How do I withdraw from my MSU Retirement Plans?

403(b) Retirement Plan Withdrawal and Loan Information

Cash withdrawals are allowed from the 403(b) plan on or after retirement, termination or resignation, regardless of age or length of employment. You are not required to take a distribution following separation of service; you may maintain your account until you are ready to receive income. However, the 403(b) plan is subject to Minimum Distribution Requirements as defined by the Internal Revenue Service.

Distributions are taxed as income in the year received, and may be subject to an IRS 10% penalty. You may want to consult a tax professional for advice prior to taking a distribution. To request a distribution, contact your investment vendor, for forms, procedures and available amounts.

In-service distributions from the plan are allowed only for individuals who are 59 1/2 years of age or older or due to disability.

Loans are available on this plan, under certain provisions.

Additional information is provided below:

457(b) Deferred Compensation Plan Withdrawal and Loan Information

Cash withdrawals are allowed from the 457(b) Plan on or after retirement, termination or resignation regardless of age or length of employment. You are not required to take a distribution following separation of service; you may maintain your account until you are ready to receive income. However, the 457(b) Plan is subject to Minimum Distribution Requirements as defined by the Internal Revenue Service. 

Distributions are taxed as income in the year received. You may want to consult a tax professional for advice prior to taking a distribution. To take a distribution, contact your investment vendor, for forms, procedures and available amounts.

In-service distributions are allowed only for individuals who are age 70 1/2 or for an unforeseeable emergency, as defined by the Internal Revenue Service.

Loans are available from this plan.  Contact your investment vendor for details.

Additional information is provided below:

 

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