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Participant Mistakenly Allowed to Take In-Service Withdrawal Before 59-1/2 — Now What?
BenefitsLink Message BoardsLink to more items from this source
Apr. 5, 2021

"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 in September 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? If not, what's the correction?"

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