Phillips 66 Savings Plan


You are eligible to receive your account balance upon retirement, termination of employment, or total and permanent disability. You have the following options:

  • Leave it in the plan if your balance is more than $1,000. You must begin taking required minimum distributions by April 1 following the year you reach age 70½.
  • Receive it as a single-sum cash payment.
  • Roll it over to another employer's eligible plan or an IRA.
  • Receive it in installments (monthly, quarterly, semiannually, or annually).

Keep in mind: There are important factors to consider when rolling over assets to an IRA or leaving assets in an employer retirement plan account. These factors include, but are not limited to, investment options in each type of account, fees and expenses, available services, potential withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, and tax consequences of rolling over employer stock to an IRA.

Tax implications: You will be responsible for paying any federal, state, local, or foreign taxes on a distribution or withdrawal from before-tax accounts. A distribution or withdrawal of Roth 401(k) earnings is usually also taxable unless the initial Roth contribution was made more than five years ago and you are at least age 59½. Early withdrawals may be subject to a 10% federal penalty tax. To the extent required by law, Vanguard will make the appropriate withholding for tax purposes.