| |
| RETIREMENT SAVINGS PLAN |
 |
Distributions
|
Withdrawals Upon Separation from Valassis
Upon separation from service, you can call JPMorgan at 1-800-345-2345
to request distribution paperwork or you may leave your account in the
plan if over $1000. If you decide to take your money out of the plan
you will be required to take it out in a "lump sum" amount.
You can roll the money into another tax deferred vehicle or you may
be responsible for taxes, and there may be penalties involved if an
early distribution occurs.
You can elect to roll your entire account balance into another qualified
retirement plan with another employer or into an IRA at JPMorgan or
another custodian of your choice, and have the remainder distributed
to you in cash. You may be subject to taxes and penalties associated
with the portion received in cash.
Important Note: If the Vested Percentage of your Account
is equal to $1,000 (as adjusted by the IRS) or less, your benefits will
automatically be distributed to you in the form of a lump sum.
Payment Upon Retirement
Your "normal retirement date" under the Plan is the later
of the date of your 62nd birthday or the 5th anniversary of the first
day of the Plan Year in which you started participating in Profit Sharing.
If you elect "normal retirement" you will receive the full
vested amount credited to your account as of your termination date.
With the Company's approval, you may retire at a later date or you
may postpone payment until a later date, with certain limitations.
Payment Upon Death or Disability
If while, you were a participant, you become disabled within the terms
defined in the Social Security Act, you will be entitled to receive
the entire balance of your account.
If you were a participant in the Plan and were married when you became
deceased, your primary beneficiary will be your spouse and he or she
will receive 100% of your account balance. If your spouse waived that
right, your account will go to your primary or secondary beneficiary
as determined from your Beneficiary Designation that is kept on file.
If you are not married, your primary or secondary beneficiaries will
receive your death benefits from the plan. If you do not have a Beneficiary
Designation on file, your account will be distributed according to the
rules of the plan document. Please go to your retirement account at
www.retireonline.com to designate
your beneficiaries.
Hardship Withdrawals
Hardship withdrawals are available for emergencies (as defined by the
plan) and are only available on certain "sources" of monies
that are in your account. If you take a hardship withdrawal, the amount
of your withdrawal cannot exceed the amount of your immediate and heavy
financial need and you must have obtained all distributions available
under all other Employer plans, if any (i.e. retirement plan loan request,
stock options exercises). In addition, you must cease making salary
deferral contributions to the plan for a period of at least six (6)
months from the date you receive a hardship distribution. Please call
JPMorgan Retirement Plan Services at 1-800-345-2345 to inquire about
availability and amount available for your hardship.
The minimum amount of any hardship is $500. There is no processing
fee associated with any Hardship Withdrawal. The amount will be deducted
from the Participant's Account Balance.
Age Based In-Service Withdrawals
The minimum age required to take age-based in-service withdrawals is
age 59 1/2. If you meet the minimum age requirement, you may take age-based
in-service withdrawals from:
- Prior Plan Matching Contribution (VRMS, NCH, VDM)
- Your Salary Deferral Account
- Your Rollover Account
- Profit Sharing (if age 62 or over)
There is no minimum amount required for age-based in-service withdrawals.
Call JPMorgan Retirement Plan Services for further information, 1-800-345-2345.
 
|