Jump to content

alcoc628

Members
  • Content Count

    14
  • Joined

  • Last visited

Community Reputation

0 Neutral
  1. kat92128, Congratulations on your decision to leave education and relocate to Austin, Texas. Austin is one of the favored places to retire to for new retirees. And to think that Texas has no state income taxes and does not tax retirement income! However, Texas’ property and sales taxes are high! My wife and I visited Austin and considered it as a relocation site when I retire. Like you, I experienced some miss-information from the TIAA-CREF telephone representatives in 2007, when I was doing a 90-24 transfer from one of the other company sponsored retirement vendors to TIAA-CREF. After much correspondence and filling out multiple CREF forms my 90-24 transfer was successful. However, all the monies went into CREF’s Money Market account and not into the funds I had designated on the CREF transfer allocation forms. Fortunately, I kept an eye on the monies deposited into the money market and selected the equity funds available in our company retirement plan and moved them manually via CREF’s web site. Since you already have an IRA account with Vanguard the process of moving your CREF account balance via a “trustee-to-trustee” transfer should be flawless. Again, in closing, I want to wish you the best in your decision to leave education and to relocate. Alcoc628
  2. Joel, Thanks for your question. I want to move out of CREF to exercise the opportunity to invest in a wider spectrum of investments available on the open market. Staying with CREF limits my investment choices to their plans stable of CREF mutual funds or annuities. Currently, I am not a big fan of annuities. Previously, I had an IRA with CREF that I rolled over to the same retirement CFP/“Personal Portfolio Manager” who manages my wife’s former Federal Government “Thrift Saving Plan” (TSP) funds she rolled into an IRA. The IRA’s that are under his management are doing very well and we both are not encumbered by either the CREF or TSP plan rules with our monies in these IRA’s. Alcoc628
  3. kat92128, Congratulations on reaching 59-1/2-years old. I know it is very liberating to reach this milestone age with regards to retirement plans. I celebrated my 59-1/2 last October and in April I celebrated my 6oth. Like you, I have TIAA-CREF as my company’s primary 403 (b) defined contribution plan, which they deposit contributions into CREF. And my personally funded, by pre-tax pay roll deductions into my CREF supplemental retirement annuity (SRA). Within the next couple of years I plan to roll over all my CREF accounts (Note: I do not have any monies in the company contributions or mine in TIAA) into an outside-managed IRA. TIAA-CREF depends heavily upon using its web site for their participants to obtain information. I do not see any information or forms that detail how to do a roll over or do a “Trustee to Trustee” direct transfer to an outside IRA away from TIAA-CREF. Has TIAA-CREF responded to your question or message you noted in your post about rolling over your funds into your Vanguard IRA? Thanks, Alcoc628
  4. My 403 (b) returns for the year 2010 was an overall 13.1% for all of my TIAA-CREF funds administered by them. I am 100% invested in CREF Stock, Global Equities, Growth, Equity Index variable annuities and the CREF administered American Funds EuroPacific Growth Fund R4 mutual fund. Like everyone else who invests in equities I took a big 42 % paper loss, during the stock market decline in this Great Recession. However, I did not sell out, but continued to buy and invest using dollar-cost averaging. There were bargains available during this time. As an “Old Dude” who started investing just before the October 1987 crash, and has continued through the other recessions and the dot-com bust I slept well during this recent downturn. Since the stock plunge of the Great Recession all of my paper losses have been recovered! Now I am looking to ride the markets up tick over the next few years. I am four years away from making age 62. Alcoc628
  5. alcoc628

    Tiaa-cref

    BCinMI, I agree with you concerning the Defined Benefit Plans sponsered by a company is only "guaranteed" so long as the company is financially healthy and does not default on it's contributions or go out of buisness. BCinMI, I was in a Defined Benefit plan early in my career. However, I never got fully vested, it required 7-years vesting and I left at 6-1/2-years. That company has merged and it is unknown to me how those who retired on the previous company's retirement plan was impacted. Someone on this list used Ford Motor Company's Defined Benefit Plan as a model in this or some other discussion thread. I believe that Ford is having problems and is currently reorganizing. I wonder how the reorganizing will impact it's Defined Benefit Pension Fund for its retirees and present employees. Maybe someone on this list who has informed knowledge about this can further elabotrate just as a topic of discussion for Defined Benefit Plans risks. Thanks, Alcoc628
  6. alcoc628

