If You Leave the University

If your employment with Boston University ends at any time before retirement, you are fully vested in all of your Supplemental Retirement & Savings Plan funds. You will receive payment of your accounts as follows:

Fidelity

  • You may elect to receive a lump-sum distribution of the money you have invested in these accounts.
  • You may leave funds on account for distribution at a later date. Under current tax laws, payments must start by the April 1 following the calendar year in which you reach age 70½. You may not make contributions directly to your Fidelity accounts.
  • You may roll over all or a portion of your account into an IRA or other plan that will accept the rollover, provided you meet federal requirements.

TIAA

  • You may receive a lump-sum distribution of the full value of your accounts. If you take a lump-sum payment, you may be able to roll over all or a portion of it into an IRA or other plan that will accept the rollover.
  • You may leave all accumulated money in your TIAA accounts and receive an annuity. You may begin receiving annuity payments at any time. Under current tax laws, payments must start by the April 1 following the calendar year in which you reach age 70½.
  • You may leave funds in your account for distribution at a later date (subject to the age 70½ rule).

When you terminate your employment with the University, the rights of your spouse also apply to the choice of a form of payment for benefits due.