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Required Minimum Distribution (RMD)

Required Minimum Distribution - Once a plan participant reaches the age of 70 1/2 and is no longer employed, they are legally required to take a Required Minimum Distribution (RMD). 

  • The RMD should be taken by the end of the year in which you turn 70 1/2 or the year in which you retire, whichever is later. 
  • RMD's taken late are taxed at a rate of 50%. 
  • The RMD amount is based on the preceding December 31 value of the account and life expectancy tables.

When you are required to take your first RMD, you will receive a notification in the year in which you reach 70 1/2 (or terminate employment if older) that will include the amount of the RMD. Once the initial RMD is processed, future RMD's will be processed automatically in the same manner. The RMD will be calculated and processed automatically each year prior to 12/31. 

To request your RMD be processed at a specific date, please contact our Service Center to make this request.