Accessing your money before retirement
When can I take a distribution from my ORP account?
You may take a distribution from your ORP account following the date:
A participant on qualified military leave for more than 30 days will be considered to have terminated employment for purposes of taking a distribution from his or her ORP account.
Please note that income taxes are payable upon withdrawal and federal restrictions and a 10% tax penalty may apply to early withdrawals. Be sure to talk with your tax advisor before withdrawing any money from your plan account.
What forms of distribution are available fom my ORP account?
Subject to the terms of your ORP account invested with AIG Retirement Services, you may elect to receive distribution of your ORP account as:
May I take a loan from my plan account?
Yes, loans are available. Tax-free loans make it possible for you to access your account without permanently reducing your account balance. Please note that defaulted loan amounts will be taxed as ordinary income and may be subject to a 10% federal tax penalty if the employee is under age 59½.
I have a retirement plan from a previous employer. May I transfer this account to my AIG Retirement Services ORP plan?
Yes, if your previous employer's plan allows transfers.