Distributions, Transfers and Rollovers
The primary purpose of a retirement savings account is to build a financially secure future for you and your family. The retirement plans include provisions regarding when you can request a distribution from the plan during Ohio State employment and after separation from Ohio State service. The following information outlines the types of distribution for the Ohio State retirement plans and how distributions work.
Accessing Your Funds
The table below provides information about accessing funds during Ohio State employment for the Alternative Retirement Plan (ARP), 403(b)/457(b) Supplemental Retirement Plans, Retirement Continuation Plan (RCP) and 415(m).
Ohio Public Employees Retirement Plan (OPERS) and State Teachers Retirement Plan (STRS) accounts are managed by the respective state retirement plan. Visit the OPERS website and STRS website for information on eligible distributions.
| Distribution | ARP 401(a) | 403(b) | 457(b) | RCP 401(a) | 415(m) |
|---|---|---|---|---|---|
| Loan1 | No | Yes, if permitted by the applicable funding vehicle (Loans are not available at legacy providers) | No | No | No |
| Hardship / Unforeseeable Emergency | No | Yes, hardship distributions are permitted if permitted by the applicable funding vehicle (Hardships are not available at legacy providers) | Yes, unforeseeable emergency distributions are permitted (Unforeseeable emergency withdrawals are not available at legacy providers) |
Yes | No |
| Disability | Yes | Yes | No | Yes | No |
| Age 59½ | No | Yes | No | No | No |
| Required Minimum Distributions (RMD) | Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73 | Yes, but not required while actively employed. RMD no longer required from Roth Accounts |
Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73. RMD no longer required from Roth Accounts2 |
Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73 | No |
| Qualified Domestic Relations Order | Yes | Yes | Yes | Yes | No |
| Service Credit Purchase | No | Yes. Governmental plan may not accept Roth contributions toward purchase. | Yes. Governmental plan may not accept Roth contributions toward purchase | No | No |
| In-Plan Roth Rollovers | N/A | Yes | Yes | N/A | N/A |
| Transfer Between Plan Providers and Investment Options | Yes | Yes | Yes | Yes, to Fidelity only | Yes, to Fidelity only |
| Rollover to OSU Plan | Yes | Yes | Yes | Yes | No |
| Note: This table provides a brief description of eligible distributions and the movement of account funds under the university’s retirement plans and are subject to the terms and conditions of the applicable retirement plan. Please see the applicable retirement plan document for specific and detailed information. In the event of a conflict between the table and a retirement plan, the terms of the retirement plan will govern.
1 To be eligible for a loan, you must have a total account balance of at least $2,000 under the plan. The minimum amount of any loan you can request is $1,000. 2 Ohio Deferred Compensation (ODC) RMD rules may differ. Contact ODC for more information. |
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The table below provides information about accessing funds after Ohio State employment for the Alternative Retirement Plan (ARP), 403(b)/457(b) Supplemental Retirement Plans, Retirement Continuation Plan (RCP) and 415(m).
Ohio Public Employees Retirement Plan (OPERS) and State Teachers Retirement Plan (STRS) accounts are managed by the respective state retirement plan. Visit the OPERS website and STRS website for information on eligible distributions.
| Distribution | ARP 401(a) | 403(b) | 457(b) | RCP 401(a) | 415(m) |
|---|---|---|---|---|---|
| Separation from Service | Yes, based on investments selected | Yes, based on investments selected; however, penalties will apply if distribution occurs prior to age 59½ | Yes, based on investments selected | Yes, based on investments selected | Depends on distribution and commencement date elected |
| Loan1 | No | No | No | No | No |
| Hardship / Unforeseeable Emergency | No | No | No | No | No |
| Rule of 55 | No | Yes, specific conditions apply. Contact your provider for more details. | No | No | No |
| Required Minimum Distributions (RMD) | Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73 | Yes, but not required while actively employed. RMD no longer required from Roth Accounts |
Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73. RMD no longer required from Roth Accounts2 |
Yes, minimum distributions must begin April 1 of the following calendar year after reaching age 73 | No |
| Qualified Domestic Relations Order | Yes | Yes | Yes | Yes | No |
| Transfer Between Plan Providers and Investment Options | Yes | Yes | Yes | Yes, to Fidelity only | Yes, to Fidelity only |
| Rollover from OSU Plan | Yes | Yes | Yes | Yes | No |
| Note: This table provides a brief description of eligible distributions and the movement of account funds under the university’s retirement plans and are subject to the terms and conditions of the applicable retirement plan. Please see the applicable retirement plan document for specific and detailed information. In the event of a conflict between the table and a retirement plan, the terms of the retirement plan will govern.
