I have 3 different retirment plans with my former employer. I am 53 and accepted 12 months ago an early retirement incentive package from my former employer.

The 3 retirement plans that I have are...401(K), Profit Sharing, and Defined Contribution. I want to elect a substantially equal payment option at this time. It is my understanding that such an option must remain in effect until age 59 1/2. I have two questons for which I am searching for answers.

QUESTON 1: When I elect substantially equal payments is the calculation based upon the total value of all 3 retirement accounts combined? OR, can the calculation be made based on the value of only 1 of the accounts? Can I choose which account to use for the calculation and distribution?

QUESTION 2: Upon reaching age 59 1/2 can I stop or reduce the substantially equal payments? OR, must the payment remain the same or must they be increased/accelerated?

Thanks to any help available. Also, please refer me to some documentation or something I can read on this subject.

The rules for substantially equal payments state that you may differentiate based on the different plans. Thus, you may elect to take substantially equal payments on one, two or all three. Second, once elected, you must take the payments for the greater of 5 years or until age 59.5. You may then make any changes you wish. See IRC Section: 72(t). Also see Ltr Rul 9514026.