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heathergonyea

New Teacher in South Carolina

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I have just been hired by South Carolina after moving from New York and working under NY State retirement system for 17 years.  I will be living in SC but I am not sure for how long and don't think I will work here long enough to retire here.  So, I have opted for the State Optional Retirement Program (State ORP)and I have been given four company choices:  TIAA, VALIC-AIG, METLIFE or MASSMUTUAL.  I am wondering which company I should choose.  I have done some research but I am still not confident which one I should choose.  Thank you for your insight into this.  

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Hi Heather

You are going from a fairly progressive state of New York to a fairly conservative state like South Carolina. You might find some differences .

The easy answer I guess in this circumstance would be TIAA. . Do you have complete access to TIAA or only to certain funds?  If you could list the funds  in your TIAA plan we could help you put together the proper funds to invest in and providing you with a well structured diversified portfolio. The others are not good choices. Please do not fall for a salesperson from these companies and end up buying into an insurance based investment plan.. You will regret it

 Check to see if teacher's in your district might have an alternative option like  access to a state 457b plan in South Carolina. You could do much worse than TIAA but ask some questions about other choices. There is a chance even if your new state has a 457b plan , your district either currently  doesn't have access to it or that teachers are not allowed inclusion.

This might help you get started . https://www.tiaa.org/public/tcm/scorp/home

Tony

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Thank you so much for getting back to me so quickly!  This is cut and pasted directly from the SC retirement site, using my school district information.  

 

TIAA

 

Employee contributions rate are established by the South Carolina General Assembly. Effective July 1, 2017, you contribute a tax-deferred 9.00% of your gross pay. Your employer will contribute 5%.

 

When can you take money out?

 

LOANS

Aiken School District Optional Retirement Program does not offer a loan feature.

DISTRIBUTIONS

Age based distribution

Your employer will typically allow you to withdraw funds once you've reached 59½.

Lump-sum distribution

You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.
  • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking periodic payments under the terms of the contract. Please refer to your contract or certificate for full details or contact us at 800-842-2252.
 

Systematic withdrawals

If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time.
  • These withdrawals are not available from TIAA Traditional Account balances.

Limited periodic option

If you're over age 55, you can withdraw cash up to 7% of your holdings in the CREF and TIAA Real Estate accounts.
  • Currently available only in plans funded with TIAA group retirement annuity [GRA] contracts that don't allow CREF cash.

Small-sum distribution

When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).

Lifetime retirement income

  • One-life annuity - provides income for as long as you live.
  • Two-life annuity - provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
  • One- or two-life annuity with guaranteed period - guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.

Single-sum death benefit

A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.

Fixed period

You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).
  • Payments stop at the end of the period, during which you will have received all your principal and earnings.

Interest only

You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest.
  • These payments generally are available to individuals between ages 55 and 71 and must begin at least one year prior to reaching age 72. 

Retirement transition benefit

In order to more easily transition into retirement, you may be able to withdraw up to 10%, in cash, of your lifetime annuity income. The amount you withdraw will reduce your lifetime annuity income accordingly.

TPA to cash

If you need some of your retirement savings in cash, you can withdraw your TIAA Traditional Account balance through a Transfer Payout Annuity (TPA) under the terms of the contract. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.
For more information about the terms of your individual contract, contact your plan sponsor or financial advisor.

DB service credits

Plan participants may consider purchasing service credits when they directly transfer from a Section 403(b) tax sheltered annuity or governmental 457(b) plan to a governmental defined benefit plan allows the purchase of "permissive service credits."
 
A permissive service credit is credit for a period of service recognized by a defined benefit governmental plan only if you voluntarily contribute to the plan an amount that does not exceed the amount necessary to fund the benefit attributable to the period of service and the amount contributed is in addition to the regular employee contribution, if any, under the plan.
A permissive service credit may also include service credit for up to 5 years where there is no performance of service, or service credited to provide an increased benefit for service credit which a participant is receiving under the plan.
 
When purchasing service credits, keep in mind:
  • The request for purchasing service credits is most often accomplished via a direct transfer from either a qualified or non-qualified plan.
  • For example, permissive service credit can be granted for time spent teaching outside of the United States without being considered non-qualified service credit.
  • If an institution does not allow participants to purchase service credits, they must meet a triggering event at which point the transaction can be processed (Per Plan Rules). The request would need to be processed as a rollover and financial forms are required.
 

