If I have a major financial need due to COVID-19 and my only emergency source is my contributions in the University Main Retirement Plan, can I make a withdrawal or take a distribution?
Yes, you may do so if you meet the CARES Act criteria listed below.
- You, your spouse, or dependent has been diagnosed with the coronavirus (i.e., SARS-CoV-2 or COVID-19),
- You have experienced adverse financial consequences because you have been quarantined, furloughed, laid off, or have had work hours reduced due to the coronavirus,
- You are unable to work because of a lack of child care due to the coronavirus,
- You own or operate a business and have had to close or reduce hours due to the coronavirus, or
- You have experienced an adverse financial consequence due to other factors as provided in guidance issued by the Internal Revenue Service.