 Home
Money
Purchase
Money Purchase —
Frequently Asked
Questions
How can I check my
account balance?
The Money Purchase Plan has changed
from Prudential
Retirement Services to Wells Fargo Retirement effective November 15,
2010.
-
http://www.retirement.wellsfargo.com
The retirement recordkeeping business of
Prudential Retirement Services has changed
over to the retirement recordkeeping
business of Wells Fargo Retirement Plan.
|
|
The link above will guide you to accessing your
account through the Wells Fargo Retirement Plan Website and the
Retirement Service Center.
Top
I need some of the money in my account - how do I withdraw it?
A "withdrawal" from your money purchase account is a
distribution. Please review
Initiating a Distribution to
see if you meet one of conditions for making a distribution.
If you are eligible for a distribution, call the Pension Department
at the Administrative Office and request a distribution form.
Top
How often can I withdraw my voluntary contributions from my account?
You may withdraw all or part of your
voluntary contributions twice each calendar year, as long as your
distribution is $200 or more. Please keep
in mind that you cannot withdraw voluntary contributions only, a
portion of the withdrawal will be associated earnings. The
earnings are subject to 20% federal income tax withholding and are
also subject to a 10% penalty.
Top
How do I change my allocation between investment options?
Please read over the below letter that was sent out September
20,2010
Sept-2010:
*UPDATE* Notice of Change in Plan Record keeper
Top
May I borrow or take a loan against my Money Purchase account?
No, the Plan does not permit loans;
however, you may withdraw all or part of your account under certain
circumstances. Please review
Initiating a Distribution to
see if you meet one of conditions for making a distribution.
Top
Must the
Plan withhold taxes from my distribution?
For withdrawals of voluntary contributions, those
earnings associated with the voluntary contributions, if
any, must be a portion of the amount withdrawn. The
associated earnings are considered taxable and are
subject to 20% federal income tax withholding.
Please note that the taxable amount of any
lump sum distribution may also be subject to an
additional 10% income tax unless the distribution is for
one of the following reasons:
- Your death or disability
- Your retirement on or after age 55
- To pay for unreimbursed medical expenses which are deductible
from gross income for federal income tax purposes
Top
|
