The following is a synopsis of
rule changes in the plan approved by the CUNY Board
of Trustees. For details beyond what appears below,
contact your TIAA-CREF advisor and see PSC President
Barbara Bowen’s announcement of the changes at: http://archive.psc-cuny.org/pensionupdates.htm.
The changes became
effective September 1, 2005. (We regret that, as of
yet, TIAA-CREF has failed to update the web
booklet. The booklet was designed to be easily
updateable but the company, despite repeated urging
by the PSC and the Retirees Chapter, has failed to
There are four changes.
1. TIAA-CREF members
entitled to after-retirement health insurance are
required to keep only $50,000 within TIAA-CREF.
(This is significantly less than the earlier
requirement of a third of total funds in most
2. Those who wish to
transfer their pension from TIAA to an independent
account may do so without having funds first
transferred to the CREF account.
3. Employees who are
certified terminally ill are entitled to draw on
their ORP funds prior to retirement.
4. Employees who leave
their CUNY positions and accept employment with
another employer that offers TIAA-CREF and who are
eligible for CUNY after-retirement health benefits
are still required to follow CUNY regulations on
keeping monies within TIAA-CREF after retirement.
This provision ensures that these employees will
continue to receive their health benefits after