Ohio Deferred Comp Withdrawal Form
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People also ask ohio deferred compensation reviews
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Can I withdraw money from my Ohio deferred comp?
In a 457 account, like Ohio DC, you can withdraw your funds, penalty-free, after terminating employment with your employer. However, just because you terminated your employment doesn't mean you have to withdraw your funds. You can let your money continue to grow, so you enjoy the benefits of being a participant.
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What is an emergency withdrawal from deferred comp?
To be granted an emergency withdrawal from your deferred compensation plan account, something serious must have happened to your beneficiary or to your beneficiary's spouse or to your beneficiary's dependent; serious enough that it has resulted in a severe financial hardship to your beneficiary.
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Is there a penalty for withdrawing from deferred compensation?
Withdrawals are generally taxable but, unlike other retirement accounts, the 10% penalty tax does not apply to distributions prior to age 59½ (the penalty tax may apply to distributions of assets that were transferred to the 457(b) plan from other types of retirement accounts).
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How do I withdraw money from my deferred compensation plan?
You can process a distribution request by logging in to your account and navigating to Loans & Withdrawals > Taking a Withdrawal > Request a Withdrawal. If you have questions about distributions, call the Service Center at 844-523-2457.
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