Comments on: Problems With TIAA-Cref http://www.consumerismcommentary.com/problems-with-tiaa-cref/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Wed, 23 May 2012 22:52:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ned http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-301602 Ned Mon, 07 May 2012 20:43:24 +0000 http://wp.consumerismcommentary.com/?p=764#comment-301602 That's not possible. You cannot get your TIAA CREF funds within 24 hours. You have to call and request the paperwork. They have to send the paperwork. You have to fill out the paperwork. You have to send back the paperwork. They have to process the paperwork. They have to mail you the check. There is no way this can be done in 24 hours. That’s not possible. You cannot get your TIAA CREF funds within 24 hours.

You have to call and request the paperwork. They have to send the paperwork. You have to fill out the paperwork. You have to send back the paperwork. They have to process the paperwork. They have to mail you the check.

There is no way this can be done in 24 hours.

]]> By: Elizabeth Wilhelmsen http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-300462 Elizabeth Wilhelmsen Wed, 02 May 2012 00:04:08 +0000 http://wp.consumerismcommentary.com/?p=764#comment-300462 Thank you so much, Kit, for your response. I am very sorry for the loss of your brother-in-law, and also for the added trials your family endured with tiaa-cref. One would think that, if a person can prove s/he has an incurable or terminal illness, that person ought to have a right to claim the full amount of their funds deposted with any investment firm. Thank you so much, Kit, for your response. I am very sorry for the loss of your brother-in-law, and also for the added trials your family endured with tiaa-cref.

One would think that, if a person can prove s/he has an incurable or terminal illness, that person ought to have a right to claim the full amount of their funds deposted with any investment firm.

]]> By: dupreesparadise http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-300442 dupreesparadise Tue, 01 May 2012 23:08:59 +0000 http://wp.consumerismcommentary.com/?p=764#comment-300442 Hi Diane, I found your comment while doing a google search about this new USA Patriot Act / TIAA-CREF / residential street address requirement. I currently only have a PO Box and a business address associated with my name, so I'm trying to learn as much as I can about this so that I can decide how to handle it best. You say that they are requesting utility bills or similar, but the pre-paid return postage letter I received from them is only requesting that I fill out an address and mail it back. It is not asking for any supporting documentation. How is it that you are in a situation where they are asking for more? I am starting to consider pulling out all of the money as soon as I can and transferring it into a different type of account, because I fear some fine print in some ridiculous law that will deny me my hard-earned money. Please explain how you got to the point you are at with them. What was the first request you were sent? I read somewhere else that currently there is no penalty for not replying to this request but they may contact people again. E Hi Diane,

I found your comment while doing a google search about this new USA Patriot Act / TIAA-CREF / residential street address requirement. I currently only have a PO Box and a business address associated with my name, so I’m trying to learn as much as I can about this so that I can decide how to handle it best.

You say that they are requesting utility bills or similar, but the pre-paid return postage letter I received from them is only requesting that I fill out an address and mail it back. It is not asking for any supporting documentation. How is it that you are in a situation where they are asking for more?

I am starting to consider pulling out all of the money as soon as I can and transferring it into a different type of account, because I fear some fine print in some ridiculous law that will deny me my hard-earned money.

Please explain how you got to the point you are at with them. What was the first request you were sent? I read somewhere else that currently there is no penalty for not replying to this request but they may contact people again.

E

]]> By: Kit http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-300432 Kit Tue, 01 May 2012 22:38:26 +0000 http://wp.consumerismcommentary.com/?p=764#comment-300432 Elizabeth, We were unable to get TC to budge from the 10 year payout for my brother-in-law, even after hiring a lawyer. They tried very hard to get us to switch to another type of account (Retirement Transition Benefit) which in essence would have given him a small monthly stipend and upon death the remainder would be forfeited to TC. The agent even gave us incorrect information about this option (through ignorance or on purpose we don't know) and we had to have him removed from our case and go up the chain to someone else. The bottom line is that TC does not want to set a precedent for terminally ill customers and will do nothing to allow someone to alter their account (unless, of course it is into an account that will net TC money, then they are more than willing to switch you). If you will need to apply for Medicaid beware, Medicaid will consider this an asset, even though you cannot access the funds. You are caught in a real-life Catch 22. I do not have a solution for you, as my brother-in-law passed away before we could fight our way through this jungle. In the end he won out over TC, which was our little consolation for all the hell they put us through. My recommendation is to get everything in writing from them, even though they will fight this. They abhor a paper trail. After phone calls I would always recap in an email (email addresses are another thing they don't want to give you) and insist that they sign off on the information. They are very slippery, so be persistent. Good luck to you. Elizabeth,
We were unable to get TC to budge from the 10 year payout for my brother-in-law, even after hiring a lawyer. They tried very hard to get us to switch to another type of account (Retirement Transition Benefit) which in essence would have given him a small monthly stipend and upon death the remainder would be forfeited to TC. The agent even gave us incorrect information about this option (through ignorance or on purpose we don’t know) and we had to have him removed from our case and go up the chain to someone else. The bottom line is that TC does not want to set a precedent for terminally ill customers and will do nothing to allow someone to alter their account (unless, of course it is into an account that will net TC money, then they are more than willing to switch you). If you will need to apply for Medicaid beware, Medicaid will consider this an asset, even though you cannot access the funds. You are caught in a real-life Catch 22. I do not have a solution for you, as my brother-in-law passed away before we could fight our way through this jungle. In the end he won out over TC, which was our little consolation for all the hell they put us through.

My recommendation is to get everything in writing from them, even though they will fight this. They abhor a paper trail. After phone calls I would always recap in an email (email addresses are another thing they don’t want to give you) and insist that they sign off on the information.

They are very slippery, so be persistent. Good luck to you.

]]> By: Elizabeth Ewbank http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-300412 Elizabeth Ewbank Tue, 01 May 2012 19:18:53 +0000 http://wp.consumerismcommentary.com/?p=764#comment-300412 Apologies, but I mean to say 'for someone such as I who might wish to withdraw...' Apologies, but I mean to say ‘for someone such as I who might wish to withdraw…’

]]> By: Elizabeth Ewbank http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-300402 Elizabeth Ewbank Tue, 01 May 2012 19:17:16 +0000 http://wp.consumerismcommentary.com/?p=764#comment-300402 Having been diagnosed with an incurable terminal illness, is there any option for someone such as I would might wish to withdraw all of the TIAA 'tradtional' in one distribution? Or, is the schedule of 9 payouts impossible to alter? Thanks to anyone who might offer a response. Having been diagnosed with an incurable terminal illness, is there any option for someone such as I would might wish to withdraw all of the TIAA ‘tradtional’ in one distribution? Or, is the schedule of 9 payouts impossible to alter?

Thanks to anyone who might offer a response.

