Automated Minimum Distribution Request Governmental 457(B) Plan - Washington

Automated Minimum Distribution Request Governmental 457(B) Plan - Washington

Automated Minimum Distribution Request Governmental 457(B) Plan is a legal document that was released by the Washington State Department of Retirement Systems - a government authority operating within Washington.

FAQ

Q: What is an Automated Minimum Distribution Request Governmental 457(B) plan?
A: An Automated Minimum Distribution Request Governmental 457(B) plan is a retirement plan offered by the government for eligible employees.

Q: Who is eligible for the Automated Minimum Distribution Request Governmental 457(B) plan in Washington?
A: Eligible employees of the government in Washington can participate in the plan.

Q: What is a minimum distribution request?
A: A minimum distribution request refers to the amount of money that must be withdrawn from a retirement account by a certain age to avoid penalties.

Q: Is the Automated Minimum Distribution Request Governmental 457(B) plan specific to Washington state?
A: No, the plan is available to eligible government employees in other states as well.

Q: How does the Automated Minimum Distribution Request Governmental 457(B) plan work?
A: Employees contribute a portion of their salary to the plan, which is then invested and grows tax-deferred until retirement. They can then make minimum distribution requests to withdraw money from the account.

Q: Are there any penalties for not making minimum distribution requests?
A: Yes, failing to make minimum distribution requests can result in penalties and taxes on the withdrawn amount.

Q: Can the Automated Minimum Distribution Request Governmental 457(B) plan be rolled over into another retirement account?
A: Yes, participants can roll over the funds from the plan into another eligible retirement account, such as an IRA or a new employer's retirement plan.

Q: Are there any contribution limits for the Automated Minimum Distribution Request Governmental 457(B) plan?
A: Yes, there are annual contribution limits set by the IRS for this type of plan.

Q: Can the Automated Minimum Distribution Request Governmental 457(B) plan be accessed before retirement?
A: In most cases, withdrawals from the plan can only be made after retirement or separation from service.

Q: Is the Automated Minimum Distribution Request Governmental 457(B) plan taxable?
A: Yes, withdrawals from the plan are generally taxable as ordinary income.

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Form Details:

  • Released on April 18, 2018;
  • The latest edition currently provided by the Washington State Department of Retirement Systems;
  • Ready to use and print;
  • Easy to customize;
  • Compatible with most PDF-viewing applications;

Download a printable version of the form by clicking the link below or browse more documents and templates provided by the Washington State Department of Retirement Systems.

Download Automated Minimum Distribution Request Governmental 457(B) Plan - Washington

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