What are my distribution options when terminating employment?
Upon your termination, you will be sent a packet of information outlining your options. The distribution choices available to you depend on the balance in your account: $1,000 or less: If your account balance is $1,000 or less, you must withdraw your money from the plan. Your benefit must be distributed as a lump sum or as a rollover to another Qualified Plan or Traditional IRA. Keep the following in mind: * Lump sum distributions are subject to 20% federal income tax withholding. State tax withholding may also apply. * When you file your tax return, you may be subject to an additional 10% penalty for early withdrawal, unless you are age 59 ½ or you terminated service after reaching age 55. * Please note a distribution charge will be applied. If your balance is under $1,000, and we do not receive a form from you within 90 days from your date of employment termination, a check will automatically be sent to your last known address. Over $1,000: For balances of $1,000 or more, you may cho
