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RETIREMENT PLAN INVESTOR

Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:

IF YOUR PLAN ID BEGINS WITH IRK, BRK, 1 OR 2

Visit americanfunds.com/retire

IF YOUR PLAN ID BEGINS WITH 34 OR 135

Visit myretirement.americanfunds.com

Announcements

January 19, 2023

Federal tax withholding update

The new Internal Revenue Service (IRS) Form W-4R helps retirement account owners determine the appropriate federal withholding rate for nonperiodic payments and eligible rollover distributions.

The IRS now allows an account owner to elect a federal withholding rate from 1% to 9% for nonperiodic payments that are not eligible rollover distributions (e.g., hardship withdrawals and required minimum distributions), in addition to being able to opt out, select the default 10% rate, or select a rate greater than 10%.

We’ve incorporated this IRS update into our online distribution processes, and it will be incorporated into our distribution forms in early 2023.  We’ll continue to accept forms that don’t contain Form W-4R components; however, we may require our updated forms in the future. If so, we’ll provide additional communication to you. 

What’s not changing:

  • If no federal withholding election is made, we will continue to withhold 10% for non-eligible rollover distributions.
  • Eligible rollover distributions will remain subject to 20% federal withholding if not directly rolled over.
     

To learn more about Form W-4R, visit the IRS website or call us at (800) 421-6019

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Use of this website is intended for U.S. residents only.

American Funds Distributors, Inc., member FINRA.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.