Retirement Annuities (RA) -- TIAA Retirement Annuities (RA) for Your Basic Retirement Plan. (Your voluntary contributions or Duke's contributions can go into an RA account)
Your employer contributes premiums on your behalf to your TIAA Retirement Annuities to fund its retirement plan. Usually the contribution is a specified percentage of your salary. The Retirement Annuity (RA) TIAA Traditional Fund has a guarantee of principal and interest. The interest is 0.5% higher than the GSRA but has a restriction on how quickly you can withdraw or transfer money. You may only withdraw or transfer money at 10% per year, therefore it would take 10 years to withdraw all your money out of the plan.
Group Supplemental Retirement Annuity (GSRA) -- TIAA GSRAs for Extra Retirement Savings. (Only your voluntary contributions can go into a GSRA account)
TIAA GSRAs are annuities to help you build additional retirement income. Contributions come from your salary automatically and can be made on a pre-tax basis, Roth 403(b) after-tax basis, or by combining the two. The Group Supplemental Retirement Annuity (GSRA) TIAA Traditional Fund pays less interest (0.5% lower) than RA but there is no 10-year restriction. The remaining funds pay exactly the same interest. You also have the option of taking out a loan with this contract.
Please call TIAA at (800) 842-2776 for more information.