Distributions & withdrawals

"Distributions" refers to money coming out of your retirement plan – like a withdrawal or a rollover to another institution. The amount you can take out of your account depends on the type of retirement distribution and your plan's rules, which can be found on the participant site on the Plan Highlights page.

Retirement plan participants can typically take a distribution from the employee website.

Note: Former Newport, CoPilot, and PAi users should use this link.

If not, your employer can provide you with a form.

Please allow 5-10 business days for processing of withdrawals. Once the request is processed, you will see the fund withdrawal from your account via the employee website. An email confirmation will be sent once the withdrawal is complete.

An RMD is the minimum amount that retirement plan participants are required to annually withdraw from their retirement account(s) starting at a certain age.

SECURE 2.0 Act increased the age participants must begin taking RMDs to age 73 (for those who turned 72 after December 31, 2022). Those who turned 72 before this date must follow the previous rules.

Plan participants are required to take an RMD if they will be age 73 or older as of the end of the calendar year, and meet one of the following criteria:

• No longer employed at the end of the calendar year
• A more than 5% owner of the company, regardless of employment status
• A spouse, parent, grandparent, or child of a more than 5% owner of the company, regardless of the employment status

You will receive Form 1099-R if you took a distribution of $10 or more from your retirement plan during the previous tax year or you had an outstanding loan balance from your plan that became a taxable distribution. Ascensus will send a hardcopy of Form 1099-R by January 31 to participants who did not choose eDelivery; please allow up to two weeks for it to arrive. If you have not received your 1099-R by mid-February, the quickest way to obtain a copy is by logging into your account online.