To determine if a loan or a withdrawal is the right course of action for you, consider the following factors below:
| LOAN | WITHDRAWAL |
|---|---|
| You don’t pay taxes if repayments stay on schedule | Usually, you will have to pay taxes |
| You have to repay it, plus interest | You cannot repay it |
| Your plan balance is temporarily reduced | Your plan balance is permanently reduced |
Before taking a withdrawal, MMBB recommends that members review their situation with a Senior Benefits Specialist.
A request for a withdrawal from your Retirement Only Plan account prior to retirement must be made in writing. The minimum withdrawal is $1,000. In order to take a withdrawal against your Retirement Only Plan account while you are working you must have at least five years of plan participation.
You may withdraw your plan assets, as follows:
All withdrawal amounts will be taken proportionately from your applicable investment funds, both Non-Housing Allowance and Housing Allowance. You cannot specify the investment funds from which your withdrawal should be taken. You can reallocate your remaining account balance among the available investment funds.
If eligible, you may defer paying taxes at the time you take a withdrawal by directly rolling over your eligible withdrawal to another qualified plan or IRA. Not all employer plans accept rollovers. You should check with the plan’s administrator before electing a direct rollover of your after-tax contributions to a qualified plan.
You can check the amount available by logging into www.mmbb.org/members and going to the Account Details section.
To request a withdrawal, you must speak with a Senior Benefits Specialist.
The completed paperwork must be returned to MMBB for approval. If approved, the form will be forwarded to Fidelity for processing.
A check will be forwarded to the address of record within three to five business days following.
If you have requested a withdrawal and decide that you do not wish to complete the withdrawal, do not return the withdrawal package. Withdrawal packages automatically expire 90 days from the date of request.
To delete or change a withdrawal once you have mailed back the form, you must contact a Senior Benefits Specialist.
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Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
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