“401k” Federal Savings Plan Announces December Transaction Schedules for Payments

“401k” Federal Savings Plan Payment Schedule for December 2017

The “401k” Federal Savings Plan payment processing schedule for the end of 2017 is shown below. The schedule includes information about when transactions (including withdrawals and monthly payments) will be processed, as well as when the “401k” Federal Savings Plan will be closed during the holiday season.

• December 15 — The deadline for the “401k” Federal Savings Plan to receive a request for an annual change in monthly payments is December 15. This deadline applies only to participants who are in monthly payment status.
• December 18 — “401k” Federal Savings Plan monthly payments that are normally scheduled to be processed between December 19 and December 31 will be processed on December 18, along with the December 18 payments that are regularly scheduled for that date. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.
• December 19 — Any residual 2017 required minimum distribution (RMD) amounts for beneficiary participants will be processed on December 19. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.
• December 20 — Any residual 2017 required minimum distribution (RMD) amounts for civilian and uniformed service participants will be processed on December 20. For income tax purposes, these payments will be reported to the Internal Revenue Service as income for 2017.
• December 25 — Because Monday December 25 is a Federal holiday, the “401k” Federal Savings Plan will be closed. Transactions that would have been processed Monday night (December 25) will be processed Tuesday night (December 26) at Tuesday’s closing share prices.
• December 27 — Withdrawals processed through December 27 will be disbursed and reported to the IRS as income for 2017.
• December 28 — Withdrawals processed on December 28 will be reported to the Internal Revenue Service as income for 2018. The payments (checks and EFTs) are expected to be issued on January 2, 2018.
• December 29 — Withdrawals processed on December 29 will be reported to the IRS as income for 2018. The payments (checks and EFTs) are expected to be issued on January 3, 2018.
• January 1, 2018 — Because January 1 is a Federal holiday, the “401k” Federal Savings Plan will be closed. Transactions that would have been processed Monday night (January 1) will be processed Tuesday night (January 2) at Tuesday’s closing share prices.

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