]]> By: Carolyn Macklem http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-296672 Carolyn Macklem Tue, 24 Apr 2012 19:34:00 +0000 http://wp.consumerismcommentary.com/?p=764#comment-296672 I was shocked to see all of these comments. I have been trying to get my money out of TC since last November and rolled into Edward Jones. I have filled out many forms and continue to fill out forms trying to get my money back. They rolled over one account into an annuity that they are keeping their hands on with a payout over 5 years. They did that to another of my accounts with a payout of NINE years. Now I stilll have two accounts and can't get them either. They want to put one into another NINE year payout, and the other they "said" they could release to me via Edward Jones. While I was on the phone, yes--screaming finally--I brought up these comments from disgruntled people like me. My employers put little to nothing into my accounts but I put my hard earned cash in, and cannot get my money rolled into Edward Jones. We decided to move our money from too many accounts to someone we trust. Thank goodness my husband who worked at a University was not given a TC option or we wouldn't be eating right now. BEWARE--I hope no one else falls into this TIAA Cref mud puddle that is never clear, concise, and honest? They are not the friend of those of us who worked for little at nonprofitsl. I was shocked to see all of these comments. I have been trying to get my money out of TC since last November and rolled into Edward Jones. I have filled out many forms and continue to fill out forms trying to get my money back. They rolled over one account into an annuity that they are keeping their hands on with a payout over 5 years. They did that to another of my accounts with a payout of NINE years. Now I stilll have two accounts and can’t get them either. They want to put one into another NINE year payout, and the other they “said” they could release to me via Edward Jones. While I was on the phone, yes–screaming finally–I brought up these comments from disgruntled people like me. My employers put little to nothing into my accounts but I put my hard earned cash in, and cannot get my money rolled into Edward Jones. We decided to move our money from too many accounts to someone we trust. Thank goodness my husband who worked at a University was not given a TC option or we wouldn’t be eating right now. BEWARE–I hope no one else falls into this TIAA Cref mud puddle that is never clear, concise, and honest? They are not the friend of those of us who worked for little at nonprofitsl.

]]> By: Stephanie http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-296272 Stephanie Sat, 21 Apr 2012 23:07:27 +0000 http://wp.consumerismcommentary.com/?p=764#comment-296272 I am 57 and hope to start withdrawing $ from TIAA-Cref at 59 and a half. Thank all of you so much for your comments, complaints, praises, problems because I am getting very serious right now in learning about distributions. The point of the baby boomers moving through TIAA-Cref withdrawals etc. makes sense that the place will become inundadted. Appreciate ALL the comments! I am 57 and hope to start withdrawing $ from TIAA-Cref at 59 and a half. Thank all of you so much for your comments, complaints, praises, problems because I am getting very serious right now in learning about distributions.

The point of the baby boomers moving through TIAA-Cref withdrawals etc. makes sense that the place will become inundadted.

Appreciate ALL the comments!

]]> By: Working It All Out http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-295832 Working It All Out Wed, 18 Apr 2012 21:19:26 +0000 http://wp.consumerismcommentary.com/?p=764#comment-295832 It is really disheartening to hear about all of the trouble so many people have had with TIAA-CREF especially in the area of removing their monies or attempting to roll them over to other companies. Many of the complaints seem to be around the TIAA Fixed account which has a 10% a year withdrawal requirement when the funds are in an employer sponsored 403B. This account when in an IRA or GSRA at TC do not have the same requirement. You can move them at any time. What is most surprising to me is to find out that some institutions deposit the money into this fixed account and that the participant cannot change the allocation to another TIAA Investment. I had thought that once the funds were in the possession of TC that it was completely up to the participant to choose the investment that they wished the funds to be allocated to. I had thought that by law the individual had the right to make that choice. Is it possible that those who are so upset about the 10% withdrawal restriction are not aware that they could have re-allocated those funds? A final comment on this type of TIAA Investment. During those dreadful years that the markets declined, many of my friends whose monies were in other investments at other brokerages lost all or most of their retirement savings. Mine remained intact and earned a good return in the TIAA fixed account while guaranteeing principal for which I am very grateful. For an account like this to work for those who want and need guaranteed principal and a good return, withdrawals have to be restricted to reduce volatility. Unfortunately many reps at TC are not too helpful in making clear to us the benefits and limitations of the different investments. If ever the need to be proactive all along the way in asking questions and reading the small print in the prospectus that defines in details how the investment works it is here in one's retirement portfolio. No one should find at thepoint of retirement or rollover that they have an restricted investment that they may have been able to re-allocate if they didn't want to face the restriction later on. As to MDO's it is sad to hear that TC is messing up here. I guess we have been lucky. they got it right the first time and continue on with our initital instructions unless we call to make a change. Paper work has been filled out once and no mistakes as described in the above posts were experienced. So it seems that our experiences with TC do vary. I do take heed from the warnings about difficulty in getting monies out of TC and I appreciate and give thanks to all of you who were willing to share those problems so that the rest of us can be alert to the potential problems and plan well ahea. Many thanks. It is really disheartening to hear about all of the trouble so many people have had with TIAA-CREF especially in the area of removing their monies or attempting to roll them over to other companies. Many of the complaints seem to be around the TIAA Fixed account which has a 10% a year withdrawal requirement when the funds are in an employer sponsored 403B. This account when in an IRA or GSRA at TC do not have the same requirement. You can move them at any time. What is most surprising to me is to find out that some institutions deposit the money into this fixed account and that the participant cannot change the allocation to another TIAA Investment. I had thought that once the funds were in the possession of TC that it was completely up to the participant to choose the investment that they wished the funds to be allocated to. I had thought that by law the individual had the right to make that choice. Is it possible that those who are so upset about the 10% withdrawal restriction are not aware that they could have re-allocated those funds?

A final comment on this type of TIAA Investment. During those dreadful years that the markets declined, many of my friends whose monies were in other investments at other brokerages lost all or most of their retirement savings. Mine remained intact and earned a good return in the TIAA fixed account while guaranteeing principal for which I am very grateful. For an account like this to work for those who want and need guaranteed principal and a good return, withdrawals have to be restricted to reduce volatility.

Unfortunately many reps at TC are not too helpful in making clear to us the benefits and limitations of the different investments. If ever the need to be proactive all along the way in asking questions and reading the small print in the prospectus that defines in details how the investment works it is here in one’s retirement portfolio. No one should find at thepoint of retirement or rollover that they have an restricted investment that they may have been able to re-allocate if they didn’t want to face the restriction later on.

As to MDO’s it is sad to hear that TC is messing up here. I guess we have been lucky. they got it right the first time and continue on with our initital instructions unless we call to make a change. Paper work has been filled out once and no mistakes as described in the above posts were experienced. So it seems that our experiences with TC do vary.

I do take heed from the warnings about difficulty in getting monies out of TC and I appreciate and give thanks to all of you who were willing to share those problems so that the rest of us can be alert to the potential problems and plan well ahea. Many thanks.

]]> By: Hilda http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-295662 Hilda Tue, 17 Apr 2012 22:20:12 +0000 http://wp.consumerismcommentary.com/?p=764#comment-295662 I do not see anything above that relates to my problem w/ TIAA.... I am very frustrated with them ...in fact, I absolutely hate them! I was employed for 20 years with the same company, using TIAA-Cref. It wasn't until I left 22 months ago that I realized they have me in a TIAA Traditional account...which means I cannot get MY money except once a year over 10 years time. This is not something I was aware of...who would do this except someone who knows they won't need the money at some point. Yes, I should've investigated the situation more thoroughly, but in one-on-one meetings, it was never presented to me that way) I am now unemployed, unemployment benefits end in 2 months, and they will not even let me take the yearly distribution early unless I send a letter saying I am going to be evicted ( and then they will CONSIDER it)...there has to be a way around this ridiculous way of holding my money hostage. Has anyone experienced this? I am frantic about what I'll do if I can't get this money rolled over.... I do not see anything above that relates to my problem w/ TIAA….
I am very frustrated with them …in fact, I absolutely hate them! I was employed for 20 years with the same company, using TIAA-Cref. It wasn’t until I left 22 months ago that I realized they have me in a TIAA Traditional account…which means I cannot get MY money except once a year over 10 years time. This is not something I was aware of…who would do this except someone who knows they won’t need the money at some point. Yes, I should’ve investigated the situation more thoroughly, but in one-on-one meetings, it was never presented to me that way) I am now unemployed, unemployment benefits end in 2 months,
and they will not even let me take the yearly distribution early unless I send a letter saying I am going to be evicted ( and then they will CONSIDER it)…there has to be a way around this ridiculous way of holding my money hostage. Has anyone experienced this? I am frantic about what I’ll do if I can’t get this money rolled over….

