Transfer out of a TIAA Cref Account
I have a client that worked for Northeastern University and has a TIAA Cref account. He is on permanent disability now. He still recieves disability payments from the school and money still goes in to his Cref account. Question is, can he transfer some or all of the balance to an IRA? Again, he is on permanent disability and everywhere I read it says he can only if TIAA Cref allows it. Thanks for your help
Permalink Submitted by Alan Spross on Thu, 2011-04-28 22:41
If he is making contributions to this plan, he has not separated from service and therefore he is looking for an “in service” distribution. It is true that in service distributions are addressed by the plan document and not by the IRS, so the question needs to be addressed to TIIA Cref. If client is allowed an in service non hardship distribution it can normally be directly rolled over to an IRA.