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. Sun, 12 Feb 2012 16:36:20 +0000 hourly 1 http://wordpress.org/?v=3.3.1 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

]]> By: Gary http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283790 Gary Mon, 23 Jan 2012 04:46:36 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283790 Just wanted to see if anyone else has questioned the returns that CREF reports. It appears to me that the returns that CREF report as Average Annual Total Returns, are what I believe to be just that: average returns, which I believe means that if a $100 investment looses 20% one year (resulting in $80 left) then rises 25% (resulting in $100), their AATR is 2.5% (-20+25)/2. Now I say that is rediculous and want you to chime in. I say the AATR should be the return which kept constant would yield the present value of the investment. 0% in the case illustrated for two years. Volitility is a good thing according to the way I figure CREF reports numbers. So be ware that figures don't lie but . . . Gary Just wanted to see if anyone else has questioned the returns that CREF reports. It appears to me that the returns that CREF report as Average Annual Total Returns, are what I believe to be just that: average returns, which I believe means that if a $100 investment looses 20% one year (resulting in $80 left) then rises 25% (resulting in $100), their AATR is 2.5% (-20+25)/2. Now I say that is rediculous and want you to chime in. I say the AATR should be the return which kept constant would yield the present value of the investment. 0% in the case illustrated for two years. Volitility is a good thing according to the way I figure CREF reports numbers. So be ware that figures don’t lie but . . .

Gary

]]> By: zkeith http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283434 zkeith Wed, 11 Jan 2012 23:38:33 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283434 I've found that when I use the message service provided by TIAA-CREF rather than the phone service, I get much better results. When sending a message, I receive a reply that I will have a response within 2 business days, and I've never been let down. The nice thing is that if I have additional questions, I can can send those directly to the same person who responded to my earlier message. To defend TIAA-CREF, I recently requested the paperwork to exercise the Minimum Distribution Option because I turn 70 this year. (I made this request of the person I had been communicating with via e-mail). The forms arrived within days, and quite a bit of the information had been pre-entered (name, address, account numbers, etc.) I only had to add a few things, such as how I wanted my distribution, how often I wanted the distribution, when I want my first check, etc. It could not have been easier. I can even look on the TIAA-CREF Web site to see that my form was received. The person I have been e-mailing about the MDO process volunteered to let me know when the forms were received and that they were complete as I submitted them. Contrast this with another financial firm where I have a Keogh account, and I have to submit an extensive amount of paperwork each time I want to take a RMD. Not only that, I have to get my wife's signature notarized that she is giving me permission to forego her half of each distribution. The only way I can avoid needing her notarized signature is to set up an annuity to remove the money from the Keogh account. I do take the time to change my positions in TIAA-CREF periodically, which is probably good because my TIAA-CREF accounts suffered less freefall than my Fidelity, American Funds, and Merrill-Lynch retirement accounts did. The T/C accounts have also recovered at a higher rate than any of the others. I did not try to remove any T/C funds until MDO "kicked in." Had I, perhaps I would have a totally different impression of T/C. My next big challenge is where to invest the RMD I have to take this year to maximize my return. I will likely focus on Vanguard initially. I’ve found that when I use the message service provided by TIAA-CREF rather than the phone service, I get much better results. When sending a message, I receive a reply that I will have a response within 2 business days, and I’ve never been let down. The nice thing is that if I have additional questions, I can can send those directly to the same person who responded to my earlier message.

To defend TIAA-CREF, I recently requested the paperwork to exercise the Minimum Distribution Option because I turn 70 this year. (I made this request of the person I had been communicating with via e-mail). The forms arrived within days, and quite a bit of the information had been pre-entered (name, address, account numbers, etc.) I only had to add a few things, such as how I wanted my distribution, how often I wanted the distribution, when I want my first check, etc. It could not have been easier. I can even look on the TIAA-CREF Web site to see that my form was received. The person I have been e-mailing about the MDO process volunteered to let me know when the forms were received and that they were complete as I submitted them. Contrast this with another financial firm where I have a Keogh account, and I have to submit an extensive amount of paperwork each time I want to take a RMD. Not only that, I have to get my wife’s signature notarized that she is giving me permission to forego her half of each distribution. The only way I can avoid needing her notarized signature is to set up an annuity to remove the money from the Keogh account.