Rollover

Prior to rolling over, consider your other options. You may also be able to leave money in your current plan or withdraw cash.  Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment.
If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA).
  • Direct rollovers - from one account to another - are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution.

Minimum distribution option

Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 72 or retire, whichever is later.
If you are married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity.
This plan is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.
This plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA contracts. Taxes and penalties may apply.
 

What are the fees?

 
 

Understanding investment fees

Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you.

Cost of plan services

Fees and expenses have always been part of a retirement savings plan–some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. The following three categories of services are provided to your plan:

1. General record keeping and other plan services

Over the course of a year you pay for services like record keeping.

Many services are necessary for the day-to-day operation of your employer’s retirement plan. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Some of these expenses are fixed and other expenses may vary from year to year. These costs are allocated to each participant in a uniform way.
A Services Fee is assessed to certain investments and deducted on a Quarterly basis. Details related to Plan Services Fees assessed to plan investments are listed in your Quarterly Investment Update.
Your Plan provides credits to certain investments on a Quarterly basis, so that plan participants share equally in the cost of your Plan’s record keeping and other plan services.

2. Specific investment services

You pay only for what you use.

Each investment offered within the plan charges a fee for managing the investment and for associated services. But you pay only for the investments you actually use and in proportion to the amount of your investment. These fees are not deducted directly from your account; they are paid indirectly through the investment’s “expense ratio”. The specific expense ratio for each plan designated investment option is listed in your Quarterly Investment Update.

3. Personalized services

You can opt for extra features, like loan services.

Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. The personalized services used most often are:

Retirement Plan Portfolio Manager is an optional service for professional account management.

Retirement Plan Portfolio Manager provides investment advice on your retirement portfolio based on your goals and needs. This managed account is an optional service with professional oversight and a systematic, disciplined approach to managing your money.
For an annual fee of 25 basis points, which will be deducted from your account on a quarterly basis, your portfolio is reviewed and adjusted as needed to help keep it on track. Features include:
  • Customized advice – Based on your goals, we’ll help you decide how much to save, an appropriate asset mix and specific investment options.
  • Ongoing portfolio oversight – We’ll make adjustments based on market conditions and other factors that may affect your investments. These adjustments include quarterly asset reallocation and rebalancing.
  • Modify direction as needed – You can update your preferences anytime and we’ll fine-tune our recommendations.
  • Quarterly statements – Show adjustments made to your portfolio so you can see your current investment mix.

Qualified Domestic Relations Orders (QDRO)

No additional charge

Sales charges, purchase, withdrawal and redemption fees for certain investments

Certain charges may apply. For additional information, see Quarterly Investment Update.

More information about retirement plan fees and expenses is available at TIAA.org/fees.

Available investments by plan

 Please select All South Carolina State Optional Retirement Program PlansAiken School District Optional Retirement Program   
 
RETIREMENT PLAN
    AVERAGE ANNUAL RETURNS (%)1 AS OF
3/31/2020
UNLESS OTHERWISE NOTED
MORNINGSTAR INFORMATION
AS OF 5/31/2020
 
NAME /
SYMBOL
ASSET CLASS/
PRODUCT TYPE
NET / GROSS EXPENSE RATIO DAILY YTD 1 YR 5 YR 10 YR
OR SI
INCEPTION DATE 
 
Mutual funds and CREF Annuities: When more than one inception date is displayed, the performance shown prior to the investment's inception date (first inception date shown) is based on the performance of the investment's older share class (second inception date shown). The performance for these periods has not been restated to reflect the actual expenses of the newer share class. If the actual expenses had been reflected, the performance for these periods would have been different because of differing expenses.

TIAA Access Accounts: When more than one inception date is displayed, the performance shown for since inception is based on the annuity account inception date (first inception date shown). Performance for periods prior to the annuity account inception date are based on the underlying fund inception date (second inception date shown). Account performance is net of all annuity contract recurring costs such as mortality and expense risk charges and annual administrative fees. Pre-inclusion fund performance is also adjusted for these costs.

