Tax liability is deferred until funds are withdrawn. The College will provide the maximum contribution level upon request to new employees, and annually to all eligible employees. All exempt and non-exempt employees are eligible to establish a supplemental retirement account as of date of hire. Vanguard Withdrawal Provisions You may withdraw or roll over the value of your total accumulations from the basic retirement plan if you have terminated employment with Skidmore. Please note that when you receive a distribution due to financial hardship, your distribution may not exceed the amount of your salary reduction contributions to your SRA, excluding investment earnings as of January 1, 1989.
Distributions are subject to ordinary income taxes.
You may receive your distributions in the form of one or more lump-sum payments or in regular monthly, quarterly, or annual installments. Installment payments are made over a period not to exceed your life expectancy or the joint life expectancies of you and your beneficiary. The basic retirement account can not be withdrawn or rolled over while employed by Skidmore College. However, any money in this account can be withdrawn, rolled over, or transferred over a ten-year period. Please note that when you receive a hardship withdrawal, distributions are limited to employee contributions including earnings attributable prior to January 1, 1989.