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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Paying Taxes on Amounts Withdrawn Early from Pension Funds
Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn.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
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
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
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
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
Paying Taxes on Amounts Withdrawn Early from Pension Funds
Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn.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
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
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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
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
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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
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