Withdrawals, Distributions & Death Benefits

See this page of the online guide for the six pre-approved reasons for taking a hardship withdrawal.  The firm will need to determine which documentation to require to approve the hardship withdrawal, and maintain it on file in the event the plan is audited.

Please see section 15 of your adoption agreement to determine the in-service withdrawal provisions that your firm chose for the plan.

For an in-service withdrawal, participants should use the In-Service Withdrawal Form.  If the participant has terminated employment or meets one of the other reasons for the request in section 3 of the form, use the Distribution Request Form.  On either form, rollover instructions can be entered in section 8.

When someone’s employment status changes, notify the Program by submitting a Participant Data Change Form.  The Program will send the participant a postcard the following year notifying them of their distribution options by directing them to this webpage.  Participants whose vested account balance is $5,000 or less cannot continue to maintain their account in your plan; the Program will notify them that their account will be included in the annual “cash out of small account” sweep if they take no action within 90 days of the notice.

The Program can confirm for you if we have a beneficiary designation on file.  Once beneficiaries are determined, each claimant should submit a Death Benefits Claim Form (for multiple beneficiaries, all forms should be submitted together).  The Program will also need one certified copy of the death certificate.