DCP457 and 72t
I am currently working age 55 can I access my dcp457 and access my money using the 72t rule to avoid the 10% penalty?
I am aware you can do it for IRA’s how about 457’s?
I am currently working age 55 can I access my dcp457 and access my money using the 72t rule to avoid the 10% penalty?
I am aware you can do it for IRA’s how about 457’s?
Permalink Submitted by Alan Spross on Tue, 2008-11-04 19:44
The question is whether you can receive distributions while still working at 55. If you can, there is no early withdrawal penalty because that only applies to qualified plans. A 457 is NOT a qualified plan per att’d definition:
>>>>>>>>>>>>>>>>
c) Qualified retirement plan
For purposes of this section, the term “qualified retirement plan” means –
(1) a plan described in section 401(a) which includes a trust exempt from tax under section 501(a),
(2) an annuity plan described in section 403(a),
(3) an annuity contract described in section 403(b),
(4) an individual retirement account described in section 408(a), or
(5) an individual retirement annuity described in section 408(b). Such term includes any plan, contract, account, or annuity which, at any time, has been determined by the Secretary to be such a plan, contract, account, or annuity
>>>>>>>>>>>>>>>>>>
Check with the plan administrator to see if you qualify for distributions.