When may I start to take withdrawals from my 403(b) and/or 457(b) account without a penalty?

For a 403(b), if you leave HCPSS employment at age 55 or older, or at age 59 ½ regardless of HCPSS employments status, qualified withdrawals are taxed as ordinary income. There is a 10% penalty for early withdrawal.

For a 457(b), when you leave HCPSS employment, regardless of age, qualified withdrawals are taxed as ordinary income.

(Note: Qualified withdrawals can be a hardship withdrawal or a loan request.)