Teachers Insurance and Annuity Association or TIAA is the nationwide retirement and financial services system for people who work at more than 15,000 colleges, universities, independent schools, and other nonprofit education, hospital and health care, and research institutions throughout the United States. In fact, the University of Michigan was the first in the nation to offer TIAA in 1919.
TIAA has the highest rating for insurance financial strength from all four major rating agencies: Moody’s; SandP; Fitch; A.M. Best and received the highest ranking for trust in the financial services and insurance industries by The Harris Poll (2010).
TIAA offers more than 40 fund choices, including mutual funds, and fixed and variable annuities. Domestic and international stock funds, bond funds, money market funds and real estate funds are available, along with a guaranteed fixed annuity and socially responsible funds. Several Vanguard funds are also available and a brokerage link is also available that allows you to select mutual funds outside the TIAA family.
TIAA Institutional Class Mutual Funds
All TIAA mutual funds available through the University of Michigan plans are offered under the Institutional share class. This is the share class with the lowest management fees and expenses TIAA offers. The Institutional share class charges 25 basis point (¼ of a percent) less in expenses than the Retirement share class that is typically offered through most employers. The lower fees mean more of your money remains in your account to work toward your financial future, and your retirement account balances have more earning potential.
CREF Variable Annuities
The CREF variable annuities offered under the U-M plans are at R3 class designation, which is the lowest cost share class available.
Local Office: 333 Maynard St., Suite 500 Ann Arbor, MI 48104 (734) 332-3500
Contact TIAA by phone
Telephone counseling: 1-800-842-2252 (8:00 p.m. – 10:00 p.m. ET, Mon-Fri)
Schedule a personal counseling appointment: 1-800-732-8353 (8:00 p.m. – 8:00 p.m. ET, Mon-Fri)
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A Special Note on TIAA Traditional
TIAA Traditional accumulations in the Retirement Annuity (RA) under the Basic Retirement Plan are not available for lump-sum or single-sum cash withdrawals, rollovers or direct transfers. Withdrawals, rollovers, and direct transfers are available through the TIAA Transfer Payout Annuity, which makes payments over a nine-year and one day period (ten payments).
The Group Retirement Annuity (GRA) replaced the Retirement Annuity (RA) for most new enrollments in the Basic Retirement Plan beginning in May of 2008. TIAA Traditional accumulations in the Group Retirement Annuity under the Basic Retirement Plan are still subject to the nine-year Transfer Payout Annuity for transfers to Fidelity and other TIAA funds or annuities while you’re employed at the University of Michigan. However, lump-sum or single-sum withdrawals and rollovers of these lump-sum or single-sum withdrawals are available to former employees if taken no later than 120 days after termination of employment, subject to a 2.5% surrender charge. The lump-sum or single-sum withdrawal is not available beyond 120 days after termination of employment.
In addition, at any point after termination of employment, distributions from the TIAA Group Retirement Annuity are available through a fixed period annuity that can last from five to thirty years, based on your choice of time periods and depending on availability according to IRS rules and regulations and subject to the limits on cash withdrawals to former employees. Distributions made through the fixed period annuity are eligible for rollover if the payment received is for a period of less than 10 years, according to current IRS rules and regulations.
View additional information regarding the TIAA Traditional Account.
TIAA Traditional accumulations in the SRA and 457(b) are not subject to the Transfer Payout Annuity and may be cashed out, rolled over, or transferred in a single or lump sum. For more information, contact TIAA at 1-800-842-2776.