Can I elect to take a partial lump-sum distribution from the Employees’ Retirement Plan?
Yes, if you meet the Rule of 70 when you separate from service, you have an opportunity to make a one-time election to receive a portion of your benefit as a lump sum distribution. If your retirement date is on or before August 31, 2010, you can elect to take a lump sum distribution in an amount equal to any whole percentage up to a maximum of 60 percent of retirement benefits earned. If your retirement date is on or after September 1, 2010, you can elect to take a lump sum distribution equal to any whole percentage up to a maximum of 30 percent of retirement benefits earned.
Related Questions
- Why did I receive Form 1099-R showing the distribution from my IRA/tax-qualified retirement plan as being taxable when I indirectly rolled it over to another eligible retirement plan?
- I received a lump-sum distribution from a retirement account, but no taxes were withheld. How do I determine whether estimated taxes should be paid?
- Can I elect to take a partial lump-sum distribution from the Employees’ Retirement Plan?