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  • Tx Valic Non-erisa Loan Application 2009

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Non-ERISA Loan Application For VALIC Annuity Accounts Only All Plan Types The Variable Annuity Life Insurance Company VALIC Houston Texas Mail Completed Forms to VALIC Document Control P. .

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If you are under age 59½, you will have to pay the 10% federal early withdrawal penalty for any taxable payment from an employer plan (including amounts withheld for income tax) that you do not roll over, unless one of the exceptions listed below applies.

VALIC – now called AIG Retirement Services – sells annuity contracts to employers of all sizes as an investment vehicle for their retirement plans. In doing so, it gives itself the right to impose a 5% “surrender charge” or “withdrawal fee” on the participants who have invested in the contract.

If you make a withdrawal from your retirement account, you are not required to return the amount distributed from the plan. But, the amount withdrawn will automatically be taxed. You may also be charged a 10% federal early withdrawal tax penalty if you're under the age of 59½.

Loans also have restrictions on how much you are allowed to borrow. Generally, you can borrow either 50% of your vested balance or $50,000, whichever is less.

If you are younger than 59½ years old and withdraw money from your annuity, the IRS will apply a 10% federal tax penalty on the taxable portion of the withdrawal. This 10% penalty will be in addition to any regular income taxes that apply.

Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty. There are exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss.

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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