| What is the earliest
age I can begin collecting benefits? |
You may receive a lump
sum distribution with 20 percent deducted for federal taxes any time after termination
from Trinity Health. 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. |
| If I choose one payment
option, but want to elect a different option later, can I change? |
Once you begin receiving
payments, you may not change your payment option. |
| What is the earliest
age I can begin collecting benefits? |
You may receive a lump
sum distribution with 20 percent deducted for federal taxes any time after termination
from Trinity Health. A 10 percent excise tax may be assessed when you file your
yearly return. 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 withholding.
Also, if you retire and are at least age 55, you may be exempt from the 10% additional
penalty.
|
| If I choose one payment
option, but want to elect a different option later, can I change? |
Once you begin receiving payments, you may
not change your payment option.
|
