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any such election must be made in writing and received by TIAA-
CREF at its home office. These terms are plain and unambiguous.
Prior to his death and the annuity start date, decedent
elected to receive a lump-sum distribution. In accordance with
the TIAA-CREF annuity’s requirements, decedent’s withdrawal
request was made in writing and mailed to TIAA-CREF’s home
office. The withdrawal request was received at TIAA-CREF’s home
office on the same date as decedent’s death. While TIAA-CREF was
notified of decedent’s death, decedent’s withdrawal request was
made effective by TIAA-CREF on the date received per the terms of
the TIAA-CREF annuity. The record is clear that TIAA-CREF
processed the distribution to decedent as a lump-sum
distribution. TIAA-CREF subsequently distributed the funds to
decedent. In accordance with the TIAA-CREF annuity’s provisions,
TIAA-CREF calculated and paid interest to decedent on the
$600,000 distribution for the time between the effective date of
the withdrawal request and the date the funds were electronically
transferred to decedent’s savings account. TIAA-CREF also
withheld Federal income tax on the funds distributed to decedent.
Finally, TIAA-CREF issued a Form 1099 to decedent which reported
the taxable amount of his lump-sum distribution.
The TIAA-CREF annuity provided decedent with the option of
electing to receive a lump-sum distribution. Decedent exercised
this option to receive a lump-sum distribution during his
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Last modified: May 25, 2011