PERS 3 – Required minimum distributions begin at 72

Do you have DCP or Plan 3? If so, keep in mind that federal law requires you to withdraw a minimum amount from your investment account when you reach age 72 if you are separated from employment.

The DRS record keeper, Voya, calculates this required minimum distribution (RMD) and pays out this amount to you automatically each year if you haven’t already taken withdrawals to meet your minimum. Doing this helps you avoid the 50% tax penalty that the IRS can impose if the minimum amount is…