Does anyone know how the retirement plan for employees is distributed if you are over 60 and either quit or are laid off (not the 401k)? Can the employee request a lump sum draw from the TIAA retirement plan or does TIAA control the distribution? Just trying to plan for 2025.
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It follows the limited periodic withdraw rules meaning 7 percent a year or you can annuitize it.
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Call the NCC and ask them to walk through Plan Rules with you
https://www.tiaa.org/content/dam/tiaa/microsites/pdfs/plan-document/spd/spd_dd370df111fd74543913b2f2b87eff7b.pdf Income options are pages 9-11 on this pdf.
No lump sum. I think 7% a year is the most you can withdraw.