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Distributions image

If you’re closing in on retirement, distribution planning is an important next step in your retirement planning strategy.

Eligible Distributions

Unless your employer adds extra restrictions, a distribution may be made from your 403(b) program before age 59½ for the following reasons:

  • Retirement or severance from employment
  • Financial hardship
  • Total and permanent disability
  • Death

Distributions before age 59½ may incur a 10 percent penalty tax. After age 59½, a distribution may be taken subject to ordinary Federal income tax and without the additional penalty tax.

Financial Hardship

Current 403(b) regulations require 403(b) plan hardship distributions to satisfy the same rules as those followed under 401(k) plans, including the following restrictions:

  • Hardship distributions from custodial account contributions may only be made from the participant's elective deferrals

  • Must be a deemed financial hardship

  • Salary deferrals must be suspended for the sixth-month period following the date the hardship distribution request is processed.

Please keep in mind that your employer’s plan must specifically provide for hardship distributions for them to be available under the 403(b) funding contract or account.

Retirement Payout Options

At retirement, you have choices for receiving benefits from the program, including a single-sum payment or periodic payments. 

Circular 230 Disclaimer - The information contained in this internet web page (including linked pages) concerning Federal tax issues is not intended to (and cannot) be used by anyone to avoid IRS penalties. This communication is intended to support the sale of insurance, annuity and other financial products and services. You should seek advice based on your particular circumstances from an independent tax advisor.

MetLife Participant Sites

Annuity account information for:
MetLife Financial Freedom Select® Preference Plus® Annuity Universal Annuity T-Flex

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