Access to Funds

Eligibility for withdrawing funds

WPF’s age of eligibility is 62, please see the bottom of this page.

I’M ELIGIBLE—HOW DO I ACCESS MY FUNDS?

There are three options for accessing your funds:

Partial Withdrawal – removes any portion of funds. (A rollover option is also available.) *

Extended Payment – an automatic, scheduled payment of your choice distributed monthly, quarterly, semi-annually or annually. *

Lump-Sum Distribution – removes all the funds and closes the account. (A rollover option is also available.)

To access your funds, you need:

A form for one of the above withdrawals (Partial Withdrawal—Extended Payment—Lump Sum) – forms are downloadable from this website or WPF office can mail or email you forms.

The W-4P form (for ministers only) is used for partial withdrawals and Lump-Sum Distributions (one-time withdrawals).

The Direct Deposit form with voided check (if available) – for funds to be deposited in a checking or savings account.

A spouse signature witnessed by someone other than you (18+ years of age). This can be done before completing the form for confidentiality.

A signature of the witness (does not have to be a notary).

A copy of the spouse’s driver’s license or other official document showing the signature (unless spouse is also a WPF participant, as we would have her/his signature on file).

WPF forms are available on this website, or they can be sent to you.

*Principal Financial Group (PFG) charges a transaction fee of $35 for each partial and for the lump sum. The Extended Payment’s fee is pro-rated, so it is one $35 fee charged throughout the year.

When placing a withdrawal, if you’d like to receive the entire amount you wrote on the form, place “NET” after the amount so the taxes (if you’re having taxes withheld) are taken out of the remaining funds in the account and not out of the amount you wish to receive (see example).

Example:

Requested: $5000 NET = $5000 received

Requested: $5000 = $3800 received ($1000 Fed Tax, $200 NC State Tax)

Email or call WPF if you have questions or need forms sent to you. We are happy to assist!

Withdrawing Funds Before Age 62

  1. Must no longer be employed by the hiring employer who contributed to your pension account.

  2. Must not be potential for employment in another organization willing to make employer contributions to your pension account.

  3. Non-ministerial members may take employer-contributed funds after a five-year waiting period from separation of employment.

  4. Ministers may take employer-contributed funds after registering a job/credential termination date with their District Office and the District Administration recording that date in TWCHub*—this triggers a five-year waiting period before funds can be accessed.

  5. Employee Payroll Salary Reduction (Elect Deferral)—same as above but with a one-year waiting period after employment separation or credential termination.

NON-WESLEYAN CLERGY

Early withdrawal of funds requires a job/credential termination date verified by the body that granted the ordination/licensing and after WPF receives written confirmation of that date from the credentialing body. The five-year wait begins from that termination date.

Wesleyan Retirement Plan—IRS 403(b)(9) is for the purpose of assisting employees to have enough funds set aside for their retirement years. It has no provision for loans or hardships of any kind.