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Loan and Hardship Withdrawals
  • An eligibility certificate is required before your vendor will be able to process a distribution request. If you need a loan or hardship distribution, visit the Retirement Manager website to obtain an eligibility certificate prior to completing your 403(b) distribution paperwork.

    Click here to access Retirement Manager. Use your Social Security Number as your Login ID.
403(b) Withdrawals & Loans


Generally, you can withdraw your account balance if any of these events apply:

Your retirement  

Your death  

Your disability  

Separation from service  

Immediate financial hardship  

You attain age 59½ or older

You must begin taking distributions when you reach age 70½ or retire from the employer sponsoring the plan, whichever occurs later.

To the extent permitted by the applicable investment option, you may elect to receive a distribution of all or a portion of the amount held in your rollover account at any time.

Remember that income tax is due at withdrawal, and withdrawals from your 403(b) account prior to age 59½ are subject to federal restrictions and a 10% federal tax penalty.

Hardship withdrawals

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:

Medical expenses for you, your spouse or your dependent

Expenses directly related to the purchase of your principal residence

Tuition, fees, room and board, for post-secondary education for the next 12 months for you, your spouse, your children, or your dependents

Amounts required to prevent eviction from, or foreclosure on, your principal residence

Funeral expenses for your deceased parent, spouse, children or dependents

Repairs for uninsured or underinsured damage to your home due to theft, fire, storm or other casualty

If you feel you are facing a financial hardship, you should see your financial advisor for more details including important information regarding required documentation.


The plan is intended to help you put aside money for your retirement. However, your employer has included a plan feature that enables you to access the money from the plan tax-free without permanently reducing your account.

All loans will be limited to the lesser of: one-half of your vested account balance or $50,000, across all plans of your employer. 

The minimum loan amount is $1,000. 

All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.

You can have only one loan outstanding at a time. 

You pay interest back to your account. The interest rate on your loan will be fixed with 1% above Prime Rate.

A $50.00 processing fee for all new loans and a $50.00 per year maintenance fee are charged to your account.

A participant receiving a loan from the plan must enter into an Automated Clearing House (“ACH”) debit agreement to repay the loan from the participant’s personal bank or savings account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if the employee is under age 59½. For additional information regarding loans, please see your financial advisor.