Pension Plans: Distributions
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances:
- medical expenses are incurred.
- the plan participant becomes disabled. With the passage of the TECHNICAL AND MISCELLANEOUS REVENUE ACT OF 1988 (TAMRA): EMPLOYEE BENEFITS a third option is available to the plan participant:
- distribution must be a part of a scheduled series of substantially equal periodic payments. The distributions must be made in such amanner that they will continue for the lifetime of the plan participant or the joint lifetime of the plan participant and his or her beneficiary.
Popular Insurance Terms
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Relinquishment of rights to benefits when an employee withdraws previous contributions to a plan. An employee who had not withdrawn these contributions would have been entitled to full ...
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Circumstance under which the insured maintains that, if an insurance policy covers at least two scheduled items of real or personal property, in the event of a loss applicable coverage ...
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