Cash Withdrawals and Loans

The ability to take a cash withdrawal or loan from your U-M retirement savings plans depends on a number of factors including the plan type, your age, the reason for withdrawal, and if you are a current employee, a former employee or U-M retiree. In some cases you may be subject to taxes and penalties. Talk with a tax professional or financial advisor and ask questions so that you understand the limitations, requirements and consequences before you take any action.

Compare Your Options for Cash Withdrawals and Loans

Following are overviews of your options for making withdrawals or receiving loans from each plan type. For details, see Eligibility and Procedures for Cash Withdrawals and Loans.

Cash Withdrawals Loans
Basic Retirement Savings Plan
Current Employee Not Available Not Available
Former Employee

Employee contributions and earnings at any age, university contributions and earnings at age 55 or older

Not Available
U-M Retiree At any age Not Available
Cash Withdrawals Loans
403(b) Supplemental Retirement Account (SRA)
Current Employee

At age 59½ or older; hardship; disability

At any age
Former Employee At any age At any age
U-M Retiree At any age At any age
Cash Withdrawals Loans
457(b) Deferred Compensation Plan
Current Employee

At age 70½ or older; One-time withdrawal if account is less than $5,000

At any age
Former Employee

At any age

At any age
U-M Retiree At any age At any age