USA Health Retirement
The 秘密研究所, USA HealthCare Management, LLC, and the USA Health Care Authority retirement plans have adopted provisions allowed by the SECURE Act for distributions for a 鈥渜ualified birth or adoption of a child鈥� subject to meeting required criteria:
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Qualified birth or adoption distributions are limited to $5,000 per birth or adoption, may be taken within one year of the date of birth or finalization of adoption, may not include the adoption of a child of the taxpayer鈥檚 spouse, and are limited to the adoption of children who are either under age 18 or are physically or mentally incapable of self-support.
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Qualified birth or adoption distributions are exempt from the 10% early distribution tax penalty, exempt from 20% mandatory federal tax withholding, and can be repaid to certain retirement plans and IRAs without regard to the usual 60-day time limit for rollovers.
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Qualified birth or adoption distributions are subject to optional federal income tax withholding. The default tax withholding is 10%.
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State income tax withholding may be required from your distribution.
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Qualified birth or adoption distributions are not available from your TIAA Traditional Annuity within Retirement Annuity (RA), Group Retirement Annuity (GRA) and Retirement Choice (RC) contracts.
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In the case of multiple births or adoptions, separate distribution forms must be completed for each qualifying child.
TIAA participants with questions regarding this type of withdrawal, please call 800-842-2252.
AIG participants with questions regarding this type of withdrawal, please call 800-448-2542.