Sent:                               Thursday, April 9, 2020 8:54 PM

Subject:                          Penalty-free withdrawal options


New rules for plan withdrawals




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New rules for plan withdrawals

If you've been impacted medically or financially by the coronavirus, recent federal legislation, known as the Coronavirus Aid, Relief, and Economic Security Act, has allowed us to provide you with increased flexibility if you need to access money from your retirement account.

We understand you may need to take advantage of this option, but keep in mind that withdrawing money from your retirement account now can impact your ability to retire at the age you expected, so it should only be considered as a last resort.

If you don't have any other viable savings or borrowing options and decide to take a withdrawal, the following provisions are being added to the plan:


Tax-advantaged withdrawal

You may be able to take a tax-advantaged withdrawal of up to $100,000 until December 31, 2020


Loan Suspensions

This waiver applies to withdrawals taken between January 1, 2020, and December 31, 2020


Transamerica is also waiving the transaction fees associated with coronavirus-related withdrawals until further notice.

We recommend that you withdraw only as much as you need to cover near-term expenses. This will help you in meeting your long-term retirement goals.



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Robert Robinson| Sr Marketing Specialist, Participant Communications

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