- To request a withdrawal, begin by logging in to your account.
- On your "Retirement Overview" page, click Withdrawals & Rollovers and select Withdraw from Balance.
- Complete the "Withdrawal Request" form and click Submit Withdrawal Request. You will be shown a "Withdrawal Summary." If you would like to proceed, select Confirm Request.
- You may be asked to complete an identity verification for security purposes. If so, please follow the prompts to finish your 401(k) withdrawal request.
401(k) Withdrawal Request FAQ's
What Is a withdrawal?
Withdrawals occur when you take money out of your retirement plan. To learn more about withdrawing funds and required minimum distributions, visit the IRS website here.
How Does a Withdrawal Request Work?
First, you will fill out the "Withdrawal Request" form on the portal. The options you see in the document will be limited based on what your plan allows, your current balance, your employment status, and other potential factors.
Once you have completed and submitted the form, we will process your request and send the funds to you or your specified rollover account.
What Is the Timeline for Processing a Withdrawal Request?
Your funds should reach their destination within ten business days of submitting your request. Once we receive your request:
- We will review your request to see if it is valid and meets all plan rules. This can take up to 5 business days.
- We will sell your investments to generate the amount you asked for. This takes 2-3 days from the day the trades are initiated.
- We will issue the payment. This takes 2-3 days via ACH. If you request a check, it will be sent via regular mail.
- Note: We also allow for withdrawals to be received via FedEx check. Once a payment has been issued, the FedEx check will be overnighted to the individual.
What Are the Associated Fees and Potential Tax Implications?
The fee amount for processing withdrawal requests can be found in your annual fee disclosure notice. Your fee disclosure notice can be accessed in your saver portal in the "All Documents" section, under the "Plan" tab.
Your withdrawal request may have tax implications. We are not a tax advisor; we recommend you consult a professional with any concerns.