Your distribution will be processed as soon as administratively possible after we receive your completed paperwork and confirmation of your last payroll contribution. We require your final payroll information, as well as confirmation the deposit has been made at the bank before we will process any distributions.
Note: Plan terminations take longer to process and may take up to 12-months if the plan is being submitted for approval by the IRS.
Are there penalties for taking a cash distribution?
The IRS requires a mandatory 20% federal withholding on all cash distributions. In addition, if you are under age 59 ½, you will incur a 10% early withdrawal penalty.