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• Can I take my money out of my account?
• What are my options if I meet these qualifications?
• What is a forfeiture?
• Can I withdraw my account balance if I am an active employee?

Can I take my money out of my account?

Generally, you will receive the vested balance in your account upon the occurrence of one of the following events*:

    (a) Upon attainment of age 59 1/2**
    (b) Upon your death.
    (c) In the event you become totally and permanently disabled.
    (d) Termination of employment

*Loan and Hardship provisions may be available. Consult your plan administrator for details.

** The provisions of the plan document will dictate if this option is available.

What are my options if I meet these qualifications?

A payment from the Plan that is eligible for "rollover" is generally taken in two ways. You can have all or any portion of your payment either 1)PAID IN A "DIRECT ROLLOVER" or 2) PAID TO YOU. A rollover is a payment of your Plan benefits to your individual retirement arrangement (IRA) or to another employer plan.

If you choose a DIRECT ROLLOVER:

• Your payment will not be taxed in the current year and no income tax will be withheld.
• Your payment will be made directly to your IRA or, if you choose, to another employer plan that accepts your rollover.
• Your payment will be taxed later when you take it out of the IRA or the employer plan.

If you choose to have your Plan benefits PAID TO YOU:

• You will receive only 80% of the payment, because the Plan administrator is required to withhold 20% of the payment and send it to the IRS as income tax withholding to be credited against your taxes. Depending on your state of residence, state income tax may apply.
• Your payment will be taxed in the current year unless you roll it over, if you receive the payment before age 59 1/2, you also may have to pay an additional 10% tax.
• If you want to roll over 100% of the payment to an IRA or an employer plan, you must find other money to replace the 20% that was withheld. If you roll over only the 80% that you received, you will be taxed on the 20% that was withheld and that is not rolled over.

What is a forfeiture?

A "forfeiture" is the amount of money that you give up by leaving your company before reaching a level of 100 percent vesting in your retirement plan account. For example, if your company has contributed $1000 to your account over the past five years. If you are 75 percent vested when you leave the company and take your money out of the plan, $750 of that amount would be yours. You would "forfeit" the other 25 percent ($250) which wasn't vested. You are always 100% vested in your salary deferral and rollover contributions to the plan.

Can I withdraw my account balance if I am an active employee?

Employees cannot withdraw their account balance unless an event occurs which allows for distribution of the account. This usually includes termination of employment, permanent disability, death and reaching the retirement age specified in the plan. Loans and/or partial withdrawals for a hardship are allowed in some plan documents.