20 Disbursement for Beneficiary/QDRO Account IBEW Local Union No. 716 Retirement Plan Instructions About You Please print using blue or black ink. Please keep a copy for your records and send completed form to the following address. IBEW LU 716 Fund Office Questions? C/O BENEFIT RESOURCES 8441 GULF FREEWAY Ask for a Representative at SUITE 304 1-877-778-2100. HOUSTON, TX 77017 Plan number Sub Plan number 0 1 0 0 1 8 0 0 0 0 0 1 IBEW Local 716 Please indicate what type of account this is: Spousal Beneficiary Non-Spousal Beneficiary Alternate Payee under Qualified Domestic Relations Order (QDRO) Social Security number Daytime telephone number area code First name MI Last name Address City State ZIP code Method of Payment For Beneficiary Choose Your Option(s) Date of birth month day year Gender M $,,. F 1. Total amount in a single sum to me. 20% federal income tax will automatically be withheld from the taxable portion of your distribution. 2. Partial single sum to me. 20% federal income tax will automatically be withheld from the taxable portion of your distribution. 3. Spousal Beneficiary Direct Rollover to an Individual Retirement Account or eligible employer plan that accepts rollovers, as indicated in the Direct Rollover Options section on this form. This election is only available if you are the spouse of the participant. No federal income tax will be withheld unless you are rolling non-roth money to a Roth IRA and elect to have tax withheld. 4. From the non Roth balance Non-Spouse Beneficiary Direct Rollover to an Inherited Individual Retirement Account. This is the only rollover option available if you are the non-spouse beneficiary of the original participant or the successor beneficiary of a deceased spousal beneficiary. Please complete the Direct Rollover Instructions section of this form. No federal income tax will be withheld unless you elect to roll non-roth money to a Roth IRA and elect to have tax withheld. Please note that if the original participant died prior to his/her required beginning date for minimum distributions and you elected to have the entire balance depleted by the end of the year that includes the fifth anniversary of his/her death, you may not elect a rollover in the final year. (Note: After-tax contributions will be included in the direct rollover, unless otherwise specified. It is your responsibility to confirm that the receiving IRA or plan accepts rollovers, including after-tax amounts and/or Roth amounts, if applicable.) You have the option to purchase an annuity. You can obtain an annuity quote and request a form by calling 1-877-778-2100. To request distributions in installment payments (if allowed by the plan), a Request for Systematic Disbursement form should be completed in place of this form. You can request the form by calling our toll-free number. Important information continued and signature required on the following page
Method of Payment For Alternate Payee Choose Your Option(s) 1. Total amount in a single sum to me. If you are the spouse of the participant, 20% federal income tax will automatically be withheld from the taxable portion of your distribution. If you are a non-spouse alternate payee of the participant, 10% federal income tax will automatically be withheld from the taxable portion of your distribution, unless you elect out of withholding in the Election for Withholding of Federal Income Tax section below. 2. Partial withdrawal. If this plan allows, and you wish to take a partial distribution, please enter the amount. If you are the spouse of the participant, 20% federal income tax will automatically be withheld from the taxable portion of your distribution. If you are a non-spouse alternate payee of the participant, 10% federal income tax will automatically be withheld from the taxable portion of your distribution, unless you elect out of withholding in the Election for Withholding of Federal Income Tax section below. $,,. From the non Roth balance 3. Direct Rollover to Individual Retirement Account or eligible employer plan that accepts rollovers as indicated in the Direct Rollover Options section on this form. This election is only available if you are the spousal alternate payee under a QDRO of the participant. No federal income tax will be withheld unless you are rolling non-roth money to a Roth IRA and elect to have tax withheld. (Note: After-tax contributions will be included in the direct rollover, unless otherwise specified. It is your responsibility to confirm that the receiving IRA or plan accepts rollovers, including after-tax amounts and/or Roth amounts, if applicable.) You have the option to purchase an annuity. You can obtain an annuity quote and request a form by calling 1-877-778-2100. To request distributions in installment payments (if allowed by the plan), a Request for Systematic Disbursement form should be completed in place of this form. You can request the form by calling our toll-free number. Important information continued and signature required on the following page
