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You can continue to contribute to the PERSI Choice 401(k) Plan. WITHDRAWAL: Usually, you will have to pay taxes and may incur an IRS 10% penalty for withdrawals prior to age 59½.

Once you turn age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10% penalty. However, regular income tax will still be due on each IRA distribution.

More In Retirement Plans Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.

To request a withdrawal or for more information, contact PERSI's Choice 401(k) Plan record keeper, toll- free at 1-866-437- 3774 or visit .mypersi401k.com. When all of your funds have been withdrawn from your Choice 401(k) Plan account (zero balance), the account will be closed.

Unless you're in dire straits, it'll cost you. The IRS charges a 20% tax withholding and a 10% penalty for early withdrawals. Plus, if you spend the money in your 401(k), it's no longer there for you in retirement. That said, there are some ways to access your savings before age 59 1/2 without paying a penalty.

There are no loan or hardship withdrawal provisions for the PERSI Base Plan. When you withdraw the funds in your Base Plan account, you cancel all credits toward your retirement. If you have enough service to qualify for a monthly benefit at retirement, you also cancel your eligibility for that benefit.

When you leave PERSI-covered employment, you may withdraw your Base Plan money and any interest earned or you may choose to leave your contributions and interest in PERSI until a future date or until you retire. If you withdraw your funds, tax penalties and withholdings may apply.

PERSI Contribution Rate History Effective DateGeneral Member7/1/20217.16%11.94%7/1/20197.16%11.94%7/1/20136.79%11.32%3/1/20106.23%10.39%27 more rows

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232