Contributions may be invested in one or more funding vehicles which are currently available under this Plan: Teachers Insurance and Annuity Association (TIAA): TIAA Retirement Annuity (See web site for available investment options). The College’s current selection of fund sponsors and Funding Vehicles is not intended to limit future additions or deletions of fund sponsors and Funding Vehicles. You’ll be notified of any additions or deletions.
May I Rollover My Accumulations?
If you’re entitled to receive a distribution from your contract which is an eligible “rollover distribution,” you may rollover all or a portion of it either directly or within 60 days after receipt into another retirement plan or into an IRA. An eligible rollover distribution, in general, is any cash distribution other than an annuity payment, a minimum distribution payment or a payment which is part of a fixed period payment over ten or more years. The distribution will be subject to a 20 percent federal withholding tax unless it′s rolled over directly into another retirement plan or into an IRA – this process is called a “direct” rollover.
If you have the distribution paid to you, then the plan must withhold 20 percent even if you intend to roll over the money into another retirement plan or into an IRA within 60 days. To avoid withholding, instruct the fund sponsor to directly roll over the money for you.