How to initiate a 72(t) when NML is the custodian of an Employer sponsored Simple IRA
Im trying to figure out what the procedure is to initiate a 72t when NML(Northwestern Mutual Life) is the custodian of an Employer sponsored Simple IRA plan with a 3% match?
Permalink Submitted by Alan - IRA critic on Tue, 2014-10-14 18:23
You cannot take a 72t distribution from an account that is receiving contributions. You have a 2 year waiting period from the date of the first SIMPLE IRA contribution before you can roll funds out. If you have met that waiting period by now, you should roll funds out of the SIMPLE IRA into a traditional IRA, and start your 72t plan from the traditional IRA.
Permalink Submitted by Zachariah Hammel on Tue, 2014-10-14 20:45
Thanks for the info on this, I have only done 72t’s from IRA annuities!