Your spouse s signature must also be witnessed by a notary public for the designation to be valid. If you do not properly designate a beneficiary before your death, your death benefit will be paid to your surviving spouse or, if you have no spouse, to your estate. When you receive a distribution from the Plan, you will be responsible for paying federal and state income taxes that apply in the year you receive your payment. Certain other limited exceptions apply. This withholding will be applied toward the amount you will owe when you calculate your taxes and penalties at the end of the year.
Tax laws are complicated and subject to change.
We recommend you get advice from your tax or financial advisor before receiving a distribution from the Plan. Depending on your compensation and marital status, your ability to make tax-deductible contributions to an IRA may be affected by your participation in the Plan. You should consult your tax or financial advisor for more information on the rules relating to IRAs. The District expects to continue the plan indefinitely. However, the District reserves the right to amend, discontinue, or terminate the Plan at any time for any reason.