RMD Question
Situation: I am still employed by the City Government. The City is not contributing to my 401(k). But I am. Must I consider that balance as part of my RMD? I am 71 years old.
Situation: I am still employed by the City Government. The City is not contributing to my 401(k). But I am. Must I consider that balance as part of my RMD? I am 71 years old.
Permalink Submitted by Alan Spross on Mon, 2010-02-22 18:49
There typically are no RMDs for the qualified plan of your current employer until you separate from service. But some plans may require RMDs at 70.5, so check with your plan.
When RMDs do begin, they are based on the year end balance of the prior year.
Permalink Submitted by Martin Helmer on Tue, 2010-02-23 01:33
Can you confirm this is actually a 401(k) plan? Virtually no governmental employers have one unless they had it prior to some date in early May of 1986. Might it be a 457(b) or a 403(b)?