Log in and go to Personal Savings Center to withdraw money. Choose “Request a Distribution” from the menu and follow the on-screen prompts. You can also contact your benefits administrator for instructions.
Similarly one may ask, what is a retirement plan withdrawal?
An in-service withdrawal occurs when an employee takes a distribution from a qualified, employer-sponsored retirement plan, such as a 401(k) account, without leaving the employ of their company.
Likewise, people ask, what is a standard retirement plan?
A 401(k) is a type of retirement plan that is named for a section of the tax law allowing employees to contribute a portion of their compensation, before income taxes, to a company-sponsored retirement plan. The amount the company withholds from an employee’s paycheck is called a deferral.
What are the exceptions to the 10% early withdrawal penalty?
First-Time Home Purchase. Up to $10,000 of an IRA early withdrawal that’s used to buy, build, or rebuild a first home for a parent, grandparent, yourself, a spouse, or you or your spouse’s child or grandchild can be exempt from the 10% penalty. You must meet the IRS definition of a first-time homebuyer.