1 To be eligible for a loan, you must have a total account balance of at least $2,000 under the plan. The minimum amount of any loan you can request is $1,000. 2 Ohio Deferred Compensation (ODC) RMD rules may differ. Contact ODC for more information. |
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How to Request a Distribution
The tool below describes how to take a distribution from your retirement account. The instructions will vary based on your reason for taking a distribution. To use the tool, select your current status, provider and plan using the drop-down menus. The result will include separate instructions for each potential purpose of a distribution.
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Plan Name distribution options for Current/Former Employees with [PROVIDER]
See provider contact information
Request an unforeseeable emergency withdrawal
Contact [PROVIDER] to discuss your eligibility. [PROVIDER] will instruct you on the necessary paperwork.
Request a loan from my 403(b) account
Contact [PROVIDER] about loan eligibility. If eligible, complete [PROVIDER] required paperwork. NOTE: Loans are only available at approved 403(b) providers. If your balance is currently at a legacy provider, you must transfer your 403(b) balance to an approved 403(b) provider to take a loan. To be eligible for a loan, you must have a total account balance of at least $2,000. The minimum loan amount is $1,000. You may only have one existing loan at a time.
Request a hardship distribution
Contact [PROVIDER] about eligibility for a hardship distribution. If eligible, complete [PROVIDER] required paperwork.
Request a distribution due to severance of employment
Contact [PROVIDER] about eligibility. If eligible, complete [PROVIDER] required paperwork. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Request a distribution due to disability
Request the distribution paperwork from [PROVIDER]. Submit completed paperwork to [PROVIDER]. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Request a distribution after obtaining age 59½.
Request the distribution paperwork from [PROVIDER]. Submit completed paperwork to [PROVIDER]. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Take a Required Minimum Distribution (RMD)
Take a Required Minimum Distribution (RMD)
Process a Qualified Domestic Relations Order (QDRO) request
QDROs are handled by your attorney and [PROVIDER] directly. Ohio State does not provide any information related to QDROs.
Purchase service credit
Contact OPERS at (800) 222-7377 or STRS at (888) 227-7877 to discuss purchasing service credit.
Request an In-plan Roth conversion within my Ohio State Plan Name account at [PROVIDER]
Contact [PROVIDER] to discuss converting your pretax balance to Roth. You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Request an In-plan Roth conversion with an approved 403(b) provider
You must transfer your balance from your current 403(b) account to an approved 403(b) provider. Choose your new 403(b) provider (Corebridge Financial, Fidelity, TIAA or VOYA) at NetBenefits. Once you ensure your new 403(b) account is established and your funds have been transferred, you can begin the conversion process. Request the provider transfer paperwork from your new provider. Submit the completed paperwork to your new provider.
You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Request an In-plan Roth conversion with an approved 403(b) provider
You must transfer your balance from your current 403(b) account to an approved 403(b) provider. Choose your new 403(b) provider (Corebridge Financial, Fidelity, TIAA or VOYA). Once you ensure your new 403(b) account is established and your funds have been transferred, you can begin the conversion process. Request the provider transfer paperwork from your new provider. Submit the completed paperwork to your new provider.
You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Request an In-plan Roth conversion with an approved 457(b) provider
You must transfer your balance from your current 457(b) account to an approved 457(b) provider. Contact [PROVIDER] to discuss converting your pretax balance to Roth. Go to NetBenefits and choose your new provider for future contributions. You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion. NOTE: In-plan Roth conversions are not available at Ohio Deferred Compensation (ODC).
Request an In-plan Roth conversion with an approved 457(b) provider
You must transfer your balance from your current 457(b) account to an approved 457(b) provider. Contact [PROVIDER] to discuss converting your pretax balance to Roth. Choose your new provider for future contributions. You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion. NOTE: In-plan Roth conversions are not available at Ohio Deferred Compensation (ODC).
Transfer my existing [PROVIDER] balance to an Ohio State approved provider within the same plan
Transfer my existing [PROVIDER] balance to an Ohio State approved provider within the same plan
Rollover funds from a retirement account into an approved Ohio State plan
Rollover funds from an eligible retirement account into an approved Ohio State plan
Contact your original provider and complete any necessary paperwork. Request the rollover paperwork from Corebridge Financial, Fidelity, TIAA or Voya. Go to NetBenefits and choose your new provider for future contributions. This will ensure future contributions are sent to your new provider.
Update my investment selections to the current investment lineup
Request a distribution due to a death
Distributions due to death are handled by [PROVIDER] directly. Ohio State does not maintain any personal information related to distributions due to death.
