Below, you will find the form you need to distribute funds from your CBHC Retirement Account.
Once you have completed the form, e-mail it to Payroll@cbhcfl.org. CBHC’s payroll department will complete the vesting information, send it to our CEO for signature, then forward the form to our plan administrator who will sign the form and take it from there!
CBHC’s plan administrator is:
Name: Kathleen Basset
E-mail: kathleen@bspretirement.com
Please note: You can find more details about taxation of distributions in the 402(f) Special Tax Notice. In general, any distributions that you receive from an annuity, pension, or retirement plan may be taxable as ordinary income, and if you have not reached age 59½, you may be subject to a 10% “premature distribution” penalty tax. For any distributions made to an address outside of the United States, a mandatory 30% withholding rate will apply, unless a completed IRS Form W-8BEN is submitted to the Plan Administrator.
To roll over your retirement funds into another Plan or IRA after leaving employment at CBHC, click here.
Unless you select one of the Direct Rollover options, 20% of the amount will be withheld for federal income tax.
To take a cash distribution or to roll over your retirement funds into another Plan or IRA while still employed by CBHC, click here.
An in-service withdrawal occurs when an employee takes a distribution from a qualified, employer-sponsored retirement plan, such as a 401(k) account, without leaving the employment of their company. This may occur without a tax penalty any time after the employee reaches age 59½ or if the employee has a certified disability, or if the employee withdraws up to $10,000 to purchase their first home, declares a hardship, or establishes extreme financial need. In some cases, in-service withdrawals can be made without these events occurring. Unless you select one of the Direct Rollover options, 20% of the amount will be withheld for federal income tax.
To take a cash distribution due to a hardship, click here.
NOTE: A Hardship Distribution is not an eligible rollover distribution. Therefore, it cannot be rolled over to an IRA or another qualified plan. The amount distributed as a hardship distribution may be subject to federal income taxation and a 10% penalty if you are not age 59 1/2. You should consult your tax advisor regarding the tax consequences of a hardship distribution before you complete this Hardship Distribution Form. In addition, you will not be permitted to make elective deferrals under this Plan or any other plans of the Employer for 6 months from the date you receive a Hardship Distribution. Unless otherwise elected, 10% of this amount will be withheld for federal income tax.
To take a cash distribution or to roll over retirement funds after the death of an employee, click here.
Unless you select one of the Direct Rollover options, 20% of the amount will be withheld for federal income tax.