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To determine if a loan or a withdrawal is the right course of action for you, consider the following factors below:
|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.
A request for a withdrawal from your Member Contribution Plan account prior to retirement must be made in writing. The minimum withdrawal is $1,000. In order to take a withdrawal from your Member Contribution Plan account while you are working you must be over 59 ½ or meet the hardship withdrawal criteria below.
A. Minimum amount is $500 and must meet the following criteria:
B. The minimum amount is $1,000.
(Note – Any portion of the account that contains After-tax contribution will be used first)
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 Conduent for processing.
A check will be forwarded to the address of record within three to five business days following.
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 contact a Senior Benefits Specialist.
If you “Proceed”, the link will open in a new window.