§ 24310 Option Election Changes

• •If you cancel your retirement plan choice, you can pick a new one.
• •If you change or cancel your plan in a year, the money taken out that year will be based on the option that takes more money out.
• •The rules for how much money is taken out are based on old rules from 1995.

You have a retirement plan at work and you pick one option, but then you change your mind and pick a different one in the middle of the year.

The amount of money taken out of your paycheck for the rest of that year will be based on the option that takes out more money, following the old rules from 1995.