Voluntary Small Balance Cash out Request - Nc 457 Plan - North Carolina

Voluntary Small Balance Cash out Request - Nc 457 Plan is a legal document that was released by the North Carolina Department of State Treasurer - a government authority operating within North Carolina.

FAQ

Q: What is a Voluntary Small Balance Cash out Request?A: A Voluntary Small Balance Cash out Request is a request to withdraw the cash value of a small balance from an Nc 457 Plan in North Carolina.

Q: What is an Nc 457 Plan?A: An Nc 457 Plan is a retirement savings plan available to eligible employees of the state of North Carolina and certain other participating employers.

Q: Who can make a Voluntary Small Balance Cash out Request from an Nc 457 Plan?A: Any eligible employee who has a small balance in their Nc 457 Plan can make a Voluntary Small Balance Cash out Request.

Q: What is considered a small balance in an Nc 457 Plan?A: The specific threshold for a small balance may vary, but generally it refers to a relatively low amount of money in the account.

Q: What happens when a Voluntary Small Balance Cash out Request is approved?A: If the request is approved, the amount of the small balance in the Nc 457 Plan will be paid out to the employee as a cash withdrawal.

Q: Are there any taxes or penalties associated with a Voluntary Small Balance Cash out Request?A: Yes, there may be tax implications and penalties associated with cashing out a retirement account, so it is important to consult with a financial advisor or tax professional before making a decision.