TIAA has my pension $ but won't talk to non-US resident

I am a US-UK dual citizen living in Scotland. I have been talking on the phone to TIAA about taking my pension. Recently I called and asked a question; the rep wouldn’t talk to me and then sent me an email saying they were not licensed to give advice to me as I was not a US resident. I was not asking for advice, but I wonder if this is why I’ve been having so much trouble getting any answers from them  I don’t know if they are going to refuse to keep my accounts now. Quite a bit of my pension money is in TIAA Traditional (fixed), and I can’t get that money out any faster than 10 payments spread out over 10 years.  Anyone else had this problem with TIAA?

No experience or advice with TIAA I'm afraid, what a pain to have to go through this.

Before leaving the USA I did move my 401k plan into an IRA with a brokerage that does support overseas investors.  Any chance of doing doing that now with your TIAA account?  It is a non-taxable event if it can be done and you can then begin drawdown at your own pace.

ETA
Having said that, I doubt you will be able a new IRA account at any US brokerage or bank from overseas, but maybe someone else has some advice.

I can get my variable account money out as a lump sum, but the fixed account money can only be withdrawn as an annuity or as a series of payments spread over 10 years.  If they will send me the forms to fill out to get it as an annuity then I will do that, but I'm having a rough time getting them to answer even the simplest question about the forms. They have said in writing that they cannot "support" me any more as I don't live in the US.

I can get my variable account money out as a lump sum, but the fixed account money can only be withdrawn as an annuity or as a series of payments spread over 10 years.  If they will send me the forms to fill out to get it as an annuity then I will do that, but I'm having a rough time getting them to answer even the simplest question about the forms. They have said in writing that they cannot "support" me any more as I don't live in the US.

Will they be able to pay the money into a UK account?

You can set up a USD Wise account from the UK  with US routing and account number if you don’t have a US bank account to receive the funds.

I can get my variable account money out as a lump sum, but the fixed account money can only be withdrawn as an annuity or as a series of payments spread over 10 years.  If they will send me the forms to fill out to get it as an annuity then I will do that, but I'm having a rough time getting them to answer even the simplest question about the forms. They have said in writing that they cannot "support" me any more as I don't live in the US.

That's awful. When Wells Fargo Bank decided they no longer wanted overseas customers at least they were somewhat sympathetic and helpful when closing the accounts.

Maybe the forms you need are available on their website and it might just be a case of downloading them yourself then submitting them?

Is there a professional body you can threaten them with, like the equivalent of the financial ombudsman, if they continue to be so obstructive?

Yes, I can get the money paid into either my US or my UK bank account. It's a difficult situation as at first they told me that I needed to speak to a specialist team which dealt with complex pension contracts issued by certain states and universities, and then they told me they wouldn't support me any more.  And I'm locked into these long-term contracts, some of which date back many decades.

Oh, gosh.  I have some money with TIAA (courtesy of my most recent employer). I had been considering moving it to Fidelity, and this pretty much has tipped the scales over to that. I don't know that Fidelity would treat you any better, but to not even TALK to you is just beyond the pale! 

Yes, I can get the money paid into either my US or my UK bank account. It's a difficult situation as at first they told me that I needed to speak to a specialist team which dealt with complex pension contracts issued by certain states and universities, and then they told me they wouldn't support me any more.  And I'm locked into these long-term contracts, some of which date back many decades.

Big hugs!  But a non-US resident drawing funds IS VERY complex.  That’s why they won’t talk.  If they give you any wrong advice, they are on the hook to fix it.  I 100% get that your question may be “Is it raining?” but the litigious nature of tax and investment advice coupled with FATCA, have made us USC’s pay the price.  Many of the financial institutions want to steer clear of having FATCA exposure.  Bring compliant is far too high an expenditure.

I get that this is probably all FATCA-related.  But I feel as though they've kidnapped my money.  How do I get it out of them if they won't talk to me?  They just keep dodging my phone calls and saying they'll refer me to someone else who will call me back but never does.   And someone there has to ok all the forms before they will even send them out to me.  Is there a financial watchdog or ombudsman in the US that I can complain to?  I presume the SEC would be hopeless.

Oh, gosh.  I have some money with TIAA (courtesy of my most recent employer). I had been considering moving it to Fidelity, and this pretty much has tipped the scales over to that. I don't know that Fidelity would treat you any better, but to not even TALK to you is just beyond the pale!  >:(

My husband has a small account with Fidelity that was set up by the University of California, and we've never had any trouble with it.  They've always been very helpful.

My husband has a small account with Fidelity that was set up by the University of California, and we've never had any trouble with it.  They've always been very helpful.

+1

Only ever heard good things about Fidelity and my wife's IRA was with them for many years before we decided to move back and we rolled it into Vanguard in 2016 where our other accounts were. At the time it didn't look like they were set up for easy online access from overseas but I think that has changed now.  Other than doubts about easy access from overseas we had nothing but good things to say about Fidelity.

I get that this is probably all FATCA-related.  But I feel as though they've kidnapped my money.  How do I get it out of them if they won't talk to me?  They just keep dodging my phone calls and saying they'll refer me to someone else who will call me back but never does.   And someone there has to ok all the forms before they will even send them out to me.  Is there a financial watchdog or ombudsman in the US that I can complain to?  I presume the SEC would be hopeless.

FATCA applies to money held in foreign institutions so US based companies have no FATCA compliance issues as they only hold US domestic accounts and already report into the IRS. Their issue is simply having overseas customers I'm sure, and you certainly would not be able to open a new account without being a US resident.

We used to have a bunch of money in I-Bonds through US Treasury Direct but when I checked their website it was quite clear that only US residents could have I-Bonds so we were forced to cash out all those before we left as well.

I have Fidelity accounts from my days at the University of California, and they were wonderful to work with while I was overseas and continue to be so. (I just spoke to them about starting the process to pull my TIAA acounts and roll them into my Fidelity accounts.) I don't know how they would treat your situation, but my experience with them has been exellent.

Looking for "who can i contact" for you, generically:  The Dept of Labor -  https://www.sec.gov/401k


Thank you for contacting the U.S. Securities and Exchange Commission

The U.S. Securities and Exchange Commission administers and enforces the federal laws that govern the sale and trading of stocks, bonds, mutual funds, and other securities.

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has oversight of 401(k), pension and retirement plans. If you have a question or complaint involving your 401(k), pension or retirement plan, please contact:

U.S. Department of Labor
Employee Benefits Security Administration
Division of Technical Assistance and Inquiries
200 Constitution Avenue, NW, Room N5625
Washington, D.C. 20210
Toll-Free: 1-866-444-EBSA (3272)
Phone: (202) 219-8776

Thank you!  I will try again to talk to TIAA, and if necessary mention the possibility of my contacting the SEC at this address.

You know, if it was me, I'd call the SEC hotline first and describe what's going on, and ask what my rights are. Then I'd call TIAA and mention I'd already been in contact with the SEC, who told me XYZ, and that I'd  prefer to not have to file a formal complaint but will do so if my questions are not answered - immediately.

But that's just me.  I like to know all my options so I'm negotiating from a point of strength.

Best of luck with them. If I can make any calls and/or get any info on processes for you I do have  (supposedly) a dedicated TIAA rep through my old place of employment and I'm happy to phone her and ask for you.