You may withdraw funds before termination of employment by coordinating with your plan provider(s).
Active Employee Under Age 70½
You may not withdraw funds before termination of employment except for the following circumstances:
You may withdraw funds from your deferred compensation account if:
- You have less than $5,000 in your account, AND
- You have not made any contribution for the past two years
Please contact your plan provider(s) to initiate a dormant account withdrawal; proof of hardship is not required.
An unforeseeable emergency withdrawal request will be approved to alleviate a “severe financial hardship” resulting from an “unforeseeable emergency" as defined by the IRS, including:
- A sudden and unexpected illness or accident befalling you or of one of your dependents;
- A loss of your property due to casualty; or
- Other similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control
Withdrawals for foreseeable expenses—e.g. purchase of an automobile, college expenses—are not permitted. Furthermore, emergency withdrawals will not be allowed in cases where the participant had significant control and failed to exercise prudent judgement—e.g. abuse of credit cards, obligations related to investments, business ventures, gambling debts, or any violations of the law.
To request an unforeseeable emergency withdrawal:
- Fidelity—complete and submit an Unforeseeable Emergency Withdrawal Request to OEB.
- TIAA—call 1-800-897-1026 to obtain their emergency withdrawal form. Complete both the TIAA form and the Unforeseeable Emergency Withdrawal Request and submit to OEB.
- Voya—call 1-866-387-9003 to obtain their emergency withdrawal form. Complete both the Voya form and the Unforeseeable Emergency Withdrawal Request and submit to OEB.
Need help managing your finances? Visit the Financial Wellness page for resources such as financial workshops/webinars and ALEX® on financial wellness to get you started.