Life after Valero Questions & Answers
How do I get paid?
Many clients have us setup a direct deposit from their accounts with us into their bank or credit union checking account.
How often do I get paid?
Most of our clients prefer to receive a monthly transfer into their checking account, but we can accommodate different schedules. The second most common choice is twice a month. We’ve also had some who desire weekly or quarterly. We try to accommodate whatever works for your budgeting and cash flow needs.
Can I change the income amounts?
We are firm believers in building flexibility into the personal strategies we develop, and one aspect is recognizing that spending needs change. As long as there are no restrictions imposed from the outside, such as a “72t” distribution scheme, the income can be adjusted easily and usually with just a phone call.
How do I know if I’m spending too much?
During the recession we developed a proprietary “Distribution Analysis Report” that is now a part of every periodic checkup . We believe this report provides value each time we get together to review their situation.
How often do we meet?
Each person or couple is different, but at the minimum we should have an annual Checkup of your situation. Meetings may be conducted in person, over the phone or even online using the “online meeting” tool on the web-site (under the Contact Us tab above).
What about Income Taxes?
More than half of our clients have us withhold income taxes from their IRA account distributions. Any taxes withheld are sent to the government and every year by February we send you a form 1099R that details how much was withheld so you can file your income tax returns.
Another popular approach is for the client to pay quarterly estimated taxes. Some of our clients have us send an additional quarterly distribution to cover these payments. We’re happy to work with you and your tax professional to coordinate these amounts if you prefer to make estimated tax payments.
What’s the best way to handle the loan on my Thrift Plan?
If you have an existing loan balance on your Thrift Plan when you leave Valero, the balance must be cleared before Merrill Lynch will release the funds.
If you need or prefer to use the funds in your Thrift Plan account to pay-off the loan, the pay-off can be arranged at the same time we instruct them on the distribution of the funds. The amount paid is added to your taxable income for the year, but no income tax is withheld from this distribution.
Once I leave Valero, how long will I be without income?
There are a number of factors beyond our control that can interfere with our ability to send you money, but with rare exceptions we’re pretty comfortable that you should be able to receive your first distribution from us about 45 days after your date of separation. Please see the Valero Transition Timeline tab.
The opinions voice in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be substitute for specific individualized tax advice. We suggest that you discuss specific tax issues with a qualified tax advisor.
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