Retirement Plan Distributions, Loans & Hardships - Human Resources at Ohio State
Distributions, Loans & Hardships
The primary purpose of a retirement savings account is to build a financially secure future for you and your family. In some instances, the supplemental retirement plans allow for loans and hardship distributions in times of financial necessity.
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.
For OPERS and STRS retirement accounts, please contact the retirement system for information on distributions.
Ohio Public Employees Retirement Plan (OPERS)
OPERS accounts are managed by OPERS. Contact OPERS for information on eligible distributions
State Teachers Retirement Plan (STRS)
STRS accounts are managed by STRS. Contact STRS for information on eligible distributions
Other Plans
| Mandatory Retirement | Supplemental Retirement Accounts | Executive Retirement Plans | |||
|---|---|---|---|---|---|
| Distribution | Alternative Retirement Plan 401(a) | 403(b) (pre-tax and Roth contributions) |
457(b) (pre-tax and Roth contributions) |
Retirement Continuation Plan 401(a) | 415(m) |
| Loan1 | No | Yes, if permitted by the applicable funding vehicle | 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 | Yes | No |
| Disability | Yes | Yes | No | Yes | No |
| Age 59½ | No | Yes | No | No | No |
| Required Minimum Distributions (RMD) | Yes, regardless of employment status | Yes, but not required while actively employed | Yes, required minimum distribution issued at age 72 if not already taken by employee | Yes, regardless of employment status | 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 |
Note: These tables provide 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 tables 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.
Ohio Public Employees Retirement Plan (OPERS)
OPERS accounts are managed by OPERS. Contact OPERS for information on eligible distributions
State Teachers Retirement Plan (STRS)
STRS accounts are managed by STRS. Contact STRS for information on eligible distributions
Other Plans
| Mandatory Retirement | Supplemental Retirement Accounts | Executive Retirement Plans | |||
|---|---|---|---|---|---|
| Distribution | Alternative Retirement Plan 401(a) | 403(b) (pre-tax and Roth contributions) |
457(b) (pre-tax and Roth contributions) |
Retirement Continuation Plan 401(a) | 415(m) |
| Transfer Between Plan Providers and Investment Options | Yes | Yes | Yes | Yes | Yes |
| Rollover to OSU Plan | Yes | Yes | Yes | Yes | No |
Note: These tables provide 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 tables and a retirement plan, the terms of the retirement plan will govern.
Ohio Public Employees Retirement Plan (OPERS)
OPERS accounts are managed by OPERS. Contact OPERS for information on eligible distributions
State Teachers Retirement Plan (STRS)
STRS accounts are managed by STRS. Contact STRS for information on eligible distributions
Other Plans
| Mandatory Retirement | Supplemental Retirement Accounts | Executive Retirement Plans | |||
|---|---|---|---|---|---|
| Distribution | Alternative Retirement Plan 401(a) | 403(b) (pre-tax and Roth contributions) |
457(b) (pre-tax and Roth contributions) |
Retirement Continuation Plan 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 59 ½ | Yes, based on investments selected | Yes, based on investments selected | Yes, based on investments selected |
| Loan1 | No | No | No | No | No |
| Hardship / Unforeseeable Emergency | No | No | No | No | No |
| Required Minimum Distributions (RMD) | Yes, minimum distributions must begin no later than April 1 of the calendar year after the later of reaching age 72 or retiring | Yes, minimum distributions must begin no later than April 1 of the calendar year after the later of reaching age 72 or retiring | Yes, minimum distributions must begin no later than April 1 of the calendar year after reaching age 72 | Yes, minimum distributions must begin no later than April 1 of the calendar year after the later of reaching age 72 or retiring | No |
| Qualified Domestic Relations Order (QDRO) | Yes | Yes | Yes | Yes | No |
Note: These tables provide 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 tables 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.
Ohio Public Employees Retirement Plan (OPERS)
OPERS accounts are managed by OPERS. Contact OPERS for information on eligible distributions
State Teachers Retirement Plan (STRS)
STRS accounts are managed by STRS. Contact STRS for information on eligible distributions
Other Plans
| Mandatory Retirement | Supplemental Retirement Accounts | Executive Retirement Plans | |||
|---|---|---|---|---|---|
| Distribution | Alternative Retirement Plan 401(a) | 403(b) (pre-tax and Roth contributions) |
457(b) (pre-tax and Roth contributions) |
Retirement Continuation Plan 401(a) | 415(m) |
| Transfer Between Plan Providers and Investment Options | Yes | Yes | Yes | Yes | Yes |
| Rollover from OSU Plan | Yes | Yes | Yes | Yes | No |
Note: These tables provide 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 tables and a retirement plan, the terms of the retirement plan will govern.
How to Request a Distribution
Requests due to separation from service, reaching age 59 ½ or 72, disability or hardship.
| Provider | Who to Contact | Reason |
|---|---|---|
| AIG Fidelity TIAA Voya Ohio Deferred Comp |
Contact the ongoing provider | The ongoing provider will have the necessary data on file to process the distribution request |
| Provider | Who to Contact | Reason |
|---|---|---|
| Ameriprise AXA/Equitable Nationwide The Legend Group |
Contact the legacy provider | Provider will access Fidelity Compliance Coordinator Tool to obtain data needed to process distribution |
| Aspire Hartford Lincoln Metlife T. Rowe Price |
Complete and submit a Retirement Distribution Certificate Request form. Follow the distribution steps on the form. | These providers do not share data with Fidelity so Ohio State will provide data needed for provider to approve distribution (current process) |
| Provider | Who to Contact | Reason |
|---|---|---|
| AIG Fidelity TIAA Voya |
Contact the ongoing provider | Provider will access Fidelity Compliance Coordinator Tool to obtain data needed to process loan request |
| Provider | Who to Contact | Reason |
|---|---|---|
| Ameriprise Aspire AXA/Equitable Lincoln Nationwide Metlife T. Rowe Price The Legend Group |
N/A | Loans are not available at legacy providers |
| Provider | Who to Contact | Reason |
|---|---|---|
| AIG Fidelity TIAA Voya |
Contact the ongoing provider | Provider will access Fidelity Compliance Coordinator Tool to obtain data needed to process hardship request |
| Provider | Who to Contact | Reason |
|---|---|---|
| Ameriprise Aspire AXA/Equitable Lincoln Nationwide Metlife T. Rowe Price The Legend Group |
N/A | Hardships are not available at legacy providers |
| Provider | Who to Contact | Reason |
|---|---|---|
| All Providers | Contact the provider | Ohio State does not provide any information related to Qualified Domestic Relations Orders |
| Provider | Who to Contact | Reason |
|---|---|---|
| All Providers | Ohio State | Submit paperwork to Ohio State for signature and return to Employee to send to OPERS/STRS |
Use the NetBenefits portal to:
- Enroll in 403(b) and/or 457(b) plan(s)
- Change voluntary 403(b) and 457(b) contribution amounts
- Choose and/or change plan providers(s) for all plans
- Access tools and resources for planning
NetBenefits resources:
For Ohio Deferred Compensation elections, visit ohio457.org.