    Tiaa-cref

    Joel, The reason I say a Defined Benefit plan, aka Traditional Pension plan, would be preferred for me over a Defined Contribution Plan, even if it is an annuity is because the company bears all the risk for it's investments. Also it's not dependent on my savings, (IE: those that are set-up on company contirbutions only plus the employees service years of vesting), they also have cost of living adjustments built into them and finally the guaranteed retirement income is secured by the company. Since, I do not have this type of plan, but a Defined Contirbution plan, I bear all the investment risks, even on the company monies deposits on my behalf after vesting. I own the account individually and the monies in it after their deposits. I have to manage these monies within the retirement vendor's family of investments afforded to me by the company to secure my retirement years. If I do not make the monies they deposited for me grow enough to sustain my retirement, "too bad for me." I cannot go back to the company after retiring and falling short on money and ask them to give me more money. With the Defined Benefit plan the you have a set formual based guaranteed retirement income security, with cost of living adjustments, you with a single life annuity and your spouse's life with the joint annuity. Having said all of the above, personally I still would not annuitize my Defined Contribution plan, but roll it over into an IRA. The IRA would then become one leg of my retirement funding, along with my SRA, that I would also roll over into an IRA, my Traditional IRA, taxable investment's, savings and any Social Security I may receive. I think with a multifaceted plan like this one could manage well in retirement. Thanks, Alcoc628 Please utilize the Motley Fool link provided below to learn more about the various types of retirement accounts available to us. http://www.fool.com/Retirement/RetirementP...tPlanning15.htm Thanks, Alcoc628
  7. alcoc628

    Tiaa-cref

    Joel, Yes, I would have probably been better off with a Defined Benefit Plan. However, that was not an option the company offers to it's employees. Thanks, Alcoc628 Joel, Yes, I would have probably been better off with a Defined Benefit Plan. However, that was and is not an option that the company offers to it's employees. Thanks, Alcoc628
  8. alcoc628

    Tiaa-cref

    Joel, No, I do not plan to anuitize the CREF. It will be rolled over into an IRA along with the SRA monies. This is allowed in my company retirement plan. I plan to retire within 6-eyars. At 6-years I will be 60 and retired at that age if not before. The DC amount between now and six-years will between 350K to 500K dollars. The SRA will probably be more than that. Alcoc628
  9. alcoc628

    Tiaa-cref

    Joel, My TIAA-CREF 403(b) plan that the company makes deposits into beginning the third year of employement is a Defined Contribution Plan these monies go into CREF. I also have a 403(b) Supplemental Retirement Annuity SRA that is funded by payroll deductions and deposited into CREF. Thanks, Alcoc628
  10. alcoc628

