When it's time to decide how to take income from your University of Richmond Optional Plan (Supplemental Retirement Annuity), you have a variety of options*:

• Fixed Period — You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy). Payments stop at the end of the period, during which you will have received all your principal and earnings.
  
  
• Interest Only — You can receive the current interest earned on your TIAA Traditional Account in monthly payments. Your principal remains intact while you receive the interest. (Note: These payments are generally available to individuals between ages 55 and 70½ when minimum distributions are required.)
  
  
• Lifetime Retirement Income
  • One-life annuity — provides income for as long as you live.
    
    
  • Two-life annuity — provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
    
    
  • One- or two-life annuity with guaranteed period — guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.
  
  
  
• Minimum Distribution Option — Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 70½ or retire, whichever is later. This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
  
  
• Rollover — If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA). Direct rollovers — from one account to another — are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution.
  
  
• Single-Sum Death Benefit — A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income.
  
  
• Systematic Withdrawals — If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. You can increase, decrease or suspend the payments at any time. (Note: These withdrawals are not available from TIAA Traditional Account balances.)
  
  
• TPA to Cash — If your plan allows, you can withdraw your TIAA Traditional Account accumulation through a Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. A lump-sum payment, subject to a surrender fee, may be available depending on your plan rules and the terms of your contract.

* The availability of certain distributions may depend on the type of contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits.

Your University of Richmond Optional Plan (Supplemental Retirement Annuity) is designed to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis.

The University of Richmond Optional Plan (Supplemental Retirement Annuity) allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply.

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