Montana Public Employee Withdrawal Questions and Answers
- I have terminated my employment and want to withdraw my money. Why does it take so long?
The processing of your refund is not automatic. It takes 4-6 weeks after you receive your last payroll check.
Payrolls are due in our office five working days after each payday. Balancing and updating the system take a little
time so your refund could be processed within 4 weeks assuming all of the forms have been submitted and properly
completed.
Contributions may be sent directly to you or rolled into another qualified plan or IRA. If sent directly to you,
we will withhold 20% for federal taxes. You may also have to pay a 10% penalty on your federal tax form. If you
roll over your account you must have your roll over company complete our application for you. If you have any
already taxed money in your account you must check with your roll over company to see if they will accept this money.
If not we will refund the taxed portion to you. Refund applications are available from your payroll clerk, on our website
You will receive a 1099R tax form after we process your refund. Keep this form. You will not receive another 1099R at the end of the calendar year. Back to top
