How will my account under the Purdue University Defined Contribution Retirement Plan that has been administered through TIAA-CREF be handled?
TIAA-CREF representatives will be made available to you, on a group and individual basis, to review your retirement income alternatives. In general, you can leave your account in the Plan, annuitize your account and begin to receive a stream of annuity payments, take a partial or total cash distribution of your account (depending on your investments), or roll your account over to an IRA or to the plan of another employer. If you elect to take cash distributions from your account, you will be taxed on those distributions. If you receive a distribution that is eligible for rollover, the IRS requires 20% withholding as an offset against your Federal income taxes. You may request additional state or federal withholding if you like.
Related Questions
- If I elect the STRS Ohio Defined Contribution or Combined Plan now and switch to the STRS Ohio Defined Benefit Plan following my fourth anniversary, how will my account be affected?
- If I select the STRS Ohio Combined Plan, then switch to the STRS Ohio Defined Contribution Plan at the five-year point, how much of my account transfers to the new plan?
- Can my account balance in the STRS Ohio Defined Contribution Plan be offered as collateral when seeking loans? Can I borrow against this account?
