Distributions are required for participants who have reached age 70 unless they are still working for the employer. Distributions are normally taxed as ordinary income when they are received. Discuss which type of retirement plan choices are best for you with your tax advisor. Then call your account representative to receive the necessary forms to start your new retirement plan. This page is intended only to answer general questions about money purchase plans.
Retirement plans are a complex technical area.
We strongly urge you to contact your personal tax advisor for answers to more detailed questions.