Church Pension Group | Rollovers and Withdrawals

Rollovers and Withdrawals

You may…

  • Be able to roll over your account balance from another retirement plan into your Episcopal Church Lay Employees' Defined Contribution Retirement Plan (Lay DC Plan).
  • Make withdrawals while you are working if you are at least age 59 1/2, or in the case of serious financial hardship.
  • Borrow from your account.


  • If you take withdrawals after age 59 1/2, the IRS's 10% tax penalty on early distributions is waived.
  • If your employment terminates and you are at least age 55, the 10% tax penalty may also be waived.
  • If you are facing a financial hardship, you may be able to take a hardship withdrawal.
  • The taxable portion of your account is subject to 20% mandatory federal income tax withholding unless it is directly rolled over to an IRA or another retirement plan or another exception applies.


If you are actively employed, you may take out a loan from your account, but loans are subject to the following:

  • Subject to IRS requirements, you can borrow up to half of your account balance – up to $50,000.
  • The minimum loan amount is $500.
  • The maximum repayment period is five years – 15 years if the loan is for the purchase of your primary residence.
  • You cannot have more than two loans outstanding at one time.
  • Fees will be applied to your account when you initiate a loan and on a quarterly basis while a loan is outstanding.
  • Loans are repaid by Automatic Clearing House debits through your bank account.

For more information, please see the RSVP & Lay DC Plan Employee Guide.


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