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Frequently Asked Questions

What is an RMD in a retirement plan?

An RMD is the minimum amount of money you must withdraw from a tax-deferred retirement plan and pay ordinary income taxes on after you reach age 70.5. The IRS defines age 70.5 as six calendar months following your 70th birthday. Once you reach this milestone, you generally must take an RMD each year by Dec. 31.

Can I take RMDs from more than one retirement account?

If you have more than one retirement account, you can take a distribution from each account or you can total your RMD amounts and take the distribution from one or more of the accounts. RMDs for a given year must be taken by December 31 of that year, though you get more time the first year you are required to take an RMD.

What is savedsavings plus?

Savings Plus is the name of the 401 (k) Plan and 457 (b) Plan available to most State of California employees. With Savings Plus, you can build a retirement savings account.

How are RMDs taxed?

How are RMDs taxed? The account owner is taxed at his or her income tax rate on the amount of the withdrawn RMD. However, to the extent the RMD is a return of basis or is a qualified distribution from a Roth IRA, it is tax free. Return to List of FAQs

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