Retirement Benefits

When planning for retirement, be sure to check out our retriment resources regarding TIAA.

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Retiree Options at Termination

Group Retirement Annuity (GRA) - Furman Contributions
  1. LEAVE IT ALONE: You have the option of leaving the funds with the retirement company to continue accumulating earnings. You will continue to receive your quarterly statements at your address on file.
  2. CASH WITHDRAWALS: You may receive up to 100% of your TIAA accumulation as a lump-sum cash payment. 100% of your TIAA accumulation may be withdrawn and will be paid to you in equal annual payments over a period of ten years. Any remaining balance of your accumulation is payable to you as annuity income or systematic payments. (There is a mandatory federal tax withholding of 20% on any tax-deferred lump-sum cash payments received. Also, if you are under the age of 59 and 1/2, there is an additional 10% early withdrawal penalty.)
  3. ROLLOVERS: You can continue the benefit of tax deferral by directly rolling your account over to an IRA or to an employer’s similar retirement plan.
  4. REPURCHASE: You are eligible for repurchase if your total accumulation is not more than $2,000.
  5. ANNUITY AND RETIREMENT OPTIONS: Call TIAA: 1.800.842.2776
Group Supplemental Retirement Annuity (GSRA) - Employee Contributions
  1. LEAVE IT ALONE: You have the option of leaving the funds to continue accumulating earnings. You will continue to receive your quarterly statements at your address on file.
  2. CASH WITHDRAWALS: You may receive up to 100% of your accumulations as a lump-sum cash payment. (There is a mandatory federal tax withholding of 20% on any tax-deferred lump-sum cash payments received. Also, if you are under the age of 59 and 1/2, there is an additional 10% early withdrawal penalty.)
  3. ROLLOVERS: You can continue the benefit of tax deferral by directly rolling your account over to an IRA or to an employer’s similar retirement plan.
  4. ANNUITY AND LOAN OPTIONS: Call TIAA’s Participant Information Center at 1-800-842-2776 for specific questions.