Since Inception (SI) returns are provided for funds/accounts with less than 10 years of history. 10 year returns are provided for funds/accounts with greater than 10 years of history. Please click on the fund/account name for more detail.
MORNINGSTAR OVERALL RATINGS 
 
The Overall Morningstar Rating for a managed product is based on risk adjusted return and is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.
MORNINGSTAR CATEGORY
Status 
TIAA Traditional Annuity - Retirement Choice (TC1IO#) Guaranteed / TIAA Fixed Annuity -- / -- -- 
 
Daily Year-to-Date returns for this investment is as of --.
3.99% 4.16% 4.24% 8/01/2005

N/A

0 Stars0 Stars
   
American Funds EuroPacific Growth Fund - R6 (RERGX) Equities / Mutual Fund 0.46% / 0.46% -4.97% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-12.70% 0.91% 3.97% 6/01/2009      3 Stars3 StarsOUT OF 419 FUNDS Foreign Large Growth  
American Funds New World R6 (RNWGX) Equities / Mutual Fund 0.60% / 0.60% -3.80% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-12.42% 2.23% 3.77% 5/01/2009      5 Stars5 StarsOUT OF 700 FUNDS Diversified Emerging Mkts  
CREF Inflation-Linked Bond Account (R3) (QCILIX) 
 

The performance shown for Class R3 that is prior to its inception date of 4/24/2015 is based on the Account's Class R1. The inception date of the Account's Class R1 is listed on the Account Class R1's profile page. The performance for these periods has not been restated to reflect the lower expenses of the Class R3. If these lower expenses had been reflected, the performance of the Class R3 for these periods would have been higher.

Fixed Income / CREF Variable Annuity 0.23% / 0.23% 
 

Expenses (Investment Advisory Expenses, Administrative Expenses, Distribution Expenses (12b-1), Mortality and Expense Risk Charges) are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.

 

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

 

3.70% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
4.42% 1.86%* 2.89%* 4/24/2015
5/01/1997
     3 Stars3 StarsOUT OF 196 FUNDS Inflation-Protected Bond  
CREF Social Choice Account (R3) (QCSCIX) 
 

The performance shown for Class R3 that is prior to its inception date of 4/24/2015 is based on the Account's Class R1. The inception date of the Account's Class R1 is listed on the Account Class R1's profile page. The performance for these periods has not been restated to reflect the lower expenses of the Class R3. If these lower expenses had been reflected, the performance of the Class R3 for these periods would have been higher.

Multi-Asset / CREF Variable Annuity 0.26% / 0.26% 
 

Expenses (Investment Advisory Expenses, Administrative Expenses, Distribution Expenses (12b-1), Mortality and Expense Risk Charges) are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.

 

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

 

-1.15% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-3.56% 3.70%* 6.39%* 4/24/2015
3/01/1990
     4 Stars4 StarsOUT OF 637 FUNDS Allocation--50% to 70% Equity  
CREF Stock Account (R3) (QCSTIX) 
 

The performance shown for Class R3 that is prior to its inception date of 4/24/2015 is based on the Account's Class R1. The inception date of the Account's Class R1 is listed on the Account Class R1's profile page. The performance for these periods has not been restated to reflect the lower expenses of the Class R3. If these lower expenses had been reflected, the performance of the Class R3 for these periods would have been higher.

Equities / CREF Variable Annuity 0.33% / 0.33% 
 

Expenses (Investment Advisory Expenses, Administrative Expenses, Distribution Expenses (12b-1), Mortality and Expense Risk Charges) are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.

 

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

 

