Qualified distributions from a Roth account are tax-free. Generally, a qualified Roth distribution is a distribution that (1) is withdrawn after the end of the five-year period beginning with the first year in which a Roth contribution was made to the plan, and (2) is after reaching age 59½, death or disability. Consult your financial professional for more specific information.
Hardship withdrawals
Beginning on November 15, 2024, any participant who requests a new distribution or withdrawal from the 403(b) Plan will be required to log in to the Clemson University Retirement Manager at www.myretirementmanager.com and obtain the certificate of eligibility document to receive approval of your distribution or withdrawal. The types of withdrawals and distributions include hardship withdrawals, in-service exchanges, in-service age 59 ½ withdrawals, and severance of employment distributions.
If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your voluntary contributions. A hardship may include:
- Medical expenses for you, your spouse, or your dependent
- Expenses directly related to the purchase of your principal residence
- Tuition, fees, room and board, for post-secondary education for the next 12 months for you, your spouse, your children, or your dependents
- Amounts required to prevent eviction from, or foreclosure on, your principal residence
- Funeral expenses for your deceased parent, spouse, children or dependents
- Repairs for uninsured or underinsured damage to your home due to theft, fire, storm or another casualty
If you feel you are facing financial hardship, you should see your financial professional for more details including important information regarding required documentation.
