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 :: HOME / benefits / retiring /

Defined Contributions

Retirement Estimate and Retirement Packet

Your retirement company will provide you with a retirement illustration of income and a retirement packet upon request.  A retirement illustration is an estimate of your retirement benefits, and a retirement packet is the actual forms and information needed to begin retirement benefits. You can obtain an income estimate by logging onto your investment company’s website. Establish a user ID and password and locate and use the income estimating tools.

Please remember when you retire from the University, you have the choice of leaving all of your contributions on deposit or receiving only a portion of your retirement funds.  You have many income options to choose for your retirement funds. If you leave your contributions with your retirement company, your funds continue to earn interest and/or dividends.  However, federal tax regulations may subject you to tax penalties if you are age 70 ½ or approaching age 70 ½ and have not started receiving your annuity income.  Your retirement company can provide you with further information.

Taxation of Benefits

Federal and state taxes will be withheld from your Defined Contribution retirement benefits.

If you make a withdrawal prior to age 59 1/2 from your retirement accounts you must pay an additional tax of 10%. This tax is 10% of the part of the distribution that you have to include in gross income. It is in addition to any regular income tax on the amount you have to include in gross income.

Cash Withdrawal Policy

Cash withdrawal is available following termination or retirement.  If you would like to receive a lump-sum payment from your retirement funds, you must request, complete and return the appropriate form to your retirement company.  If your have funds in the TIAA Traditional fund, restrictions apply if the withdrawal request is received after 120 days from your last day at work.

Transfer Policy

OU does permit the transfer of accumulations to other retirement investment accounts such as a private IRA or a Roth IRA.