I do take the time to change my positions in TIAA-CREF periodically, which is probably good because my TIAA-CREF accounts suffered less freefall than my Fidelity, American Funds, and Merrill-Lynch retirement accounts did. The T/C accounts have also recovered at a higher rate than any of the others.

I did not try to remove any T/C funds until MDO “kicked in.” Had I, perhaps I would have a totally different impression of T/C. My next big challenge is where to invest the RMD I have to take this year to maximize my return. I will likely focus on Vanguard initially.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283431 Vince Wed, 11 Jan 2012 21:54:45 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283431 Since you taught Rhetoric , I'll assume you understand many will take personal offense at your snide comment "At least, that is better than whining about our problems like teenagers reluctant to become adults.". I'm an attorney and my experience in prying my retirement money out of TIAA was AWFUL. And no, all the careful watching of TIAA over the years in no way shape or form could have prepared anyone for just how terrible and time wasting the experience was. I do take the time to warn all the others out there that as long as you put up with their poor returns and high fees everything will be warm and cozy but the moment you look at the reality and try to go elsewhere with your money you will get the TIAA CREF stonewall. Since you taught Rhetoric , I’ll assume you understand many will take personal offense at your snide comment “At least, that is better than whining about our problems like teenagers reluctant to become adults.”. I’m an attorney and my experience in prying my retirement money out of TIAA was AWFUL. And no, all the careful watching of TIAA over the years in no way shape or form could have prepared anyone for just how terrible and time wasting the experience was. I do take the time to warn all the others out there that as long as you put up with their poor returns and high fees everything will be warm and cozy but the moment you look at the reality and try to go elsewhere with your money you will get the TIAA CREF stonewall.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283427 Marcia Godich Wed, 11 Jan 2012 20:29:58 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283427 Christopher, Your comment sounds like a well-reasoned one. I was one of the lucky retirees perhaps because, although I am by no means an accountant or stock watcher (I was a teacher of rhetoric, not math,) I did take time to keep records of my contributions over the years follow TIAA CREF's WEB site for information on what to expect when I retired. I must admit, I have trouble recognizing that many of my colleagues seem to have just glided along, expecting that TIAA CREF would take care of everything when they hit retirement. So, for example, my closest friend was shocked to learn, not only that his annuity amounts consisted of a much lower guaranteed amount and a variable dividend, but also that it was only the second representative he dealt with who thought to explain that to him. It would be nice if we could rely on TIAA CREF to have sufficient numbers of reps, all fully trained to communicate with people who, though educated are often annuity/retirement funds illiterates. Unfortunately, we have to face reality and learn how to share the responsibility for navigating the shoals of retirement. Perhaps that is even a good thing, because it will help us keep our minds active and more capable of facing the economic and technical changes in the century ahead. At least, that is better than whining about our problems like teenagers reluctant to become adults. Christopher,

Your comment sounds like a well-reasoned one. I was one of the lucky retirees perhaps because, although I am by no means an accountant or stock watcher (I was a teacher of rhetoric, not math,) I did take time to keep records of my contributions over the years follow TIAA CREF’s WEB site for information on what to expect when I retired. I must admit, I have trouble recognizing that many of my colleagues seem to have just glided along, expecting that TIAA CREF would take care of everything when they hit retirement. So, for example, my closest friend was shocked to learn, not only that his annuity amounts consisted of a much lower guaranteed amount and a variable dividend, but also that it was only the second representative he dealt with who thought to explain that to him. It would be nice if we could rely on TIAA CREF to have sufficient numbers of reps, all fully trained to communicate with people who, though educated are often annuity/retirement funds illiterates. Unfortunately, we have to face reality and learn how to share the responsibility for navigating the shoals of retirement. Perhaps that is even a good thing, because it will help us keep our minds active and more capable of facing the economic and technical changes in the century ahead. At least, that is better than whining about our problems like teenagers reluctant to become adults.

