How do I administer Participant in-service withdrawals?
Follow these instructions to administer Participant In-Service withdrawals, if available through your 403(b) Plan.
When a Participant wishes to take an in-service withdrawal, he/she will take the following steps:
- Go to www.EnvoyFinancial.com and click Account Login
- Enter your Username, password, and select Account Holder from the drop-down menu
- On the top menu, select Take Money Out. (If you have not already registered on the Envoy Web Portal, you will need to do so. Otherwise, the Take Money Out tab will not appear.)
- Choose Loans and Withdrawals from the drop-down menu.
- In the "Withdrawals" section, select In-service distributions and click Continue.
- In the "Request Method" column, click the "Paper-based - click for form" link to access the Partial Distribution Authorization Form.
Upon receipt of the completed form, you must take the following actions as Plan Sponsor:
- Verify that the forms are properly signed
- Sign the form as Plan Sponsor
- Forward the signed form to Envoy via fax or email
- Envoy will liquidate the Participant's account
- Envoy will deduct a distribution expense of $100
- Envoy will direct payment to the Participant
- Form 1099R will be mailed to the Participant in the January following the calendar year of the payment