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Request a Hardship Withdrawal
Options are Available to You
We understand that life happens and that you may need access to your 403(b) Savings Plan while you’re still working at the Y.
A hardship withdrawal allows you to access your contributions plus any credited interest if you are experiencing a qualifying financial hardship and have no other resources available to meet that need.
What’s a Financial Hardship?
You are considered to have a financial hardship if:
- You’re experiencing one of the qualifying financial needs listed below and
- You do not have sufficient cash or liquid assets to cover the expense. You will not need to submit documentation verifying this to the YMCA Retirement Fund, but you must keep your records of the hardship and certify that you meet the requirements.
Qualifying Financial Needs
You may request a hardship withdrawal to cover:
- Medical expenses for yourself, your spouse, your dependents, or a designated primary beneficiary that are not covered by insurance.
- Costs related to buying your primary home (excluding mortgage payments).
- Tuition and education expenses for the next 12 months of post-high school education for you, your spouse, children, dependents, or a designated primary beneficiary.
- Expenses needed to prevent eviction or foreclosure from your primary residence.
- Funeral or burial expenses for your deceased spouse, parent, child, dependent, or designated primary beneficiary.
- Repairs to your primary residence due to damage that qualifies for a casualty deduction under IRS rules.
- Expenses or losses from a FEMA declared disaster when your primary home or primary workplace is in the FEMA-designated disaster area eligible for individual assistance.
Before You Apply:
You must fully withdraw any savings currently available to you in your Y Retirement accounts, including:
- Your Rollover Account or Roth Rollover Account in the 403(b) Savings Plan
- Your After-Tax Account and Rollover Account in the 401(a) Retirement Plan
Request Your Hardship Withdrawal
Contact Y Retirement
Contact us to get the proper form. Our Pension Representatives are ready to help!
Complete the Form
Fill the form out completely. If you’re married and your 403(b) Savings Plan balance is over $5,000, your spouse must consent and their signature must be notarized.
Upload Your Documents Online
Upload the completed form (without erasures!) using the Document Uploader in your online account.
Once we receive your completed form, processing takes at least 15 business days, not including mailing time. Please know that you do not need to take a loan from the 403(b) Savings Plan before requesting a hardship withdrawal, and you may continue contributing to the 403(b) Savings Plan while your hardship withdrawal is processed and after it is complete.