Online Distributions
Key Takeaway
You are allowed to make withdrawals from your account under certain circumstances. The fees indicated will be deducted from your account to process each distribution you request. An outstanding loan balance may lower the amount of your requested distribution. Online distributions may not be available for your plan, see your enrollment materials or contact your plan sponsor for details about your plan.
Instructions:
- 1
Log into your participant account. If you need help logging in, visit Retirement Account Access.
Note: to reach your retirement account from the My Alerus homepage, select your plan under Retirement and click the Distribution Center link on the right side of the page.
- 2
Select the distribution you want to request from the option(s) available to you. Minimum and maximum distribution amounts are listed. Click Learn More for additional details. Only one distribution option can be selected per transaction.
- 3
Choose your withdrawal type — Maximum Available or Specified Amount. If choosing Specified Amount, enter the amount you would like to be distributed. Some distribution options may not allow both choices.
- 4
If you want to roll over all or a portion of your account, enter the percentage you would like rolled over in the Rollover section. Rollovers are not allowed for all distribution types.
- 5
Click Calculate. The Distribution Model will display estimated payment amounts and estimated taxable amounts.
- 6
Review the Withholding Information section. You must check the box to acknowledge that you understand any applicable withholding from your distribution. Select Next.
- 7
Select your payment type — Check or Direct Deposit. Some payment types may not be available depending on your distribution type and selections.
- 8
If you choose to roll over any portion of your account, complete the Rollover section.
- 9
When you are ready to submit, review the Distribution Certification section and select Finish. Multi-factor authentication is required.
- 10
A downloadable confirmation will be available for your records.