-5.64% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-12.66% 3.06%* 7.17%* 4/24/2015
7/31/1952
     4 Stars4 StarsOUT OF 157 FUNDS Allocation--85%+ Equity  
T. Rowe Price Large Cap Value Fund Class I (TILCX) Equities / Mutual Fund 0.56% / 0.56% -16.67% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-18.66% 1.55% 7.41% 3/31/2000      3 Stars3 StarsOUT OF 1108 FUNDS Large Value  
TIAA-CREF Bond Index Fund (Institutional) (TBIIX) Fixed Income / Mutual Fund 0.11% / 0.11% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 7/31/2020. Please see the prospectus for details.
6.04% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
8.83% 3.24% 3.75% 9/14/2009      4 Stars4 StarsOUT OF 385 FUNDS Intermediate Core Bond  
TIAA-CREF Equity Index Fund (Institutional) (TIEIX) Equities / Mutual Fund 0.05% / 0.05% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 2/28/2021. Please see the prospectus for details.
-3.13% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-9.17% 5.75% 10.12% 7/01/1999      4 Stars4 StarsOUT OF 1232 FUNDS Large Blend  
TIAA-CREF Lifecycle 2010 Fund (Institutional) (TCTIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.37% / 0.50% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
0.00% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-2.46% 3.26% 5.74% 1/17/2007      5 Stars5 StarsOUT OF 93 FUNDS Target-Date 2000-2010  
TIAA-CREF Lifecycle 2015 Fund (Institutional) (TCNIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.38% / 0.50% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-0.41% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-3.27% 3.30% 6.01% 1/17/2007      4 Stars4 StarsOUT OF 101 FUNDS Target-Date 2015  
TIAA-CREF Lifecycle 2020 Fund (Institutional) (TCWIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.39% / 0.51% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-0.88% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-4.26% 3.41% 6.37% 1/17/2007      5 Stars5 StarsOUT OF 202 FUNDS Target-Date 2020  
TIAA-CREF Lifecycle 2025 Fund (Institutional) (TCYIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.41% / 0.52% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-1.54% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-5.62% 3.41% 6.65% 1/17/2007      4 Stars4 StarsOUT OF 203 FUNDS Target-Date 2025  
TIAA-CREF Lifecycle 2030 Fund (Institutional) (TCRIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.42% / 0.53% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-2.29% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-7.08% 3.40% 6.91% 1/17/2007      4 Stars4 StarsOUT OF 212 FUNDS Target-Date 2030  
TIAA-CREF Lifecycle 2035 Fund (Institutional) (TCIIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.43% / 0.54% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-3.10% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-8.52% 3.37% 7.11% 1/17/2007      4 Stars4 StarsOUT OF 200 FUNDS Target-Date 2035  
TIAA-CREF Lifecycle 2040 Fund (Institutional) (TCOIX) 
 

The fund's Retirement Class began operations on October 15, 2004. Performance shown prior to the inception of the Institutional Class is based on the performance of the fund's Retirement Class. Performance has not been restated to reflect the lower expenses of the Institutional Class. If the expense differential had been reflected, performance for these periods would have been higher.

Multi-Asset / Mutual Fund 0.44% / 0.55% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-3.84% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-9.88% 3.30% 7.24% 1/17/2007      4 Stars4 StarsOUT OF 212 FUNDS Target-Date 2040  
TIAA-CREF Lifecycle 2045 Fund (Institutional) (TTFIX) Multi-Asset / Mutual Fund 0.45% / 0.56% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-4.57% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-11.26% 3.13% 7.12% 11/30/2007      4 Stars4 StarsOUT OF 200 FUNDS Target-Date 2045  
TIAA-CREF Lifecycle 2050 Fund (Institutional) (TFTIX) Multi-Asset / Mutual Fund 0.45% / 0.57% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-4.69% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-11.41% 3.15% 7.15% 11/30/2007      4 Stars4 StarsOUT OF 212 FUNDS Target-Date 2050  
TIAA-CREF Lifecycle 2055 Fund (Institutional) (TTRIX) Multi-Asset / Mutual Fund 0.45% / 0.59% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-4.83% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-11.60% 3.17% 5.87% 4/29/2011      4 Stars4 StarsOUT OF 198 FUNDS Target-Date 2055  
TIAA-CREF Lifecycle 2060 Fund (Institutional) (TLXNX) Multi-Asset / Mutual Fund 0.45% / 0.71% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
-4.96% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-11.72% 3.19% 3.80% 9/26/2014      3 Stars3 StarsOUT OF 162 FUNDS Target-Date 2060+  
TIAA-CREF Lifecycle Retirement Income Fund (Institutional) (TLRIX) Multi-Asset / Mutual Fund 0.37% / 0.53% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 9/30/2020. Please see the prospectus for details.
0.05% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-2.51% 3.09% 5.37% 11/30/2007      4 Stars4 StarsOUT OF 511 FUNDS Allocation--30% to 50% Equity  
TIAA-CREF Money Market Fund (Institutional) (TCIXX) 
 

You could lose money by investing in the TIAA-CREF Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Money Market / Mutual Fund 0.14% / 0.14% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 7/31/2020. Please see the prospectus for details.
0.41% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
1.87% 1.04% 0.54% 7/01/1999

N/A

0 Stars0 Stars
Money Market-Taxable  
7-day current annualized yield 0.13% as of 6/18/20207-day effective annualized yield 0.13% as of 6/18/2020

You could lose money by investing in the TIAA-CREF Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

