Distribution Options

Your decision to join a 401k plan was a good first step. You have saved taxes and set money aside for retirement. Your next step is to decide what to do with that money. You have two or three choices concerning these funds. Because contributions to this plan were made with pre-tax dollars, distributions from the plan may be taxable. Please carefully read the options listed below.

1. Payment paid to you. Your first option is to close out your account and take the cash. If you select this option you will have to pay federal and state income tax on this money. Plus, if you are under age 59 ½ at the time of distribution, the federal government will impose an additional 10% penalty.
2. I.R.A. - Direct Rollover Option number two is to transfer these funds to an I.R.A. account. You can open an I.R.A. account using the same investments you had your company's 401k plan. If you transfer your 401k money to an I.R.A., your money continues to be part of a tax deferred retirement program and you will not pay any tax or penalty at this time.
3. Qualified Retirement Plan - Direct Rollover You may have a third option. If your new employer has a 401(k) plan, you would probably be allowed to transfer your money into that plan and avoid taxes at this time.

Request a distribution or rollover

Request more information: This page outlines your options for distributing your 401k. For more information on withdrawing money from your 401k account, please call a representative of WC Administrators: at (801) 595-1100 or 1-800-748-4865.

Contact WC Administrators, LLC

• Guardian 401(k)
• Guardian Variable Annuity

• John Hancock 401(k)
• John Hancock Variable Annuity

 MassMutual
  Financial Group

• MassMutual Financial Group