Accessing 403(b) Funds
This information is general guidance on when a plan participant has access to their funds. Access to funds is determined by your employment status with the University, including if you transition into or have a bona fide termination/rehire into a non-benefits or benefits-eligible role, and your age.
Northwestern University has two 403(b) retirement savings plans:
- Retirement Plan
- Voluntary Savings Plan
The Retirement Plan may consist of both University and employee contributions; the Voluntary Savings Plan only consists of your own contributions. You should contact Fidelity and/or TIAA and reference the Summary Plan Description (SPD) for clarification, or for more information on when you may have access to your funds:
- Fidelity: Call 800-343-0860 or schedule a meeting online
- TIAA: Call 800-842-2252 or schedule a meeting online
Taking a Distribution
Rollover contributions
An employee may withdraw all or a portion of their rollover contributions (e.g., funds in Northwestern’s plan but originally contributed to another retirement vehicle) at any time regardless of employment status or age. You may be subject to tax penalties if you are under age 59.5. Contact Fidelity and/or TIAA directly for more information.
Employed in a benefits-eligible capacity
Employees who have contributed to the Retirement Savings Plan and/or Voluntary Savings Plan may begin taking a distribution of their own funds starting at age 59.5 without penalty but are not required to do so. They may not take a distribution on any contributions made by the University. Contact Fidelity and/or TIAA directly for more information.
Employed in a non-benefits eligible capacity
Employees who have contributed to the Retirement Savings Plan and/or Voluntary Savings Plan may begin taking a distribution of their own funds and University funds (if any) starting at age 59.5 without penalty. If they have funds in the Retirement Savings Plan and are age 72 or older, they will be required to take a Required Minimum Distribution (RMD). Contact Fidelity and/or TIAA directly for more information.
Not employed by the University
When paid employment with the University ends (for any reason), you may take a distribution from the Plans. Contact Fidelity and/or TIAA directly for more information. If they are age 72 or older, they may be required to take a Required Minimum Distribution (RMD). Contact Fidelity and/or TIAA directly for more information.
Taking a Required Minimum Distribution (RMD)
Employed in a benefits-eligible capacity and age 72 or older
Employees may delay taking an RMD from the:
- Retirement Plan if they are employed by the University in a benefits-eligible capacity. If they transition to or are rehired into a non-benefits eligible role, an RMD is required.
- Voluntary Savings Plan if they are currently in a paid position with the University.
Employed in a non-benefits eligible capacity and age 72 or older
For funds in the Retirement Plan, an RMD will be required. Funds in the Voluntary Savings Plan are not subject to RMD if employed in a paid position with the University.
Loans and Hardship Withdrawals
Because eligibility is managed by your recordkeeper, you must contact Fidelity and/or TIAA directly.