De Minimis Distribution

This distribution allows a one-time withdrawal of your account while still employed by your participating employer if you have not contributed for at least two years and your account balance is $5,000 or less. If you use this provision, you will not be able to contribute to OSGP for at least six months following the distribution. Federal and state taxes may apply, and a Form 1099RIRS form used to report a distribution from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc. The form is mailed no later than January 31 to a recipient of an OSGP distribution or an account balance refund. It lists the distributions paid and any taxes withheld during the previous year. will be sent to you in January of the year following the distribution.

To request a de minimis distribution of your account, click on the Form button to download the De Minimis Distribution Request Form.

Related Topics:

1099R

In-Service Distributions