Effective, April 1, 2021, Money Purchase Plan and Trust (MPP&T) participants who have obtained the age of 59 ½ AND have experienced a separation of service of thirty (30) consecutive days or more, will be permitted to make a once in a lifetime withdrawal of up to half of their MPP&T account balance, not to exceed $100,000.00.
Keep in mind that by law, any withdrawal of pre-tax contributions (employer contributions) will become taxable in the year that the monies are received.
What constitutes a separation of service?
A separation of service is defined as a thirty consecutive day period in which no employer retirement contributions were earned while performing unit work under any I.B.E.W. Collective Bargaining Agreement.
If you meet the aforementioned criteria and wish to take advantage of this new benefit, please call Vanguard at 1-800-523-1188.