The IRS changed the 72T rate to read “up to 5%”. That is that rate used to calculate how much money you can withdraw without paying a penalty. With the lump sum decreasing with rate change I suggest all look into it.
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not true just set up new 72t on feb1. new rates are effective immediately, and it 120% of the 5 %rule,so if can possibly withdraw 6.2% WITHOUT penalty
Strong possibility of EIPP. Yeah right. Please stop. Those days are over. just get out when you can because you will keep waiting and waiting and waiting and waiting and waiting for years.
If you retire in the year you turn 55 or older, and have money in your your Verizon 401k, the pension lump sum can be rolled into IRA and taken out at 59 1/2 and not use 72t. The money in 401k has certain rules for withdrawal, upon being terminated, that fidelity can explain to you. The rule of 72t is strict and if you make a mistake you will owe a tax penalty. The new lump sum rates come out March 1st. If you are leaving soon you should check into it. The old rates are effective till the end of March. I am leaving by end of March and there is a strong possibility of a EIPP in 1st quarter. Good luck to all.
Go ahead and look into it. Y'all get the shaft either way.