![]() While we can’t tell you what you should do, we can educate you about your options along with reasons why you might choose each: Whether you're retiring, in between jobs, or changing employers, you may have a number of choices when it comes to what to do with your retirement savings. Some plans may require spousal consent prior to processing a withdrawal request. Note: Depending on your plan and marital status, the process may require you to complete forms. If your plan allows these types of transactions, these pages will provide an overview of your withdrawal options and the amounts currently available to you. To learn more about the options available to you, log into Opens in a new window your account and look for the Loans or Withdrawals options on the homepage. Hardship withdrawal-Your plan may allow for hardship withdrawals for certain economic reasons or, if you live or work in one of the states that has been named by FEMA as a federal disaster area, you may qualify for a hardship withdrawal under federal disaster relief rules.Interest on the loan will not be tax deductible, and other plan-specific rules may apply. If you’re unable to repay your loan, you’ll be taxed on the outstanding balance. Loans-If you take out a loan from your account, it must be repaid in a specific time period.Withdrawals-Generally, if you take a withdrawal, your money will be permanently removed from your account, and you will have to pay taxes and possibly an early-withdrawal penalty.In addition, there may be tax implications and penalties associated with early withdrawals.ĭepending on your plan’s rules, there may be a number of ways you can take money out of your retirement plan(s). ![]() If you do need to take a withdrawal, please keep in mind that it cannot be paid back. Important: We strongly encourage you to avoid accessing your retirement savings if possible. Please log in to your account for more information. Please note, not all plans allow for withdrawals prior to separation from service, and there may be additional restrictions based on your specific plan’s rules. Please log in to your account for more information.įor many plans, you become eligible for an In-Service Withdrawal at age 59½. Your plan may have more specific criteria, including limits on the number of distributions allowed during each year. Your plan may also have a required waiting period which must be observed after separation. ![]() Typically, it can take the employer up to 4-6 weeks to notify us of your separation. You will generally be eligible for a Termination Withdrawal once you are separated from the employer sponsoring the plan, regardless of age. ![]()
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