Campus News

Your money: Need a hardship withdrawal from your voluntary 403b?
 

Here are two potential options for withdrawals from 403b voluntary savings plans during the COVID-19 pandemic:

CARES (Coronavirus Aid, Relief and Economic Security):

This allows participants to take penalty-free withdrawals up to $100,000 if you meet certain criteria related to COVID-19. Qualifying Coronavirus-related Distributions (QCDs) include:

• Adverse financial consequences as a result of being quarantined, furloughed, laid off or having work hours reduced;
• Being unable to work due to a lack of child care as a result of COVID-19;
• And/or closing or reducing hours of a business you own/operate due to COVID-19.

Safe Harbor Hardship Withdrawals:

For states where FEMA has declared a major disaster (such as Texas) as a result of COVID-19, a safe harbor hardship withdrawal is available for 403b plans to cover expenses and losses (including loss of income) if your home or workplace is located in an area designated for FEMA individual assistance.

To learn more about CARES or Safe Harbor, contact your 403b vendor or login to Netbenefits at: https://nb.fidelity.com/public/nb/unts/home.

While there, check out the Covid-19 Resource Center, which features articles on the following topics:
• Managing stress
• Replacing lost income
• Markets, emotions and you
• Managing a budget through crisis
• Six tips to navigating a volatile market

See additional supportive resources.