| What is the earliest
age I can begin collecting benefits? |
You may receive a distribution from your Trinity Health 403(b)/401(k) Retirement Savings Plan Account any time after termination from Trinity Health. If you elect a lump sum distribution, a 20 percent Federal Tax withholding will automatically be deducted from your distribution.
A 10 percent excise tax may be assessed when you file your
yearly return. Generally, If you take a distribution on or after age 59 ½,
you will not be assessed the 10 percent excise tax, just the 20 percent federal
tax. Also, if you retire and are at least age 55, you may be exempt from the 10%
additional penalty. |
Participants
