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TIAA BOOKLET
Solely For CUNY
NEW TIAA-CREF BOOKLETThanks to the initiative of the PSC Retirees Chapter, TIAA-CREF has produced a booklet devoted solely to the CUNY version of the TIAA-CREF plan.
TIAA-CREF prepared the booklet in consultation with the TIAA-CREF Issues Committee of the Retirees Chapter. Click here for the booklet, but before you do, read the box below.
Read This Before You Look at
the TIAA-CREF CUNY Booklet
The following is a synopsis of rule changes in the plan approved by the CUNY Board of Trustees. For details beyond what appears below, contact your TIAA-CREF advisor and see PSC President Barbara Bowen’s announcement of the changes at: http://psc-cuny.org/pensionupda tes.htm .The changes became effective September 1, 2005. (We regret that, as of yet, TIAA-CREF has failed to update the web booklet. The booklet was designed to be easily updateable but the company, despite repeated urging by the PSC and the Retirees Chapter, has failed to do so.)
There are four changes.
1. TIAA-CREF members entitled to after-retirement health insurance are required to keep only $50,000 within TIAA-CREF. (This is significantly less than the earlier requirement of a third of total funds in most cases).
2. Those who wish to transfer their pension from TIAA to an independent account may do so without having funds first transferred to the CREF account.
3. Employees who are certified terminally ill are entitled to draw on their ORP funds prior to retirement.
4. Employees who leave their CUNY positions and accept employment with another employer that offers TIAA-CREF and who are eligible for CUNY after-retirement health benefits are still required to follow CUNY regulations on keeping monies within TIAA-CREF after retirement. This provision ensures that these employees will continue to receive their health benefits after retirement.
Click here for the booklet