403(b) Savings Plan

Tools and Resources



ACCESSING FUNDS

If you need to take a distribution from your 403(b) Savings Plan while you are an Emory employee, there are several options available. An overview of these options is provided below. Refer to the Summary Plan Description for more complete details.

1. Plan Loan

Enables you to withdraw your own contributions and any Emory matching funds which are vested to cover certain medical, educational, real estate or personal purchase items. Plan Loans are repayable through direct debit of your checking or savings account over the timeframe of the loan and do not require you to cease participating in the plan during the term of the loan. No penalties are incurred by participants accessing their money, unless, they default on the repayment of the loan in which case the remaining balance will be treated as a distribution subject to all IRS penalties and taxes. Once all forms are completed/submitted to the appropriate retirement plan vendor, this process typically takes ten (10) business days.

NOTE: Options are for Fidelity Investments and TIAA only. Loans are not available through Vanguard.

 

2. Hardship Withdrawal

Enables you to withdraw your own contributions which are vested to cover certain medical, educational, home purchase or repair items. Hardship withdrawals cannot be repaid; are subject to IRS penalties for early withdrawal; are taxable to the participant; and, require that you cease participation in the plan for six months. Hardships require proof and documentation. All loans must be taken before a hardship. Once all forms are completed/submitted to the appropriate retirement plan vendor, this process typically takes seven (7) business days.

* After 6 months, if you wish to resume your contributions, you must go to the 403b Savings Plan on Self-Service and elect your contribution amount.

 

3. In-Service Withdrawal

Available to employees who have reached 59 ½ years of age. These are not subject to IRS penalties for early withdrawal; and, do not require you to cease participation in the plan. You are able to withdraw ONLY your own contributions to the plan. Withdrawals are taxable to the participant at the time they are received. In-Service Withdrawals must be taken before all Hardships. Once all forms are completed/submitted to the appropriate retirement plan vendor, this process typically takes seven (7) business days.