How do I take money out when I'm still employed?
Active participants who are over age 59½ may elect to receive a payment of a portion of their vested account balance. A financial hardship is not required to receive this type of distribution. Participants are typically not required to take a distribution from the Plan until they have attained the age of 70½, at which time Required Minimum Distributions might apply.
To take an in-service withdrawal, take the following steps:
Step 1: Obtain the Forms from the Envoy Choice Web Portal
1. Go to www.EnvoyFinancial.com and click Account Login
2. Enter your Username, password, and select Account Holder from the drop-down menu
3. On the top menu, hover over Statements (If you have not already registered on the Envoy Choice Portal, you will need to do so. Otherwise, the Take Money Out tab may not appear)
4. From the drop-down menu, select Document Center
5. In the Create Forms section, select Distribution Forms from the drop-down menu. Locate the row entitled "Under age 59½ (financial hardship only)". In the Request Method column, click the "Paper based - click for form" link to access the Hardship Distribution Request Form.
Step 2: Complete the Partial Distribution Authorization Form and Obtain Spousal Consent
Complete and sign the Partial Distribution Authorization Form. Instructions for completion are provided in Section 1 of the form. If you are married, your spouse must also sign the form. Return the completed form to your Plan Sponsor.
Your Plan Sponsor will verify that the Partial Distribution Authorization Form is properly signed by both you and your spouse (if applicable) and forward the form to Envoy for processing.
Step 3: Payment
Once the form is submitted for processing, you should receive a check within two weeks for the amount of the request, less 20% federal withholding. A distribution fee will be deducted from your account prior to the distribution.
Step 4: Tax Reporting
A Form 1099-R will be mailed to you within two weeks of the distribution. The partial distribution is typically a taxable event.