Navigate Your Distribution with Confidence

When it’s time to take distributions from your retirement account, knowing your options helps you make the most informed decision for your season of life. Each type of distribution comes with its own guidelines, tax implications, and eligibility requirements, and we’re here to help you understand every one of them.

• Standard Retirement Distributions: Once you reach retirement age (59 1/2), you may begin taking regular distributions from your account. These payments can be set up as a one-time withdrawal or as recurring income, depending on what fits your needs and financial plan.
• Required Minimum Distributions (RMDs): Federal law requires that you begin taking a minimum amount from your retirement account each year starting at age 73 if you are not still working. We will contact you in the fall of the year you turn 73 to determine if one is needed. Missing an RMD can result in significant tax penalties, so it’s important to plan ahead.
• Hardship Distributions: In certain situations involving immediate financial need, you may qualify to take an early withdrawal from your account. Eligibility requirements apply, and taxes may be owed on the amount withdrawn. Contact us for more details.
• Severed Employment Distributions: There is no requirement to withdraw or roll your funds from your account with us if you have severed employment with your eligible employer. However, if you decide to do so, you will need to wait at least 60 days from your last date of service with that employer before you can request a distribution.
• Rollover Distributions: If you have rollover funds in your Servant Solutions account from another plan, you are eligible to withdraw or roll those funds at any time.
• Disability Distributions: If you become permanently disabled, as defined by your doctor, you may be eligible to access your retirement funds before the standard retirement age without incurring the typical early withdrawal penalty.
• Spousal and Beneficiary Distributions: In the event of a participant’s death, a surviving spouse or named beneficiary may be eligible to receive distributions from the account. The process and options available will depend on your unique situation.