]]> By: Jimmy http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-295192 Jimmy Fri, 13 Apr 2012 04:00:13 +0000 http://wp.consumerismcommentary.com/?p=764#comment-295192 Wow!!! Your livelihood is to some extent supported by horrible TIAA-CREF and you are recommending those to do business elsewhere. I think some people just like to hear themselves complain...as shown through this entire board. For every one person complaining, there are 100 people completely fine. The crazy and constantly unhappy and complaining individuals that always seem to find there way to boards like these are the same people normal people don't like to hang out with. Wow!!! Your livelihood is to some extent supported by horrible TIAA-CREF and you are recommending those to do business elsewhere. I think some people just like to hear themselves complain…as shown through this entire board.

For every one person complaining, there are 100 people completely fine. The crazy and constantly unhappy and complaining individuals that always seem to find there way to boards like these are the same people normal people don’t like to hang out with.

]]> By: steve http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-294992 steve Wed, 11 Apr 2012 17:23:48 +0000 http://wp.consumerismcommentary.com/?p=764#comment-294992 Ever heard of another probable beneficiary of the bailout, while consumers were getting screwed and losing (unlost) money? Like "LifeTimes"??? Like everything else, it's gotta be a mass groundswell and/or class action to get the money (and maybe get the thieves uncomfortably hung by their gems)!! Ever heard of another probable beneficiary of the bailout, while consumers were getting screwed and losing (unlost) money? Like “LifeTimes”??? Like everything else, it’s gotta be a mass groundswell and/or class action to get the money (and maybe get the thieves uncomfortably hung by their gems)!!

]]> By: Nadge http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-285163 Nadge Wed, 14 Mar 2012 01:04:20 +0000 http://wp.consumerismcommentary.com/?p=764#comment-285163 I wanted to rollover my 403(B) with TIAA-CREF into an IRA. Like others before me, my first call to TIAA-CREF was with a young man who said no problem and he helped with the 7 page form. My benifits administrator varified that I was seperated from the university where I worked. I called T-C again and like others before me, the stupid nightmare began with incomprehensible nonesense about more stupid forms and hurdles. I just stopped with them. Gathered myself together and filed a complaint with the Peidmont area Better Business Bureau. Bingo, in a few days my local stockbroker got a check for the full amount in the mail. All it should take for a rollover is where the money is going and a verification of seperation. Do NOT listen to their nonesense. Advance token to the BBB and file your complaint. For how long this will work until T-C figures a way to beat it, I cannot say. My guess and only a guess is that the BBB uses T-C for their own employee's retirement program and T-C doesn't want to blow off a big customer. I wanted to rollover my 403(B) with TIAA-CREF into an IRA. Like others before me, my first call to TIAA-CREF was with a young man who said no problem and he helped with the 7 page form. My benifits administrator varified that I was seperated from the university where I worked. I called T-C again and like others before me, the stupid nightmare began with incomprehensible nonesense about more stupid forms and hurdles. I just stopped with them. Gathered myself together and filed a complaint with the Peidmont area Better Business Bureau. Bingo, in a few days my local stockbroker got a check for the full amount in the mail. All it should take for a rollover is where the money is going and a verification of seperation. Do NOT listen to their nonesense. Advance token to the BBB and file your complaint. For how long this will work until T-C figures a way to beat it, I cannot say. My guess and only a guess is that the BBB uses T-C for their own employee’s retirement program and T-C doesn’t want to blow off a big customer.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284960 Marcia Godich Tue, 06 Mar 2012 01:42:25 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284960 Vince, you are quite right on both counts - I don't have ongoing fees - I was referring to the initial costs involved. And, I realize that nothing is risk free (including I might be hit by a bus tomorrow and my heirs will have to deal with the mess:-) )and that inflation, while not a problem at present rates, could someday loom large. But since I don't have to finance children through college or an expensive lifestyle (as well as saving the max through TIAA-CREF) I was able to leave 20% of my money invested to continue growingso that if the market performs well, I do well there - with enough in that fund to shift to an annuity as years go by to cover the inflation costs unless the market botttoms out again. By all means, for anyone who wants to continue another kind of investment plan in the hopes of better returns, that's great for them, and I hope they do well - and it's why Social Security is around, to keep us from the poorhouse if all our other plans (including mine) fail. Vince, you are quite right on both counts – I don’t have ongoing fees – I was referring to the initial costs involved. And, I realize that nothing is risk free (including I might be hit by a bus tomorrow and my heirs will have to deal with the mess:-) )and that inflation, while not a problem at present rates, could someday loom large. But since I don’t have to finance children through college or an expensive lifestyle (as well as saving the max through TIAA-CREF) I was able to leave 20% of my money invested to continue growingso that if the market performs well, I do well there – with enough in that fund to shift to an annuity as years go by to cover the inflation costs unless the market botttoms out again. By all means, for anyone who wants to continue another kind of investment plan in the hopes of better returns, that’s great for them, and I hope they do well – and it’s why Social Security is around, to keep us from the poorhouse if all our other plans (including mine) fail.

]]> By: Connie Jaquith http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284935 Connie Jaquith Mon, 05 Mar 2012 13:06:06 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284935 I am truly saddened by all of this juvenile "carping." TIAA-CREF is an incredible gift for all of us in higher education. I have experience with them, while I was working and now that I am retired. I have both retirement and brokerage accounts. I take advantage of their FREE "Wealth Management" services, annual reports on my investments and recommendations for future investing. Free services, advice from staff who are salaried, who do not work on commission. TIAA-CREF has your back. Trust them. Stay engaged with your institution's advisors. It will not fail you. I am truly saddened by all of this juvenile “carping.” TIAA-CREF is an incredible gift for all of us in higher education. I have experience with them, while I was working and now that I am retired. I have both retirement and brokerage accounts. I take advantage of their FREE “Wealth Management” services, annual reports on my investments and recommendations for future investing. Free services, advice from staff who are salaried, who do not work on commission. TIAA-CREF has your back. Trust them. Stay engaged with your institution’s advisors. It will not fail you.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284934 Vince Mon, 05 Mar 2012 11:12:09 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284934 With a TIAA annuity you simply prefer inflation risk to investment risk or longevity risk. I'm not saying that your preference is wrong, but it is incorrect to suggest that it is risk free. Long life to you but the longer you are around the greater the inflation risk. And there should be no fees whatever on an annuity. The lifetime fees for an annuity are part of the purchase price. It's the only way you can compare the prices. With a TIAA annuity you simply prefer inflation risk to investment risk or longevity risk. I’m not saying that your preference is wrong, but it is incorrect to suggest that it is risk free. Long life to you but the longer you are around the greater the inflation risk. And there should be no fees whatever on an annuity. The lifetime fees for an annuity are part of the purchase price. It’s the only way you can compare the prices.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284930 Marcia Godich Mon, 05 Mar 2012 07:28:06 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284930 I have friends with Vanguard, Ing, and Charles Schwab (we all retired the same year, 2010) So far as I can see, I am getting he most for what I had invested, and among the lowest fees. Of course, you may have invested in some higher risk arrangement than a straight annuity and be receiving more at present - but I opted for a lifetime annuity, because I plan to be around for awhile - and I don't have any faith that the Dow will keep going up. I have friends with Vanguard, Ing, and Charles Schwab (we all retired the same year, 2010) So far as I can see, I am getting he most for what I had invested, and among the lowest fees. Of course, you may have invested in some higher risk arrangement than a straight annuity and be receiving more at present – but I opted for a lifetime annuity, because I plan to be around for awhile – and I don’t have any faith that the Dow will keep going up.

