Calculation Accumulation - The amount of your accumulation subject to the minimum distribution requirements.
Calculation Beneficiary - A person whose life expectancy is used in calculating the annual minimum distribution amount. Your calculation beneficiary must be the primary beneficary with the shortest life expectancy.
Calculation Method - A method used to determine life expectancy. You and your spouse (if selected as a calculation beneficiary) can choose either the "Recalculation Method" or the "One-Year-Less Method." A nonspouse calculation beneficiary must choose the "One-year-Less Method."
Contingent Beneficiary - A beneficiary chosen by you to receive payment in the event of your death and your primary beneficiaries are unable to receive payment.
First Distribution Year - The later of the year in which you turn age 70 1/2 or retire, or the year your minimum distribution payment is due.
Grandfathered Amounts - Accumulation in a 403(b) plan as of December 31, 1986. These funds are not subject to minimum distribution requirements until the year you reach age 75.
Life Expectancy - The projection of how long a person will live on average - at a given age, based on the experience of a large group of people.
Minimum Distribution Incidental Benefit (MDIB) Rule - Places a maximum on the life expectancy used for a nonspouse calculation beneficiary.
Minimum Distribution Option - A payment option available for TIAA-CREF deferred annuities that provides preservation of your accumulation while you comply with IRS regulations.
Minimum Distribution Requirements - Income must begin no later than April 1 following the calendar year you attain 70 1/2, or retire, whichever is later, and must be taken each year thereafter. If you continue to work, you can postpone minimum distributions from the accumulation attributable to your current employer until April 1 following the year in which you retire, no matter how old you are. However, we recommend that you receive the minimum required income from your accumulation attributable to prior employers (except 403(b) funds in the same contract from your current employer) by April 1 following the year you turn 70 1/2.
One-Year-Less Method - A method used to determine your life expectancy divisor for minimum distribution payment purposes. Under this method, one year is subtracted from your initial life expectancy or the initial joint life expectancy of you and your calculation beneficiary, each calendar year.
Primary Beneficiary - A beneficiary chosen by you to receive payment in the event of your death.
Recalculation Method - A method used to determine your and/or your spouse's (if selected as a calculation beneficiary) life expectancy divisor for minimum distribution payment purposes. Under this method, less than one year is subtracted from your life expectancy, or the joint life expectancy of both you and your spouse calculation beneficiary each calendar year.