]]> By: Christopher Hanks http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283408 Christopher Hanks Wed, 11 Jan 2012 13:40:01 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283408 The large number of baby boomers that have been working at all the educational institutions and other non- profits that TIAA-CREF was created to serve are now starting to retire, which means relatively larger numbers of people than TIAA-CREF is used to will be looking to TIAA-CREF to help them manage their retirement nest eggs with money coming OUT, as opposed to money going IN. My sense, based only on my own experience, is that I don't think TIAA-CREF has fully adjusted yet to accommodate that change that's coming in what they have to do to fulfill their mission, which is to help people in the academic and non-profit world (none of whom have become "wealthy" given the careers they chose) to have secure retirements. My overall experience with TIAA-CREF is that it is a decent, honest organization that has, commendably, remained focused on its original mission; they just need to realize that over the next 20 years they are going to have to pay more attention to their noisy old customers born between 1946 and 1964. The large number of baby boomers that have been working at all the educational institutions and other non- profits that TIAA-CREF was created to serve are now starting to retire, which means relatively larger numbers of people than TIAA-CREF is used to will be looking to TIAA-CREF to help them manage their retirement nest eggs with money coming OUT, as opposed to money going IN. My sense, based only on my own experience, is that I don’t think TIAA-CREF has fully adjusted yet to accommodate that change that’s coming in what they have to do to fulfill their mission, which is to help people in the academic and non-profit world (none of whom have become “wealthy” given the careers they chose) to have secure retirements. My overall experience with TIAA-CREF is that it is a decent, honest organization that has, commendably, remained focused on its original mission; they just need to realize that over the next 20 years they are going to have to pay more attention to their noisy old customers born between 1946 and 1964.

]]> By: Edicito http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283405 Edicito Wed, 11 Jan 2012 09:40:55 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283405 I have had both good and unpleasant experiences, but I suspect there is some piling on in a few comments by non-members. However, there are enough genuine problems shared among all of us for TC to take some serious action and soon. I have had both good and unpleasant experiences, but I suspect there is some piling on in a few comments by non-members. However, there are enough genuine problems shared among all of us for TC to take some serious action and soon.

]]> By: Kem http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283375 Kem Tue, 10 Jan 2012 22:04:46 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283375 After spending 32 minutes on the phone with "customer no service" they were still unable to change my address. It is amazing to me how I can receive statements at one address for 4 years but yet they tell me that the only address they have on file is a house that I sold 4 years ago. How could I receive statements from them for the last 4 years???? I am looking at a statement with the correct address but yet they cannot find it in the computer. This does not instill confidence in a company and does not make me comfortable with them having my money. Run not walk away. After spending 32 minutes on the phone with “customer no service” they were still unable to change my address. It is amazing to me how I can receive statements at one address for 4 years but yet they tell me that the only address they have on file is a house that I sold 4 years ago. How could I receive statements from them for the last 4 years???? I am looking at a statement with the correct address but yet they cannot find it in the computer. This does not instill confidence in a company and does not make me comfortable with them having my money. Run not walk away.

]]> By: Lily http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283345 Lily Tue, 10 Jan 2012 03:44:09 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283345 Annie, We are all high education people being ripped off by this company. You must have had all your funds in a money market to get them that fast. TIAA/CREF has been making mistakes on my account for over 10years. That company is a nightmare. I have tired to get my STUPID University to allow options but they are too self-imbued to give a rats ass about older faculty. Are you being paid to defend TIAA/CREF? You need to educate yourself on the downfall of this company and how it is stealing from academics. Annie,

We are all high education people being ripped off by this company. You must have had all your funds in a money market to get them that fast. TIAA/CREF has been making mistakes on my account for over 10years. That company is a nightmare. I have tired to get my STUPID University to allow options but they are too self-imbued to give a rats ass about older faculty. Are you being paid to defend TIAA/CREF? You need to educate yourself on the downfall of this company and how it is stealing from academics.

