Participants who have reached the age of 70½ should be aware that the 2015 deadline is drawing near for Minimum Required Distributions (MRD) from their Nazarene 403(b) Retirement Savings Plan accounts. Failure to do so could result in severe IRS penalties. Pensions and Benefits USA recently sent email reminders to 403(b) participants who are 70½ or older.
Those who determine that a minimum required distribution is needed, should complete and return the forms included with the email to the Pensions and Benefits USA office by December 1, 2015. If desired, Fidelity Investments will automatically calculate and send participants the required MRD amount for monthly, quarterly, or annual withdrawals.
We encourage participants to review this information, and act accordingly. Find out more in this list of Frequently Asked Questions regarding MRD.