RSA1 Financial Hardship Distribution Request Retirement Systems of Alabama PO Box 302150, Montgomery, Alabama 361302150 877.517.0020 334.517.7000 www.rsaal.govYour Your Informational FirstMiddle/MaidenLastAddress Street.

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How to fill out the AL RSA-1 Financial Hardship Distribution Request online

The AL RSA-1 Financial Hardship Distribution Request form is designed to help users apply for a distribution due to financial hardship. This guide provides a step-by-step approach to filling out the form online, ensuring users understand each section and its requirements.

Follow the steps to complete your application for financial hardship distribution.

  1. Click the ‘Get Form’ button to access the AL RSA-1 Financial Hardship Distribution Request form. This will open the form in an editor for you to complete.
  2. Enter your personal information in the designated fields. Include your name, address, telephone number, email address, date of birth, and Social Security number (SSN). This information is crucial for processing your request.
  3. Indicate your sex by checking the appropriate box, either 'Male' or 'Female'. You can also provide your Participant ID (PID) if available.
  4. Provide your employer's name and address, making sure that all information is accurate for timely processing.
  5. In the distribution information section, clearly state the nature of your financial hardship. Attach any required documentation that supports your request, as this will be necessary for verification.
  6. Confirm that you have read and understood the explanation provided on the reverse side of the form by certifying all listed statements regarding your situation. This step is important for compliance with regulations.
  7. Complete the signature field to certify your request. Be sure to have your signature acknowledged before a Notary Public, as this is a requirement for your application.
  8. Lastly, after filling in all necessary details, you can save your changes, download the completed form, print it, or share it as needed. Ensure that all supporting documents are attached before final submission.

Complete your AL RSA-1 Financial Hardship Distribution Request form online today to ensure timely processing of your application.

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What is the maximum contribution to RSA-1?

If you are making deferrals to another Section 457 plan, the annual contribution maximum applies to all 457 plans. For example, if you are deferring $9,000 in 2020 to RSA-1, you are limited to a total of $10,500 (or $17,000 age 50 and over) with any other 457 plan in that calendar year.

RSA-1 is an Internal Revenue Code Section 457 deferred compensation plan for public employees. This voluntary plan allows you to save and invest extra money for retirement, tax deferred. Not only will you defer taxes immediately, your contributions and any earnings will grow on a tax-deferred basis as well.

Distributions from the RSA-1 and PEIRAF plans are taxable for Federal Income Tax purposes. All funds distributed from the PEIRAF plan and most payments from the RSA-1 plan are also subject to state of Alabama Income Tax.

Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service. Tier 2 member: You are eligible to retire at age 62 (age 56 for State Police and certified, full-time firefighter and law enforcement officer) with 10 or more years of service.

Tier 1 member: You are eligible to retire at any age with 25 or more years of service or at age 60 with 10 or more years of service. Tier 2 member: You are eligible to retire at age 62 (age 56 for State Police and certified, full-time firefighter and law enforcement officer) with 10 or more years of service.

The only way to get money out of an ERS account is to terminate employment and withdraw the entire account.

Tax Information You do not pay current federal or state income taxes on your investment earnings. RSA-1 deferrals and earnings are only subject to taxes when the funds are withdrawn from RSA-1.

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