May I receive benefits from the Annuity Plan prior to retirement, withdrawal from the industry or total disability?
No. You can only receive payment of Annuity benefits from the Plan upon retirement, total withdrawal from the industry or total disability.
Effective August 1, 2007, monthly benefits up to $2,500 are paid from account balances greater than $5,000 at the time of application. Account balances less than $5,000 at the time of application are paid in a single lump-sum. While balances less than $1,000 are paid automatically, you must apply for your distribution if the balance is greater than that amount. In addition, if your account balance is over $20,000, the Plan allows for a one-time lump sum distribution of up to $20,000.
May I choose the date when I wish to receive Annuity Plan benefits due to retirement or withdrawal from the industry?
You may elect to receive monthly payments at any time between your retirement or withdrawal from the industry and the April 1st following the date you reach age 70½. Federal law requires that the Plan commence payments automatically as of the April 1st following the date you reach age 70½ or your retirement, whichever is later.
Your named beneficiary is entitled to receive monthly distributions of any remaining account balance. In addition, the Annuity Plan pays a maximum death benefit of up to $67,500 to the named beneficiary, which will first be distributed in monthly installments of up to $2,500. The amount is based on your age and years of service. A one-time lump-sum payment, equal to the greater of 25% of the total initial account balance plan plus the death benefit or $20,000, is also available.
