How to Obtain Benefits

You or your beneficiary may begin receiving payment of your plan benefits, other than withdrawals, when you retire, die, become disabled, or terminate your employment with Boston University. Some choices regarding the form of payment are available to you. If your account balances are less than $3,500, however, the plan has the right to pay them out in a lump sum in cash.

Any payments you receive before age 59½ may be subject to a 10% penalty tax in addition to regular income tax (if applicable) unless one of a limited number of exceptions applies.

You may elect to receive a lump sum distribution of the full value of your accounts from either TIAA/CREF or Fidelity.