IQVIA Benefits Handbook
DISTRIBUTIONS WHEN YOU LEAVE THE COMPANY
If you leave the company for any reason (whether as a result of retirement, disability, death or any other reason), you have to make a decision about your plan account balances. In general, you can:
  • Transfer balances to another tax deferred plan or a conduit individual retirement account (IRA) or Roth IRA, if applicable.
  • Take a cash payment of the full amount, less any required income taxes on regular pre-tax contributions. You may still owe additional income taxes on your payment, and possibly a 10% penalty tax for early withdrawal.
  • Take your account balances in a series of periodic installment payments over a reasonable period of time not exceeding your life expectancy or the joint life and last survivor expectancy of you and your designated beneficiary.
  • Leave it in the plan until you reach age 72, with the option to withdraw it at any earlier time. You can only leave it in the plan if your account balances are more than $1,000.
If you plan to transfer your funds to another tax-deferred plan or IRA, be sure to read the important information in the special tax notice that will be provided to you after you terminate employment when requesting a distribution or rollover of your vested account balance.
The federal income tax aspects of payments from the 401(k) Plan are complex and subject to change. In addition, applicable tax treatment under state and local law may differ. You may wish to consult your tax advisor regarding the financial impact of any distributions that you receive from the 401(k) Plan.
Note: See "Payment of QINC Transfer Account and Innovex Transfer Account" for more about payment of those accounts.