Ohio Deferred Comp Hardship Withdrawal In Montgomery
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FAQ
You can request a withdrawal or unforeseeable emergency form by calling the Service Center at 877-644-6457. Once you have separated from employment, and received an initial payment, you can manage any future withdrawals by logging into your account and selecting the Withdrawals tab.
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.
The Ohio Deferred Compensation plan is a voluntary supplemental retirement program that provides for the deferral of a specified amount of your salary for long-term investment.
The Ohio Deferred Compensation program offers a flexible and tax-advantaged way for state and local government employees to supplement their retirement savings. With options for both pre-tax and Roth contributions, participants can tailor their approach to suit their financial goals and tax preferences.
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.
Although pre-tax contributions will result in taxable withdrawals in the future, planning can limit the impact of those taxes, and withdrawals are not required until you reach age 73 , allowing for extended tax deferral.