What is a Transfer Payout Annuity / TPA ?
TPAs were created when TIAA-CREF was finally forced to permit withdrawals from TIAA Traditional before retirement. (See answer just above.) If you’re taking TIAA Traditional money out of an RA, GRA, or RC contract, you’ll have accept ten roughly equal payments, each one year apart. This adds up to nine years and a day to get all your money (or whatever portion you chose to withdraw) out of TIAA Traditional. In an IRA account, for example, no TPA is necessary. You just make a transaction request, and it’s done at the close of business that day.
