Staying in Plan

 

Attaining age 59.5 qualifies as a “distributable event” under the Plan, allowing you to take a partial or full cash distribution from the Plan. This distributable event also provides you the option to rollover or transfer the funds in your BURP to another qualified retirement plan (based refer to that plans Plan Document) and/or an IRA. Cash distributions after attaining age 59.5 are not subject to the IRS 10% Penalty Tax, however, (unless these amounts are rolled over under IRS rules) ordinary income tax is applicable.

Transferring or rolling over these funds to another qualified investment will not incur a tax penalty or ordinary income tax.

 

 

 

 

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