Phillips 66 Savings Plan

Withdrawals

You can withdraw money from your account under certain circumstances:

  • Anytime. You can withdraw your Roth and traditional after-tax contributions and Company contributions.
  • Upon age 59½ or total disability. You may withdraw all of your account balance if you have reached age 59½, or upon total disability if you have a physician's certification or Social Security Administration determination of total disability.
  • Upon termination of employment. You may withdraw your entire account balance.
  • In the event of a hardship (as defined by the plan). You may withdraw your before-tax, Roth, and traditional after-tax contributions as needed to satisfy your hardship. Earnings on elective deferrals can also be withdrawn for hardship.

To make a withdrawal, contact Vanguard.

For more information about the types of withdrawals available, contact Vanguard or refer to the Phillips 66 Summary Plan Description (SPD).

Taxes: Taking money from your retirement account can affect how much you'll have to pay in taxes. You'll owe taxes on pre-tax money. You won't owe taxes on Roth earnings as long as you are age 59½ or older and it's been at least five years since your first Roth contribution. If required by law, Vanguard will withhold some taxes for you. You may need to pay a 10% federal penalty tax if you take money out early.