Participant Resources

Who Is My Plan Administrator?

Your Plan Administrator is the person or company responsible for managing your employer’s retirement plan.
This role is usually filled by:

• Your employer’s HR or payroll department, or
• A designated Third-Party Administrator (TPA) or, as we prefer to call ourselves, RPC (Retirement Plan Consultant) who handles the day-to-day plan operations, compliance, and participant recordkeeping on behalf of your employer.

You can find your Plan Administrator’s contact information in:

• Your Summary Plan Description (SPD) typically located near the front of the document under “Plan Information”
• Your benefit enrollment materials or welcome packet
• The plan website or participant portal where you access your account

If you’re unsure who to contact, start by asking your HR or payroll department. They can confirm whether your plan is administered internally or through an RPC like Nydia and provide the correct contact details.

Where can I find the basic provisions for my plan?

Every retirement plan includes a Summary Plan Description (SPD),  a document that outlines who can participate, contribution types, distribution rules, and the claims process.
Your employer should provide you with a copy of the SPD when you become eligible for the plan.
If you need another copy, contact your Plan Administrator (if that is Nydia Retirement Solutions, you can email us at info@nydiaretirement.com.).

Where are my retirement plan funds held?

Plan assets are typically held with a recordkeeper or investment platform, such as Voya, American Funds, or Charles Schwab.
Each participant’s account is maintained separately and reflects individual contributions, employer contributions, and investment performance.

For specific details about your plan’s investment platform, contact your Plan Administrator.

Can I request payment from my plan while I’m still working?

Maybe, it depends on your plan’s design. Review your SPD to determine whether any of the following options are available while you are employed:

• Loan: Some plans allow participants to borrow from their accounts and repay over time.
• Hardship Withdrawal: Certain plans permit withdrawals in cases of financial need.
• In-Service Withdrawal: Some plans allow withdrawals after reaching a specified age, even while employed.

For more information, visit the IRS page on hardships, early withdrawals, and loans.
Contact your Plan Administrator for a copy of your plan’s SPD and loan policy.

Can I request a distribution from my plan at any time?

Distributions are generally limited to specific events outlined in your SPD.
Typically, payments may be requested when:

• You reach the plan’s stated retirement age
• You become totally and permanently disabled
• You leave employment with the plan sponsor
• In the event of death, your beneficiary receives payment

Some plans pay benefits sooner than legally required, for example, once all contributions are posted or after a one-year waiting period.

For additional details, visit the IRS resource on when retirement plans can distribute benefits.

What is a Required Minimum Distribution (RMD)?

Once you reach age 73, the IRS generally requires you to begin taking a Required Minimum Distribution (RMD) from your retirement account each year.

If you own 5% or less of the company sponsoring your plan, you may delay RMDs until after you retire.

The RMD is the minimum amount you must withdraw annually, you may always take more. Withdrawals are typically taxable unless they come from designated Roth accounts or other after-tax contributions.

For more information, visit the IRS page on Required Minimum Distributions.

Who issues payment?

Plan assets are held by the recordkeeper, platform, or brokerage account associated with your plan.
Distributions are typically processed directly through that platform’s website or participant portal.

If you are unsure where your plan’s assets are held, contact your Plan Administrator.

Are there tax consequences when I receive a payment from the plan?

Generally, yes. Cash distributions from a retirement plan are considered taxable income and will be added to your earnings for the year.
If you take a distribution before age 59½, you may also be subject to a 10% federal penalty tax and potential state penalties.

• Federal income tax is usually withheld from distributions (at least 20%).
• The withheld amount counts toward your annual tax liability.
• If too little is withheld, you’ll owe additional taxes when filing; if too much, you may receive a refund.

For detailed tax information, consult your CPA or refer to IRS Publication 575.

Can I choose a rollover to avoid paying taxes?

Yes. If you roll over your distribution directly into another qualified retirement plan or IRA, you can defer paying federal and state taxes on that amount.

However, not all distributions are eligible for rollover, for example:

• Required Minimum Distributions (RMDs)
• Hardship withdrawals
• Outstanding loan balances

Your Plan Administrator can confirm which options apply to your situation.

If I terminate employment, do I have to take a distribution from my account?

Some plans have a mandatory cash-out rule. If your vested balance falls below a certain amount, the plan sponsor may automatically distribute your account without requiring your consent.

If your balance is above the threshold, you may be able to leave your funds in your former employer’s plan. If you do, be sure to:

• Keep your contact information up to date
• Retain records of your employer’s contact details and plan information

Additional Support

If you have questions about your contributions, distributions, or eligibility, please contact your Plan Administrator or Employer’s HR department.
For regulatory and educational resources, visit:

• IRS Retirement Plans
• U.S. Department of Labor – Employee Benefits Security Administration

Key Reminders for Plan Participants

To stay organized and maintain control of your retirement benefits:

• Understand your plan’s process and timing for accessing benefits
• Keep your personal information and beneficiaries current
• Notify your Plan Administrator of any changes to address, marital status, or employment
• Maintain copies of key plan documents, notices, and statements
• Review your plan summary and annual benefit statements regularly

For questions or updates to your account, contact your employer or Plan Administrator directly.
They can provide personalized assistance and ensure your retirement information stays current and accurate.