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Most people who are 70½ or older must take a Required Minimum Distribution (RMD) from their Program account to avoid penalties. If you have attained or will attain age 70½ in 2019, we sent you a questionnaire in January along with the “Understanding RMDs” communication to determine if you are required to begin taking RMDs.  If you haven’t returned the questionnaire we sent, please do so today! Typically, you must withdraw your RMD by the end of each year. But if you have attained or will attain age 70½ in 2019, you are not required to take your first RMD until April 1, 2020.

If you are still actively working for the employer who sponsors your retirement plan and you do not own 5% or more of the employer entity in any part of the year in which you attain age 70½, then the RMD rules do not apply to you yet. You will be subject to your first RMD in the year in which you no longer work for the employer.

If you must take an RMD and we do not receive your withdrawal request by early December, we will automatically issue a check for the appropriate amount, minus 10% federal income withholding tax.

There are two instances in which your RMD will not be included in the automatic payment process:

  1. If your plan is subject to spousal consent, you must have a spousal consent form on file to receive your RMD. If you want to be included in the automatic payment process on or about December 15 each year, and you require a spousal consent form, please submit an executed form to the Program no later than December 1, 2019 to ensure you are included as part of the automatic payment process for this and future years.
  2. RMD payments cannot be made directly from the Self-Directed Brokerage Account (SDBA). Instead, you must make sure that you have enough available in the Program’s core investment options to cover the total withdrawal, which may mean liquidating investments from your brokerage account. The Program’s Customer Service Associates at 800.348.2272 can help you determine if this liquidation will be necessary.

Remember that you are legally required to timely receive RMDs, so it is important that you take all necessary steps to ensure that you are complying with your legal obligations and avoid paying penalties.

If you wish to change the income tax amount withheld from each RMD payment, you may submit a Form W-4P (Withholding Certificate for Pension or Annuity Payments) (either by email to or by mailing it to P.O. Box 55072, Boston, MA 02205) at any time prior to the auto-payment in mid-December. The withholding instructions you submit on Form W-4P will remain on file for each annual automatic distribution thereafter but it will not affect any ad hoc or other distribution.

Note: If you wish to request the RMD at any time other than the automatic mid-December payment, you should indicate your withholding instructions on the RMD Form if you want anything other than the standard 10% withholding. Any perpetual instructions on file for the annual distribution would not affect an ad hoc RMD request earlier in the year (or in any future year).

Finally, you may also submit an Electronic Direct Deposit Form to have the RMD sent via ACH to your bank account. We will retain those instructions on file for each annual distribution and any other payments made directly to you during the year.

All forms can be accessed at > Forms. Please call us (at the above number) or email us at with any questions on this process.

Neither Voya nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax advisor or attorney before making a tax-related investment/insurance decision.