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Do you have DCP or Plan 3? If so, keep in mind that if you are separated from employment, federal law requires you to withdraw a minimum amount from your investment account when you reach age 73.
The DRS record keeper, Voya, calculates this Required Minimum Distribution (RMD) and pays this amount to you automatically each year. You can also take out your own withdrawals to meet the minimum. Completing the annual minimum withdrawal, either on your own or automatically through the record keeper, helps you avoid the tax penalty (up to 25%) the IRS can impose if the minimum amount is not withdrawn.
See all DRS news at drs.wa.gov/news
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