You're looking to transfer your TIAA account to Fidelity, and you've come to the right place! This comprehensive guide will walk you through every step of the process, ensuring a smooth and successful transition. So, let's dive in and get your financial ducks in a row!
How to Transfer TIAA to Fidelity: A Comprehensive Step-by-Step Guide
Transferring your investments can seem like a daunting task, but with a clear roadmap, it's far more manageable than you might think. Whether you're consolidating accounts for easier management, seeking different investment options, or simply prefer Fidelity's platform, this guide will illuminate the path.
Step 1: Are You Ready to Make the Move? (Initial Considerations)
Before we even touch a transfer form, let's consider a few crucial points. This isn't just about moving money; it's about making an informed financial decision.
Understand Your TIAA Account Type(s): TIAA offers a variety of account types, including retirement annuities (like CREF and traditional annuities), mutual funds, and brokerage accounts. The transfer process can vary slightly depending on what you have. Do you have a 403(b), a 401(a), a TIAA Brokerage Account, or something else entirely? Knowing this upfront will save you time later.
Identify Your Goals for Transferring: Why are you making this move? Is it for simplification, better investment choices, lower fees, or a more intuitive user experience? Having a clear goal will help you stay focused throughout the process.
Review TIAA's Withdrawal/Transfer Policies: TIAA's annuity products, in particular, can have specific rules regarding withdrawals and transfers, including potential surrender charges or limitations on liquidity. It is absolutely critical to understand these before initiating a transfer. Don't get caught off guard by unexpected fees!
Action Item: Log in to your TIAA account or call their customer service (phone number usually found on their website) to inquire about any potential fees or restrictions associated with transferring your specific account types.
Step 2: Gathering Necessary Information and Documents
Preparation is key! Having all your ducks in a row before you start the transfer process will prevent delays and headaches.
Your TIAA Account Information:
Account Numbers: Make a list of all TIAA account numbers you intend to transfer.
Account Statements: Have recent statements handy. These provide crucial details like account type, current holdings, and beneficiary information.
Login Credentials: Ensure you have your TIAA online login information readily accessible.
Your Fidelity Account Information:
Fidelity Account Number(s): If you don't have a Fidelity account yet, this will be your first step. We'll cover that in Step 3. If you do, make sure you have the correct account number(s) where you want the funds to be transferred.
Fidelity Login Credentials: Your username and password for your Fidelity online account.
Personal Identification:
Social Security Number (SSN) or Taxpayer Identification Number (TIN): Essential for verifying your identity.
Driver's License or State ID: May be required for identity verification, especially if opening a new account.
Step 3: Establishing Your Fidelity Account (If You Don't Have One)
If you already have a Fidelity account that's appropriate for your transferred assets, you can skip this step. Otherwise, this is where you set up the receiving end of your transfer.
Choose the Right Account Type: Fidelity offers a wide range of accounts. Consider what aligns with the TIAA account you're transferring:
Individual Retirement Accounts (IRAs): For rolling over TIAA retirement plans (403(b), 401(a)) into a personal IRA (Traditional, Roth, Rollover IRA).
Taxable Brokerage Accounts: For transferring non-retirement TIAA brokerage accounts or mutual funds.
Other Specialized Accounts: Fidelity also offers 529 plans, HSAs, and more. Ensure the Fidelity account type can accept the assets you're transferring.
Online Account Opening Process:
Visit Fidelity's Website: Go to Fidelity.com and look for options to "Open an Account."
Select Account Type: Choose the appropriate account type based on your TIAA holdings and your financial goals.
Provide Personal Information: You'll be asked for your name, address, SSN, date of birth, and employment information.
Fund the Account (Optional for Transfer): While you can fund a new Fidelity account with cash, for a direct transfer from TIAA, this isn't strictly necessary at this stage. The transfer itself will fund the account.
Review and Submit: Carefully review all the information before submitting your application.
Confirmation: You'll typically receive confirmation via email once your new Fidelity account is open. Keep this confirmation handy!
Step 4: Initiating the Transfer: The Account Transfer Form (ACAT)
This is the core of the transfer process. Most transfers of brokerage accounts and some mutual funds are done via an Automated Customer Account Transfer Service (ACAT).
