IRAs
I currently participate in my university's 403(b) plan, which is administered by TIAA-CREF. I also have two IRAs, but they are with other financial services firms, and I'd like to consolidate my assets. How difficult is it?
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Ray Bellucci
Vice President, Product Management
Individual Client Services, TIAA-CREF
It's actually very easy. If you have a traditional IRA with more than one financial institution, or if you still have retirement savings in a previous employer's retirement plan, you can consolidate those assets into a no-fee1 IRA with TIAA-CREF.
Since you're already thinking about consolidating your retirement assets, you are probably aware of the benefits, which include simplified recordkeeping and retirement income management. Once you consolidate assets, you will receive only one statement, so you'll be able to see your asset allocation and total accumulation at a glance. And when you retire, you won't need to manage accounts and income from multiple sources.
What you might not know is that the TIAA-CREF IRA is uniquely designed to complement your TIAA-CREF workplace plan. It even offers the option of guaranteed lifetime income.2
You'll be able to contribute to your TIAA-CREF IRA even though you already participate in a 403(b) at your university, which can help you continue to build retirement savings during your peak earning years.
Whenever you think about transferring assets, you should always consult with your own tax advisor, since there may be tax consequences associated with certain kinds of transfers. You should also compare the benefits of your current IRAs with those of the TIAA-CREF IRA. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects.
For example, there is no fee to open or maintain a TIAA-CREF IRA, which means that more of your money stays in your portfolio, working for you.
Your investment choices include TIAA-CREF's well-known family of annuity accounts and mutual funds, as well as thousands of non-TIAA-CREF mutual funds (many with no loads and no transaction fees)3, stocks, bonds, FDIC-insured certificates of deposit (CDs)4 and other investment options.
Our consultants can provide you with objective, personalized investment advice to help you determine which investments are appropriate for your portfolio. You can also use the advice service to decide how much you'd like to contribute to your IRA each year, and to explore asset allocation strategies that can maximize your investment potential. All this comes at no additional cost to you. Our consultants receive no sales commissions.5
TIAA-CREF offers a number of online resources to help you learn more about the benefits of consolidation and choose the IRA that's right for you. If you have questions, you can have an IRA specialist contact you.
Then, see how easy it is to roll money over to a TIAA-CREF IRA.
IRA offered by Teachers Insurance and Annuity Association. IRA Annuity TIAA contract form series 1280.2 or 1280.4 (not available in all states) or TIAA-IRA-01/CREF Certificate series C1280.2 or C1280.4 or CREF-IRA-01.
Investing involves risk, including possible loss of principal. Of the products discussed on this page, only CDs are FDIC-insured. Securities products are not FDIC-insured, not bank-guaranteed and may lose value.
Advisory services are provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
1 There is no account fee to own a TIAA-CREF IRA; however, brokerage transaction fees or underlying fund management expenses may still apply. You should evaluate all fees and expenses when making an investment decision.
2 For its stability, claims-paying ability and overall financial strength, TIAA currently holds the following ratings: A.M. Best (A++ as of 7/11), Fitch (AAA as of 11/11), Moody's Investors Service (Aaa as of 12/11) and Standard & Poor's (AA+ as of 8/11). Per S&P criteria, the downgrade of US long-term government debt limits the highest rating of U.S. insurers to AA+ (the second highest rating available).There is no guarantee that current ratings will be maintained. Ratings represent a company’s ability to meet policyholders’ obligations and claims and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA's claims-paying ability.
3 Brokerage transaction fees may apply if brokerage services are used. And as with any investment vehicle, investors are subject to the underlying funds, portfolio management fees, and expenses.
4 FDIC insurance covers up to $100,000 per institution per category of account but has been temporarily upgraded to $250,000 through 2013. Qualifying retirement accounts are permanently covered up to $250,000.
5 TIAA-CREF consultants receive no commissions. They are compensated through a salary plus an incentive program that emphasizes client service excellence as well as financial results.
