The Ohio Deferred Compensation program is Ohio's 457 voluntary retirement savings plan offered to state and local government employees. Participants invest pre-tax dollars in a tax-deferred account similar to a 401k or 403b retirement plan. Any public employee eligible to enroll in one of the state's pension funds is eligible to enroll in the plan. You may begin making withdrawals if you retire or leave your current job, if you experience a qualifying unforeseeable emergency that puts you in a severe financial hardship or if you have an account balance of $5,000 or less and have not put money into the program for at least two years.
Request a withdrawal election form from the Ohio Deferred Compensation Service Center by calling 877-644-6457. You must request the form directly through the service center. An account executive will discuss the withdrawal with you while filling out the form.
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Tell your account executive the type of payment you want. You can get an annual percentage of your account, set a specified dollar amount that is paid until your account runs out, set a time period over which payments will be made, receive a partial lump sum or receive full lump sum.
Discuss with the account executive how often you want to receive your payments. You can receive payments annually, semi-annually, quarterly or monthly. Monthly payments must be a minimum of $100. Decide whether you want to have payments withdrawn proportionately from each of your investments or from one investment option at a time. Tell the account executive which option you choose.
Wait for your completed form to be mailed to you after discussing your options with the account executive.
Review the completed form. Sign and date the form after reviewing it. If you are using direct deposit, add the necessary information so the funds will be deposited appropriately.
Return the completed form to Ohio Deferred Compensation's Service Center. Send it to 257 E. Town St., Suite 457, Columbus, OH 43215-4626. You may later change the amount or frequency of your payments by submitting a new withdrawal from.
You will begin receiving your payments after the Ohio Deferred Compensation program verifies your departure from your employer, the amount you have put into the plan and the withdrawal election form. According to the service center, the Ohio Deferred Compensation program will verify the information directly with your employer after receiving your departure notice.
If you are within five years of retirement, you should schedule an appointment to discuss your options with a retirement planning specialist at the program.
Your account balance may be paid to your beneficiaries if you die before the full value of your retirement plan is paid. Fill out a beneficiary election form to name your beneficiaries.
Under federal law, you must begin making withdrawals from your account when you reach age 70 ½.