Instructions for Repurchase of your Retirement Annuity
If you are a former University of Iowa faculty or staff member requesting a refund of retirement contributions, you must contact the Teachers Insurance and Annuity Association, P.O. Box 1259, Charlotte, NC 28201, or call (800) 842-2776. If an alternate substitute annuity company is involved, please contact them directly. When applying for a refund, the following information should be furnished.
Social Security number
Termination date of employment
Citizenship Indicate that employment was at The University of Iowa
Request for refund should not be made until after termination of employment. Please note: termination of employment means that you no longer receive any form of salary or wage compensation from The University of Iowa.
The University of Iowa cannot approve a request for a refund when it is known that you expect to be reemployed in any capacity by The University of Iowa or employed by another institution having a TIAA/CREF retirement plan. You should be advised that TIAA/CREF requires you to complete a "Repurchase Request" form that contains the following certification:
"I am not now, nor expect to be, employed by an institution having a TIAA retirement plan in which I am or will be eligible to participate and I request TIAA/CREF to repurchase my regular retirement annuity contract."
Upon receipt of your request for a refund, TIAA/CREF will send you a computer-generated letter. This letter will notify you that the University has not completed the appropriate forms. The University will not approve a request for a refund until 30 days after you have received your final paycheck. It will then take three to four weeks until your repurchase is completed.
Applicants for refund should be aware of the following conditions for refund:
Annuity contracts must have an account balance of less than $10,000. No more than $2,000 of this total can be in an individual's TIAA account and a TIAA Transfer Payout Annuity cannot be in effect.
TIAA/CREF or appropriate substitute annuity company will only grant a refund request which has been approved by The University of Iowa.