As long as the Plan is active, you have the option of keeping your assets in your former Employer's Retirement Plan. However, depending on your account balance, your former Employer may elect to force your account out of the Plan to an IRA in your name. You may elect to roll over the vested balance of your account to another Qualified Retirement Plan or IRA (Individual Retirement Account). Rolling over your retirement assets from your Plan to another Qualified Retirement Plan or IRA may allow you to avoid taxes and penalties. You also elect to take a total distribution of your retirement account and have the proceeds paid directly to you or to a taxable financial account held in your name (such as a checking or savings account, or a brokerage account). The direct distribution option would incur taxes (20% federal tax withholding and state taxes where applicable) and a possible 10% early withdrawal penalty depending on your age and other circumstances.
Your Plan is enabled for online distribution requests where you may initiate your account distribution/rollover from your Participant Portal and avoid having to complete and sign paper or PDF forms and attach supporting documentation. Log on to your Participant account and visit the Loans & Withdrawals page to access the Separation from Service/ Termination Distribution options for your Plan. If you are unable to initiate your distribution online, visit the Forms section of our website (http://forms.rpgconsultants.com) to download a PDF copy of the appropriate distribution or withdrawal forms. PDF forms have a longer processing timeline and additional requirements, such as an identity verification phone call, valid photo ID requirements, and supporting documentation for rollovers over $25,000. Please be sure to review the Special Tax Notice which details all tax implications for distributions/withdrawal options.