NEW YORK -- TIAA-CREF imposed new regulations designed to discourage participants from making excessive account transfers. People who make four or more transfers out of any account, other than money market, within a calendar month will receive a warning letter. Anyone who again makes four or more transfers within a calendar month will be suspended from making further transfers via phone, fax or the Internet for six months. Written requests for transfer will continue to be honored.
The measure is aimed at curbing the excessive trading habits of about 1,000 of 2 million participants, said Jim Tolve, spokesman.