]]> By: Jimmy http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284929 Jimmy Mon, 05 Mar 2012 06:01:23 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284929 Whether your complaints are accurate, or not, I can plainly see by your grammar that you are not truly one of the "highly educated" from which TIAA-CREF is "stealing". I gather from the spelling errors, improper use of the Eglish language, etc. you most likely have no idea how to read a prospectus, manage your accounts, or understand anything about investing. Side note...TIAA-CREF is definitely not the easiest company to work with, but their investment strategies are pretty sound and it's going to be hard to find a financially stronger investment and insurance firm. Whether your complaints are accurate, or not, I can plainly see by your grammar that you are not truly one of the “highly educated” from which TIAA-CREF is “stealing”. I gather from the spelling errors, improper use of the Eglish language, etc. you most likely have no idea how to read a prospectus, manage your accounts, or understand anything about investing.

Side note…TIAA-CREF is definitely not the easiest company to work with, but their investment strategies are pretty sound and it’s going to be hard to find a financially stronger investment and insurance firm.

]]> By: cmalloy http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284852 cmalloy Thu, 01 Mar 2012 15:23:47 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284852 I am also having problems with lost documents and inconsistent information. The BBB is okay but you can also file a complaint on the federal trade commission website. I am also having problems with lost documents and inconsistent information. The BBB is okay but you can also file a complaint on the federal trade commission website.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284597 Marcia Godich Tue, 21 Feb 2012 02:34:48 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284597 Bob, I'm not sure how our situations are different, but I retired 2 years ago, took most of my money in a standard, fixed income, TIAA-CREF annuity (which I think is a "regular retirement plan," and left some of it to ride till I need it. I accessed the 1099-R from my account within the TIAA-CREF website both last year and this year (they appear in my messagesthere, and TIAA-CREF notifies me by my regular email when they are available) so I am not sure why you can't. I know I did, at some point in the past, elect email instead of mail as my primary access. So, maybe you are right and you can't get the electronic form - and maybe you have checked out the situation thoroughly with a TIAA-CREF rep. But it's probably worth checking again. I found that you do get different answers sometimes from different reps - so my advice would be first to email them iwth the specifics of your wife's account, then do a follow-up call. I don't want to sound patronizing, and realise you may well have already done this - in which case, you have my sympathy! But I'd feel sorry to think I might have been of help if only I'd replied. Good luck with your retirement plans, Marci Bob, I’m not sure how our situations are different, but I retired 2 years ago, took most of my money in a standard, fixed income, TIAA-CREF annuity (which I think is a “regular retirement plan,” and left some of it to ride till I need it. I accessed the 1099-R from my account within the TIAA-CREF website both last year and this year (they appear in my messagesthere, and TIAA-CREF notifies me by my regular email when they are available) so I am not sure why you can’t. I know I did, at some point in the past, elect email instead of mail as my primary access. So, maybe you are right and you can’t get the electronic form – and maybe you have checked out the situation thoroughly with a TIAA-CREF rep. But it’s probably worth checking again. I found that you do get different answers sometimes from different reps – so my advice would be first to email them iwth the specifics of your wife’s account, then do a follow-up call. I don’t want to sound patronizing, and realise you may well have already done this – in which case, you have my sympathy! But I’d feel sorry to think I might have been of help if only I’d replied. Good luck with your retirement plans, Marci

]]> By: Bob http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284594 Bob Mon, 20 Feb 2012 23:52:50 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284594 It would be nice if 1099-R info could be accessed via the internet from this company. They DO offer that under TIAA-CREF Brokerage Services, but not as part of the usual retirement plans. Once I got my wife's funds mostly transferred to Vanguard, I had to enter seven 1099-R forms into my tax software. That took over a half hour. And, since some of their retirement plans require periodic (5 or 10 years or however long) distributions (even as a rollover), I'll be doing two 1099-Rs for the next five years, and one 1099-R per year for the five years after that. In this day and age, a huge company like TIAA should already have taken care of that stuff. But as we know...they only love you when you are giving them your money. Not so much when you want it back. It would be nice if 1099-R info could be accessed via the internet from this company. They DO offer that under TIAA-CREF Brokerage Services, but not as part of the usual retirement plans. Once I got my wife’s funds mostly transferred to Vanguard, I had to enter seven 1099-R forms into my tax software. That took over a half hour. And, since some of their retirement plans require periodic (5 or 10 years or however long) distributions (even as a rollover), I’ll be doing two 1099-Rs for the next five years, and one 1099-R per year for the five years after that. In this day and age, a huge company like TIAA should already have taken care of that stuff. But as we know…they only love you when you are giving them your money. Not so much when you want it back.

]]> By: Dianne Sleek http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284559 Dianne Sleek Sat, 18 Feb 2012 17:09:43 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284559 In 2010 I was notified by TIAA-CREF that I was required to take an annual RMD from TIAA-CREF. Necessary forms were filled out and I received a payment of $2,766. in Dec. of 2010. The reasonable person would assume that unless the company received a death certificate that such a notice would come each year. None of us gets younger. As my husband and I were preparing our 2011 taxes we realized that I received no check or 1099 in Dec. of 2011. We heard nothing from TIAA-CREF. I called and was told that I had to call them every year to make that deduction. They finally agreed to send me a form to fill out authorizing the withdrawal automatically and yearly. However, in Feb. when we were doing our taxes it was too late to avoid the penalty for 2011. My husband was a registered representative for a number of years and dealt with many fund companies. He never knew of another one that had that rule. When we were setting up the withdrawal schedule we were never asked about a perpetuity option. Common sense says the only option is for every year. Needless to say, I am extremely upset about the penalty I have to pay this year. In 2010 I was notified by TIAA-CREF that I was required to take an annual RMD from TIAA-CREF. Necessary forms were filled out and I received a payment of $2,766. in Dec. of 2010. The reasonable person would assume that unless the company received a death certificate that such a notice would come each year. None of us gets younger. As my husband and I were preparing our 2011 taxes we realized that I received no check or 1099 in Dec. of 2011. We heard nothing from TIAA-CREF. I called and was told that I had to call them every year to make that deduction. They finally agreed to send me a form to fill out authorizing the withdrawal automatically and yearly. However, in Feb. when we were doing our taxes it was too late to avoid the penalty for 2011. My husband was a registered representative for a number of years and dealt with many fund companies. He never knew of another one that had that rule. When we were setting up the withdrawal schedule we were never asked about a perpetuity option. Common sense says the only option is for every year. Needless to say, I am extremely upset about the penalty I have to pay this year.

]]> By: Marcella McClure http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284408 Marcella McClure Sat, 11 Feb 2012 18:06:31 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284408 TIAA/CREF is NOT a nonprofit and has not been for a very long time, Congress took that right away back in the late 1990s. It "considers" itself nonprofit but it is not and there is nothing legally that holds them in a nonprofit model. TIAA/CREF is NOT a nonprofit and has not been for a very long time, Congress took that right away back in the late 1990s. It “considers” itself nonprofit but it is not and there is nothing legally that holds them in a nonprofit model.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284402 Vince Sat, 11 Feb 2012 16:49:45 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284402 OFGS with their massive economies of scale and their forced customer base they should be far and away the best and cheapest investment company. In my experience no other company has ever been so awful to deal with in extracting money from them. And its not government regulations when it comes to extractions. OFGS with their massive economies of scale and their forced customer base they should be far and away the best and cheapest investment company. In my experience no other company has ever been so awful to deal with in extracting money from them. And its not government regulations when it comes to extractions.

