HR Update
The University is adding an emergency withdrawal option for University retirement plans administered by Fidelity Investments. OHR Total Rewards also offers financial counseling to support employees undergoing financial strain.
About Emergency Withdrawals
Retirement plan participants can take an emergency withdrawal of up to $1,000 annually across qualifying retirement plans. No documentation is needed for the self-certification process. The withdrawal(s) will not be subject to a 10% early withdrawal penalty but will be subject to income tax.
At least $1,000 must remain in the account. For example, if you have a balance of $1,500 in an account, you can withdraw $500 from that account. Sign in to your NetBenefits account to learn more about withdrawals.
Please contact Fidelity at 800-343-0860 with any questions about emergency withdrawals. If you're considering an emergency withdrawal, you may want to discuss your options with a Fidelity financial consultant.
When Can I Take an Emergency Withdrawal?
Employees of any age can now take an emergency withdrawal from the following plans:
- Optional Retirement Plan
- 457 Deferred Compensation Plan
As of May 1, 2025, employees age 59.5 or older can take an emergency withdrawal from the Faculty Retirement Plan. The age restriction is due to IRS limitations on the FRP plan type.
Resources for Financial Stress
As a U of M employee you can get free, confidential help through LSS Financial Counseling. You and your immediate family members have access to six free financial counseling sessions per year.
You can also join the “Managing My Money” webinar with Fidelity (May 29, noon–12:45 p.m.) to learn about:
- Prioritizing debt
- Budgeting
- Building (or rebuilding) your emergency savings fund
Earn 200 Wellbeing Points for attending. Register on Fidelity's "Appointment Scheduler" webpage by selecting “Virtual Event” as Event Type.