TIAA-CREF
WWW.TIAA-CREF.ORG
TIAA-CREF is a defined contribution plan. Benefits are based
on the amount contributed by the employer, the employee and the success
of the employee's choice of investments.
Participants enrolled on or before June 30, 1973 to July 26, 1976 are
Tier 1 & 2 members and contribute 1.5% of their salary on a post-tax
basis. The employer pays 10.5% up to $16,500 on annual income and 13.5%
thereafter for the year.
Participants enrolled July 27, 1976 to July 16, 1992 are Tier 3 & 4 members and contribute 1.5% of their salary on a pre-tax basis. The
employer pays 10.5% up to $16,500 on annual income and 13.5% thereafter
for the year.
Participants enrolled July 17, 1992 to present are Tier 5 members and
contribute 3% of their salary on a federally tax-deferred basis. The employer
pays a yearly amount of 8% of salary for the first 7 years of employment
and 10% percent thereafter.
Newly enrolled TIAA/CREF participants must complete a 13-month suspense
period before becoming a vested member of TIAA-CREF. For employees who
have an existing TIAA-CREF retirement annuity contract, the suspense period
is waived. If the prior contract is a CUNY contract the member may retain
the previous CUNY tier. If the previous contract is a non-CUNY contract
the employee will be immediately vested with the existing tier structure
for new employees. Both employee and employer contributions will be remitted
after the vesting period has been met, retroactive to the enrollment date.
Effective July 1, 2000, participants who have a regular annuity contract
with TIAA-CREF are now eligible to take a loan. Loans are available from
a minimum of $1,000 to a maximum of $50,000. There are no application
fees or processing charges. For further information, please call TIAA-CREF
at 1-800-842-2776.
Address/Contacts
TIAA-CREF Mailing Address:
730 Third Avenue
New York, New York 10017-3206
TIAA-CREF Telephone Number: 1-800-842-2733 |
