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Clear Form DISTRIBUTION REQUEST DEFERRED COMPENSATION PROGRAM PO Box 40931 Olympia, WA 98504-0931 w www.drs.wa.gov/dcp Toll Free: 888.327.5596 w TTY: 800.766.4952 w Fax: 360.586.5474 PARTICIPANT INFORMATION.

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Yes. When you are ready to take money from your pre-tax account, your withdrawal will be subject to federal income taxes. The payment of state income taxes will depend on your state of residence when you are receiving benefits from your Plan account. Learn more about withdrawals taken from the Plan.

You can take penalty-free withdrawals from your 457 account at any age after you leave your job. Most other types of retirement-savings plans assess a 10% penalty if you withdraw money before age 55 or 59½, depending on when you leave your job.

Key Takeaways If you are a government or non-profit employee, you may have a 457(b). In this case, your savings in this plan can be rolled over, like assets in a 401(k). ... There is no penalty for early withdrawals but you must take a minimum distribution in the year you turn 72 (or 73, starting in 2023).

You can process a distribution request by logging in to your account and navigating to Loans & Withdrawals > Taking a Withdrawal > Request a Withdrawal. If you have questions about distributions, call the Service Center at 844-523-2457.

Withdrawals typically are subject to a 20% mandatory federal tax withholding if the participant elects to directly receive funds eligible for rollover to another employer plan or an IRA.

1) Inquries and questions can be sent via email to the Plan. 2) Forms/documents can be sent via email to NEWYRK@VOYAPLANS.com. Please only include the last 4 digits of your Social Security number, along with your name and address on all forms. Forms can also be faxed to 844-299-2362.

Pre-Tax 457: Upon severance from City employment, or upon reaching age 59½, 457 Plan participants can receive direct payments, without penalty, regardless of age.

If you retire or leave service early, there is no penalty for withdrawals; however, you will pay taxes on the amount that you withdraw. In the event of your death, designated beneficiaries are entitled to receive all remaining funds in your account.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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