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Can I withdraw money from my MNDCP account while employed? |
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Since this is a tax-deferred retirement plan, generally you can
only access your account assets when you terminate employment with the employer sponsoring the
MNDCP, however, there are four types of distributions you may request while still employed:
- Unforseeable Emergency - If you suffer an unforeseen emergency resulting in
severe financial hardship that cannot be satisfied by any other source, you may apply
for a withdrawal. Contact
MSRS at 1-800-657-5757, option 3 to obtain the
necessary application.
- Purchase of your public employment service credit - You may be eligible to transfer
assets from your MNDCP account to your governmental defined benefit pension plan to
purchase permissible service credits. For additional information, contact MSRS at 1-800-657-5757, option 3.
- De Minimis Distribution - You may be eligible to withdraw your entire account
balance while still employed if all of the following criteria are met:
- Your MNDCP account balance is $5,000 or less
- You have not contributed to your MNDCP account for
the past two years
- You have not previously taken a De Minimis distribution.
- In Service - You are eligible to withdraw any portion of your account balance
that represents assets that were rolled into your MNDCP account from another
qualified retirement plan or IRA.
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