Money Matters

tiaa cref...oh they make it so hard

i want to move my old 403b out of tiaa cref.  their requirements are crazy!  I would have to take 10 percent out to transfer to my new account every single year for 10 years.  insane!  I'd also have to complete several forms including going to my old employer and having them sign off that I left (it's been forever since I left there), and also have my husband go to a notary to sign off it's being moved. 

Is this normal?  And then I asked if it still takes 10 years to move once I retire and he said yes, but didn't seem too sure of himself.  ugh!

Re: tiaa cref...oh they make it so hard

  • Funny, I just called about a month ago to roll over my old 403b at Tiaa-cref and all I need is to get a form signed by my former employer that vouches that I am fully vested and can withdraw the money.

    They did not mention ANY of that 10%/year for 10 years BS to me. 

    maybe call back and try to speak with someone else?

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  • Time for operator surfing.  This does not sound right.

     

  • well i checked and it's right. :(  It apparently is the case because of the investments my employer chose.  It's a plan with guaranteed interest, which is currently at a minimum of 4%.  So they claim you earn way more with the investment but you pay the price in complications trying to take the money out.  I believe that's how they described it.  I have to say, I only put in a total of $3000 about 6 years ago and it's up to $22,000.  But that includes my employers match too which was good.
  • image amamba:

    Funny, I just called about a month ago to roll over my old 403b at Tiaa-cref and all I need is to get a form signed by my former employer that vouches that I am fully vested and can withdraw the money.

    They did not mention ANY of that 10%/year for 10 years BS to me. 

    maybe call back and try to speak with someone else?

    Depends on the actual plan.  Her experience is what I run across more than yours when I try to rollover for a client.  When I get your situation and get very excited :-)

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