5. WHEN DO I HAVE TO TAKE OUT MY QUALIFIED SAVINGS?

·        Beginning January 1, 2023, the Plan is required to distribute your entire retirement account to you by the time you reach age 73, regardless of whether you are currently working or if you are retired and did not take a full distribution of your retirement account.  If you continue to work after age 73, the Fund will distribute your entire account balance to you annually. If you reached age 72 before January 1, 2023, or if you reached age 70 1/2 before January 1, 2021, you will continue receiving annual distributions of any contributions received to your account. The Qualified Savings Plan does not make Required Minimum Distributions (RMDs).

·        The Plan is required to distribute accounts with balances under $500 that have received no contributions for at least 3 years.

·        The Fund office will contact Participants before making mandatory distributions from their accounts.