did i need to do sepp

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L1: did i need to do seppI keep reading that there are exceptions if you retire and seperate service after age 55. I was over 55 when i left just trying to find out if i made a mistake with setting up a 72t.2009-11-24 16:45, By: buzzles, IP: []
L2: did i need to do seppBuzzles,The exceptions you refer to areprobably the ones associated with 401k plans that may allow partial withdrawals for employees who separate from service at age 55 or older, and then want to take periodic withdrawals. They don’t apply to SEPP plans thru IRA’s. In both cases normal taxes are due, but the problem with “over 55” 401k withdrawals is that some employers don’t offer the flexibility that the employee wants, in terms of what can be withdrawn or how often, etc., and that is why many resort to rolling over the 401k to an IRA and then setting up a SEPP plan on the IRA account. The “Summary Plan Description” (document you shd have been given)for your 401k (if you had one) might shed some light on any options that you had for withdrawals, but it is too late to worry about that if you already rolled over to IRA.Ken2009-11-24 18:39, By: Ken, IP: []