Retirement Plan in Uncertain Times
Enroll in a 403(b) and/or 457(b) Plan account or change an existing election though UBenefits. Visit UBenefits at: https://hr.apps.utah.edu/ubenefits.
We recognize that during these times of uncertainty employees are concerned about their current finances as well as their retirement savings.
Fidelity Investments resources:
- Fidelity Viewpoints articles about long-term savings & volatility (including a piece on Coronavirus): https://www.fidelity.com/viewpoints/market-and-economic-insights/uncertain-times
- www.fidelity.com/volatility - new content daily
- 6 Tips to Navigate Volatile Markets
- Coronavirus and Investors
TIAA resources:
- TIAA overall market commentary - This is good page to post for those looking for updated market commentary.
- TIAA market jitters perspective - Timely article that addresses overall investing during this current market
- TIAA how to weather stock market volatility article
- Diversification video - This is a video about the importance of diversification during any market, that is relevant today.
- Investing for long term goals video - Video about staying focused on the long term goals of your retirement strategy.
- Three Strategies for Staying on Track
- Diversification and Market Volatility
Information for employees who are considering retirement plan withdrawals:
Loans: Loans are available through both Fidelity Investments and TIAA for employee contributions to the 403(b) and 457(b) Plans.
- Apply for loans directly through the investment provider
- Loans are not available in the 401(a) employer contribution plan or in the URS plan
- Limit of two loans per account
Withdrawals from Accounts:
- Employees who are currently employed by the University cannot withdraw from the 401(a) Plan
- Employees who are currently employed by the University may only withdraw from the 403(b) Plan if they are age 59 1/2 years of age or older and from the 457(b) Plan if they are age 70 ½ years or older
- Employees who are no longer employed by the University may withdraw from all plans after they have been separated from the University for 32 days or more.
Hardship Withdrawals:
Each plan has different rules for hardship withdrawals. For a withdrawal that meets the requirements,
employees should apply through their investment provider and complete the HR form. Back-up paperwork
must be provided to HR showing the hardship. Back-up paperwork can be sent electronically to
AskHR@utah.edu. If you are not able to scan documents, take
a picture of the documents with your phone and send the photo.
403(b) Plan
- Hardship withdrawals available for the following:
- To pay medical expenses
- To make a cash payment toward the purchase of a principal residence
- To pay tuition, room and board for the next 12 months of post-secondary education
- To make payments necessary to prevent eviction or foreclosure
- To make payment for burial or funeral expenses
- To repair damage to my principal residence that would qualify for the casualty deduction under IRS regulations
- • HR 403(b) Withdrawal form: https://www.hr.utah.edu/forms/lib/Hardship403b.pdf
457(b) Plan
- Hardship withdrawals available for the following:
- To pay sudden and unexpected illness or accident expenses
- For loss of my property due to casualty.
- For funeral expenses
- Expenses in connection with imminent foreclosure or eviction
- HR 457(b) Withdrawal form: https://www.hr.utah.edu/forms/lib/Hardship457b.pdf
401(a) Plan (Employer contributions)
- Hardship withdrawal eligibility: Only employees age 59 1/2 years of age or older with an eligible hardship (not available for employees under age 59 1/2)
- Hardship withdrawals available for the following:
- To pay medical expenses
- To make a cash payment toward the purchase of a principal residence
- To pay tuition, room and board for the next 12 months of post-secondary education
- To make payments necessary to prevent eviction or foreclosure
- To make payment for burial or funeral expenses
- To repair damage to my principal residence that would qualify for the casualty deduction under IRS regulations
Contact HR at AskHR@utah.edu if you meet the eligibility requirements above, to receive an HR form to complete.
| One-on-One Counseling Sessions for University Employees | Fidelity Investments and TIAA are both taking steps to ensure the safety of employees. In light of the impacts of the coronavirus, they will be converting their in-person counseling sessions to either phone or virtual counseling. Both companies will be reaching out directly to all participants who previously scheduled appointments. During these volatile markets, employees are encouraged to schedule a counseling session with one of their registered representatives. Representatives can talk with employees to review investment options and help determine if they are on track to reach retirement goals. Individual consultations are provided at no cost to employees. | |
| Fidelity Investments Phone: 1-800-343-0860 www.fidelity.com/atwork/reservations |
TIAA Phone: 801-883-5100 (in SLC) Phone: 800-842-2252 (Regional) www.tiaa.org/schedulenow |
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