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Retirement Savings Plan

 
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Loans and withdrawals

The Retirement Savings Plan is intended to help you save for your retirement. For this reason, once your money goes into the plan, it generally cannot be withdrawn before you reach age 59-1/2 without incurring early withdrawal penalties and income tax withholding, according to IRS rules. However, you may borrow certain funds from your account, or receive a withdrawal in the event of a financial hardship.

Loans
You may borrow from your account, generally up to 50% of your vested account balance, but not more than $50,000 (with a $1,000 minimum per loan and a minimum vested balance of $2,000).

You repay the loan, plus interest, to your own account through payroll deductions. Generally, the length of the loan is up to 5 years, although 10 year loans are permitted for buying or building your primary residence.
 
Withdrawals
In the event of a financial hardship, you may be eligible to withdraw some or all of the pre-tax contributions, consistent with IRS guidelines.

For more details about loans and withdrawals, contact Advocate InfoExpress.

When you may withdraw your full account balance
If you leave Advocate before age 55, you may elect to receive the full value of your savings and any investment earnings, plus the vested portion of your matching contributions and any investment earnings. Remember, if you have reached age 55 while employed at Advocate, you're fully vested upon termination.