A withdrawal is the ability to take money out of the plan while you are still employed. A withdrawal differs from a loan, because you don’t have to repay a withdrawal.

To determine if a loan or a withdrawal is the right course of action for you, consider the following factors below:

Loan	Withdrawal
You don’t pay taxes if repayments stay on schedule	Usually, you will have to pay taxes
You have to repay it, plus interest	You cannot repay it
Your plan balance is temporarily reduced	Your plan balance is permanently reduced
You can continue to participate in the plan	Certain withdrawals cause a 6-month suspension of contributions

Before taking a withdrawal, MMBB recommends that members review their situation with a Senior Benefits Specialist.

Withdrawal Prior to Retirement

A request for a withdrawal from your account prior to retirement must be made in writing. The minimum withdrawal is $1,000. In order to take a withdrawal against your The Annuity Supplement Plan account while you are working requires five years of service.

You may withdraw your plan assets, as follows:

• Withdrawal is not subject to IRS Hardship Conditions.
• Prior to retirement, you can make no more than two withdrawals in a 12-month period.
• Once you withdraw money from the plan you cannot put it back into the plan.
• Minimum withdrawal amount: $1000
• Maximum The Annuity Supplement Plan withdrawals are equal to 20% of your account balance minus prior withdrawals and net of outstanding loans in other retirement accounts. Lifetime pre-Retirement total maximum withdrawal amount cannot exceed a cap of $50,000.

Plan Transfer Account Withdrawal

Members with existing core and Plan-to-Plan transfer accounts as of December 31, 2008 who transfer money from another 403(b) plans into the plans on or after December 31, 2008 will have their current account subject to the plan rules as of December 31, 2008. Any subsequent Plan Transfers will be subject to the five years of service restriction on Plan Transfer Account Withdrawals.

If you are a Member with a Plan Transfer Account, and if applicable, you have satisfied the 5-year service restriction, you may request a Plan Transfer Account Withdrawal.

You may withdraw all of your plan assets, as follows:

• Not limited to 2 withdrawals in a 12 month period.
• Once you withdraw money from the plan you cannot put it back into the plan.
• Minimum withdrawal amount: $500 unless account balance is less
• The Maximum Amount Available:
  • If you are still employed with the employer where the Plan Transfer Account originated, the amount available from the Plan Transfer Salary Reduction Account cannot exceed the hardship limitations.
  • If you are no longer employed with the employer where the Plan Transfer Account originated, the entire Plan Transfer Salary Reduction Account is available for withdrawal.
  • Regardless of employment status with the employer where the Plan Transfer Account originated, if you are age 59 ½ or older, the entire Plan Transfer Salary Reduction Account is available for withdrawal.

All withdrawal amounts will be taken proportionately from your applicable investment funds, both Non-Housing Allowance and Housing Allowance. You cannot specify the investment funds from which your withdrawal should be taken. You can reallocate your remaining account balance among the available investment funds.

If eligible, you may defer paying taxes at the time you take a withdrawal by directly rolling over your eligible withdrawal to another qualified plan or IRA. Not all employer plans accept rollovers. You should check with the plan’s administrator before electing a direct rollover of your after-tax contributions to a qualified plan.

Requesting a Withdrawal

You can check the amount available by logging into www.mmbbaccounts.org and going to the Account Details section.

To request a withdrawal, you must speak with a Senior Benefits Specialist.

The completed paperwork must be returned to MMBB for approval. If approved, the form will be forwarded to Xerox for processing.

A check will be forwarded to the address of record within three to five business days following.

Deleting or Changing a Withdrawal Request


If you have requested a withdrawal and decide that you do not wish to complete the withdrawal, do not return the withdrawal package. Withdrawal packages automatically expire 90 days from the date of request.

To delete or change a withdrawal once you have mailed back the form, you must call a Senior Benefits Specialist.