One of the Plans' primary purposes is to provide benefits during retirement. However under certain circumstances, you may be able to withdraw from your account while you are still working.
When you take a withdrawal, in most cases, you take money out of your account permanently. Any withdrawal from your account may have income tax implications. A 10% early withdrawal tax may apply if you take a withdrawal prior to age 59 ½. If your withdrawal includes Roth assets, there may be additional tax liabilities if certain age and time requirements are not met. You may wish to obtain the advice of a tax advisor before you request a withdrawal.
If you choose to have your payment sent to you via check, a $2 fee is deducted from your account. There is no fee if you elect direct deposit. You may request a withdrawal or access the appropriate withdrawal forms by logging into your account and selecting Manage account. If you do not have an online account, or have any questions, contact the Savings Plus Solutions Center at (855) 616-4776. Our Customer Service Representatives are available Monday through Friday, 5 a.m. to 8 p.m. If you have a Personal Choice Retirement Account (PCRA), it may be necessary to transfer a portion of your PCRA funds into your core account to satisfy the amount of your withdrawal request and maintain the required minimum core account balance.