Distributions After Your Employment Has Ended
If you are retired or have terminated your employment with PG&E and have left your account balance in the Plan, you must take a minimum distribution from the Plan by April 1 of the calendar year following the year in which you reach age 70-1/2, or, if later, the year you retire after reaching age 70-1/2. Once minimum distributions have started, you must receive a minimum distribution annually. There is a fee imposed each year that a participant receives a minimum required distribution (see "Fees and Expenses" or more information).
Minimum required distributions will be made from your investments in Tiers 1 and 2 of the Plan. However, if there are insufficient assets in Tiers 1 and 2 to make any required distributions and you do not liquidate sufficient funds upon notification of the requirement to do so, Fidelity will liquidate investments in your Self-Directed Account and use the assets to make the required distribution. In such a case, Fidelity will look to the Self-Directed Account's cash reserve account first. If that account does not contain sufficient assets, Fidelity will place sell trade orders with respect to your Self-Directed Account investments. Securities will be sold (liquidated) on a last in-first out basis, and be limited to the number of shares necessary to make the required distribution.
The Plan Administrator will notify you if you are subject to required minimum distributions. The Plan Administrator can perform a default calculation (based on Single Life Expectancy) to determine the amount that will satisfy your minimum required distribution. Alternatively, you may make a one-time election to direct the Plan Administrator to use other assumptions (such as Joint Life Expectancy) in the calculation of your required distribution.
Note that minimum required distributions paid from the Plan satisfy the requirements for this Plan only. If you have money invested in other employer-sponsored pension plans or IRAs, minimum required distribution for those plans or retirement accounts must be satisfied independently of the requirements for this Plan.