Withdrawal process To make a withdrawal from the ELCA Optional Pension Plan, contact the Board of Pensions for a Withdrawal request form. Amounts withdrawn from the ELCA Regular Pension Plan may also be rolled over to the Optional Pension Plan. You may roll over withdrawals from the Regular Pension Plan to your Optional Pension Plan account up to 90 days prior to the date you start your lifetime monthly pension. You will not be subject to current income tax on the amount rolled over. You are, however, subject to income taxes when making subsequent withdrawals from the IRA, TSA or custodial account.
Withdrawals are excludable from income if they qualify as housing allowance.
The amounts designated as housing allowance are excludable from gross income only to the extent those amounts are used to rent or provide a home. You lose the right to claim the housing allowance benefit when you roll over a withdrawal to a tax-favored arrangement that is not a plan administered by a church. The Board of Pensions is required to withhold 20 percent of all withdrawals for federal income tax, unless the withdrawal is transferred directly to another tax-favored arrangement. More information For more information, refer to the Summary Plan Description or contact the Board of Pensions . Due to the complexity of the tax rules, you may want to consult a tax adviser for specific tax-related questions.