]]> By: Sydney http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283323 Sydney Mon, 09 Jan 2012 20:54:40 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283323 Annie, I'm happy for you if what you say is true and that you are not an employee or board member. Sorry, a return in 24 hours cannot be true even if you did everything online and had electronic deposit into a checking or savings acct. I most definitely am not funded by another firm nor am I lying and I have the proof, including a letter of apology from one of TIAA-CREF's customer satisfaction people. I'm about to withdraw some more to roll over into a CD or IRA for easier access, especially the way things are going in this country. We'll see how that goes. Annie, I’m happy for you if what you say is true and that you are not an employee or board member. Sorry, a return in 24 hours cannot be true even if you did everything online and had electronic deposit into a checking or savings acct. I most definitely am not funded by another firm nor am I lying and I have the proof, including a letter of apology from one of TIAA-CREF’s customer satisfaction people. I’m about to withdraw some more to roll over into a CD or IRA for easier access, especially the way things are going in this country. We’ll see how that goes.

]]> By: Annie http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283319 Annie Mon, 09 Jan 2012 20:22:45 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283319 I submitted my request to Tiaa Cref to return all my funds to me....they returned it in 24 hours. They are an excellent firm. I believe the people here on this blog are either being funded by other firms or want to just plainly LIE. I submitted my request to Tiaa Cref to return all my funds to me….they returned it in 24 hours. They are an excellent firm. I believe the people here on this blog are either being funded by other firms or want to just plainly LIE.

]]> By: Olive http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283058 Olive Fri, 30 Dec 2011 17:34:02 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283058 For more than three years, TIAA/CREF has miss-applied, miss-designated, miss-attributed ( what is the term?) my contributions. prior to bungling my bundle, my contributions were assigned to the correct institution. There are three. Since the entrenched continuing error, over three years, the wrong dollar amounts have been assigned to the three universities I taught at. Outcome no correction has been made and its not possible to reach upper-level management. Stone walling is breathtaking, but I've recorded all of my periodic calls to them. For more than three years, TIAA/CREF has miss-applied, miss-designated, miss-attributed ( what is the term?) my contributions. prior to bungling my bundle, my contributions were assigned to the correct institution. There are three.

Since the entrenched continuing error, over three years, the wrong dollar amounts have been assigned to the three universities I taught at.

Outcome no correction has been made and its not possible to reach upper-level management. Stone walling is breathtaking, but I’ve recorded all of my periodic calls to them.

]]> By: Ex-T/C http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-283008 Ex-T/C Thu, 29 Dec 2011 23:50:59 +0000 http://wp.consumerismcommentary.com/?p=764#comment-283008 I am also a former T/C employee (pre-Herb Allison). Herb killed the customer-focused spirit of the company. I don't even recognize it anymore. We have been trying to roll out my wife's IRA and they continue to gum up the process. They clearly have enacted a complicated set of rules/paperwork to frustrate those who want to leave. From a customer service standpoint, T/C has become a disingenuous joke of a company that no longer desreves to be compared with it competitors like Fidelity or Vanguard (or others). My advice to all is to dump participation with this company and try (your best) to remove any funds that they are clinging on to. I am also a former T/C employee (pre-Herb Allison). Herb killed the customer-focused spirit of the company. I don’t even recognize it anymore.

We have been trying to roll out my wife’s IRA and they continue to gum up the process. They clearly have enacted a complicated set of rules/paperwork to frustrate those who want to leave. From a customer service standpoint, T/C has become a disingenuous joke of a company that no longer desreves to be compared with it competitors like Fidelity or Vanguard (or others). My advice to all is to dump participation with this company and try (your best) to remove any funds that they are clinging on to.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282958 Vince Wed, 28 Dec 2011 16:39:20 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282958 "Something lingering with boiling oil in it . . . something humorous but lingering--with either boiling oil or melted lead" They still have over 100k of my wife's retirement. Prying anything out of their greedy little fingers takes vast effort “Something lingering with boiling oil in it . . . something humorous but lingering–with either boiling oil or melted lead”

They still have over 100k of my wife’s retirement. Prying anything out of their greedy little fingers takes vast effort

