Qualified retirement plan distributions are subject to strict IRS regulations. There are four basic triggering events that give rise to a distributable event: retirement; death; total and permanent disability or termination of employment. If you have experienced any of these events you, or your beneficiaries, may be eligible to receive a distribution of your account balance. Generally, most plans 100% vest a participant’s account balance upon death, total and permanent disability or retirement. If your employment with the employer is terminated, either voluntarily or involuntarily, your vested account balance will be determined based on the plan’s vesting schedule which is based on the number of vesting years of service for which you have received credit.
Tax implications apply if you receive a cash distribution of your vested account balance and do not rollover this amount into another qualified retirement plan or an IRA. See your tax advisor or CPA for further details and read the Special Tax Notice Regarding Plan Payments available in the FORMS section of our website, which is part of the Distribution forms, prior to making your distribution election.
Please check with your plan’s Plan Administrator or your Summary Plan Description for further details. If you are eligible to receive a distribution of your account balance you may access the necessary distribution and related forms from the FORMS section of our website. You will need to obtain the Client Identification number from your Plan Administrator in order to access these items and may also need to download a free copy of Adobe Acrobat Reader software to view and print these forms. A link to the Adobe website is available in the FORMS section for your convenience.