The TIAA Traditional Annuity is offered within the Retirement Choice (RC) contract. This is the only investment option available for new contributions at TIAA.
How do I select the TIAA Traditional Annuity?
You may select the TIAA Traditional Annuity by selecting TIAA in Fidelity’s enrollment tool. The changes will be effective with your next available paycheck. See Pay Schedules & Forms for pay schedule dates.
Do I need to complete a TIAA beneficiary designation form for the TIAA Traditional Annuity in the Retirement Choice contract?
Yes, even if you previously participated with TIAA, the beneficiary designations do not transfer from one contract to another. Once contributions are directed to TIAA the new Retirement Choice contract is issued. At that time you will receive an enrollment confirmation from TIAA that will provide additional information about your new account. We encourage you to check your beneficiary election at this time. Please note that if no election is made, your beneficiary will automatically default to “Estate.”
Can I transfer money to TIAA?
Yes. If you transfer money to TIAA, your money will be invested in the TIAA Traditional Annuity under the Retirement Choice contract. This is the only investment option available at TIAA. All other accounts and contracts are frozen on the TIAA platform and are closed to transfers. Contact TIAA to request forms to transfer funds.
Can I transfer money from TIAA to Fidelity?
Yes. You can transfer money from your Duke Faculty and Staff Retirement Plan 403(b), including any frozen account to your Fidelity account. Please note, some annuity products have transfer restrictions. Contact Fidelity to request transfer forms. Please note, moving money from any existing contract to the RC contract or an investment option on the Fidelity platform is a permanent decision. Money cannot be moved back into the Retirement Annuity (RA), Group Retirement Annuity (GRA) and Group Supplemental Retirement Annuity (GSRA) contact(s).
Key Issues to Consider
The Retirement Annuity (RA), Group Retirement Annuity (GRA) and Group Supplemental Retirement Annuity (GSRA) contracts are frozen to new contributions. That means, no new contributions can go into these contracts. To accommodate investors in the TIAA Traditional guaranteed annuity account, the Retirement Choice (RC) contract is available at TIAA with the TIAA Traditional Annuity as an investment option.
The TIAA Traditional Annuity under the Retirement Choice (RC) contract has different interest rate, liquidation and distribution features. This may impact your decision to invest with this account.
- Current crediting rate – The current crediting rate for new contributions to the TIAA Traditional Annuity may be higher than the guaranteed rate for the RA, GRA and GSRA contracts. Please visit TIAA.org/duke/investment-performance for additional details on the crediting rates for the TIAA Traditional Annuity.
- Guaranteed Minimum Rate - Under the RC contract, the TIAA Traditional Annuity has a guaranteed minimum interest rate of between 1% and 3%, determined annually. The guaranteed rate in your current RA, GRA and/or GSRA contract(s) is 3%.
- Liquidation features - Please contact TIAA to better understand the liquidity features of each contract you may hold with TIAA.
- Please note, moving money from any existing RA/GSRA contract to the RC contract or an investment option on the Fidelity platform is a permanent decision. Money cannot be moved back into the RA, GRA and/or GSRA contract(s).
For additional information about the TIAA Traditional Annuity Retirement Choice contract, please contact TIAA.
Where can I get help?
- Contact the Duke HR Benefits Office 919-684-5600 if you need assistance selecting the TIAA Traditional Annuity.
- Contact TIAA if you have questions regarding the TIAA Traditional Annuity-Retirement Choice contract
- Call Fidelity to speak to a Fidelity representative to get help and advice on investing over the phone.