Purpose: To provide retirement income for life. A one-life
annuity pays a lifetime income to you. A two-life annuity pays a
lifetime income to both you and your annuity partner. Under both one-
and two-life annuity options, you can name beneficiary or beneficiaries
to receive benefits during a "Guaranteed Period." If you and your
annuity partner die during the guaranteed period, benefits will continue
to be paid to the beneficiaries named in the contract for the remainder
of the period. Guaranteed periods of 10, 15, and 20 years are
Best for people who want to ensure retirement income for the rest of their lives.
Purpose: Allows you to receive income payments for any period you
choose, provided the withdrawal is a minimum of $100 per account. You
can stop and restart the payments anytime you wish. You can also choose
to convert the remainder of your accumulation to a lifetime annuity or
combine the systematic payments with other payment options.
Best for people who, whether because of poor health or other reasons,
find it best to withdraw money from their retirement funds instead of
receiving regular annuity payments. However, if you select the
Systematic Withdrawal Option, you could substantially reduce or even use
up your retirement accumulations.
Purpose: Allows you to take the minimum amount of income required to avoid the federal penalty tax for late withdrawals.
Best for people who are over 70½ and retired (by which you generally
must begin receiving retirement income to avoid the 50 percent minimum
distribution penalty tax) and who want to delay starting life annuity
income from their retirement annuities.
FIXED PERIOD ANNUITIES
Purpose: Allows you to receive income for a fixed period of time without having to take a lifetime annuity.
Best for people who need a regular series of income payments for a
specified period of time but are not yet ready to annuitize their
Transfers and Withdrawals from your
Furman University Employer Defined Contribution Plan (Retirement
Purpose: This is the plan that contains
contributions made by Furman University: TIAA Traditional does not provide for
lump-sum cash withdrawals or transfers. Withdrawals and/or transfers must
be spread out in 10 annual installments though what is known as a Transfer
Payout Annuity. Funds in an Retirement Annuity contract are able to be
transferred to a Group Annuity Contract through a cross contract
Transfers and Withdrawals from your Furman University Employer Defined Contribution Plan (Group Retirement Annuity contract)
Purpose: This is the plan that contains contributions made by Furman University. Through this plan, lump-sum
withdrawals are available from the TIAA Traditional Annuity only within 120
days after termination of employment and are subject to a 2.5% surrender charge.
All other withdrawals and transfers from the account must be spread over ten
annual installments (over five years for withdrawals after termination of
employment) through what’s known as a Transfer Payout Annuity.
Transfers and withdrawals from your Furman University Employee Tax-Deferred Annuity Plan
Purpose: There are no restrictions for the funds you allocate to the TIAA traditional account
in the Tax-Deferred Annuity (TDA) plan. You can make transfers and
withdrawals from TIAA Traditional in a lump sum at such times as are permitted
under the terms of your TDA plan.
Purpose: Allows participants between the ages of 55 and 69½ to
receive monthly payments of only the interest that would otherwise be
credited to their TIAA Traditional Annuity accumulations. Your
Traditional Annuity principal remains intact while you receive the
Best for people who need income but want to delay starting life annuity income from their Traditional Annuity accumulations.
RETIREMENT TRANSITION BENEFIT
Purpose: Allows you to receive in cash up to 10 percent of the
total annuity accumulation being settled as a lifetime annuity along
with your first annuity payment.
Best for people who have worked for an institution that does not offer
cash withdrawals as an income option and who need some money at the
start of their retirement for a particular financial goal.