TIAA-CREF Real Estate Securities Fund (Institutional) (TIREX) Equities / Mutual Fund 0.51% / 0.51% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 7/31/2020. Please see the prospectus for details.
-6.78% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-10.16% 3.35% 9.32% 10/01/2002      5 Stars5 StarsOUT OF 225 FUNDS Real Estate  
TIAA-CREF Small-Cap Blend Index Fund (Institutional) (TISBX) Equities / Mutual Fund 0.06% / 0.06% 
 
A contractual arrangement is in place that limits certain fees and/or expenses. Had fees/expenses not been limited ("capped"), currently or in the past, returns would have been lower. This arrangement is scheduled to expire on 2/28/2021. Please see the prospectus for details.
-13.78% 
 
Daily Year-to-Date returns for this investment is as of 6/18/2020.
-23.89% -0.07% 7.07% 10/01/2002      4 Stars4 StarsOUT OF 623 FUNDS Small Blend  
Vanguard Mid-Cap Index Fund Institutional (VMCIX) Equities / Mutual Fund 0.04% / 0.04% -6.28% 
 
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Unless I'm missing something, You have limited choices so..... You have to pick from your allowed choices

You could do this:

TIAA Bond Index Fund

TIAA Equity Index Fund large blend

TIAASmall Cap Blend Index Fund

American Fund Europacific growth

 

Or take the easy route and buy into a Lifecycle TIAA (target fund) closest to your age of retirement.

I don't know your age but i'm assuming you are young so you could do this:

50% Equity Index

20% Bond Fund

20 % Europacific International

10%  Small Cap

Frankly, if you feel you lack financial acumen and confidence, I would strongly suggest  a TIAA lifecycle fund. It will be managed and diversified for you  and very easy to manage because it's all done for you. Its great default no stress choice.  

 

The other things in the the document you shared gives you details you should file just in case you need to make changes down the road.

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Hi Heather,

Welcome to the site.

Avoid the CREF side. They are high-cost mutual funds. 

I used the TIAA side for many years in the 403(b). I had an equity index and a bond fund ONLY on the TIAA side. I still have the Traditional Annuity which pays 3.00% with no surrender, no advisor fees, no expense ratios and the principle is guaranteed.  TIAA gets paid by what they get in the market and what they credit you. 

I would suggest you call TIAA and find out what you can do.

Also, I see that your employer matches 5.0%. That's great! But it does restrict what you can do to get a Vanguard or Fidelity. 

 

 

 

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Steve

Could  you explain what you mean by the TIA side vs. the CREF side?   This might be confusing to Heather because I'm not sure what that means either.  I do see that some funds just say TIAA and others say TIAA-Cref. and I believe some just say CREF. That's very confusing.    The 5.0%  match seems to help negate the fees . Plus I only saw one Vanguard fund available to her.

 

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Hello again.  Yes, I am Aiken School District.  Also, I am almost 48.  I left NY after 17 years.  I am still vested there but I cannot draw from that retirement fund until I am 62 (I believe).  

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On 6/19/2020 at 6:13 PM, tony said:

Steve

Could  you explain what you mean by the TIA side vs. the CREF side?   This might be confusing to Heather because I'm not sure what that means either.  I do see that some funds just say TIAA and others say TIAA-Cref. and I believe some just say CREF. That's very confusing.    The 5.0%  match seems to help negate the fees . Plus I only saw one Vanguard fund available to her.

 

Tony,

With nonErisa 403bs, it is my understanding that TIAA is only available. Depends on the district's plan document. I know for my district only TIAA is available. I looked into the REIT from Cref side for my Roth IRA but it was .99% cost at the time! That's all I know.

Heather may have a different access to TIAA and CREF than I did because her district matches 5%. That makes it an ERISA 403b, I believe. 

Steve

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Hello again.  Yes, I am Aiken School District.  Also, I am almost 48.  I left NY after 17 years.  I am still vested there but I cannot draw from that retirement fund until I am 62 (I believe).  

 

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Actually

On 6/21/2020 at 2:57 PM, heathergonyea said:

Hello again.  Yes, I am Aiken School District.  Also, I am almost 48.  I left NY after 17 years.  I am still vested there but I cannot draw from that retirement fund until I am 62 (I believe).  

Actually heather you don't have to get to 62. I believe its all yours at 59.5 unless your contract says differently. Anytime you leave a job you can also usually move your assets to a new plan if you wish.

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I think Heather is referring to waiting until age 62 before drawing from her NY pension? Heather, I wonder if the NY pension balance is receiving any increase, while you wait until you're 62? I hope so, because inflation will decrease its purchasing power.   

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