Get the free 403(b) Withdrawal Election form - Louisiana State University - lsus

403(b) SUPPLEMENTAL RETIREMENT ACCOUNT WITHDRAWAL ELECTION FORM Type of Withdrawal (check one): Loan Hardship Withdrawal I. Employee Section: Every field must be complete in order for this form to

How to fill out 403b withdrawal election form

How to Fill Out 403b Withdrawal Election Form:

1. Fill in your personal information: Start by providing your full name, address, Social Security number, and date of birth. This information is essential for identification purposes.
2. Indicate the reason for withdrawal: Specify why you are requesting a withdrawal from your 403b account. Common reasons include retirement, financial hardship, or reaching the age of 59½.
3. Choose the withdrawal method: Select the type of withdrawal you prefer. Options typically include a lump-sum distribution, periodic payments, or a systematic withdrawal plan.
4. Specify the withdrawal amount: Indicate how much money you want to withdraw from your 403b account. You may either request a specific dollar amount or a percentage of your account balance.
5. Provide tax withholding instructions: State the percentage of federal income tax you would like to have withheld from your withdrawal. Keep in mind that if you do not specify an amount, the default withholding rate may apply.
6. Complete any additional forms: Depending on the circumstances of your withdrawal, you may need to attach supporting documents or fill out supplementary forms. For example, if you are requesting a hardship withdrawal, you might need to provide proof of financial need.

Who Needs a 403b Withdrawal Election Form?

1. Individuals planning for retirement: If you have a 403b retirement savings account and are considering making withdrawals, you will need to fill out a withdrawal election form.
2. Individuals facing financial hardship: In certain cases of financial hardship, you may be eligible for a hardship withdrawal from your 403b account. To request this type of withdrawal, you will need to complete the withdrawal election form.
3. Individuals reaching the age of 59½: Once you reach the age of 59½, you become eligible to make withdrawals from your 403b account without incurring early withdrawal penalties. To initiate these withdrawals, you will need to submit a withdrawal election form.

Remember, it is essential to consult with your plan administrator or financial advisor for specific instructions and guidelines on filling out the 403b withdrawal election form, as the process may vary slightly depending on your retirement plan provider.

For pdfFiller’s FAQs

What is 403b withdrawal election form?

The 403b withdrawal election form is a document that allows an individual to specify how they would like to withdraw funds from their 403b retirement account.

Who is required to file 403b withdrawal election form?

Any individual who wishes to make a withdrawal from their 403b retirement account is required to file the 403b withdrawal election form.

How to fill out 403b withdrawal election form?

To fill out the 403b withdrawal election form, the individual must provide personal information, specify the amount to be withdrawn, and choose the withdrawal options.

What is the purpose of 403b withdrawal election form?

The purpose of the 403b withdrawal election form is to ensure that the individual's withdrawals from their 403b retirement account are processed correctly and according to their preferences.

What information must be reported on 403b withdrawal election form?

The 403b withdrawal election form must include the individual's personal information, the amount to be withdrawn, the withdrawal options chosen, and any applicable beneficiary information.

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