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1. If I am laid off, can I withdraw money from my Deferred Compensation 457 Plan Account and my 401(a) Match Plan?

   Anytime after you separate from service, you can request a distribution in any amount up to your entire balance from your 457 Plan and your 401(a) Match Plan. You can request a one-time partial lump-sum distribution or you can request regular periodic payments. Additionally, you can change the distribution amount as often as you like. If you withdraw funds from the 401(a) before age 59 ½, there will be a 10% tax penalty.

2. Can I make a 457 Plan deferred compensation contribution from my final pay check?

   Your 457 contribution will be $0 in your last pay check unless you complete a ‘Final Compensation Amendment Form’ and return it to the deferred compensation office (FAX 874-8419). Check with the Deferred Compensation office as soon as possible for deadline. You may request the form by contacting the deferred compensation office at 874-2020 or access the online form.

3. If I take my money out and then I don’t need it, can I put it back in?

   No. However, your financial advisor may be able to assist you in depositing the distribution into an IRA, 401(k), 403(b), or another 457 as long as you do so within 60 days of the check date.

4. How long does it take to get the money?

   Generally, the Plan will make your distribution within one or two business days of your request. Distributions from CDs (only in 457 Plan) may take up to 30 days. Be sure to allow up to two weeks for the US Postal Service to deliver your check.

5. Is the distribution from my 457 Plan and 401(a) Plan taxable?

   Your distribution is taxable (20% Federal, 2% State) as ordinary income and subject to withholding. Your 401(a) Plan will have an extra early withdrawal penalty of 10% if you are under age 59 ½. You will receive a 1099 form in January of the following year to assist you in completing your Federal and State tax returns.

6. If I am laid off, may I leave my money in the 457 Plan or 401(a) Plan?

   If your balance is at least $1,000, you are eligible to continue to leave your money in your 457 Plan Account. As stated above, you may begin distribution at any time; however, once you reach 70 ½ years of age, you must begin to take at least the minimum required distributions as defined by the Internal Revenue Code.

7. How much time do I have to decide?

   There is no specific time during which you must notify the Plan of your intent to take a distribution. Absent specific instructions from you, your account balance will continue to be deferred until you attain 70 ½ years of age.

8. Who do I contact for more information?

   For information, contact the Employee Benefits Office, Deferred Compensation at 700 H Street, Room 6750, Sacramento, CA 95814, (916) 874-2020. For distribution, contact Fidelity Investments, 1-800-343-0860.