]]> By: jefferson http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282955 jefferson Wed, 28 Dec 2011 16:15:31 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282955 Tiaa-Cref continues its dysfunction. Several weeks ago after I sent an e-mail complaint re: their services to their secured message site, I received a telephone call requesting that I call an 800 number to resolve my issues with TIAA-CREF. I called, left my telephone number---------only to never receive a call back!!!!! Yesterday i called to see if TIAA Cref had received my request (sent two weeks earlier) for a new EFT site. I had been told by them to send specific items (voided check,etc.) which I did. However , not until i called yesterday was i informed that I also had to enclose a TIAA=Cref form, with the previously submitted material, requesting aEFT withdrawal in order for my new EFT to be activated. I was never informed of this latest necessity until yesterday. Communication??????? So what are WE going to do with this once prestigious institution that seems clearly to be unraveling? Tiaa-Cref continues its dysfunction. Several weeks ago after I sent an e-mail complaint re: their services to their secured message site, I received a telephone call requesting that I call an 800 number to resolve my issues with TIAA-CREF.
I called, left my telephone number———only to never receive a call back!!!!!
Yesterday i called to see if TIAA Cref had received my request (sent two weeks earlier) for a new EFT site. I had been told by them to send specific items (voided check,etc.) which I did. However , not until i called yesterday was i informed that I also had to enclose a TIAA=Cref form, with the previously submitted material, requesting aEFT withdrawal in order for my new EFT to be activated. I was never informed of this latest necessity until yesterday. Communication???????
So what are WE going to do with this once prestigious institution that seems clearly to be unraveling?

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282937 Vince Wed, 28 Dec 2011 01:40:30 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282937 Of course there is no difference in the nominal fund performance since they are both index funds. Index fund Fees are the same as the markup at a car dealership. You get the same car, you can just pay more for it. Of course there is no difference in the nominal fund performance since they are both index funds.
Index fund Fees are the same as the markup at a car dealership. You get the same car, you can just pay more for it.

]]> By: joe http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282930 joe Tue, 27 Dec 2011 21:48:22 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282930 "Vince December 6, 2011 at 9:03 pm And for those who are enamored of CREF as an investment vehicle As of dec 1 the 10 year rate of return for Cref is 3.68% For Vanguard’s total stock market index Admiral shares 3.94% That is a huge difference on an index fund." The performance difference is due largely to the lower expense charge on the VG Admiral fund (0.07% vs 0.44%). There is very little difference in the fund's performance. Smile, if you were in VALIC-AIG the expense charge would be > 1.00%. “Vince December 6, 2011 at 9:03 pm
And for those who are enamored of CREF as an investment vehicle
As of dec 1 the 10 year rate of return for Cref is 3.68%
For Vanguard’s total stock market index Admiral shares 3.94%
That is a huge difference on an index fund.”

The performance difference is due largely to the lower expense charge on the VG Admiral fund (0.07% vs 0.44%). There is very little difference in the fund’s performance. Smile, if you were in VALIC-AIG the expense charge would be > 1.00%.

]]> By: Vince http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282926 Vince Tue, 27 Dec 2011 19:42:59 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282926 Dear Marcia Of course they are nice to you if you want to keep their high fees and low returns. Perhaps P.T.Barnum said it best. But try to pry your funds out of their stcky hands and you will get the full horror show. Dear Marcia
Of course they are nice to you if you want to keep their high fees and low returns. Perhaps P.T.Barnum said it best. But try to pry your funds out of their stcky hands and you will get the full horror show.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282922 Marcia Godich Tue, 27 Dec 2011 17:58:56 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282922 Doesn't your (second) college have a record of the funds they invested for you? Every paycheck I got (I have kept all 24 years worth) included funds paid into TIAA CREF, and the school's annual statement gave me a summary - so I could check it with TIAA. I also periodically checked TIAA online to realign investments, and each time made sure the amounts matched. But whatever, you really ought to have your school's records on your side. They were seriously remiss if they didn't keep records, and you should be able to get redress from THEM! I know sometimes it gets confusing. For some reason, my school changed over their system, so that the first few years had a different account number than afterwards. But it was the school not TIAA, that made the change, and after retirement, the funds were all there, though in two accounts - which still show up as separate on TIAA's statements. Doesn’t your (second) college have a record of the funds they invested for you? Every paycheck I got (I have kept all 24 years worth) included funds paid into TIAA CREF, and the school’s annual statement gave me a summary – so I could check it with TIAA. I also periodically checked TIAA online to realign investments, and each time made sure the amounts matched. But whatever, you really ought to have your school’s records on your side. They were seriously remiss if they didn’t keep records, and you should be able to get redress from THEM! I know sometimes it gets confusing. For some reason, my school changed over their system, so that the first few years had a different account number than afterwards. But it was the school not TIAA, that made the change, and after retirement, the funds were all there, though in two accounts – which still show up as separate on TIAA’s statements.

