November 1, 2020
TIAA allows the following Domestic Relations Orders: a "Deferred Annuity Order" and an "Immediate Annuity Order."
A Deferred Annuity Order is used to divide a Participant's account or contract into two separate accounts or contracts: one for the Participant and one for the Alternate Payee. A Deferred Annuity Order is sometimes referred to as a Separate Interest Order.
An Immediate Annuity Order is an Order that assigns a portion of each benefit payment to the Alternate Payee. An Immediate Annuity Order is sometimes referred to as a Shared Interest Order.
TIAA has changed their rules regarding what they will allow in a DRO. For a Deferred Annuity Order, the award must be a percentage or specific dollar amount of the Participant's account balance in the Plan assets for which TIAA acts as the sole recordkeeper as of the Valuation Date. The Valuation Date must be the Date of Transfer, i.e., a DRO can no longer contain a historic valuation date. For an Immediate Annuity Order, the award must be a percentage or specific dollar amount of the Participant's benefit payments for which TIAA acts as the sole recordkeeper.