Change to the Voluntary Retirement Savings Plan

October 30, 2019
Retirement News image

The University is pleased to inform you of changes to the Voluntary Retirement Savings Plan (VRSP) hardship withdrawal rules.

Effective January 1, 2020:

  • You will no longer be required to take all available loans prior to taking a hardship withdrawal; and
  • If you take a hardship withdrawal, employee contributions will no longer be suspended for six months.

Go to the Summary Material Modification document for details. All other hardship withdrawals rules remain unchanged.

Please be aware that loans are only allowed from the VRSP and only two loans are permitted. Refer to the Voluntary Retirement Savings Plan - Summary Plan Description for further information regarding hardship withdrawals.

If you have questions related to this notice, you may contact the Columbia Benefits Service Center by emailing [email protected] or calling 212-851-7000 (Monday – Friday, 9 a.m. to 4 p.m.). Please reference "VRSP change" in the subject line and/or when calling.