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Request Withdraw/Distribution

While the Company believes Associates should save for a secure retirement, we understand that there may be times when Associates need to request a withdrawal or distribution from the plan. Distributions can be taken as an In-Service Withdrawal, a Financial Hardship, or a Loan.

Please refer to the Summary Plan Description for a complete listing of the withdrawals permitted by the plan. Plan distributions prior to an Associate turning age 65 result in an income tax of 10% of the amount of the withdrawal.

An In-Service Withdrawal, Financial Hardship Withdrawal, or Loan may be requested by completing the appropriate form. All forms and supporting documentation as stated on the form must be submitted to the Payroll & Benefits Department and will then be processed by Pension Corporation of America.

In-Service Withdrawals

Associates can request an In-Service Withdrawal from their account for the following events:

Associate turns age 59 ½
Associate reaches normal retirement age (65)
Qualified birth or adoption
Financial Hardship – see rules below

See the Summary Plan Description for more details about early withdrawals from the Plan.

Financial Hardship Withdrawals

If you have an immediate financial need created by severe hardship and you lack other reasonably available resources to meet that need, you may be eligible to receive a hardship withdrawal from your Plan. Hardship withdrawals may be taken from pre-tax deferrals, Roth deferrals, and rollovers.

A hardship, as defined by the government, can include:

Purchase of your primary residence
Payment of tuition and related costs for the employee, spouse, dependents, or children who are no longer dependents for post-secondary education
Payment of certain medical expenses
Prevention of eviction from, or foreclosure on, your primary residence
Funeral/burial expenses for a parent, spouse, child, or dependent
Repair of damages to employee’s primary residence that qualified for casualty deduction
Expenses and losses incurred by the employee on account of a disaster declared by the Federal Emergency Management Agency (FEMA)

Loans

The 401(k) Plan is intended to help you put aside money for your retirement. However the Plan allows Associates to borrow money from the Plan. The amount you may borrow is limited by the Internal Revenue Service tax laws governing the Plan.

The minimum loan amount is $1,000 and the maximum amount is limited to the lesser of one-half of your vested account balance or $50,000. The total amount of any loans requested in a 12 month period cannot exceed $50,000.

Associates can only have one loan outstanding at a time.

Other requirements and limits must be met, and certain fees may apply. Refer to the Summary Plan Description for more details about this participant loan feature.

Benefits

Request Withdraw/Distribution

In-Service Withdrawals

Financial Hardship Withdrawals

Loans

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