Where to Find the Form:
Fidelity's Website: The easiest and most common way. Log in to your Fidelity account, navigate to "Accounts & Trade," and look for "Transfers" or "Move Money." You'll typically find an option for "Transfer an account to Fidelity."
Direct Link (Search): A quick search on Fidelity's site for "transfer an account" or "ACAT form" should lead you directly to the relevant pages.
Filling Out the ACAT Form:
Your Information: Fill in your personal details exactly as they appear on your TIAA account.
Receiving Fidelity Account Details: Provide your Fidelity account number and type.
Delivering Firm Information (TIAA):
Firm Name: TIAA
Account Number(s): Enter the specific TIAA account number(s) you wish to transfer.
Account Type: Specify the type of TIAA account (e.g., TIAA Brokerage, TIAA-CREF Individual Account).
Type of Transfer:
Full Transfer: Transfers all eligible assets from your TIAA account to Fidelity, closing the TIAA account.
Partial Transfer: Transfers only specific assets you designate, leaving the TIAA account open. Be very clear if you choose a partial transfer about which assets you want moved.
Assets to Transfer:
In-Kind Transfer: This is usually the preferred method for marketable securities (stocks, ETFs, mutual funds). Your investments are transferred as they are, without being sold. This avoids potential capital gains taxes on sales within your TIAA account (for taxable accounts) and keeps you invested.
Cash Transfer: Your assets at TIAA are sold, and the cash proceeds are transferred to Fidelity. This can trigger taxable events if done in a taxable account. Generally, avoid this unless specifically advised or required.
Signatures: Sign and date the form. Ensure your signature matches the one on file with both TIAA and Fidelity.
Supporting Documentation: Fidelity may request a recent TIAA statement to verify your holdings and account information. Have it ready to upload or mail if needed.
Step 5: Special Considerations for TIAA Annuities and Retirement Plans
TIAA's unique structure, particularly with its annuity products (like TIAA Traditional and CREF annuities), requires a slightly different approach than a standard ACAT transfer of marketable securities.
TIAA Traditional Annuity and CREF Accounts: These are generally not transferable via a standard ACAT form as they are proprietary annuity contracts.
Direct Rollover (for Retirement Accounts): For retirement annuities (403(b), 401(a)), you will typically initiate a direct rollover from TIAA to Fidelity. This means the funds move directly from custodian to custodian, without passing through your hands, thus avoiding tax implications.
Contact TIAA: You will need to contact TIAA directly to initiate the rollover. They will provide their specific forms and instructions.
Provide Fidelity's Rollover Instructions: TIAA will ask for Fidelity's name, address, and your Fidelity account number to where the rollover should be sent. Fidelity usually has specific "rollover instructions" documents available on their website (search for "rollover instructions" or "receive a rollover").
Distribution Forms: TIAA will likely require you to fill out distribution or withdrawal forms. Be sure to indicate it's a direct rollover to avoid withholding.
Processing Time: These rollovers can take longer than ACAT transfers.
Transferring TIAA Mutual Funds Held Outside an Annuity: If you hold TIAA mutual funds directly in a separate brokerage or mutual fund account at TIAA (not within an annuity contract), these may be transferable in-kind via the ACAT process, similar to other mutual funds. However, confirm with Fidelity and TIAA if they are on the ACAT system. Some proprietary mutual funds might require liquidation.
Understanding Surrender Charges/Fees: Again, reiterate checking for any surrender charges or withdrawal penalties associated with your TIAA annuity products. These can significantly impact the value of your transfer.
Step 6: Submitting Your Request and Tracking Progress
Once you've completed the forms, it's time to send them off!
Online Submission (Preferred): If you filled out the ACAT form online through Fidelity, you'll typically submit it electronically. This is the fastest and most secure method.
Mail/Fax (If Required): If you downloaded and printed the forms, or if a direct rollover requires physical paperwork, follow the instructions for mailing or faxing them to Fidelity.
Confirmation of Receipt: Fidelity will usually send you an email confirmation once they have received your transfer request.
Tracking the Transfer:
Fidelity's Transfer Tracker: Fidelity often provides an online tool where you can track the status of your account transfer. Log in to your Fidelity account and look for "Transfers" or "Account Status."
