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Money
Purchase
Money Purchase —
Frequently Asked
Questions
How can I check my
account balance?
You will be mailed a quarterly
statement from Prudential Retirement Services. To check your current balance, log on
to Prudential's
website,
www.prudential.com/online/retirement, or call them at
(877) 778-2100.
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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.
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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.
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How do I change my allocation between investment options?
To change your allocation, log on to
Prudential's website
or call them at (877) 778-2100.
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.
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any, must be a portion of the amount withdrawn.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
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