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A: A minimum distribution request refers to the amount of money that must be withdrawn from a retirement account by a certain age to avoid penalties.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A: Yes, failing to make minimum distribution requests can result in penalties and taxes on the withdrawn amount.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.