]]> By: Connie Jaquith http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284399 Connie Jaquith Sat, 11 Feb 2012 13:29:26 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284399 TIAA-CREF was ranked in 2011 as one of the ten best investment companies in the country. They always rank very highly. I am now retired three years, have both retirement and brokerage accounts, have been VERY pleased with both. I started well ahead in filing my forms for retirement, had no problem. It is the government regulations that require the various forms, hard copies, etc. I consider myself blessed to be a participant, to have the long-standing experience of TIAA-CREF behind me. Trust me, they have your back, as they are a not-for-profit organization. TIAA-CREF was ranked in 2011 as one of the ten best investment companies in the country. They always rank very highly. I am now retired three years, have both retirement and brokerage accounts, have been VERY pleased with both. I started well ahead in filing my forms for retirement, had no problem. It is the government regulations that require the various forms, hard copies, etc. I consider myself blessed to be a participant, to have the long-standing experience of TIAA-CREF behind me. Trust me, they have your back, as they are a not-for-profit organization.

]]> By: Dan http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284367 Dan Fri, 10 Feb 2012 03:40:12 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284367 Sure, those of us who expected to get money within a reasonable amount of time when following TIAA-CREF's instruction are childish. C'mon. Sure, those of us who expected to get money within a reasonable amount of time when following TIAA-CREF’s instruction are childish. C’mon.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284365 Vince Fri, 10 Feb 2012 02:36:13 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284365 Now you know why management and the GOP hates unions. In any civilized country your union rep or the government labor relations office would protect you. In the dog eat dog USA you are essentially on your own. I saved my paperwork for 26 years to force my employer to credit me with a year of service. If you are covered by erisa you might read http://www.dol.gov/ebsa/erisa_enforcement.html Now you know why management and the GOP hates unions. In any civilized country your union rep or the government labor relations office would protect you. In the dog eat dog USA you are essentially on your own. I saved my paperwork for 26 years to force my employer to credit me with a year of service.
If you are covered by erisa you might read
http://www.dol.gov/ebsa/erisa_enforcement.html

]]> By: Stephanie http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284362 Stephanie Thu, 09 Feb 2012 23:27:37 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284362 I need help w/ a 'simple' matter. Been employed w current tiaa cref contributing employer for almost 7 years. 2 years ago part of my job was eliminated-leaving me w/ 16 hours per week. They told me I could no longer get TIAACref contributions. I kept looking for where this is stated. Finally asked for summary plan document a month ago-December 2011. I wanted to see exactly where it said, employees with less than 20 hours per week do not qualify. So of course it isn;t in there. Employer says they will make good on all the contributions. Not only for me but for 5 other 'part time' employees. So I ask about missed opportunity-like if I had had the money earning 3% for 2 years...employer says there is no such rule as that, and that they owe me nothing more than contributions. HOWEVER< they mistakenly with held contributions for 2.5 years... If I am crazy I'll drop it. If I'm correct, can anyone find the term and how I would go about getting TIAA-Cref to initiate w/ my employer? many thanks and w/ gratitude I need help w/ a ‘simple’ matter. Been employed w current tiaa cref contributing employer for almost 7 years. 2 years ago part of my job was eliminated-leaving me w/ 16 hours per week. They told me I could no longer get TIAACref contributions. I kept looking for where this is stated. Finally asked for summary plan document a month ago-December 2011. I wanted to see exactly where it said, employees with less than 20 hours per week do not qualify.

So of course it isn;t in there. Employer says they will make good on all the contributions. Not only for me but for 5 other ‘part time’ employees. So I ask about missed opportunity-like if I had had the money earning 3% for 2 years…employer says there is no such rule as that, and that they owe me nothing more than contributions. HOWEVER< they mistakenly with held contributions for 2.5 years…

If I am crazy I'll drop it. If I'm correct, can anyone find the term and how I would go about getting TIAA-Cref to initiate w/ my employer?

many thanks and w/ gratitude

]]> By: Chris http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284342 Chris Thu, 09 Feb 2012 15:05:55 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284342 I have kept every statement TC has ever issued me. I have monitored my contributions, and been well-advised on how my money would be allocated. This knowledge has done nothing to help me transfer my money out of TC to a new retirement account. Every time I submit the necessary forms, I am told that there is additional information needed, or that the information I supplied is incorrect. I am not "whining" like a "teenager". I merely want the money I invested, MY MONEY, to be transferred to where I would like it. That doesn't seem like an unreasonable request, and yet, I seem to be stonewalled at every pass. It gets frustrating, and you feel your hands are tied, as there is really no course of action to take, other than to complain about it on this forum. I have kept every statement TC has ever issued me. I have monitored my contributions, and been well-advised on how my money would be allocated. This knowledge has done nothing to help me transfer my money out of TC to a new retirement account. Every time I submit the necessary forms, I am told that there is additional information needed, or that the information I supplied is incorrect.

I am not “whining” like a “teenager”. I merely want the money I invested, MY MONEY, to be transferred to where I would like it. That doesn’t seem like an unreasonable request, and yet, I seem to be stonewalled at every pass. It gets frustrating, and you feel your hands are tied, as there is really no course of action to take, other than to complain about it on this forum.

]]> By: Diane http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284296 Diane Wed, 08 Feb 2012 15:37:15 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284296 I have been trying to get money from TIAA CREF since December and it has been impossible!! Turnaround time for any email is minimum 48 hours. Complaints: 1. EFT forms must be submitted via snail mail with a cancelled check and can only be submitted with a withdrawel request. How arcane. I haven't had to submit a cancelled check for EFT for 10 years. Plus it must come with the withdrawel request, not before, because they can't be responsible and it will get lost! True, I have it in writing! 2. Due to the US Patriot Act they require that I submit via mail hard copy proof that I live at my address. I have asked 3 time for another option, but I keep getting the answer that I must submit a copy of a recent utility bill, cable or landline telephone bill showing my name and address. Well, I rent and all that is included. If offerred a copy of my lease, but they keep replying with the same request, "a recent utility bill, cable or landline telephone bill showing my name and address." I am talking to a wall. 3. The educational institute that I worked for has been defunct for over 5 years, yet before they can approve my request, they need a termination date given by my previous employer. I have told them that they won't be able to get that because the contact person was the administrator etc etc. I keep getting a reply that they must follow procedure. They won't answer my direct question concerning what if they can't get hold of my previous employer, what are the options. Instead it is delay, delay, delay, no answer, no action. Help! This borders on criminal or fraud? I have asked for this to be escalated to a manager, and now they want to talk to me via phone. I don't trust them anymore......I need it in writing. I have been trying to get money from TIAA CREF since December and it has been impossible!! Turnaround time for any email is minimum 48 hours. Complaints:
1. EFT forms must be submitted via snail mail with a cancelled check and can only be submitted with a withdrawel request. How arcane. I haven’t had to submit a cancelled check for EFT for 10 years. Plus it must come with the withdrawel request, not before, because they can’t be responsible and it will get lost! True, I have it in writing!
2. Due to the US Patriot Act they require that I submit via mail hard copy proof that I live at my address. I have asked 3 time for another option, but I keep getting the answer that I must submit a copy of a recent utility bill, cable or landline telephone bill showing my name and address. Well, I rent and all that is included. If offerred a copy of my lease, but they keep replying with the same request, “a recent utility bill, cable or landline telephone bill showing my name and address.” I am talking to a wall.
3. The educational institute that I worked for has been defunct for over 5 years, yet before they can approve my request, they need a termination date given by my previous employer. I have told them that they won’t be able to get that because the contact person was the administrator etc etc. I keep getting a reply that they must follow procedure. They won’t answer my direct question concerning what if they can’t get hold of my previous employer, what are the options. Instead it is delay, delay, delay, no answer, no action.
Help! This borders on criminal or fraud? I have asked for this to be escalated to a manager, and now they want to talk to me via phone. I don’t trust them anymore……I need it in writing.