Direct Rollover Instructions (Only complete this section if you have selected the Direct Rollover option.) Direct Rollover- 1. Types of money in your account. Tax-Deferred and After-Tax Account. (Excludes Roth Accounts. May include one or more of the following: Your own contributions (pre-tax, after-tax, or both), made by the employer, or money rolled over from another employer-based plan.) Please complete applicable sections below. 2. What do you want to roll over? $ The entire Account. A portion of the Account: OR % Percentage of after-tax contributions (if any) to be rolled % (If no percentage is indicated, after-tax contributions will be included in the direct rollover. It is your responsibility to confirm that the receiving plan accepts rollovers, including after-tax, if applicable.) 3. What type of account are you rolling to? Another eligible employer - based plan (Spouse only) A Traditional IRA. 1 A Roth IRA. Note: Any rollover election for a non-spouse beneficiary must be characterized as an Inherited IRA. 4. Please choose a specific product/plan below. 2 Prudential SmartSolution IRA Brokerage IRA with Prudential Investment Management 3 Other Financial Institution Address Account number: 1 This type of rollover is subject to current taxes. Please complete the section called Election for Withholding Federal Income Taxes When Rolling Non-Roth Money to a Roth IRA below. 2 Your SmartSolution IRA must be opened before the distribution can be processed. If you have not already opened an account please call our toll-free number shown at the top of page 1 of this form. The money will be directly deposited into your account. 3If the address of the institution is not given, your direct rollover check will be sent to you. You are responsible for completing the direct rollover to your financial institution in a timely manner in accordance with applicable law. If rolling over to multiple institutions, please list additional institutions or IRA (note if Traditional or Roth) on a separate page. Important information continued and signature required on the following page
Election for Withholding of Federal Income Tax (Complete this section only if you are a non-spousal alternate payee under a QDRO, or are otherwise subject to Required Minimum Distributions.) This election will only be valid if a portion of your distribution will be applied to your Required Minimum Distribution (RMD) payment, or if you are a non-spousal alternate payee under a QDRO. The first dollars out of your account in the calendar year will be applied to your RMD payment, if applicable. Federal tax laws require Prudential to withhold income taxes from the taxable portion of a qualified retirement plan distribution. Some states also require withholding from the taxable portion of your distribution if federal income tax is withheld. RMD payments or payments to a non-spousal alternate payee under a QDRO are subject to 10% federal tax withholding unless you elect otherwise. You can elect to have no federal taxes withheld by checking the box below. If you elect out of withholding, you are still responsible for payment of any taxes due, and you may incur penalties if your withholding and/or estimated tax payments are not sufficient. If you do not check one of the options below, 10% federal income tax withholding will be automatically deducted from the taxable portion of your distribution. 1. I elect to have federal income tax withheld at 10% from the taxable amount of my distribution. 2. I elect not to have federal income tax withheld from my distribution. 3. I elect to have federal income tax withheld from the taxable amount of my distribution at either the following percentage or dollar amount. (The federal withholding calculated from your election below must be at least 10% of the taxable portion of your distribution applicable to this election.) % or $.00 Neither Prudential nor any of its employees, agents or representatives can give legal or tax advice, or financial advice on behalf of the Plan. You are urged to consult your own personal legal, tax and/or financial advisor with any questions on allowances, deductions, or tax credits that may apply to your particular situation before you take any action relating to Plan benefits. Election for Withholding Federal Income Taxes When Rolling Non-Roth Money to a Roth IRA (Trust only) Only complete this section if you elected to roll non-roth money to a Roth IRA above. If you do not complete this section, no federal income tax will be withheld if you elect to rollover non-roth money to a Roth IRA. A rollover of non-roth money to a Roth IRA is generally taxable. However, this distribution is not subject to 20% mandatory federal withholding. You may elect withholding by making an election below. Please withhold % (percent) or $ (amount) Please do not withhold federal income taxes (Note: If you elect federal income tax withholding for this type of rollover, you will receive a second 1099-R for the withholding amount.) Consult with your tax advisor to understand the tax implications for you. Important information continued and signature required on the following page
