UNIVERSITY OF MASSACHUSETTS

Your failure to comply with the prescribed limits can result in taxes, penalties, and interest charges from the IRS. You should contact your 403(b) Plan carrier for assistance in determining your maximum contribution each year. You may stop or restart the amount of your contributions anytime during the year by signing a new Salary Reduction Agreement.

• 59½ in Service
  
  You generally can withdraw funds, attributable to elective deferrals, from your account while still employed once you have reached age 59½. The amount you can withdraw is subject to your plan's rules.
   
• Disability
  
  As permitted by your plan, you can withdraw elective deferrals and earnings from your retirement plan while employed by your institution but not working due to a disability.
  
  
  • To qualify you must be totally and permanently disabled, and the deferrals and earnings must have been credited to your plan on or after January 1, 1989.
     
  • Disability withdrawals are not subject to the 10% IRS penalty on withdrawals prior to age 59½.
     
• Fixed Period
  
  You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy).
  
  
  • Payments stop at the end of the period, during which you will have received all your principal and earnings.
     
• Hardship Distribution
  
  If your plan permits, you can withdraw your elective deferrals (but not earnings) due to financial hardship while still employed.
  
  
  • Generally, you must show an immediate, significant need that cannot be met with other resources, including loans from your retirement plan.
     
• Lifetime Retirement Income
  
  
  • One-life annuity — provides income for as long as you live.
     
  • Two-life annuity — provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
     
  • One- or two-life annuity with guaranteed period — guarantees income for up to 20 years, as long as the period you choose does not exceed your life expectancy. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you (one-life annuity) or both you and your annuity partner (two-life annuity) die before the end of that period.
     
• Lump Sum
  
  You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts.
  
  
  • Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking 10 annual payments under those terms.
     
• Minimum Distribution Option
  
  Generally, you must begin taking minimum withdrawals from your account by April 1 following the year in which you turn age 70½ or retire, whichever is later.
  
  
  • This can help you defer the minimum required distribution while keeping you in compliance with federal regulations.
     
• Rollover
  
  If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA).
  
  
  • Direct rollovers — from one account to another — are nontaxable and not reported as income to the federal government. Your plan's rules specify when you are eligible for a distribution.