How to Access Your Funds

Distribution of benefits from the Plan can be made no earlier than a "severance from employment," in the event of an approved financial hardship due to an "unforeseeable emergency," or the calendar year in which the Participant attains age 72. 

"Severance from employment"

"Severance from employment" means the termination of employment with the employer for any reason including the participant's death, disability or retirement. 

"Unforeseeable emergency"

"Unforeseeable emergency" means a severe financial hardship resulting from a sudden and unexpected illness or accident (you, or one of your dependents), loss of property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control.

The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved:

• Through reimbursement or compensation by insurance or otherwise;
• By liquidation of assets, to the extent that liquidation of such assets would not itself cause severe financial hardship; or
• By cessation of deferrals under the plan.

You may request a distribution due to an unforeseeable emergency by contacting TIAA-CREF at 800-842-2252.  They will inform you of the required evidence needed to demonstrate that the circumstances being experienced qualify as an unforeseeable emergency.

If an application for a distribution due to an unforeseeable emergency is approved, the distribution shall be limited to an amount sufficient to meet the unforeseeable emergency.  TIAA-CREF will provide you with the appropriate paperwork.  If you are active you will need RF approval and should contact your campus Benefits Office.  Please remember that once this is approved your deductions will need to stop for a period of at least six months.  If you wish to enroll again you will need to complete a new Voluntary Salary Deferral agreement and return it to your campus Benefits Office. 

Distributions at employment severance

You may commence distribution of benefits at any time after the date of the participant's severance from employment, on the date you select.

At that time, you may elect one of the following options:

 1. Receive an immediate distribution of all of your benefits

 2. Receive an immediate distribution of part of your benefits, up to $5,000, or

 3. Defer payment.

If you elect to defer payment during the election period following severance from employment, you may subsequently make an additional one-time, written election to defer commencement of benefits to a specified later date.

The election period closes on the 120th day following severance from employment. Any election you make during the first 30 days following your severance from employment may be changed up until the 30th day following your severance.

Benefits can be paid in a lump sum or in a variety of annuity or installment forms, as permitted by the plans. If you do not make an election during the 120 day period following severance from employment, you will receive a lump sum distribution as soon as administratively feasible following the expiration of the election period.

Distributions must commence no later than April 1 of the calendar year following the calendar year in which you turn age 70 1/2, or if later, April 1 of the calendar year following the calendar year in which you incur a severance from employment.