Loan or Hardship Withdrawal From Your Voluntary Retirement Savings Account

Participants in the Retirement Savings Plan (RSP), the Retirement Savings Plan II (RSP II), or the Supplemental Retirement Annuity Plan (SRA) may take a loan or hardship withdrawal from their voluntary retirement savings account only. Loans or hardship withdrawals are not available from amounts contributed by the University. The amount of the loan or hardship withdrawal is limited per IRS regulations. Regardless of the company in which you have voluntary retirement savings, please contact Fidelity Investments at 1-800-642-7131 for information on how to obtain a loan or hardship withdrawal.

Hardship Withdrawal From Your Account in the Employees’ Retirement Plan (ERP)

Hardship withdrawals from the ERP are only available to participants who have separated from service.

An ERP participant whose employment with the University has terminated and who faces a “financial hardship” may apply for a hardship withdrawal prior to the Pension Starting Date. The hardship withdrawal amount cannot exceed the participant’s lump sum retirement income and is limited to the amount necessary to meet the hardship claim (not to exceed $3,000 per event that gives rise to the “financial hardship”).  “Financial hardship” shall mean an immediate and heavy financial need where other resources are not available.

Hardship withdrawals are granted only for the events listed below:

1. A sickness or disabling condition of the former employee or a member of his immediate family;
2. The need to provide adequate housing due to foreclosure or eviction.
3. The need to provide for education for children or dependents;
4. Layoff;
5. Divorce.

To apply for a hardship withdrawal you must submit a letter requesting a hardship withdrawal and describing the event for which you are requesting the withdrawal. The letter should include your current name, your name while employed at the University of Miami (if different than your current name), your social security number and an email address, if available. You must also submit documentation substantiating your request.

Acceptable documentation for substantiating the hardship events listed above include:
1.  Sickness or Disabling condition—Current unpaid medical bills
2.  Need to provide adequate housing—Current eviction or foreclosure notice
3.  Need to provide for education—Current tuition bill for post-secondary education
4.  Layoff—Layoff notification from the last 12 months
5.  Divorce—Divorce paperwork from the last 12 months