What withdrawal options do I have now that I am retired?
Once retired, you have full access to the assets in your savings plan account. You can take a full distribution or partial withdrawals. Only one partial withdrawal is permitted in any given month, a second withdrawal in the same month must be a termination of the account.

There are two basic types of withdrawals: rollover and cash.

With a rollover, you move the assets directly to another tax deferred vehicle without incurring a taxable event.
However, when assets are sent in the form of cash to you at home, appropriate taxes (20%) will be withheld.
In some cases, you may perform a distribution that involves both a rollover and cash payment simultaneously.

Please be sure to review the special tax notice that is included with each of your quarterly statements before requesting a distribution. You can also request a copy of the special tax notice through Benefits OnLine or by contacting a participant service representative at 1-800-483-SAVE (7283)

As a retired employee, do I have to move my money out of my savings plan account?
You are not required to take a distribution from your account unless:

The balance of your account is less than five thousand dollars ($5,000) on the last business day of the third month following your retirement date, your account will be automatically paid out to you in cash. Please note: the actual dollar figure would include the standard twenty percent (20%) tax withholding.
As per IRS regulations, if you are over the age of 70 ½ you must begin to withdraw a certain percentage of your account each year. The exact percentage and dollar figures are calculated once you attain the age of 70 ½. Merrill Lynch will notify you when distributions must commence.

May I set up automatic monthly disbursements from my account?
No. If you wish to process monthly distributions from your savings plan account, you will have to initiate each withdrawal through Benefits OnLine or with a Participant Service Center Representative at 800-483-SAVE (7283).

What happens to my loans now that I am retired?
As a retired Corporation savings plan participant, you can continue making payments on your loan(s).

To continue making payments on your loan(s), you can log onto Benefits OnLine to obtain the Loan Repayment/Payoff Form and instructions; or
You may contact a Merrill Lynch Participant Service Center Representative at 800-483-SAVE (7283) to obtain the Loan Repayment/Payoff Form. If you do not make your loan payment in retirement, the outstanding balance(s) of the loan(s) will be reclassified as a distribution and will appear as ordinary income for tax purposes.

What penalties will I have to pay on withdrawals or loan defaults?
As per IRS regulations, if you retired prior to age fifty-five (55) and are still under the age of 59 ½, you may be subject to a ten percent (10%) tax penalty (on the gross distribution amount) when you file your taxes for the year.

Please be sure to review the special tax notice that is included with each of your quarterly statements.
You can also request a copy of the special tax notice through Benefits OnLine or by contacting a participant service representative at 800-483-SAVE (7283)

If the penalty is only 10%, why does Merrill Lynch withhold 20% up front?
The twenty percent (20%) mandatory withholding is enforced by the Internal Revenue Service (IRS) as a means to help prepay federal taxes. Your actual tax rate (and possible penalty) will depend on your tax situation and will be determined when you complete your tax return for the year.

How do I change my beneficiary?
Beneficiary designations are maintained at Benefits Express. If you wish to designate or change the beneficiary on your account, please visit Your Benefits Resources web site or call Benefit Express at (888) 409-3300.