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age at the time, the minimum distributions under the CWU
retirement plan would have begun no later than April 1, 2000.
Teachers Insurance and Annuity Association and College
Retirement and Equities Fund (TIAA-CREF) are the fund sponsors of
the CWU retirement plan. TIAA-CREF provides, in general, various
annuity plan options for participants in the CWU retirement plan.
The TIAA-CREF annuity provisions state that a participant
“may during his lifetime, without the consent and to the
exclusion of any other person, receive, exercise, and enjoy every
benefit, option, right and privilege conferred” by the TIAA-CREF
annuity plan. After a participant’s termination of employment,
the TIAA-CREF annuity provides the participant with the option to
receive a lump-sum benefit from the participant’s accumulated
annuity funds. A request for a lump-sum distribution must be
made before the start of any annuity payments. Such a request
“cannot be revoked after the effective date” of the lump-sum
distribution request. The value of the accumulated annuity funds
for a lump-sum distribution is determined as of the end of the
business day on which TIAA-CREF receives the participant’s
request for a lump-sum distribution.
Under the TIAA-CREF annuity’s death benefits provision, if
the participant dies prior to the annuity starting date then
TIAA-CREF pays the participant’s accumulated annuity funds to the
participant’s named beneficiaries. The participant may designate
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Last modified: May 25, 2011