Retirement Savings Plan Summary Plan Description
6.4 Normal Retirement
Upon attaining age 65 and terminating covered employment, you may request a distribution from your account in any form allowed under Section 6.9, even if you have not begun receiving pension payments under the NCEW Pension Plan. Beginning April 1 of the year following the year you attain age 72, the Plan will automatically distribute to you annually at least the minimum amount required by the tax rules.
Before 2020, participants were required to begin taking distributions by April 15 of the year following the year in which the participant attained age 70 ½. The law was changed to allow Participants who attain age 70 ½ after December 31, 2019, to delay distributions until April 15 of the year following the year in which the participant attains age 72 before 2023, and 73 after 2022. No minimum distribution was required during 2020 due to special legislation providing pandemic-related relief.
For more information on minimum distributions, please request the form titled Explanation of Rules Regarding Minimum Distributions and Distributions After Death.