non qualified retirement plan
I have a non qualified retirement plan ( this is not a 401K) through work.
Do I have to wait until I am 59 1/2 years old to take it out without paying tax or do I still have to pay tax. If I have to pay any tax, what is the amount or percentage.
if you are still employed then you can no longer take a withdrawal of money fron a non qualified retirement plan. I’m assuming that your employer is in danger of going under and you’re trying to get some of the money in there. The Jobs act of 2004 pretty much limited distributions to the following reasons:
The earlier of:
???? Separation from service with the employer and all members of the controlled group (and
in the case of a “key employee” no earlier than six months after separation from service)
???? The onset of disability
???? Arrival of a time specified under the plan as the deferral date (including a fixed payment
???? Unforeseeable emergency
???? A change of control (to be defined in the regulations).
Unfortunately distribution upon a decline in the financial health of a company is strictly prohibited by ERISA.