TIAA-CREF is a defined contribution plan. Benefits are based on the amount contributed
by the employer, the employee and the success of the employee's choice of investments.
Participants enrolled on or before June 30, 1973 to July 26, 1976 are Tier 1 & 2 members
and contribute 1.5% of their salary on a post-tax basis. The employer pays 10.5% up
to $16,500 on annual income and 13.5% thereafter for the year.
Participants enrolled July 27, 1976 to July 16, 1992 are Tier 3 & 4 members and contribute
1.5% of their salary on a pre-tax basis. The employer pays 10.5% up to $16,500 on
annual income and 13.5% thereafter for the year.
Participants enrolled July 17, 1992 to present are Tier 5 members and contribute 3%
of their salary on a federally tax-deferred basis. The employer pays a yearly amount
of 8% of salary for the first 7 years of employment and 10% percent thereafter.
Newly enrolled TIAA/CREF participants must complete a 13-month suspense period before
becoming a vested member of TIAA-CREF. For employees who have an existing TIAA-CREF
retirement annuity contract, the suspense period is waived. If the prior contract
is a CUNY contract the member may retain the previous CUNY tier. If the previous contract
is a non-CUNY contract the employee will be immediately vested with the existing tier
structure for new employees. Both employee and employer contributions will be remitted
after the vesting period has been met, retroactive to the enrollment date.
Effective July 1, 2000, participants who have a regular annuity contract with TIAA-CREF
are now eligible to take a loan. Loans are available from a minimum of $1,000 to a
maximum of $50,000. There are no application fees or processing charges. For further
information, please call TIAA-CREF at 1-800-842-2776.
TIAA-CREF Mailing Address:
730 Third Avenue
New York, New York 10017-3206
TIAA-CREF Telephone Number: 1-800-842-2733