My mother recently passed away at the age of 51. She had a retirement account as a school employee (New Mexico Educational Retirement Board) (nmerb dot com) that I believe is considered a 401(a) retirement. The listed beneficiary is her ex-husband (my father). Her wishes were to have the retirement account distributed between her three children (all now adults).
Can this retirement account be rolled-over into three separate retirement accounts to avoid paying taxes and early withdrawal fees?
They have also sent a letter stating we can take monthly payments as a distribution. Will taxes be paid when the distribution is sent or should we set aside an account to pay year end taxes for the beneficiary?
Any other comments/suggestions would be greatly appreciated.
Can this retirement account be rolled-over into three separate retirement accounts to avoid paying taxes and early withdrawal fees?
They have also sent a letter stating we can take monthly payments as a distribution. Will taxes be paid when the distribution is sent or should we set aside an account to pay year end taxes for the beneficiary?
Any other comments/suggestions would be greatly appreciated.