This page last updated on Wednesday, March 17, 2021
Frequently Asked Questions AGMA Retirement Plan
1.When am I eligible to withdraw the funds from my Individual Account (Account) in the AGMA Retirement Plan?
A. You may withdraw funds under the following circumstances:
a) You have retired (at least age 55).
b) Termination of employment covered by AGMA collective bargaining agreement payable at any age if you have severed your employment for at least six (6) months.
c) Disability (payable at any age if you provide satisfactory medical evidence of your permanent and total disability) d) You are turning age 70½
2. May I "rollover" my Account to an IRA or other qualified annuity or retirement plan?
A. Yes, "traditional" IRAs, Roth IRAs and employer plans that accept outside contributions qualify for a tax deferred rollover.
3. May I take the funds for my own use?
A. Yes, however; all withdrawals will be considered ordinary income for income tax purposes and are subject to federal withholding taxes. In addition, if you have not reached age 59 1/2, you may be subject to the IRS penalty for early withdrawal of retirement funds.
4. When am I vested in the Plan?
A. All participants are fully vested immediately in the Plan.
5. When are statements mailed?
A. A valuation of the Plan is performed annually, after completion of the fiscal year end (August 31) closing. Statements are mailed once a year, generally in the Spring.
6. Can I take a loan against the funds in my Retirement account?
A. The plan does not allow loans to be taken aginst funds in your retirement account.
7. How do I apply for withdrawal of the funds in my Account?
A. Contact the AGMA Retirement Plan office for the application form. The form must be completed and returned with proof of age, as indicated in the application.