3121 Social Security Alternative

Withdrawal Restrictions

In order to withdraw money from your 3121 plan, you must have a "qualifying event" as defined by the plan.  Some examples of a qualifying event include:

• Severance from employment*
• No contributions to the plan for at least 2 years, and the amount of withdrawal is less than $5,000
• Retirement
• Reaching age 70 1/2 years

If you meet one or more of these conditions, you may request a Distribution Request Form from MidAmerica (800-430-7999) to complete and return to MidAmerica for processing. Processing generally takes 60 - 90 days.

*If you have terminated employment, a waiting period of one year will apply before you are eligible to complete the paperwork. This waiting period is in place to ensure that we have posted all of the contributions to your account and ensure that you are not returning to work for the District.