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Retirement Savings Plans

Benefits Plans Home
Retirement Savings Plans Home
Basic Retirement Plan
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Cash Withdrawals
QDRO
Your Tax Deferring Limit
Federal Income Tax
Michigan Income Tax
IRS 10% Penalty
Myths and Misconceptions
Military Leave
MPSERS
Your Retirement Income Choices
How to Choose a Financial Planner
IRS/SRA Max Limit Handbook
Glossary
Your W-2
Temps


Questions

Contact Us
HR/Payroll Service Center

 

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Cash Withdrawals

Current Employees
Click here for information on the available options for cashing out retirement contributions while you are still employed with the University.

Former Employees
Click here for information on the available options for cashing out retirement contributions once you have terminated your employment with the University.

Active Duty Military Reservists
Military reservists called to active duty can receive payments from their individual retirement accounts, 401(k) plans and 403(b) tax-sheltered annuities, without having to pay the early-distribution tax, according to the Internal Revenue Service (Sept. 28, 2006). For more information, please refer to the IRS Web site at http://www.irs.gov/newsroom/article/0,,id=163054,00.html

Summary of Your Cash Withdrawal Options
  Basic Plan SRA
Cash Withdrawals*    
Current Employee Not Available
Former Employee

Employee contributions and earnings at any age

University contributions and earnings at age 55 or older

Withdrawals available at any age

Loans

*Note: Income tax is due on withdrawals, and an IRS 10% penalty generally applies to withdrawals made prior to age 59½.

 


 

 

Every effort has been made to ensure the accuracy of the benefits information in this site. However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. The University in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their spouses, partners, and dependents. 

©2002 University of Michigan Human Resources and Affirmative Action | Benefits Office | Wolverine Tower - Low Rise G250, 3003 South State Street, Ann Arbor MI 48109-1278 | Fax (734) 763-0363