Normally, you may begin receiving your income upon termination of service with your employer. However, some employers may provide other early retirement dates. It all depends upon the plan rules that your employer has agreed upon.
For example, some employers will allow you to begin receiving retirement income after age 59 1/2, regardless if you are still employed. This is also the age that the IRS allows you to begin retirement income without penalty for early withdrawal.
Alternatively, some employers mandate that you must leave the employer before you can begin receiving retirement income, regardless of age. However, this normally applies to contributions the employer has made, not the contributions you have made as an employee.
Additionally, the IRS allows you to begin receiving retirement income without penalty if you retire after age 55 and if certain conditions are met. This is known as "early retirement".
For additional questions regarding when you can begin your retirement income, please contact your employer or contact us.