]]> By: Marcia Godich http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282921 Marcia Godich Tue, 27 Dec 2011 17:50:37 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282921 Your description of what you have been going through sounds appalling! But I would like to speak in favor of TIAA-CREF from my perspective. I retired in June, 2010. I had contacted TIAA-CREF a few months previously, spoke with a rep and was sent information for several options. About a month before retirement, I spoke with another rep who was very helpful (he did have slightly different info than the first - and his info was correct,) and talked me through all the steps. I said I didn't need my retirement money to begin until the end of August. I received the forms with the correct date in the mail, took the necessary ones to my personnel office (I got them to sign them and mailed them back myself with my own forms.) Presto, my payments were sent directly to my bank account on exactly the date fixed. I don't know whether the company deteriorated significantly in the year since I retired, or if I was particularly lucky with who I spoke to. But you should have been able to transfer all your funds over to TIAA guaranteed within 24 hours, so that the value didn't go down - I did that before doing anything else.Of course, if you want to keep some of your funds in variable funds, they will vary. I am ultra conservative in investments, so I just switched everything over. In fact, if not done already, you can go online and do that transfer on your own - just shift everything from CREF to TIAA. If you aren't sure how, get online to the right page, then call a TIAA rep and they can talk you through it (no signatures, forms, or notaries required!) Your description of what you have been going through sounds appalling! But I would like to speak in favor of TIAA-CREF from my perspective. I retired in June, 2010. I had contacted TIAA-CREF a few months previously, spoke with a rep and was sent information for several options. About a month before retirement, I spoke with another rep who was very helpful (he did have slightly different info than the first – and his info was correct,) and talked me through all the steps. I said I didn’t need my retirement money to begin until the end of August. I received the forms with the correct date in the mail, took the necessary ones to my personnel office (I got them to sign them and mailed them back myself with my own forms.) Presto, my payments were sent directly to my bank account on exactly the date fixed. I don’t know whether the company deteriorated significantly in the year since I retired, or if I was particularly lucky with who I spoke to. But you should have been able to transfer all your funds over to TIAA guaranteed within 24 hours, so that the value didn’t go down – I did that before doing anything else.Of course, if you want to keep some of your funds in variable funds, they will vary. I am ultra conservative in investments, so I just switched everything over. In fact, if not done already, you can go online and do that transfer on your own – just shift everything from CREF to TIAA. If you aren’t sure how, get online to the right page, then call a TIAA rep and they can talk you through it (no signatures, forms, or notaries required!)

]]> By: Bob http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-282911 Bob Mon, 26 Dec 2011 22:38:39 +0000 http://wp.consumerismcommentary.com/?p=764#comment-282911 We're moving to Vanguard. Our CREF funds have a not-too-expensive (by industry standards) of about 0.44%. The Vanguard Admiral index funds that we use have a very low cost of 0.11. Doesn't sound like much, but it is 1/4 of the CREF cost. And it adds up, big time, with a substantial account and enough time. We’re moving to Vanguard. Our CREF funds have a not-too-expensive (by industry standards) of about 0.44%. The Vanguard Admiral index funds that we use have a very low cost of 0.11. Doesn’t sound like much, but it is 1/4 of the CREF cost. And it adds up, big time, with a substantial account and enough time.

