TSS - Retirement Plan Vendor Distributions (Withdrawals/Rollovers/Loans)

Retirement Plan Vendor Distributions (Withdrawals/Rollovers/Loans)

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First Published  :Wed Apr 15 15:40:17 GMT 2015
Last Modified  :Tue Sep 03 15:54:23 GMT 2019
Last Published  :Tue Sep 03 15:54:23 GMT 2019
Summary :  A reference for separated employees or active employees 60 years or older who have participated in the 401(a) and/or 403(b) retirement plans.

Response

Primary Information

    The Tufts University funded Retirement Plan 401(a) and the Self-Funded retirement plan 403(b) can help you build savings for your retirement years.  For more information on the specifics of your 401(a) and/or 403(b) plans, please see the Summary Plan Description


    Rollovers:
    The Tufts-Funded Retirement Plan 401(a) does not accept "rollover" contributions from a previous employer’s eligible retirement plan or an individual retirement account ("IRA").

    To the 401(a) – Employees cannot contribute to the 401(a) plan. This plan is Employer-Source (Tufts) only.

    From the 401(a) - In some cases, once you are vested, you may elect to have distributions that would have been paid directly to you rolled over into another employer’s retirement plan or individual retirement account or annuity (IRA).

    In order to make a rollover request from your 401(a) plan into another plan, you must request the paperwork from the appropriate vendor, Fidelity or TIAA.  If you are an active employee, you can see which vendor you selected by looking on your eServe account.Under most circumstances, if you are an active employee, you cannot roll over your accounts into another plan until Separation, unless you are 60+.  Please see the
    Summary Plan Description for more details

    To the Self-Funded 403(b) - Through the 403 (b), you may be able to take "rollover" contributions from a previous employer’s eligible retirement plan or an individual retirement account ("IRA")  into your Tufts 403(b) account.

    From the 403(b) - In some cases, under the 403 (b), if you are a separated employee, you may elect to have distributions that would have been paid directly to you rolled over into another employer’s retirement plan or individual retirement account or annuity (IRA). Under most circumstances, if you are an active employee, you cannot roll over your accounts into another plan until Separation, unless you are 59 ½. .  Please see the
    Summary Plan Description for more details.

    In order to make a rollover request to or from your 403(b) plan you must request the paperwork from the appropriate vendor.  If you are an active employee, you can see which vendor you selected by looking on your eServe account. 


    Withdrawals:
    401(a) Tufts University Self-funded- In general, you may not take "withdrawals" from the 401(a) Basic Retirement Plan while you are active (still employed by the University). However, if you remain employed by the University after your Normal Retirement Date (e.g., your 60th birthday), you may elect to withdraw amounts from your 401(a) Basic Retirement Plan.

    Once you terminate your employment due to Separation or Retirement, and you are vested, you may withdraw all or part of your 401(a) plan funds.

    403(b) Self-Funded Retirement Plan - In general, you may not receive benefits from the 403(b) Voluntary Retirement Plan while you are active (employed by the University). However, the following exceptions apply:

    Withdrawals after Age 59½
    Hardship Withdrawals
    Qualified Domestic Relations Orders (QDRO)
    Otherwise,  once you terminate your employment due to Separation or Retirement, you may elect to withdraw amounts in your 403(b) Voluntary Retirement Plan account.

    Loans or Hardships:
    You may not take a loan against your 401(a) account. In order to take a loan or hardship withdrawal from your 403(b) plan, you must request paperwork from the appropriate vendor.  You can see which vendor you selected by looking on
    eServe.

    Please note:  Only active employees are eligible to apply for loans against their 403(b) account. 


    Fidelity:  (800) 343-0860 or visit the Tufts Microsite at www.netbenefits.com/tuftsuniversity
    TIAA:  (800) 842-2776 or visit the Tufts Microsite at www.tiaa.org/tuftsuniversity  *Effective May 6, 2019 TIAA will be paid $75 for each new general purpose Retirement Plan Loan initiated and $125 for each residential loan initiated.  The full loan amount will be deducted from the participant's account and the fee is reduced from the proceeds of the  loan check. In addition, there is an annual maintenance fee of $25 for each active loan which is deducted from the participant's account on the anniversary of the loan.  If you have any questions regarding 403(b) loans, please contact TIAA directly at 800-842-2776.

    Withdrawal/Roll over forms are distributed by the respective retirement plan vendor (TIAA/Fidelity,) employee or former employee completes form, and then returns it to the same vendor. Tufts University does not need to provide sign off on these forms.  

    If you are uncertain about an item on a form, please contact the vendor (TIAA or Fidelity) directly for assistance in completing the section.

     

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Keywords

    Retirement plans, 401(a), 403(b), Voluntary, Transfer, Rollover, Loan, Withdrawal, Change, Moving Funds, Distributions, 1099-R, 1099R