Withdrawals
You need to be separated from retirement plan-covered employment to withdraw funds from any DRS retirement account. For most withdrawals, a processing time of about 90 days starts from the time DRS receives a separation date from your employer.
See your plan for more information about withdrawals:
DCP and Plan 3 required minimum distribution (RMD)
If you are separated or retired, you must withdraw a minimum amount from your retirement investment accounts every year starting when you reach age 73. This minimum distribution of funds is required by federal income tax regulations. DRS calculates and pays out the minimum amount to you each year. This is to help you avoid the 50% tax penalty the IRS can impose if the minimum is not withdrawn.
The payments are automatically distributed to you, so no actions are needed for you to meet the requirements. But you can also choose to make the minimum withdrawals yourself. See RMD video.