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284280 Me Wed, 08 Feb 2012 05:48:11 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284280 Unless you own a GRA account with TIAA Traditional in it, they do not charge you a penalty for withdrawing funds (2.5%) in the scenario above, but the IRS may do so if you are younger than 59 1/2 or are separating from the employer you contributed to your account from before age 55 Unless you own a GRA account with TIAA Traditional in it, they do not charge you a penalty for withdrawing funds (2.5%) in the scenario above, but the IRS may do so if you are younger than 59 1/2 or are separating from the employer you contributed to your account from before age 55

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284279 Me Wed, 08 Feb 2012 05:43:56 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284279 You may want to call and talk to tiaa about your options. At last I knew, tiaa will not split payments from the tiaa traditional account being made over the nine year and one day transfer payout annuity. Instead they will likely recommend that you rollover each payment to a tiaa Ira, take your rmd from that Ira, and then rollover the remainder to wherever you wish. Rolling over the entirety of each payment to your vanguard account and then taking rmd could achieve the same end result. Either way, make sure you are confident ipin the amount you need to withdraw to satisfy your rmd and do not rely on either institution for it. You may want to call and talk to tiaa about your options. At last I knew, tiaa will not split payments from the tiaa traditional account being made over the nine year and one day transfer payout annuity. Instead they will likely recommend that you rollover each payment to a tiaa Ira, take your rmd from that Ira, and then rollover the remainder to wherever you wish.

Rolling over the entirety of each payment to your vanguard account and then taking rmd could achieve the same end result. Either way, make sure you are confident ipin the amount you need to withdraw to satisfy your rmd and do not rely on either institution for it.

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284278 Me Wed, 08 Feb 2012 05:35:00 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284278 This is a standard coached finger pointing response I have heard many times from tiaa employees to direct participants to their employers. Both tiaa and your former employer should be able to provide a contribution by contribution history to you. If the records do not match up, you can ask your employer to contact their support team at tiaa directly on your behalf to resolve. This is a standard coached finger pointing response I have heard many times from tiaa employees to direct participants to their employers. Both tiaa and your former employer should be able to provide a contribution by contribution history to you. If the records do not match up, you can ask your employer to contact their support team at tiaa directly on your behalf to resolve.

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284276 Me Wed, 08 Feb 2012 05:32:55 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284276 Tom, Unless you worked for multiple employers that were part of the same "system," your funds may have been mis-allocated during the transition from an old system to a new one several years ago that caused a number of issues for tiaa. If you worked for multiple employers within a system, many employers have been unable to provide historical info to positively identify which employer within their system funds came from. I would recommend speaking with tiaa to review the employer's rules for each of your plans in order to ensure the error is not reducing the options available to you. If they are not, the impact to you is likely negligible, but if they are you may wish to put your concerns in writing to tiaa in order to solicit a written complaint procedure response. Tom,
Unless you worked for multiple employers that were part of the same “system,” your funds may have been mis-allocated during the transition from an old system to a new one several years ago that caused a number of issues for tiaa. If you worked for multiple employers within a system, many employers have been unable to provide historical info to positively identify which employer within their system funds came from.

I would recommend speaking with tiaa to review the employer’s rules for each of your plans in order to ensure the error is not reducing the options available to you. If they are not, the impact to you is likely negligible, but if they are you may wish to put your concerns in writing to tiaa in order to solicit a written complaint procedure response.

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284275 Me Wed, 08 Feb 2012 05:21:13 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284275 Considering that their standard turnaround time to distribute funds is two working days from the time your request is received in good order and an electronic funds transfer usually takes at the very least another day to process, this seems highly unlikely.... Considering that their standard turnaround time to distribute funds is two working days from the time your request is received in good order and an electronic funds transfer usually takes at the very least another day to process, this seems highly unlikely….

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284274 Me Wed, 08 Feb 2012 05:17:49 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284274 Here we go again. When dealing with a self regulatory financial organization like tiaa-cref the bbb is probably your least effective means of complaining I can think of. Firstly, I would recommend submitting your complaint to tiaa in writing via email from your secure online account, and mailing a copy of the same correspondence by USPS to them. This will set in motion a fairly solid set of reaction from tiaa to record and reply to your written complaint as specified by regulatory agencies. They will then refer your complaint to a team of of consultants who specifically deal with written complaints to see them through to resolution for you. If you do not receive resolution through this method, or are just plain upset still, you can contact your state's insurance department (since tiaa is an insurance company they register and abide by each state's insurance board) and/or the SEC/NAIC. The institution you worked for and contributed to tiaa through can also leverage weight on your behalf. Here we go again.

When dealing with a self regulatory financial organization like tiaa-cref the bbb is probably your least effective means of complaining I can think of.

Firstly, I would recommend submitting your complaint to tiaa in writing via email from your secure online account, and mailing a copy of the same correspondence by USPS to them. This will set in motion a fairly solid set of reaction from tiaa to record and reply to your written complaint as specified by regulatory agencies. They will then refer your complaint to a team of of consultants who specifically deal with written complaints to see them through to resolution for you.

If you do not receive resolution through this method, or are just plain upset still, you can contact your state’s insurance department (since tiaa is an insurance company they register and abide by each state’s insurance board) and/or the SEC/NAIC. The institution you worked for and contributed to tiaa through can also leverage weight on your behalf.

]]> By: Me http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284273 Me Wed, 08 Feb 2012 05:09:38 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284273 Dan, please don't give financial or tax advice you are clearly not qualified to give. Distributions from qualified retirement accounts (i.e. the nine year annuitization you reference) cannot be re-contributed to an IRA and deducted (at least not legally). Dan, please don’t give financial or tax advice you are clearly not qualified to give. Distributions from qualified retirement accounts (i.e. the nine year annuitization you reference) cannot be re-contributed to an IRA and deducted (at least not legally).

