When can I withdraw my funds?
Check your plan offerings to see if other types of withdrawals are available to you. Summary Plan Description (SPD) and Plan Highlights can be found in your online account under “Documents”.
Common reasons for distributions available in most plans:
- You no longer work for the employer who sponsored the retirement plan.
- You reach age 65 (or your plan’s normal retirement age, if earlier).
- The plan is terminating.
- In-Service Withdrawals (check plan provisions).
- You are a payee involved in a QDRO (Qualified Domestic Relations Order).
- You are the designated beneficiary of someone in the plan who passed away.
How can I request a withdrawal?
Before you begin, it’s good to prepare by getting the following ready:
- [Required] Prepare a copy of your government-issued photo ID to upload.
- Make sure your address is current in your account.
- If you intend to rollover your balance, retrieve any instructions from your new provider.
Login and navigate to Manage > Withdrawals, then click Start to begin. The page will guide you through the remaining steps.
After you submit your request the following steps will be completed before funds are issued:
- Your request will be reviewed by ERISA.
- A distribution form is sent for e-signatures to you and the plan sponsor.
- All parties receive a completed copy of form when approved.
- ERISA will process the distribution and your check will be issued shortly after.
- You will receive a confirmation email the day following check issuance.
FAQ
I submitted the request and haven’t heard anything. When will I receive my balance?
We’re reviewing your request, and we typically will send out a document for your e-signature within a few business days when it passes the initial review.
If you’re still not hearing from us then, please reach out to us.
I elected no taxes be withheld, why was my distribution taxed?
Certain payments are required to have taxes withheld. Typically, these are payments that are eligible for rollover, but you have requested a cash payment of your balance.
The mandatory federal withholding of 20%, and any state tax withholding would apply in these instances.
Do you offer direct deposit?
No, for security purposes your distribution is mailed via check to your address on file. If you requested a rollover, you can have the check sent directly to your new provider. Confirm with them first if they can accept the check directly from us.