L1: withdrawal datesStarting sepp beginning June 15 was told by Fidelity ifI try to get anything other than the first payment starting in June I will bust the plan. I was wondering should I wait till after my first payment to try to get the payments for the previous months. The representative told me he could send me a check now even before the plan is in effect asa one time distribution.2013-05-14 20:57, By: nessaf, IP: [126.96.36.199]
L2: withdrawal datesnessaf…
Let’s start with whoever you talked to at Fidelity must know little to nothing about SEPP plans – he shouldn’t be giving out any information on SEPPs, he is merely giving fidelity a bad name.The 1st of the month may be a limitation of their administrative system, but not a SEPP limitation.
You can take withdrawals on any date you want as long as the withdrawals occur prior to December 31 of each year.
Part 2… Also remember that regardless of an arbitrary date like 06/15, the effective date will be the date of the 1st payment.
2013-05-14 21:19, By: Gfw, IP: [188.8.131.52]
L3: withdrawal datesThe SEPP is between you and the IRS, and please keep this in mind. The individual from Fidelity is giving poor advice. Your plan will run in excess of 5 years, because you turn 59.5 on 10/whatever/2018. This means you can take 7 months, or an entire annual distribution this year, and it can be taken lump sum should you choose. The 1099R at the end of the year won’t care when you took the distributions, but that they are a part of a series of substantial equal periodic payments proven by filing a 5329. Document your first distribution to acknowledge the beginning of the plan.2013-05-14 21:58, By: Scott, IP: [184.108.40.206]
L4: withdrawal datesScott must be psychic I do not see where the poster indicated his date of birth.
Fidelity has a great marketing department with so many people asking questions here about SEPP 72-T with Fidelity. It would be better if they spent more of this money training their representatives based upon all of the misinformation that posters indicate that they are getting from Fidelity.2013-05-14 22:22, By: dlzallestaxes, IP: [220.127.116.11]
L5: withdrawal datesNope, I’m not that good. it was in his previous post.2013-05-14 23:50, By: Scott, IP: [18.104.22.168]
L6: withdrawal datesThanks guys for your replies based on other posts maybe I should have picked a different brokerage firm.2013-05-16 03:42, By: nessaf, IP: [22.214.171.124]
L7: withdrawal datesNot necessarily, I’ve been with Fidelity for 6 years now. My SEPP will be ending this October. I have nothing but good service from my agent at Fidelity. The key is finding the right agent. And I think any brokerage firm has people who are not informed on SEPP’s. Bill Strecker in his book says 90% of the people in the financial business have no idea what a SEPP is. It is our responsibility to find the right person at the brokerage. Take care, Chris.2013-05-16 12:26, By: Chris, IP: [126.96.36.199]