What are my options if I no longer work at a PCA organization?
If you are not ordained in the PCA and no longer work for a PCA organization, you will no longer be allowed to make contributions to your plan. If your balance is less than $2,500, we will be contacting you to make a required distribution from the plan. However, if your balance is greater than $2,500, you are not required to take a distribution and can leave the money in the plan. If you do wish to withdraw your money from the plan, there are four options. First is a cash withdrawal. Taxes will be withheld and if you are younger than 59, a 10% penalty will be assessed at tax time. Second, you can rollover the money to a Standard IRA. Third, you can transfer the money to another 403(b). The fourth and final option is to transfer it to a 401(k), if the plan administrator allows 403(b) transfers. For all of these options, you will need to complete and Distribution form and fax or mail it to our offices in Lawrenceville. This information is found on the form.
Related Questions
- I am an Instructor who is no longer with an organization and no longer affiliated with a Master or system but I want to continue to teach. What are my options?
- What self-payment options are available when my child is no longer eligible for dependent coverage?
- What are my options if I no longer work at a PCA organization?
