Announcements & Features: Retirement Plan Cash Withdrawal and Rollover Policy Changes
October 14, 2003
The University of Michigan has changed the cash withdrawals and rollover provisions under the Basic Retirement Plan. Effective immediately, if you have terminated your employment with the university you may elect a withdrawal or rollover of your 5% employee contributions plus earnings regardless of your age. Instructions for electing a withdrawal or rollover are below.
The following provisions have not changed:
- Withdrawals and rollovers are not available to active employees of the university.
- The university contributions and earnings are available for withdrawal or rollover for terminated employees age 55 or older.
- Official university retirees may withdraw or rollover employee and university contributions plus earnings at any age.
For More Information
If you would like more information, would like to request an application for a withdrawal or rollover, or have questions on how to complete the applications, please contact:
- TIAA-CREF at 1-800-842-2776
- Fidelity at: 1-800-343-0860
Where to Return Forms / How to Elect a Withdrawal or Rollover
- Contact TIAA-CREF or Fidelity at the above phone numbers to obtain a form to elect a withdraw or rollover.
- Complete the form, including amount requested, and direct deposit information (if desired). Be sure to include account information if you are electing a rollover to an IRA.
- Disregard the “Employer Authorization and Termination Date” section.
- Return all forms directly to TIAA-CREF or Fidelity.
- The employer authorization and termination date have already been supplied to both TIAA-CREF and Fidelity for former university employees who have accumulations with their respective investment carriers.
- Returning withdraw and rollover forms to the Benefits Office for signature on the “Employer Authorization and Termination Date” section is not needed and will delay processing.