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.

Ongoing Providers
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
Legacy Providers
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)
Ongoing 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 loan request
Legacy Providers
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
Ongoing 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
Legacy Providers
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
Qualified Domestic Relations Order
Provider Who to Contact Reason
All Providers Contact the provider Ohio State does not provide any information related to Qualified Domestic Relations Orders
Service Credit Purchases- 403(b)
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