In general, participants can receive distributions from their Shepherd Plan accounts after attaining age 59 1/2, or after terminating employment with a sponsoring organization. Distributions can also be requested upon the death or qualifying disability of a participant.
Participants who are active workers may apply for a loan from the Shepherd Plan. In general, the maximum permitted loan amount is the lesser of (1) $50,000; or (2) half of the present value of the worker’s Shepherd Plan account balance. A participant may have only one loan at a time.
Special Considerations for Ministers of the Gospel
Retired Ministers of the Gospel may receive tax-free distributions from the Shepherd Plan for eligible housing expenses.
A Minister of the Gospel may utilize Housing Equity Account contributions prior to age 59 1/2 for the down payment on a home.