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  • Ohio Deferred Comp Withdrawal Form

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It s important to think about how and when you might begin using your account to supplement your income. An Account Executive or Retirement Planning Specialist can help you understand the options available to you. Call 1-877-644-6457 to schedule your appointment. Did You Know? You can rollover these types of retirement accounts to the Ohio Deferred Compensation Plan: 457 401(k) 401(a) 403(b) Traditional IRA Consider the convenience of one statement to track all of.

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A 401k plan has certain limitations on the amount that an individual can contribute each year. A deferred compensation plan, on the other hand, has no maximum contribution limit in any given year.

If you are eligible to withdraw, you may: Leave the value of your account in the Program until you reach age 70 ½. At 70 ½, you will be required to withdraw a minimum distribution each year.

Planning retirement distributions For example, the Internal Revenue Code (IRC) allows for 401(k) withdrawals to begin penalty-free after age 59½—but the IRC also requires that you start taking distributions at age 73. By contrast, there are no IRC age restrictions on distributions from a deferred compensation plan.

You can continue to invest with the Program when you leave your public employer and throughout retirement. Under this option, you can withdraw money without penalty, regardless of your age (all withdrawals are subject to ordinary income taxes).

Your account balance will be held by Ohio Deferred Compensation in trust on behalf of your employer for the exclusive benefit of you or your beneficiaries. You can cancel your participation before your forms are processed by calling 877-644-6457 within seven days of the date signed on this form.

The Bottom Line. If you have a qualified plan and have passed the vesting period, your deferred compensation is yours, even if you quit with no notice on very bad terms. If you have a non-qualified plan, you may have to forfeit all of your deferred compensation by quitting depending on your plan's specific terms.

You don't have to wait until 59 1/2 to start taking withdrawals. Nor are there mandatory minimum withdrawals when you hit 70 1/2. You can take the distribution in a lump sum or regular installments, paying tax when you receive the income.

Ohio Deferred Compensation is a supplemental 457(b) retirement plan for all Ohio public employees. It provides participants with educational tools, a diverse set of investment options, flexible savings and withdrawal options, as well as portability when changing jobs within the public sector.

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© Copyright 1997-2025
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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
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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 workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
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