Lincoln Financial Group Retirement Plan Services Instructions
This document provides guidelines for Lincoln Financial Group's paperless loans and withdrawals. It includes steps to request a loan or withdrawal, review account information, and submit the request. Additionally, it covers tracking status, cancelling a request, and important notices.
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How do I fill this out?
To fill out this form, follow the detailed instructions provided by Lincoln Financial Group. The online submission process is designed to be user-friendly and secure. Review your account information, select the type of request, and submit the form electronically.
How to fill out the Lincoln Financial Group Retirement Plan Services Instructions?
1
Log in to your account at LincolnFinancial.com/Retirement.
2
Click Loan Information or Withdrawal Information under Important Links for your plan.
3
Click Loan Request or Withdrawal Request to start your request.
4
Review your personal information and update if necessary.
5
Submit the request and follow subsequent instructions.
Who needs the Lincoln Financial Group Retirement Plan Services Instructions?
1
Employees needing to access their retirement funds via loan or withdrawal.
2
Retirees looking to manage their retirement savings.
3
Financial advisors assisting clients with retirement planning.
4
New parents needing funds through Qualified Birth or Adoption Distribution (QBAD).
5
Individuals impacted by disaster requiring emergency relief funds.
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What are the instructions for submitting this form?
To submit this form, log in to your Lincoln Financial Group retirement account. Navigate to Loan Information or Withdrawal Information in the Important Links section. Click on Loan Request or Withdrawal Request to start your request, review your personal and account information, and submit the form electronically. For any assistance, contact your employer, plan administrator, or the Lincoln Customer Contact Center. Ensure all required documentation is uploaded to avoid delays.
What are the important dates for this form in 2024 and 2025?
Ensure to submit your withdrawal requests well before the end of the financial year to avoid delays. Keep track of any employer-specific deadlines for submission to ensure timely processing.
What is the purpose of this form?
The purpose of this form is to facilitate paperless loan and withdrawal requests for retirement plan funds managed by Lincoln Financial Group. By offering a secure online submission process, it aims to streamline access to retirement funds while ensuring accurate and up-to-date information. This is particularly beneficial for employees and retirees seeking to manage their retirement savings efficiently.
Tell me about this form and its components and fields line-by-line.
- 1. Personal details: Includes name, date of birth, address, employment status, marital status, phone number, and email address.
- 2. Account details: Contains total account balance and total vested balance.
- 3. Withdrawal type: Options include In-service, Hardship, Qualified birth or adoption distribution, Disaster relief, and Transfer of assets.
- 4. Payment method: Choose between cash withdrawal or direct rollover to another vendor.
- 5. Federal and state tax withholding: Specify withholding preferences for federal and state taxes.
- 6. Review and submit: Includes a summary of the request and a final submission step.
What happens if I fail to submit this form?
Failure to submit this form may result in delays or inability to access requested funds.
- Delays: Delays in processing loan or withdrawal requests could occur.
- Inability to access funds: You might be unable to access the retirement funds when needed.
- Expired requests: Unsubmitted requests may expire and require resubmission.
How do I know when to use this form?
- 1. Accessing In-service funds: When you need to withdraw funds while still employed.
- 2. Hardship withdrawals: For emergency access to retirement savings under specific conditions.
- 3. Qualified birth or adoption distribution: To withdraw funds for birth or adoption expenses.
- 4. Disaster relief: For accessing funds in case of federally declared disasters.
- 5. Transferring assets: To move retirement assets to another financial institution.
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How do I withdraw a request?
Click Withdraw on the request and confirm your decision.
What should I do if my request expires?
Submit a new request if the original isn't completed within 45 days.