]]> By: Christopher Hanks http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284225 Christopher Hanks Mon, 06 Feb 2012 15:31:29 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284225 TIAA-CREF offers different ways to withdraw funds from TIAA accounts and CREF accounts, so there is no short answer to your question. Here's what I'm doing, though: when I retired three years ago, I annuitized all the funds that had accumulated in my TIAA account, with an annuity structured as follows: payments for the rest of my life and my wife's life, plus with a guaranteed payout period of 10 years from when the annuity started, even if both my wife and I were to die. So, in my case, annuity payments will continue until both my wife and i are dead and for at least the next seven years into our estate for our kids, in case both of us die sometime during the next seven years.. The TIAA-CREF website gives you access to short booklets that explain all the different ways to start getting money out of TIAA-CREF accounts when you retire. They will also explain the differences between TIAA accounts and CREF accounts in that regard. You can also talk to advisors on the phone (for free) - but I suggest you try reading the booklets first so that you have some basic knowledge of how TIAA-CREF withdrawals work in hand first, before you talk to an advisor . TIAA-CREF offers different ways to withdraw funds from TIAA accounts and CREF accounts, so there is no short answer to your question. Here’s what I’m doing, though: when I retired three years ago, I annuitized all the funds that had accumulated in my TIAA account, with an annuity structured as follows: payments for the rest of my life and my wife’s life, plus with a guaranteed payout period of 10 years from when the annuity started, even if both my wife and I were to die. So, in my case, annuity payments will continue until both my wife and i are dead and for at least the next seven years into our estate for our kids, in case both of us die sometime during the next seven years.. The TIAA-CREF website gives you access to short booklets that explain all the different ways to start getting money out of TIAA-CREF accounts when you retire. They will also explain the differences between TIAA accounts and CREF accounts in that regard. You can also talk to advisors on the phone (for free) – but I suggest you try reading the booklets first so that you have some basic knowledge of how TIAA-CREF withdrawals work in hand first, before you talk to an advisor .

]]> By: Jean Chambers http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284221 Jean Chambers Mon, 06 Feb 2012 01:32:38 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284221 I have a general question. What is the difference between TIAA and CREF? I have heard that TIAA accounts disappear when you die, while CREF equities go to your designated beneficiary. However, I have also heard that TIAA accounts go to your beneficiary. I don't know where to look to get an answer to this question. Thanks for any guidance. I have a general question. What is the difference between TIAA and CREF? I have heard that TIAA accounts disappear when you die, while CREF equities go to your designated beneficiary. However, I have also heard that TIAA accounts go to your beneficiary. I don’t know where to look to get an answer to this question.
Thanks for any guidance.

]]> By: Marcella McClure http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284107 Marcella McClure Thu, 02 Feb 2012 07:57:32 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284107 You must be joking ! T-CRAP problems began with a new software platform and proceeded into bad management over the last 8 years. There have been thousands of complaints filed about lack of access to funds and errors in funds transfers. Yes TIAA-CREF was once a company for non-profits that many Universities FORCE us to invest in, but once they opened to anyone for investment they lost their investment mission for non-profits. You must be joking ! T-CRAP problems began with a new software platform and proceeded into bad management over the last 8 years. There have been thousands of complaints filed about lack of access to funds and errors in funds transfers. Yes TIAA-CREF was once a company for non-profits that many Universities FORCE us to invest in, but once they opened to anyone for investment they lost their investment mission for non-profits.

]]> By: Marcella McClure http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284106 Marcella McClure Thu, 02 Feb 2012 07:50:46 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284106 You are very insulting. I am an adult who managed their University FORCED INVESTMENT in T-CRAP for 15 years. Before they changed to a very bad software platform, before they hired bad CEOs. Hey lady this company so bad that the first time I attempted to transfer funds to another company it took MONTHS and they transferred 2x what I actually had in the account. Try explaining this ERROR to the IRS. I am an adult. You need to get real. When did you retire? 20 years ago? You are very insulting. I am an adult who managed their University FORCED INVESTMENT in T-CRAP for 15 years. Before they changed to a very bad software platform, before they hired bad CEOs. Hey lady this company so bad that the first time I attempted to transfer funds to another company it took MONTHS and they transferred 2x what I actually had in the account. Try explaining this ERROR to the IRS. I am an adult. You need to get real. When did you retire? 20 years ago?

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284102 Vince Thu, 02 Feb 2012 03:51:58 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284102 An MDO means THEY keep your money as long as possible. Of course they Love you and will do anything to keep their hands on your money. And you have to compare returns on equivalent assets showing equivalent risks. their returns on index funds are below Vanguard because their fees are higher. An MDO means THEY keep your money as long as possible. Of course they Love you and will do anything to keep their hands on your money. And you have to compare returns on equivalent assets showing equivalent risks. their returns on index funds are below Vanguard because their fees are higher.

]]> By: Marcella A McClure http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284101 Marcella A McClure Thu, 02 Feb 2012 03:03:59 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284101 I have 3X the funds in Vanguard than I have trapped at T-CRAP. My university forces me to invest with this failing company. I have filed many complaints with my state but they fall on deaf ears. After the FIRST time T-CRAP screwed up a transfer to Vanguard, about 8yrs ago, Vanguard stepped in to help me and they have been a consistent company for all my assets. If T-CRAP is going to go under what is going to happen to our retirement funds? IF you have one of those stupid 10%/10yrs withdrawal annuities with T-CRAP and you are still working start rolling it out into their Money Market fund NOW. By the time you retire you will have a MUCH easier time of getting you cash out of them. I will retire in just a few years and will have over 1/2 of my annuity in their money market so I can easily get it. The day I retire all funds that will not suffer a severe T-CRAP fee for early withdrawal will be transferred to Vanguard. I have 3X the funds in Vanguard than I have trapped at T-CRAP. My university forces me to invest with this failing company. I have filed many complaints with my state but they fall on deaf ears. After the FIRST time T-CRAP screwed up a transfer to Vanguard, about 8yrs ago, Vanguard stepped in to help me and they have been a consistent company for all my assets. If T-CRAP is going to go under what is going to happen to our retirement funds? IF you have one of those stupid 10%/10yrs withdrawal annuities with T-CRAP and you are still working start rolling it out into their Money Market fund NOW. By the time you retire you will have a MUCH easier time of getting you cash out of them. I will retire in just a few years and will have over 1/2 of my annuity in their money market so I can easily get it. The day I retire all funds that will not suffer a severe T-CRAP fee for early withdrawal will be transferred to Vanguard.

]]> By: sunshine http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284100 sunshine Thu, 02 Feb 2012 01:53:55 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284100 Recently this naif thought he would convert $4000 from CREF to a Roth IRA for 2011 tax purposes, only to discover TC's less than transparent procedures. Fortunately I have big money invested with Vanguard, so they're willing to help me extract my medium-sized money from TC. A phone call with one of their rollover specialists happens tomorrow, and I'll report the results here. Recently this naif thought he would convert $4000 from CREF to a Roth IRA for 2011 tax purposes, only to discover TC’s less than transparent procedures. Fortunately I have big money invested with Vanguard, so they’re willing to help me extract my medium-sized money from TC. A phone call with one of their rollover specialists happens tomorrow, and I’ll report the results here.

]]> By: Kit Steinaway http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284046 Kit Steinaway Mon, 30 Jan 2012 23:11:12 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284046 We have been fighting with TIAA-CREF for more than a year to get the retirement money my brother-in-law invested in order to take care of him since he has become disabled. We have hit one road block after another with many representatives giving is conflicting information. The bottom line is that he will have to forfeit much of HIS money to TIAA-CREF in order for them to dole out a dribble of cash to keep him in a nursing home. BEWARE, if you are thinking of investing with these people and you become disabled, you will not be able to access your money! You will be giving it to them to keep. We have been fighting with TIAA-CREF for more than a year to get the retirement money my brother-in-law invested in order to take care of him since he has become disabled. We have hit one road block after another with many representatives giving is conflicting information. The bottom line is that he will have to forfeit much of HIS money to TIAA-CREF in order for them to dole out a dribble of cash to keep him in a nursing home. BEWARE, if you are thinking of investing with these people and you become disabled, you will not be able to access your money! You will be giving it to them to keep.