]]> By: Chris http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-281207 Chris Wed, 21 Dec 2011 15:33:29 +0000 http://wp.consumerismcommentary.com/?p=764#comment-281207 I was employed at a university up north, and enrolled in TIAA Cref, as it seemed like a good investment. Five years later, I moved down to Florida, where I began working at a YMCA, which had its own retirement plan. While I could have left my money in TC, I opted to roll it over to the Y's account. I contacted TC, and they sent me the necessary forms to fill out for both my TIAA Traditional and my Cref accounts. I completed both forms and mailed them back in. I received confirmation that the Cref account was transferred, but never heard anything about the TIAA Traditional. I contacted them again, a few months later, and was told that they can't rollover the entire amount at once. It has to be done over 10 years. I said that's fine, but I haven't had any confirmation that this process had begun, and I recently received another statement from TC, which had all the funds still in the TIAA Traditional. They sent me another series of forms to fill out, which I did. A few months later, I got the forms back, saying that the HR director that I had sign the form was not the correct person. I sent the form in again, having the same HR person sign the form, and I got it back again. This time, the problem wasn't with the HR director's signature, it was with the Notary. I assumed it was because the Notary was also the HR director, so I had it notarized by someone else. Sent the forms back in. A few months later, I got them back. This time, I was told that they could not accept the signature of the HR director at my previous job, as it was a fax copy. I live 1,000 miles away from my previous job, so it's not like I can just hop in the car, drive over and get a signature. A faxed copy seems perfectly reasonable to me. It has now been almost 3 years since I started this process. Yes, the delay was, in part, my fault, as I had a baby and didn't always have the time to deal with all the paperwork as soon as it was returned to me. But this is getting a bit ridiculous. I just want to be able to transfer my money. It shouldn't be this difficult. I was employed at a university up north, and enrolled in TIAA Cref, as it seemed like a good investment. Five years later, I moved down to Florida, where I began working at a YMCA, which had its own retirement plan. While I could have left my money in TC, I opted to roll it over to the Y’s account. I contacted TC, and they sent me the necessary forms to fill out for both my TIAA Traditional and my Cref accounts. I completed both forms and mailed them back in. I received confirmation that the Cref account was transferred, but never heard anything about the TIAA Traditional. I contacted them again, a few months later, and was told that they can’t rollover the entire amount at once. It has to be done over 10 years. I said that’s fine, but I haven’t had any confirmation that this process had begun, and I recently received another statement from TC, which had all the funds still in the TIAA Traditional. They sent me another series of forms to fill out, which I did. A few months later, I got the forms back, saying that the HR director that I had sign the form was not the correct person. I sent the form in again, having the same HR person sign the form, and I got it back again. This time, the problem wasn’t with the HR director’s signature, it was with the Notary. I assumed it was because the Notary was also the HR director, so I had it notarized by someone else. Sent the forms back in. A few months later, I got them back. This time, I was told that they could not accept the signature of the HR director at my previous job, as it was a fax copy. I live 1,000 miles away from my previous job, so it’s not like I can just hop in the car, drive over and get a signature. A faxed copy seems perfectly reasonable to me. It has now been almost 3 years since I started this process. Yes, the delay was, in part, my fault, as I had a baby and didn’t always have the time to deal with all the paperwork as soon as it was returned to me. But this is getting a bit ridiculous. I just want to be able to transfer my money. It shouldn’t be this difficult.

]]> By: Paul Hofman http://www.consumerismcommentary.com/problems-with-tiaa-cref/comment-page-9/#comment-280646 Paul Hofman Tue, 20 Dec 2011 19:46:00 +0000 http://wp.consumerismcommentary.com/?p=764#comment-280646 As a former employee I am looking to take money out of the system and haven't gotten a response to my questions. I was there before Herb Allison. The participants were clearly the number one priority at that time. It seems they have lowered themselves to the standards of other financial organizations. As a former employee I am looking to take money out of the system and haven’t gotten a response to my questions. I was there before Herb Allison. The participants were clearly the number one priority at that time.
It seems they have lowered themselves to the standards of other financial organizations.

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