Overview
The ability to take a cash withdrawal or loan from your U-M retirement savings plans depends on a number of factors including the plan type, your age, the reason for withdrawal, and if you are a current employee, a former employee or U-M retiree. In some cases you may be subject to taxes and penalties. Talk with a tax professional or financial advisor and ask questions so that you understand the limitations, requirements and consequences before you take any action.
Compare Your Options for Cash Withdrawals and Loans
Following are overviews of your options for making withdrawals or receiving loans from each plan type. For details, see Eligibility and Procedures for Cash Withdrawals and Loans.
Work Status | Cash Withdrawals | Loans |
---|---|---|
Current Employee | Not Available | Not Available |
Former Employee | Employee contributions and earnings at any age, university contributions and earnings at age 55 or older | Not Available |
U-M Retiree | At any age | Not Available |
Rehired Retiree or Rehired Former Faculty or Staff Member |
At age 59½ or older, if you are rehired into a job title that is not eligible to participate in the Basic Retirement Plan The following job titles are not eligible to enroll in the Basic Retirement Plan and may take a cash withdrawal or rollover at age 59½ or older as a rehired retiree or rehired former faculty or staff member:
The following job titles are eligible to enroll in the Basic Retirement Plan and cannot take a cash withdrawal or rollover at any age as a rehired retiree or rehired former faculty or staff member:
|
Not Available |
Work Status | Cash Withdrawals | Loans |
---|---|---|
Current Employee |
At age 59½ or older; hardship; disability |
At any age |
Former Employee | At any age | Fidelity 403(b) SRA only |
U-M Retiree | At any age | Fidelity 403(b) SRA only |
Rehired Retiree or Rehired Former Faculty or Staff Member | At age 59½ or older; hardship; disability | At any age |
Work Status | Cash Withdrawals | Loans |
---|---|---|
Current Employee | At age 59½ or older; one-time withdrawal if account is less than $5,000 when specific conditions are met. See below for details. | At any age |
Former Employee | At any age | Fidelity 457(b) only |
U-M Retiree | At any age | Fidelity 457(b) only |
Rehired Retiree or Rehired Former Faculty or Staff Member | At age 59½ or older; one-time withdrawal if account is less than $5,000 when specific conditions are met, regardless of age. See below for details. | At any age |