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Once you're age 70 1⁄2, tax laws require you to begin taking distributions from your traditional IRA. The amount that you are required by law to withdraw from your account in any given year is called your required minimum distribution.
The minimum distribution rules apply to the total of all your traditional IRAs, including those invested in the Northern Funds and those invested with other institutions. Once you have determined the distribution amount, you can then decide from which investment/investments to elect the distribution. You can have the distribution made entirely from one investment or you can spread the distribution across all your IRAs. Northern Funds will not make a distribution without your direction.
Calculating Your Distributions
The IRA Distribution Calculation Worksheet will help you determine the minimum distribution amount you must take. Please remember to include all Traditional, SEP and SIMPLE IRA accounts, but not Roth IRA or Education Savings Accounts. To complete the worksheet, you'll need to refer to the life expectancy tables. If your sole beneficiary is a spouse more than 10 years younger, use the Joint Life and Last Survivor Expectancy Table. Otherwise, use the Uniform Table.
Taking a Distribution from Your Northern Funds IRA
If you decide to take your distribution from your Northern Funds IRA account, you may reinvest it in a Northern Funds non-IRA account. Although you will have to pay income taxes on the distribution, reinvesting gives your investment the opportunity for additional growth potential. You may want to contact a tax advisor to determine the best option for your particular situation.
To take a distribution from your Northern Funds IRA account or to change your existing automatic distribution choice, please complete the IRA Distribution Request Form. Please note that for your convenience, you may also withhold taxes on the distribution, as indicated on the Form. If you choose to reinvest your distribution in an existing Northern Funds account, select the appropriate option on the Form and return it to:
|P.O. Box 75986|
|Chicago, IL 60675-5986
If you're reinvesting into a new Northern Funds account, you'll need to also include a New Account Application. You can obtain an application, as well as a prospectus and summary prospectus, from this Web site or by contacting the Northern Funds Center at 800/595-9111. The prospectus and summary prospectus contains more complete information, including management fees and expenses. Please read the prospectus and summary prospectus carefully before you invest or send money.
If you have any questions about your required minimum distribution, our Northern Funds Center representatives will be delighted to assist you. They're available at 800/595-9111 weekdays from 7:00 a.m. to 5:00 p.m. Central time.
Not FDIC insured | May lose value | No bank guarantee
You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.
An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.
Please carefully read the summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus. The summary prospectus and prospectus contain this and other information about the Funds.
Shares of the Northern Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.
©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.