Post by Admin/YBB on Apr 17, 2023 18:40:06 GMT -6
Gone after 9/18/23 will be the $150K account limit exceptions for systemic transfers and automatic rebalancing.
NEW (9/18/23)
The following transfers are currently not subject to this limitation:
•systematic withdrawals,
•any transaction arising from a TIAA-sponsored advice product or service, and
•Transfer Payout Annuity payments directed to the Account.
The changes to the prospectus outlined above will not become effective until September 18, 2023.
OLD
The following transfers are currently not subject to this limitation:
• systematic transfers and withdrawals,
• automatic rebalancing activity,
• any transaction arising from a TIAA-sponsored advice product or service, and
• Transfer Payout Annuity payments directed to the Account.
www.sec.gov/Archives/edgar/data/946155/000162828023011716/supplementno2-4172023.htm
Edit/Add, 4/18/23. From the 12/31/22 annual report (10-K), there were 1,017,462 T-REA contract holders (pg 46), so the average T-REA contract balance was $28,560. I think that has gone up over the years.
It is also mentioned that the limit of $150K can be changed, but it will always remain above $100K.
It has been many years since $150K limit was imposed (I don't remember the year). T-REA could have increased the limit to $200K or $250K while eliminating some exceptions (this could still happen in the future).
Timing of the change makes sense as TIAA and CREF have new prospectuses on May 1. There are almost 5 months until the new rules kick in and people may make appropriate adjustments in 2 quarterly steps (Q2, most of Q3).
NEW (9/18/23)
The following transfers are currently not subject to this limitation:
•systematic withdrawals,
•any transaction arising from a TIAA-sponsored advice product or service, and
•Transfer Payout Annuity payments directed to the Account.
The changes to the prospectus outlined above will not become effective until September 18, 2023.
OLD
The following transfers are currently not subject to this limitation:
• systematic transfers and withdrawals,
• automatic rebalancing activity,
• any transaction arising from a TIAA-sponsored advice product or service, and
• Transfer Payout Annuity payments directed to the Account.
www.sec.gov/Archives/edgar/data/946155/000162828023011716/supplementno2-4172023.htm
Edit/Add, 4/18/23. From the 12/31/22 annual report (10-K), there were 1,017,462 T-REA contract holders (pg 46), so the average T-REA contract balance was $28,560. I think that has gone up over the years.
It is also mentioned that the limit of $150K can be changed, but it will always remain above $100K.
It has been many years since $150K limit was imposed (I don't remember the year). T-REA could have increased the limit to $200K or $250K while eliminating some exceptions (this could still happen in the future).
Timing of the change makes sense as TIAA and CREF have new prospectuses on May 1. There are almost 5 months until the new rules kick in and people may make appropriate adjustments in 2 quarterly steps (Q2, most of Q3).
