What withdrawal restrictions apply to my University 403(b) accounts?
While you are employed by the University, the IRS has withdrawal restrictions that apply to 403(b) plan participants. You may generally draw benefits when these events occur: • you become disabled; • you face a financial hardship; or • you are older than age 59 1/2. The IRS considers a financial hardship to include the purchase of your principal residence, payments needed to prevent your eviction, and tuition payments for dependents’ post secondary education. You may draw only your contributions from the plan for purposes of a hardship. The investment earnings must remain in your account until some other event, such as attaining age 59 1/2 or termination of your service with the University. Your account balances (contributions and interest) in a TDA Plan Annuity as of December 31, 1988, are not subject to these withdrawal restrictions and may be drawn at any time for any purpose. Your distribution will be treated as a hardship withdrawal if you reasonably represent to the University th
