erutio "figure it out"...well, I looked on my employer website and they don't make it easy. They have 3 categories: alternative retirement, Supplement 403b and 457b. The Alternative retirement is the mandatory contributions from my salary and my employer. Given the fact that I work at a University, the Alternative retirement is likely a 403b.
With that said, I did more reading about the supplemental 403b and 457b and found that I became more confused than when I started. So, I plan to make an appointment with the "free financial advising" service I get with TIAA/Cref.
I have one question I was hoping that someone might know about, for the supplemental 403b, it is a TIAA/Cref tax-deferred Annuity. This is what is written for the distribution: Distributions must meet a qualifying event:
Separation from service
Age 59½
Permanent and total disability
Financial hardship as defined by IRS regulations - for example, a tuition payment, or to purchase primary residence
Death of participant
For the 457b it is a deferred compensation and this is what is written for the distribution: Distribution must meet a qualifying event:
Separation from service
Age 70½
Retirement
Unforeseeable emergency as defined by IRS regulations - for example, an unexpected illness or loss of property
Death of participant
More details: Age-based distribution: Your employer will typically allow you to withdraw funds once you've reached 70.5 years of age. Small-sum distribution: When you leave your employer, you may be eligible to withdraw your retirement savings. Your plan may distribute your entire balance if the value does not exceed $2,000. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000).
It seems to me they won't let me take out any money prior to age 70.5 like some plans do. Also, what is the difference between a 403b Annuity vs another type of plan? I would like to have some understanding of this before I meet with an adviser so I know what questions to ask. AT this point, it seems like I should put most of my money into the 403b rather than 457b so I can access the money earlier. Thoughts?