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Frequent Contributor

Heads up for TIAA annuitants beginning with August payments

 

Just in case you have not yet received the announcement:

"Dear Participant: We are writing to let you know that we are updating our annuity payment process. Beginning with your August annuity income payment(s), you will see changes including a redesigned payment statement. If you are currently receiving multiple annuity payments, you may see a change in the way we combine your payments. You do not need to take any action.

There will be no change to: The total amount you receive

Your payment date

Your selected payment method (mail or direct deposit)

Here’s what you’ll see:

If you receive multiple annuity payments by check and they are not currently being combined, we will combine your payments into one check if those payments are being sent to the same mailing address. You’ll no longer receive multiple checks. We’ve also redesigned your payment statement to make it easier for you to review the details of each payment.

If multiple annuity payments are sent to your bank account via electronic funds transfer (EFT)/ direct deposit, we will combine your payments into one deposit for payments that are going to the same bank account. You’ll no longer receive multiple, individual deposits into your bank account.

Other payments

If you receive other payments from TIAA in addition to your annuity income payment(s), those payments will not be combined. You will continue to receive those payments individually by mail or direct deposit"

Bob

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14 Replies
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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments

Thanks, Bob; this is first I've heard of this.

I've been receiving six separate annuity deposits to my checking account each month, so I guess this is an improvement. They're automatic deposits, so not like I have to sign each check...

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Participant ○○○

Re: Heads up for TIAA annuitants beginning with August payments

My comment is about the text of the announcement.  Its clarity is commendable.  It explains what this is and is not about.  It addresses some anticipated questions successfully as well.  It is not wordy.

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Frequent Contributor

Re: Heads up for TIAA annuitants beginning with August payments

Wizard,

Ditto for my wife who taught at three different places. It drives our accountant crazy when he reviews her many1099-Rs.

She's happy and so will be our accountant. 👍

Bob 

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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments

As an AARP Tax Aide volunteer who has labored through returns with multiple TIAA 1099-Rs, I hope that this also entails a reduced number of 1099-Rs.  Some people have 10 or so.  It is time-consuming to enter them.

John

 

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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments

Including systematic withdrawals and Roth conversions, I've had 8 or 9 1099-R forms from TIAA the past several years. So there's been an element of tedium punching the updated numbers into FreeTaxUSA each February. Fortunately, it remembers each 1099-R from last year, so I don't have to re-enter everything on the tax forms...

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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments

Thanks for your post, Bob. I'll watch for what my mother gets next month. But I could not tell from the text you posted if an annuitant who has been getting ONE TIAA Traditional payment each month and ONE CREF payment each month will now receive a single ACH payment to the same bank account for the month. That's because the term "TIAA" is no longer as "well-defined" as it used to be! But, thank you again anyway.

Tim

EDIT 7/31/20: I see that my mother's two ACH transactions have become a single one, for the sum of the CREF Stock annuity payment and the TIAA Traditional annuity payment. I don't empty her mailbox every day, so I may yet find a paper notice for her.

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Frequent Contributor

Re: Heads up for TIAA annuitants beginning with August payments

Tim,

We may get some idea of what the combined payment looks like this Wednesday, July 22.  That's normally when I see my payments in the queue at the TIAA site.

Bob

P.S. It concerns me that some of you annuitants haven't received the notice.  I ain't nuthin' special.

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Explorer ○○○

Re: Heads up for TIAA annuitants beginning with August payments

I did not get the letter, at least not yet. Perhaps becuase I currently only have one annuity.

I hope they keep sending separate 1099.  Some of my withdrawals are subject to state tax, some are not. Having separate 1099 makes it easier to split the funds up. This is why I make only roughly quarterly withdrawals, it keeps 1099 down to a reasonable number.

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Follower ○○○

Re: Heads up for TIAA annuitants beginning with August payments

When I first annuitized about 7 years ago, I requested that my 5 TIAA annuity payouts be consolidated into one deposit to my bank account.  They did that back then, and so there will be no difference on August 1 for me. However, I still get five 1099-Rs.  That did not change.

Rob

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Explorer ○○○

Re: Heads up for TIAA annuitants beginning with August payments

Perfect :)

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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments


@GLI2019 wrote:

P.S. It concerns me that some of you annuitants haven't received the notice.  I ain't nuthin' special.


I did receive an email from TIAA yesterday which linked to the PDF file with this announcement. But I saw the news here first...

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Follower ○○○

Re: Heads up for TIAA annuitants beginning with August payments

Nothing in the announcement gave me the impression that 1099-Rs might be similarly consolidated.

It would be nice; I already get two 1099-Rs for a single annuitization I did, because part was TIAA and part was CREF.   But if they do it, I hope they have an opt-out, for people like @dknightd above.

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Frequent Contributor

Re: Heads up for TIAA annuitants beginning with August payments

Back to my OP.

I can see in the pending portion of my credit union account that my August annuity payments have been aggregated into one check. I appreciate the convenience.  I won't have to use my abacus as much. :-)

Bob

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Participant ○

Re: Heads up for TIAA annuitants beginning with August payments


@GLI2019 wrote:

Back to my OP.

I can see in the pending portion of my credit union account that my August annuity payments have been aggregated into one check. I appreciate the convenience.  I won't have to use my abacus as much. :-)

Bob


Same for me: one EFT deposit instead of the previous five. But it's not "pending"; it's good money as of today, the 30th.

This has been happening for several months now: valid deposit a day earlier than the previous last business day of the month...

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