I was told that you can not take the monies to pay bills.
I was told that money can only be taken for a short list of strict reasons:
1. purchase of primary residence
2. Education expenses
3. Medical expenses. I will include an e-mail I got from HR for your review:
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When anyone leaves the University, they are entitled to be paid for any vacation or sick time already accrued. Since you are a Med Center employee, "sick time" is calculated under PTO. You currently have 130.94 hours in your vacation bank, and 40 hours in your PTO bank. They would all be paid out at your current rate the pay period after you separate. Although you have time in your Supplemental Sick bank, that is not a bank that is a pay out when you separate: it is only accessible as a supplement to a disability. You should also take into consideration that payouts of this nature are taxed at the highest rate (42.5%). This is an IRS rule, not ours, but I hate to see employees get a check that is substantially less than expected because Uncle Sam has his hand in your pocket. It evens out at the end of the year because you're ultimate tax obligation is determined by total income for the year, but they whack you up front.
Your reference to Fidelity indicates you are considering tapping your retirement account for your business start up, and the rules for accessing that are pretty strict. It can be done for only the most serious situations (medical care, potential loss of a house, stuff like that). You would need to submit a written request to TIAA/CREF and they would consider it. The best person to check with on retirement accounts in HR is xxxxxxat xxx-xxxx. She will be able to tell you what the process is if you absolutely must tap your retirement.
On a personal note, I would strongly urge you to leave that alone. I made that mistake a couple times early on (when I was about your age, as a matter of fact!), because I thought retirement was for old people. Well, it comes around quicker than you think, and its tough as hell to catch up. Money you put into a retirement account will roughly double every 7 or 8 years, so a little bit of money invested when you're young grows like crazy once you turn it over 3 or 4 times. That same money invested later in the program will only turn over once or twice before you retire, and it makes for pretty slim pickings. If you are able to tap your retirement, it is really a high risk/high gain proposition. If your business takes off, you look like a genius! But if not, your really behind the 8 ball. I would suggest doing your homework with an accountant or lawyer before you fully commit to a business venture. Good luck either way.
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So, there you have it... I highly doubt your HR will allow you to withdraw just for being in a financial bind -- other wise I would have a long time ago and I'd be debt free!!
Good luck to you