Processing Time:
ACAT Transfers: Typically take 1-3 weeks for full completion, though some simpler transfers can be quicker.
Direct Rollovers (TIAA Annuities): Can take 2-4 weeks or more, as they involve more manual processing by TIAA.
During the Transfer:
Avoid Trading: It's best to avoid placing trades in the TIAA account once the transfer is initiated, as this can complicate or delay the process.
Be Patient: Transfers take time. Resist the urge to call daily unless the stated processing time has passed or you receive a notification of an issue.
Step 7: Post-Transfer Reconciliation and Management
Once the transfer is complete, there are a few important steps to take.
Verify Holdings: Log in to your Fidelity account and carefully verify that all the expected assets have arrived and are correctly listed. Check quantities, share prices, and cost basis (if applicable, though cost basis transfer can sometimes lag).
Update Beneficiaries: Crucially, re-establish and update your beneficiaries on your Fidelity account(s). Beneficiary designations do not automatically transfer. This is a vital step for estate planning.
Review Investment Strategy: Now that your assets are at Fidelity, take the opportunity to review your overall investment strategy. Are the transferred investments still aligned with your goals? Explore Fidelity's tools and research.
Close TIAA Account (If Full Transfer): If you performed a full transfer, confirm with TIAA that your account has been officially closed. Sometimes a small cash balance or residual shares might remain, requiring a final sweep.
Manage Your New Account:
Set up online access and any desired alerts.
Explore Fidelity's platform, tools, and research capabilities.
Consider setting up automatic investments if that aligns with your strategy.
10 Related FAQ Questions: How to Transfer TIAA to Fidelity
Here are some common questions you might have about transferring your TIAA account to Fidelity, along with quick answers.
How to start the TIAA to Fidelity transfer process?
You start by opening an appropriate Fidelity account (if you don't have one) and then initiating an account transfer request (ACAT) through Fidelity's website or by contacting Fidelity directly.
How to transfer TIAA 403(b) to Fidelity?
For a TIAA 403(b), you will generally initiate a direct rollover from TIAA to a Fidelity IRA (e.g., a Rollover IRA). Contact TIAA to get their specific rollover forms and instructions, providing them with Fidelity's receiving account details.
How to check the status of my TIAA to Fidelity transfer?
You can usually check the status of your transfer by logging into your Fidelity account and navigating to their "Transfers" or "Account Status" section, where they often provide an online transfer tracker.
How to transfer TIAA Traditional Annuity to Fidelity?
TIAA Traditional Annuities are proprietary products and typically cannot be transferred "in-kind" like stocks. For retirement annuities, you'll generally perform a direct rollover to a Fidelity IRA, but you may need to annuitize or surrender portions, potentially incurring fees. Always contact TIAA directly to understand your options and any surrender charges.
How to avoid taxes when transferring TIAA to Fidelity?
To avoid taxes on a transfer from a retirement account (like a 403(b) or 401(a)), ensure it's a direct rollover from TIAA to a Fidelity IRA. For taxable accounts, an "in-kind" transfer of securities generally avoids immediate taxable events, as long as the assets aren't sold.
How to find my TIAA account number for the transfer?
Your TIAA account number can be found on your TIAA account statements, online when you log in to your TIAA account, or by contacting TIAA customer service.
How to transfer TIAA mutual funds to Fidelity?
If your TIAA mutual funds are held in a standard brokerage or mutual fund account (not within an annuity), they may be transferable "in-kind" via Fidelity's ACAT transfer form. Confirm with Fidelity if they are eligible for in-kind transfer.
How to handle TIAA fees during the transfer?
Before initiating the transfer, contact TIAA to inquire about any potential fees, surrender charges, or administrative costs associated with transferring or liquidating your specific TIAA products. Factor these into your decision.
How to close my TIAA account after transferring to Fidelity?
If you've completed a full transfer of all assets, Fidelity will typically close the TIAA account automatically. However, it's a good practice to follow up with TIAA directly after the transfer is complete to confirm the account closure and ensure no residual balances remain.
How to update beneficiaries after transferring from TIAA to Fidelity?
After the transfer is complete and your assets are at Fidelity, it is absolutely crucial to log in to your Fidelity account and update your beneficiaries for each of your new Fidelity accounts. Beneficiary designations do not transfer automatically.