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If a vested member after 15 years decides he wants to withdraw his funds, must he resign from the company altogether or just from the LOSAP program?

April 26, 2017COMPANY decides funds resign Vested wants withdraw

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If a vested member after 15 years decides he wants to withdraw his funds, must he resign from the company altogether or just from the LOSAP program?

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No. The LOSAP rules and regulations do not require a member to resign from the company in order to receive a distribution of funds. However, if a vested member receives a distribution of funds prior to attaining the age requirements set forth in the plan, that member must begin a new vesting track.