Election For Withholding of State Income Taxes (For Single Sum Payments and Rollovers of non-roth money to a Roth IRA) A. B. C. Mandatory State Withholding: If you reside in a state where state income tax withholding is mandatory AR, CA*, DC (mandatory for total single sum distributions only), DE, IA, KS, MA, MD (mandatory for eligible rollover distributions only, subject to 20% mandatory federal withholding), ME, MI (see below), NC, NE, OK*, OR*, VA or VT* applicable withholding will be deducted automatically, unless an election out is applicable (see below). Note: Some states require withholding if federal income tax is withheld from the distribution. If you are a resident of IA, have federal income taxes withheld, and receive one or more distributions totaling more than $6,000 in the calendar year, IA income taxes are required to be deducted for the amount over $6,000. My resident state is AR, DE, KS, ME, NC, NE, or VA (for NE and VA, election out is allowed for payments from IRA s only) and I do not want state income tax withholding deducted from my distribution. (An election out of AR, DE, KS, ME, NC, or VA state tax is not allowed for eligible rollover distributions, subject to 20% mandatory federal withholding.) Important note to Maine (ME) residents. If you elect out of ME withholding, you must either have elected out of federal withholding, or have no Maine State tax liability in the prior or current years. *My resident state is one of the following: CA, OK, OR, **VT and withholding is required if federal income tax is withheld, unless I elect out of state withholding. By checking this box I am electing out of state withholding. **An election out is not allowed for eligible rollover distributions, subject to 20% mandatory federal withholding. My resident state is MI and withholding of 4.25% is required, unless my payments are not taxable and I opt out. My resident state is MI and I would like to opt out of MI withholding. Note: Opting out may result in a balance due on your MI 1040 as well as penalty and/or interest. My resident state is MI and if my payments are taxable, I wish to have MI state withholding based on the number of exceptions selected. I have entered the number of exemptions below: Enter the number of personal exemptions allowed on your Michigan Income Tax Return (MI-1040). The total number of exemptions you claim may not exceed the number of exemptions you are entitled to claim when you file your MI-1040. Withholding will be computed at the percentage determined by the state after subtracting your personal exemption allowances. My resident state is MI and I am requesting % additional MI state tax withheld from my payment. This amount must be a whole percentage. Voluntary State Withholding: Please check the appropriate box below. If state income tax withholding is not mandatory in your state, you may be allowed to request state tax withholding. If your state of residence is not listed, or if you choose method of withholding that is not offered for your state, we cannot withhold state income tax. I reside in one of the following voluntary withholding states: AL, CO, CT, DC (voluntary for partial and systematic distributions), GA, ID, IA (voluntary if no federal tax withheld), IL, IN, KY, LA, MD (non-eligible rollover distributions only), MA (voluntary if no federal income tax withheld), MN, MO, MS, MT, ND, NE, NJ, NM, NY, OH, PA, RI, SC, UT, VA, WI, WV (NE and VA state withholding is voluntary for payments from IRA s only) and would like state income tax withheld. (Specify a percentage or dollar amount to be withheld.) % or $ I reside in one of the voluntary withholding states listed above and I do not want state income tax withholding deducted from my distribution. No State Withholding: Some states do not have state income tax withholding. My resident state is one of the following: AK, FL, HI, NV, NH, SD, TN, TX, WA, WY and there is no state income tax withholding. My resident state is AZ and there is no state income tax withholding on non-periodic (single sum) payments. Important information continued and signature required on the following page
This section must be completed and signed by an authorized plan representative. Your Plan Authorization X Authorized plan representative's signature Date Print name and title X Authorized plan representative's signature (if two signatures are required) Date Your Authorization Print name and title Prudential fax number: 1-866-439-8602 I understand that Prudential will rely on the information I have provided in processing my request. I further understand that I will be responsible for its accuracy in the event any dispute arises with respect to the transaction. I acknowledge that I have read the attached Special Tax Notice Regarding Plan Payments. I understand the tax implications regarding this disbursement, including that if I am entitled to an eligible rollover distribution, I have the right to consider the decision of whether or not to elect a Direct Rollover for at least 30 days after this special tax notice is provided. period. X Participant's/Account Owner's signature By signing this form, I am waiving this notice Date