Remember when you were planning for your retirement by putting some of your paycheck into the ARC Savings Plan pre-tax? If you’ve turned 72 (73 if you reach age 72 after 12/31/22), it’s time to pay some of that deferred tax each year. According to the IRS, the required minimum distribution (RMD) is the smallest amount you must withdraw from your tax-deferred retirement accounts every year after a certain age. Read the full story here. 

Distribution rules can be different for IRAs, 401(k)s, and 403(b) and 457(b) plans, and the age requirements are complicated, especially in a retiree’s first year of taking RMDs. It’s best to consult your plan sponsors, CPA, or financial advisor. Additionally, the IRS provides detailed guidance at https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds

The Red Cross Benefits Service Center (BSC) offers an easy way to request your RMD through your web portal at http://digital.alight.com/redcross From the landing page, navigate to “Savings and Retirement,” choose “Withdrawals and Rollovers Out” from the column on the left, and follow the prompts. Your RMD will be calculated for you and your distribution made from the web portal. As with a pension payment, funds can be deposited directly into your banking account. Alternatively, you can call the BSC at 877-860-7526 to start the RMD process.