- 3 - 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 designatePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011