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the remaining 25 percent to be equally divided among three
specifically identified charitable organizations. The
Designation of Beneficiary was received by TIAA-CREF on
February 29, 2000.
On February 28, 2000, TIAA-CREF was orally notified by CWU
of decedent’s death.1 Pursuant to the withdrawal request, on
March 3, 2000, TIAA-CREF electronically transferred $480,308 to
decedent’s bank account. This amount included interest for the
3 days from the date the withdrawal request was received until
March 3, less $120,000 of Federal income tax withholdings. For
the year 2000, TIAA-CREF issued to decedent a Form 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-
Sharing Plans, IRAs, Insurance Contracts, etc., that reported the
gross amount and taxable amount of the distribution to decedent,
as well as the Federal tax withheld by TIAA-CREF on the
distribution.
Decedent’s last will and testament provided that the
residuary of decedent’s estate was to be divided equally among
decedent’s three children. The amount distributed by TIAA-CREF
to decedent on March 3, 2000, was divided among decedent’s three
children by the personal representative of decedent’s estate. On
April 25, 2000, the personal representative issued three separate
1 As of that date, the balance of decedent’s TIAA-CREF
accumulated annuity fund was $953,996. This balance does not
take into account decedent’s $600,000 withdrawal request.
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Last modified: May 25, 2011