Message Boards Digest

April 2, 2021

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BG5150 created a topic in Distributions and Loans, Other than QDROs

Participant Mistakenly Allowed to Take In-Service Withdrawal Before 59-1/2 -- Now What?

"Plan allows for in-service withdrawals at age 59-1/2 for deferrals and SH, and PS at NRA. Participant was told she could take an in-service withdrawal from the plan. She was not told about the age requirements. She took a $100k distribution from the brokerage account in September 2020, and a 1099-R was issued. Problem: she's only 35. Can we retroactively amend to allow in-service withdrawals from Non-Elective contributions at age 34? I see in EPCRS you can do that for hardships and loans. Nothing about 'regular' withdrawals. If not, what's the correction? Return the money and reverse the 1099-R?"

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