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OKLAHOMA POLICE PENSION AND RETIREMENT SYSTEM NOTICE OF ELECTION FOR REQUIRED MINIMUM DISTRIBUTION A distribution from the System or Plan (together called the System) has certain tax consequences.

How to fill out required minimum distribution disbursement

How to fill out required minimum distribution disbursement:

1. Determine the required minimum distribution (RMD) amount based on your age and the balance of your retirement account.
2. Contact your retirement account custodian or plan administrator to request the distribution form or online access to initiate the process.
3. Complete the distribution form or use the online platform to provide the necessary information such as your personal details, account information, and the desired disbursement method.
4. Specify the amount you want to withdraw as the RMD and ensure it meets the minimum requirement.
5. Choose the disbursement method, which can include receiving a check in the mail, a direct deposit to your bank account, or a transfer to an eligible retirement account.
6. Consider any tax implications associated with the disbursement and consult a tax advisor if needed.
7. Review the completed form or online submission before submitting it to ensure accuracy.
8. Follow any additional steps or requirements outlined by your retirement account custodian or plan administrator to finalize the disbursement process.

Who needs required minimum distribution disbursement?

1. Individuals who have retirement accounts such as 401(k)s, IRAs, or other qualified plans are typically required to take minimum distributions once they reach a certain age.
2. The Internal Revenue Service (IRS) mandates these distributions to ensure that individuals are utilizing their retirement savings and paying any applicable taxes on the withdrawals.
3. Generally, individuals who turn 70½ years old or reach the age of 72 (for those born after June 30, 1949) are required to take minimum distributions. However, certain exceptions or variations may apply depending on the specific retirement account and individual circumstances.

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