems that all companies, even Vanguard, are less helpful when you want to take out your money . . . It'd definitely be interesting for someone with a stock mutual funds to call up, say they wanted to know what if anything they needed to do to move them all to Vanguard, and see what they'd say . . . I've had a related conversation about how, if I were to buy a stock fund, I'd probably go with Vanguard for the lower fees, and while they didn't yet have my money the particular guy I talked to just said, "sure, I can understand that" . . .
All best, Pete
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Re: Just the facts, please!
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uphaus
08-19-2008, 2:38 PM | Post #2552155
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I agree that it sounds like you were treated inappropriately, but I'd advise you to ask your benefits office first. It's your employer's plan document, not TIAA or its representatives, that determines whether you can redirect TPA monies to another company. Bob U.
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Re: Just the facts, please!
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raywax
08-19-2008, 2:42 PM | Post #2552157
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WMA's do not have access to your contract. As far as I know you are the only one who has the contract. You might try reading your contract. Ray
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Re: Just the facts, please!
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koehlejo
08-19-2008, 2:54 PM | Post #2552164
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Hi Bob, It's not my benefits office, it's my ex-husband's benefits office. Perhaps that's why my first thought was to call TIAA. The WMA that I met with two months ago did have detailed information about the specifics of this university's plan.
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Re: Just the facts, please!
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koehlejo
08-19-2008, 2:57 PM | Post #2552166
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Ray, A good idea. I'll dig around in my files to see if I got one. I assume I did, but it was many years ago. BTW, I have found that the WMAs do know the rules that apply to your particular contract, even though they may not have a copy of the document.
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Re: Just the facts, please!
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syplatt
08-19-2008, 3:23 PM | Post #2552177
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Dear ms jo, The facts are that you can do what you like with your TPA except get the whole thing at once. Also, if you don't like what the WMA is telling you, you can tell her/him that, or you can hang up. Even if you call again immediately, you will most likely be connected to a different person. Sy
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Re: Just the facts, please!
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uphaus
08-19-2008, 4:14 PM | Post #2552190
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There is a pdf available at the TIAA homepage on TPAs. Just plug "transfer payout annuity" into the Search box. There is language in the pdf (with an asterisk, of course!) that reads as follows: The ability to transfer to other companies or receive payments in cash is subject to
the terms of your employer's plan. Also, if you have a TIAA Traditional Group
Retirement Annuity and your employer's plan permits, you can receive the entire
TIAA Traditional accumulation in cash within 120 days following termination of
employment, subject to a 2.5% surrender charge. After the 120-day period, these
funds can only be withdrawn through a TPA or a fixed period annuity. Bob U.
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Re: Just the facts, please!
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syplatt
08-19-2008, 5:27 PM | Post #2552212
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Frankly, it makes me want to take all my money out, as fast as possible, and send it to T. Rowe Price or Vanguard. That's easy; it'll only take 10 years. (OK; 9 + years). You might be thinking of something else by then. Sy
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