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What age can profit sharing be drawn out?

Mar 14, 2014 by Eugene from Chesapeake, VA in  |  Flag
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I'll assume you are vested in your employer's profit sharing contribution. I'll also assume you are presently employed with the plan's employer. Even with these assumptions I can't answer your question. Typically a plan will have an inservice distribution age of 59-1/2 to 65. But that's just a general statement. Your employer may have adopted an inservice date for all vested account types as low as age 21. Or they may have adopted an inservice date for employee contributions of one age and another age for the employer profit sharing contribution. So what you have to do is get a copy of your Summary Plan Description. You should have received this when you were first eligible to participate. It will explain the inservice distribution age(s). Otherwise just ask your Human Resource department or call the 800 number on your quarterly statement.

Hope this helps at least a little.

Comment   |  Flag   |  Mar 14, 2014 from Woodbridge, VA

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