403(b) Distributions and Rollovers: Transaction Definitions and Requirements
Regular Distributions OUT of the Plan: A Participant withdraws the funds in a 403(b) account and directs the payment to his/herself.
Requirements: A single Qualifying Event must occur to for a Participant (or in the event of dither, the beneficiary) to distribute the funds. These events include:
1. Attainment of Age 59 ½
2. Severance from Employment (Severance is defined as a complete severance from any employment relationship with the Employer sponsoring the 403(b) plan.)
3. Disability (Disability in this context is defined as the inability to participate in gainful employment of any type due to a disability or illness that is of an indeterminate length and/or will result in the Participant’s death (official documentation of the disability, duration and work status required) ).
4. Death (See "Death Beneficiary Claim" for additional information).
Rollover Distribution OUT of the Plan: A Participant withdraws the funds in a 403(b) account and directs the payment to another qualified retirement plan. Note: The account may remain with the same Vendor (referred to as an internal rollover) or it may be moved to another Vendor.
Requirements: Same as a Regular Distributions OUT of the Plan (see above).
Death Beneficiary Claim: A Beneficiary of a 403(b) account moves the account assets from a deceased Participant in an Employers plan into the beneficiary's name, by rolling the funds into another qualified retirement plan or directing the distribution to his/herself.
Requirements: A copy of the deceased Participant’s death certificate must be provided and the Beneficiary information must be verified with the Vendor.
Hardship Distribution: Please see our dedicated "Hardship Distribution" link in the left-hand navigation menu or click here for information on Hardship Distributions and the required CCC Hardship Form.
Distribution of assets via QDRO (Qualified Domestic Relations Order): Please see our dedicated "QRDO" link in the left-hand navigation
For information on other types of 403(b) transactions, please visit the "403(b) Transactions Info" link in the left-hand navigation menu or click here.
Obtaining Transaction Authorization
CCC offers Plan Administrative Authorizations for plans CCC administers in various formats, depending on the transaction type.
CCC offers Authorization Vouchers for the following transaction types:
- 403(b) Distributions to the Participant (for qualifying events of Severance from employment and attainment of age 59.5)
- 403(b) Rollover Distributions (for qualifying events of Severance from employment and attainment of age 59.5)
- 403(b) Contract Exchanges within the Plan
- 403(b) Plan-to-Plan Transfers out of the Plan
For more information on requesting an Authorization Voucher, please click here.
Click here for information on submitting 403(b) Loans for authorization.
Click here for information on submitting 403(b) Hardship Distributions for authorization.
For all other transaction types
Participants may request plan authorization by completing the following steps:
- Complete a CCC Transaction Submission Cover Sheet and submit it, along with your completed vendor forms, to CCC. You may submit these documents to CCC using one of the following methods*:
- You may securely upload the documents to CCC by clicking here,
- You may fax the document to CCC at 503-968-7802, or
- You may mail the document to CCC at the following address:
Carruth Compliance Consulting
11515 SW Durham Rd. Suite E10
Tigard, OR 97224
- Once CCC receives your transaction submission we will review the documents, verify eligibility for the transaction.
- If appropriate, CCC will provide plan administrator's authorization for the transaction.
The CCC Transaction Submission Form is to be used to submit any transaction type except 403(b) Loans and 403(b) Hardships to CCC.
*Please note: some Vendors impose specific requirements before they will process certain (or any) transactions. Before you begin the process of submitting transaction, be sure to check for any special Vendor requirements (such as original document via mail only) by visiting their “General Information” page(s) available on the List of All Vendors page or contacting your vendor directly.
For more information on 403(b) transactions, including descriptions of the transaction types, click here.
View: CCC's Authorized Signatures Letter
CCC Transaction Processing Times
CCC transaction processing times vary by the type of transaction, the due diligence required to authorize the transaction and the receipt of all necessary documents. The following processing times are general guidelines only and are subject to change and circumstance:
- 403(b) Hardship Distributions: These requests take top priority and will be started on as soon as they are received. There is supporting documentation required to accompany the vendor's form, and the CCC Hardship Request Form. The CCC request form will outline what circumstances qualify for a Hardship Distribution and what additional documentation is required for each circumstance.
- 403(b) Loan Request: There is approximately a 2 week processing time for ALL LOAN REQUESTS. The participant must complete and sign the one-page CCC Loan Form and supply any additional documentation required. Please note that loans require communication with the broad vendor community to confirm whether the requesting participant has other outstanding loans. This process starts the first Monday following the week this loan request form is received by CCC. We give vendors one week to respond to our information request, if CCC has all the required information and no negative responses from vendors, CCC will proceed with authorization on the second Monday after the request is received.
- All Other 403(b) Transactions: Most other 403(b) transactions are authorized by CCC and sent to the specified party within 2 business days, barring any issues.