Momentum PlusSM |
Accessing Your Money
Because the Ohio ARP is a retirement plan, distributions before retirement (including withdrawals) are limited by federal income tax rules. Loans, if permitted under your employer’s ARP, provide an alternate way to access your ARP account before retirement
Distribution Options. Subject to the terms of your employer’s ARP and any laws applicable in the state of Ohio, Momentum PlusSM offers you several payout options:
- Systematic withdrawals
- Lump-sum payments
- Installments (fixed period or fixed amount)
- Life income options
Distributions from 401(a) plans, such as the Ohio ARP, are generally not available prior to age 59½ unless you terminate employment, have a financial hardship, are disabled, or die. Amounts distributed from a Momentum PlusSM contract are taxable as ordinary income and, if taken prior to age 59½, may incur a 10% federal income tax penalty. Other taxes may also apply. Consult your tax advisor if you have questions.
- Your local Ohio AXA Advisors financial professional is available to help you decide which of these benefit payout options best meets your retirement needs and objectives.
Loans. If permitted by your employer’s ARP, Momentum PlusSM includes a loan feature. Please refer to the prospectus, supplements, and statement of additional information for complete loan details.
Keep in mind that if you do not repay or default on the loan when the payment is due, the entire unpaid balance of your loan will be treated as a deemed distribution and is taxable. In addition, this amount could be subject to federal tax penalties.
GE-51870(10/09)
