Category Archives: Withdrawals

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading

Posted in 02 - February 2015, Form 1099, Informational Manuals, Internal Revenue Service, Retirement Distributions, Tax Information, Withdrawals | Leave a comment

Board Grants Year-End “Bonus” to Participants

In the recent meeting of the Board of Directors of the Church of God Benefits Board, the entity charged with managing the Ministers’ Retirement Plan, action was taken to grant a special year-end interest allocation to all participants in the Trustees’ Fund. … Continue reading

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Posted in 12 - December 2014, Investments, Retirees, Retirement Contributions, Retirement Distributions, Stock Market, Withdrawals | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in 08 - August 2014, Retirement Distributions, Withdrawals | Leave a comment

Preparing Emotionally for Retirement

There is no question that everyone should start saving for retirement while they are young and have the financial ability to do so.  While this is a critical step to take financially, one must also prepare mentally for the changes … Continue reading

Posted in Retirees, Retirement Contributions, Retirement Distributions, Withdrawals | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in Retirement Distributions, Tax Information, Withdrawals | Leave a comment

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading

Posted in Form 1099, Internal Revenue Service, Retirees, Retirement Distributions, Tax Information, Uncategorized, Withdrawals | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in Retirement Distributions, Withdrawals | Leave a comment

Possible Change to Minimum Required Distributions

Under current law, a participant in an employer-provided retirement plan, such as the Ministers’ Retirement Plan, who reaches the age of 70½ must begin to take at least minimum required distributions from his or her pension account unless the participant … Continue reading

Posted in Retirement Distributions, Tax Information, Withdrawals | Leave a comment

Stop the Leakage

Within the past few weeks, legislation has been proposed in the U.S. Senate that could potentially change the way participants can access their retirement accounts prior to reaching retirement age. The proposal, known as the Savings Enhancement by Alleviating Leakage … Continue reading

Posted in Retirement Contributions, Withdrawals | Leave a comment

Hardship Withdrawals

Accessing the funds in your Ministers’ Retirement Plan account prior to age 59½ is made extremely difficult by the Internal Revenue Service rules. Simply stated, the IRS says you cannot access your funds unless you have an “immediate and heavy” … Continue reading

Posted in Internal Revenue Service, Member Loans, Withdrawals | Leave a comment