Web Book 4PAWS 2024 - Ready - Flipbook - Page 6
ACCESS TO YOUR MONEY
Can I take money out of my account?
The federal government established qualified retirement plans to help
you prepare for retirement. For that reason, there are certain restrictions
regarding withdrawals and distributions. Remember to consider the tax
and long-term savings implications of taking money out of your account,
especially those prior to age 59 ½. You may be able to withdraw money in
these events:
• Immediately after your employment terminates
• Normal Retirement
• In-service – from Rollover account only at any time
PLAN HIGHLIGHTS
• Death-Your balance will be paid to your designated beneficiary(ies)
Generally, distributions must begin after you reach age 73 if you have
terminated employment.
Can I borrow money from my account?
No, loans are not allowed.
What if I leave my Employer?
You generally have several options:
You can roll over your balance into an IRA or a new employer Plan,
if allowed, and keep the money tax deferred.
If your vested balance exceeds $7,000, you can leave your money in the
Plan tax deferred.
You may receive the vested balance in cash. You will be
responsible for paying taxes and other penalties that may apply.
Note that 20% of your taxable distribution will be withheld for income
tax purposes.
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