Plan Name distribution options for Current/Former Employees with [PROVIDER]
See provider contact information
Request a distribution due to severance of employment
Complete the Retirement Distribution Certification Request form and submit it to HR as shown at the end of the form. You will receive a certificate within two working days. Request distribution paperwork from [PROVIDER]. Submit the certificate and completed paperwork to [PROVIDER]. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Request a distribution due to disability
Request the distribution paperwork from [PROVIDER]. Submit completed paperwork to [PROVIDER]. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Request a distribution after obtaining age 59½.
Request the distribution paperwork from [PROVIDER]. Submit completed paperwork to [PROVIDER]. Allow 1-2 weeks for [PROVIDER] to process your distribution.
Take a Required Minimum Distribution (RMD)
Take a Required Minimum Distribution (RMD)
The plan document requires your RMD to begin at the applicable time. Contact [PROVIDER] to discuss the timing of your RMD.
Process a Qualified Domestic Relations Order (QDRO) request
QDROs are handled by your attorney and [PROVIDER] directly. Ohio State does not provide any information related to QDROs.
Purchase service credit
Contact OPERS at (800) 222-7377 or STRS at (888) 227-7877 to discuss purchasing service credit.
Request an In-plan Roth conversion with an approved 403(b) provider
You must transfer your account balance(s) to an approved Ohio State pretax plan provider. Choose your new 403(b) provider (Corebridge Financial, Fidelity, TIAA or VOYA) at NetBenefits. Once you ensure your new 403(b) account is established, you can begin the conversion process. Request the provider transfer paperwork from your new provider. Submit the completed paperwork to your new provider.
You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Request an In-plan Roth conversion with an approved 403(b) provider
You must transfer your balance from your current 403(b) account to an approved 403(b) provider. Choose your new 403(b) provider (Corebridge Financial, Fidelity, TIAA or VOYA). Once you ensure your new 403(b) account is established and your funds have been transferred, you can begin the conversion process. Request the provider transfer paperwork from your new provider. Submit the completed paperwork to your new provider.
You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Request an In-plan Roth conversion with an approved 457(b) provider
You must transfer your balance from your current 457(b) account to an approved 457(b) provider. Contact [PROVIDER] to discuss converting your pretax balance to Roth. Go to NetBenefits and choose your new provider for future contributions. You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion. NOTE: In-plan Roth conversions are not available at Ohio Deferred Compensation (ODC).
Request an In-plan Roth conversion with an approved 457(b) provider
You must transfer your account balance(s) to an approved Ohio State pretax plan provider. Once you ensure your new 457(b) account is established, you can begin the conversion process. Request the provider transfer paperwork from your new provider. Submit the completed paperwork to your new provider. NOTE: In-plan Roth conversions are not available at Ohio Deferred Compensation (ODC).
You will be responsible for paying any taxes for the year in which you convert pretax assets to Roth. Consult with a tax advisor or qualified financial professional before making an in-plan Roth conversion.
Transfer my existing [PROVIDER] balance to an Ohio State approved provider within the same plan
Transfer my existing [PROVIDER] balance to an Ohio State approved provider within the same plan
Rollover my existing [PROVIDER] balance to another retirement account not associated with Ohio State
Contact your new provider to discuss your rollover. Complete the Retirement Distribution Certification Request form and submit it to HR as shown at the end of the form. You will receive a certificate within two working days. Request any necessary paperwork from [PROVIDER]. Submit certificate and completed paperwork to [PROVIDER]. Allow 1-2 weeks for your new provider to receive and post the rollover to your account.
Rollover funds from a retirement account into an approved OSU plan
Contact your original provider and complete any necessary paperwork. Request the rollover paperwork from Corebridge Financial, Fidelity, TIAA or Voya. Go to NetBenefits and confirm your ARP provider election.
Rollover funds from an eligible retirement account into an approved Ohio State plan
Update my investment selections to the current investment lineup
You must transfer your account balance(s) to an approved provider to participate in the tiered investment lineup. Contact [PROVIDER] about any necessary rollover paperwork. Go to NetBenefits or ohio457.org for Ohio Deferred Compensation (ODC) and choose your new provider for future contributions.
Note: Ohio Deferred Compensation maintains their investment listing.
You must transfer your account balance(s) to an approved 457(b) provider to participate in the tiered investment lineup. Contact [PROVIDER] about any necessary rollover paperwork. Contact your new provider and request any applicable paperwork.
Note: Ohio Deferred Compensation maintains their investment listing.
Request a distribution due to a death
Distributions due to death are handled by [PROVIDER] directly. Ohio State does not maintain any personal information related to distributions due to death.
Plan Name distribution options for Current/Former Employees with [PROVIDER]
Please contact Ohio Deferred Compensation at (877) 644-6457 to discuss your account options.