You may receive your distributions in the form of one or more lump-sum payments or in regular monthly, quarterly, or annual installments. Installment payments are made over a period not to exceed your life expectancy or the joint life expectancies of you and your beneficiary. The basic retirement account can not be withdrawn or rolled over while employed by Skidmore College. However, any money in this account can be withdrawn, rolled over, or transferred over a ten-year period. Please note that when you receive a hardship withdrawal, distributions are limited to employee contributions including earnings attributable prior to January 1, 1989.
Distributions are subject to ordinary income taxes.
If interested, call TIAA-CREF directly to discuss interest rates and to make arrangements for the application. Over 10 Yr. Over 10 Yr. If you do not have an established account with the investment firm to which you are transferring, contact Human Resources for an application. Both investment firms mail quarterly statements to each participant.