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
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
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Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
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Coverage in the event of threats to injure an insured or damage or destroy his property. ...
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