]]> By: BH http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-284020 BH Mon, 30 Jan 2012 07:55:07 +0000 http://wp.consumerismcommentary.com/?p=764#comment-284020 "CEO Roger Ferguson is committed to outsourcing every job he can to India". Could you give some idea of the type and amount of jobs that are going to India? "By Ferguson’s own admission it’s only a matter of time before TIAA goes under." From what source did you get this information? Is this your interpretation of some comments he has made? There seems to be a lot of management movement recently. Have you recognized any pattern for this? Also there appear to be a lot of "partnerships" (subsidiaries) being formed. Any pattern for this? “CEO Roger Ferguson is committed to outsourcing every job he can to India”. Could you give some idea of the type and amount of jobs that are going to India?

“By Ferguson’s own admission it’s only a matter of time before TIAA goes under.” From what source did you get this information? Is this your interpretation of some comments he has made?

There seems to be a lot of management movement recently. Have you recognized any pattern for this? Also there appear to be a lot of “partnerships” (subsidiaries) being formed. Any pattern for this?

]]> By: Steve - Near retirement http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283864 Steve - Near retirement Tue, 24 Jan 2012 20:40:09 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283864 There is a penalty, as I understand it from TIAA-CREF, to take your entire amount out at the moment you retire. Is that what others among you have encountered? Was it worth it? Is there no way one can cancel the relationship before retirement, moving to a vendor of one's personal choice? I suppose not when it's a plan the employer drives to which it contributes. There is a penalty, as I understand it from TIAA-CREF, to take your entire amount out at the moment you retire. Is that what others among you have encountered? Was it worth it? Is there no way one can cancel the relationship before retirement, moving to a vendor of one’s personal choice? I suppose not when it’s a plan the employer drives to which it contributes.

]]> By: Lev and Valentina Vidokle http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283853 Lev and Valentina Vidokle Tue, 24 Jan 2012 15:18:11 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283853 My wife 75 and I 80 both invested our savings in the TIAA Cref. We both are amazed and outraged how irresponsibly the TIAA consultants-representatives were handling our distributions. Example: consultant Paddy Parson exceeded distribution I requested by more than $4,500 in 2010. After my complaint, this excess was allocated to the year 2011. In December 2011, same Paddy Parson exceeded requested by my wife distribution by more than $6,500. We asked Paddy to correct her mistake, but she preferred to football us to representative Erik Negron who promised to allocate the $6,500 to the year 2012 but didn't do anything and disappeared not sending us promised confirmation via e-mail. My wife 75 and I 80 both invested our savings in the TIAA Cref. We both are amazed and
outraged how irresponsibly the TIAA consultants-representatives were handling our
distributions.
Example: consultant Paddy Parson exceeded distribution I requested by more than $4,500
in 2010. After my complaint, this excess was allocated to the year 2011.
In December 2011, same Paddy Parson exceeded requested by my wife distribution by more
than $6,500. We asked Paddy to correct her mistake, but she preferred to football us to
representative Erik Negron who promised to allocate the $6,500 to the year 2012 but
didn’t do anything and disappeared not sending us promised confirmation via e-mail.

]]> By: Terry L http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283825 Terry L Mon, 23 Jan 2012 22:12:53 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283825 This company is horrible. To begin with, the CEO Roger Ferguson is committed to outsourcing every job he can to India. By the way, any document you have submitted to TIAA can now be seen by a person in India. All you’re banking information, social security numbers, beneficiary information, street addresses, anything. Ferguson couldn't care less about saving American jobs and he doesn't care who is viewing and processing your requests. What's sad is India often does a horrible job and is only concerned with meeting numbers set by management. So that means if anything is in question with a request, they pass it on for someone else to deal with so they can process straight forward cases and look good. If it delays a payment so be it. Now, with jobs being sent to India, management is threatening American employees. It's not uncommon to hear, "you need to work harder or maybe your job will go to India", or "if you don't like it here send out your resume." Employees are actually warned they are not to say anything negative about Indian employees or they will be "reprimanded." Nothing is ever fast enough. Everyday all employee performance numbers are put on a board, with your name, for everyone to see. Every hour is scurtinized by management on why a person didn't perform better, or why one person is doing better than another. These are actual comments by management made to their employees, " if you don't like it here send out a resume", "everyone is taking to many bathroom breaks, you need to cut down on this, at my last company if we were away from our desks, during an un allotted time, we would be written up”, “ if you spend five minutes a day talking to someone you're wasting 30 minutes a week, which adds to up almost a lost day in production in one year". People are constantly written up for ridiculous company rules, for example someone’s relative died and they left during work day. They were written up, since this was not a 'preapproved' day off. Another, person called from the emergency room and said they would not be in and they were written up, again because it was not a "preapproved” day off. The computer system brought in by previous CEO Herb Allison is horrible. It was already ten years out of date before it was even installed. For example, just to do an address change can take four days. As people quit or are fired management doesn't replace them. Rather, they just pass on the work to the remaining employees to make up. They couldn't care less if they burn out they staff. This company is going down fast. It's sad that management has such little concern about customers and their employees. It seems that all that matters is management keeping their jobs, getting bonuses, and taking this company for everthing they can get before it collapses. This company could be an excellent company but with the likes of Ferguson and his management team the writing in on all the way. By Ferguson’s own admission it’s only a matter of time before TIAA goes under, and with him at the helm there’s no doubt of that. This company is horrible. To begin with, the CEO Roger Ferguson is committed to outsourcing every job he can to India. By the way, any document you have submitted to TIAA can now be seen by a person in India. All you’re banking information, social security numbers, beneficiary information, street addresses, anything. Ferguson couldn’t care less about saving American jobs and he doesn’t care who is viewing and processing your requests. What’s sad is India often does a horrible job and is only concerned with meeting numbers set by management. So that means if anything is in question with a request, they pass it on for someone else to deal with so they can process straight forward cases and look good. If it delays a payment so be it. Now, with jobs being sent to India, management is threatening American employees. It’s not uncommon to hear, “you need to work harder or maybe your job will go to India”, or “if you don’t like it here send out your resume.” Employees are actually warned they are not to say anything negative about Indian employees or they will be “reprimanded.” Nothing is ever fast enough. Everyday all employee performance numbers are put on a board, with your name, for everyone to see. Every hour is scurtinized by management on why a person didn’t perform better, or why one person is doing better than another. These are actual comments by management made to their employees, ” if you don’t like it here send out a resume”, “everyone is taking to many bathroom breaks, you need to cut down on this, at my last company if we were away from our desks, during an un allotted time, we would be written up”, “ if you spend five minutes a day talking to someone you’re wasting 30 minutes a week, which adds to up almost a lost day in production in one year”. People are constantly written up for ridiculous company rules, for example someone’s relative died and they left during work day. They were written up, since this was not a ‘preapproved’ day off. Another, person called from the emergency room and said they would not be in and they were written up, again because it was not a “preapproved” day off. The computer system brought in by previous CEO Herb Allison is horrible. It was already ten years out of date before it was even installed. For example, just to do an address change can take four days. As people quit or are fired management doesn’t replace them. Rather, they just pass on the work to the remaining employees to make up. They couldn’t care less if they burn out they staff. This company is going down fast. It’s sad that management has such little concern about customers and their employees. It seems that all that matters is management keeping their jobs, getting bonuses, and taking this company for everthing they can get before it collapses. This company could be an excellent company but with the likes of Ferguson and his management team the writing in on all the way. By Ferguson’s own admission it’s only a matter of time before TIAA goes under, and with him at the helm there’s no doubt of that.

]]> By: Gary http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283791 Gary Mon, 23 Jan 2012 04:52:49 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283791 Joe, Please see my recent post regarding ROI. Gary Joe,

Please see my recent post regarding ROI.

Gary

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