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AHRP Home Page > Retirement
Plan Description > Receiving Your Dollars
Receiving Your Dollars...
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You do not have to take any money from your AHRP account until at least age
70½. However, you or your designated beneficiary may receive the dollars in your account from the AHRP
when you leave employment, retire, become disabled, or die. These funds can be taken as a lump sum cash payment, a series of periodic payments that you choose, or as a direct
rollover to another tax-deferred account. All money is subject to a 20% withholding for federal income tax unless directly rolled over into another tax-deferred account. You also may be eligible to withdraw part of your money from the Plan
while still employed.
To receive your dollars from the Plan, just call the
AHRP Retirement Center and a
representative will help you. You may receive the vested portion of your account after you leave your employer and make your request. Processing takes
approximately 10 days.
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If you're not working at an AHRP participating employer, IRS rules require you to receive a minimum amount from your Plan account no later than April 1 following the year in which you reach age 70½. You
will receive an automatic notice. In the meantime, you may leave your money in your AHRP account.
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If you leave your employer for any reason before retirement, you may
call the AHRP Retirement Center and request your vested account balance when you are
ready. You must take the IRS required minimum amount after you have reached age
70½. If your account balance is paid in a check
directly to you before reaching age 59½, you will be subject to a 10% excise tax penalty unless you leave employment after age 55 and want to take your money.
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If you terminate from service with a vested balance of less than $1,000 in the Plan, you will
automatically be cashed out of the Plan. You may request a cash payment or a rollover.
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If you are at least age 59½
and are actively employed by an AHRP participating employer, you may be eligible to withdraw your money without the excise tax penalty. This is called an "in-service withdrawal."
The minimum you may withdraw from your account is $1,000. If the total vested amount
in all of your accounts is less than $1,000, you must withdraw the entire
invested amount.
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If you terminate service and wish to transfer your AHRP balance to an IRA, we
have arranged for an easy transfer to either a Fidelity Rollover IRA or a Hewitt
Portfolio IRA.
Just call the AHRP Retirement Center and ask for more information.
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The AHRP follows IRS guidelines for allowing a withdrawal for certain types of hardship. Your hardship must meet specific conditions and be fully
documented, including evidence there are no other financial resources to meet your need.
A hardship withdrawal may be taken only for the following four reasons:
- To pay costs directly related to the pending purchase of a primary residence for you;
- To pay expenses for medical care for you, your spouse, or your dependents;
- To pay tuition, books, and fees for post-secondary education for you, your spouse, or your dependents; and
- To prevent eviction from your residence or foreclosure on the mortgage of your principal
residence.
A hardship withdrawal is available only from your AHRP-TSA plan, or from your
rollovers into the qualified plan. Your human resources department has full information on the conditions for
qualifying. Hardship withdrawals are processed with the regular distribution cycle.
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Yes, you may take a loan. Read about it on the
AHRP Loan Feature page.
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If you become totally and permanently disabled, you become
100% vested and may receive the entire balance of your account from the Plan. You are considered totally disabled if you are eligible for Social Security disability benefits.
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If you die, your designated beneficiary is eligible to receive the entire vested amount
of your account from the Plan. Your employer may make a prorated basic and matching contribution to your
AHRP account, even if you do not reach the 1,000 hours of pay. If your designated beneficiary is not living at the time of your death, the vested amount of your account may be paid to your estate.
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You may appoint a designated beneficiary by filling out the Beneficiary Designation Form. It is very important that you fill out this form and update it as your circumstances change.
If you are married, your spouse must give written consent if you wish to name someone other than your spouse as your beneficiary. (And you cannot change your beneficiary without your spouse's written consent.) Your spouse's signature must
be witnessed by a notary public or your human resources representative. If you remarry, you must obtain your new spouse's written
consent if you choose to name someone else as your beneficiary.
You may not need spousal consent if one or more of the following circumstances is true:
- Your spouse can't be located using reasonable efforts;
- You're legally separated from your spouse;
- Under local law, your spouse has abandoned
you; or
- Other similar circumstances approved by the AHRP Board have occurred.
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Before you call the AHRP Retirement Center to request your money, be sure you first
read the
special tax notice
found on the Forms
page or in the
envelope with your quarterly statement. This notice provides you with tax
information on money you take from the AHRP. You may delay the taxability of a
lump-sum distribution by rolling over the money to an IRA of your choice or other
tax-qualified plan. Notify your IRA agent that AHRP will mail the check to you payable to the
IRA trustee. You may want to discuss your options with your tax advisor before calling the AHRP Retirement Center.
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