    Tiaa-cref

    Joel, I am not your ideal responder, but I do have a TIAA-CREF 403(b) that I would not even consider annuitizing. The reason for me is becasue the only options is that it would become either a single life or joint life annuity payout. Neither of these options would leave any benefit to heirs should either the single life person with the annuity dies or after both of the joint life annuitants dies. The option I am considering when I do retire is rolling over the CREF monies into an IRA. This gives me greater flexibilty with these monies for further investing and to pass along to heirs using the stretch IRA option. But my senerio for retirement is different others because my wife has a defined benefit Civil Service Retirement plan. Therefore, it is not so important to me to secure retirement benefits for her. She has her's already. The great unknown here is will the rolled over CREF to IRA monies provide enough money for long-term retirement security along with any Social Security benefits that you may be entitled too after reaching age 62 or 65. Thanks, Alcoc628
  11. To All, I erred in describing my company's DIV/TIAA-CREF retirement plan. It is a 403(b) "Defined Contribution Retirement Plan. My payroll deductions to the Supplemental Retirement Annuity deposited into CREF is also a 403(b). It is not the "Defined Benefit Plan" I had previously said as noted in my posts above. Thanks, Alcoc628
  12. Russ, I have been invested in CREF for 20-years in their SRA. Just recently I transferred (90-24) all the Defined Benefit Plan monies and future company allocations to CREF. I have been dictated to by the company's "Retirement Plan" to use either Diversified Investors Advisors (DIV) or TIAA-CREF. The option that you suggested and that is afforded to Cygnus' wife through her employer's plan to invest in outside investment vendors, such as Vanguard, does not exist with my employer. This is one of the limitations of my employers plan. I have sought to invest my payroll deductions and the company deposited monies elswhere. However, I was told "The Plan" does not allow any movement of monies elsewhere except between to two vendors listed in "The Plan" DIV or TIAA-CREF. Maybe there will be some future 403(b) legislation that will allow companies to offer their employees more retirement investment options. Primarily, the reason I have chosen to invest in CREF and not TIAA is based on this newspaper "Money" question that I read and clipped out of it over 18-years ago. Newspaper Question: I have a question about the retirement plan offered to employees at colleges, hospitals, schools, etc. I wanted your opinion about the TIAA plan. I have almost all of my money in CREF, which is about $12,000 to $15,000. Answer: I have a big problem with TIAA. It is essentially a fixed annuity, and not only is the interest low, but you are not allowed to withdraw the money from your account until you retire, and even then you are not permitted to have your money in a lump sum. Instead, they will pay the cash to you over a minimum 10-year period. This is not true with CREF, which essentially is a stock mutual fund, so put your money there instead. A lot of teachers do not know the TIAA rules. I have seen many instances where teachers had money in CREF, and as they neared retirement, they transferred their money from CREF to TIAA, to avoid the risk of the stock market. But they had no idea that making this switch was irrevocable; they couldn’t take a lump sum at retirement. Once you put your money into TIAA, you can’t take it out any faster than a 10-year period. The above still holds true today with any money invested with TIAA. Russ, like you, my intent is to rollover all my of CREF Annuity monies into an IRA when I retire to take advantage of the wider selection of investments that will then be available to me. However, I cannot do that unless I separate from my employer or wait until 59-1/2 and that's six-years away. Now, I have to remain with CREF and work it to my advantage as long as I stay employed with my current employer. Thanks, Alocc628 ScottyD, The CREF equity investments I am currently using in both the SRA and Defined Benefit Retirement plan is CREF Stock, Growth, Equity Index, Global Equities, Social Choice and Bond Fund. When I was in Diversified Investors Advisors I used their following equity funds, Aggressive Equity, Growth and Income, Special Equity, and Value and Income funds. I chose to transfer from DIV because their account fees were higher than CREF's. Thanks, Alocc628 I want to thank all of you who have responded to these questions. Thanks, Alcoc628
  13. To All, Hello. I am a newbie to this 403(b) wise forum and I want to say that this is a great web site for 403(b) information. My 403(b) status is as follows: I work for a non-profit business that has a 403(b) "Defined Benefit Retirement Plan" that begins making deposits in a specific amount over and above their employee's annual salary begining at the third-year of employment. These monies are deposited into a 403(B) mutual fund family whose vendor name is Diversified Investment Advisors (DIV). When first I began employment with the company I enrolled in their 403(b) Supplemental Retirement Annuity (SRA). At that time their 403(b) vendor was TIAA-CREF. I have my payroll deductions invested in CREF equities. When the three-years of my employment was completed the company began to make deposits on my behalf into their "Defined Benefit Plan" with DIV. At this time deposits of the company "Defined Retirement Benefit Plan" monies could not be deposited into TIAA-CREF. They had frozen future "Defined Benefit Retirement Plan" deposits with TIAA-CREF and had selected another vendor, DIV, for the deposits on behalf of their employees. I learned recently that the company directed monies could be now deposited with TIAA-CREF since it had been re-established as a vendor option along with DIV. I was further advised that I could also re-direct my future company paid monies for the "Defined Benefit Retirement Plan" to TIAA-CREF. And I could transfer all of the monies on account from DIV to TIAA-CREF using a 90-24 transfer, which I did. These are my questions to this fourm: Is TIAA-CREF, specifically it's CREF equites account, which I invest in any good? I know that TIAA-CREF is a large 403(B) manager that has been around a long time, but how does it compare to others with respect to fees and investment options? Also has anyone on this forum retired and left their monies at TIAA-CREF to generate a monthly income flow for retirement and if so are you satisfied with their services? Please advise. I apologize for my first post being such a long read. I want to say thanks in advance to any who will reply to these questions I have posted. Thanks, Alcoc628
×
×
  • Create New...