Distribution Requirements
457(b) Plan. You may begin distribution of your account, without an IRS 10% early distribution penalty, when you separate from State service, regardless of age.
You must begin distributions at age 73, unless you're still employed by the State and have not yet retired. The IRS requires a 20% federal income tax withholding on most distributions (except from Roth accounts when distribution conditions are met).
401(k) Plan and 403(b) Plan. You may begin distribution of your 401(k) and 403(b) Plan accounts, without an IRS 10% early distribution penalty, if one of the following conditions has been met:
Separation from State service in the calendar year you attain age 55 or older;
Deductible medical hardship with certain requirements;
Selection of an annuity contract (after separation from employment).
If you separate from State service before the calendar year you attain age 55, you may begin distributions from your 401(k) and 403(b) Plan accounts, but you may owe a 10% IRS penalty until a certain age.
You must begin distributions at age 73, unless you're still employed by the State and have not yet retired. The IRS requires a 20% federal income tax withholding on most distributions (except from 401(k) Plan Roth accounts when distribution conditions are met).
401(a) Match Plan. You may begin distribution from your 401(a) Match Plan account, without an IRS 10% early distribution penalty, if one of the following conditions has been met:
Separation from State service;
There may be an IRS penalty for withdrawals before a certain age.
You must begin distributions at age 73, unless you're still employed by the State and have not yet retired. The IRS requires a 20% federal income tax withholding on most distributions.