When you are able to take distributions from your Annuity account (see the Distribution Qualifying Events page), you have several options regarding how your Annuity benefit is paid to you.

Monthly Annuity Payments (Balance > $5,000)
Under this option, the entire amount of your Annuity account is used to purchase a qualified annuity from an insurance company. The amount of your monthly annuity will depend on your account balance, your age (and your spouse’s age if applicable), and factors and assumptions used by the insurance company.

If you are single, monthly Annuity payments will be paid to you for your lifetime. If you are married, unless your spouse waives this option, monthly Annuity payments will continue after your death for your spouse’s lifetime at the rate of 50% of your monthly payment. If you are married, you may also elect to take your benefit as a 75% joint and survivor Annuity. In the case of a joint and survivor Annuity, the amount of the Annuity payment will be actuarially reduced.

Please note that if you are married, an election to waive the qualified annuity benefit form will not be effective without the written consent of your spouse.

Lump Sum and Monthly Installment Payments
If your balance is under $5,000, or if you elect not to take the qualified monthly annuity benefit, you may take distributions from your account as:

• a single or partial lump sum payment,
• monthly installments, or
• a combination of lump sum and installment payments.

Survivor Benefits
If you die while receiving payments, did not elect to take a qualified annuity, and there is a remaining balance in your account, your beneficiary will receive the account balance as some combination of lump sum and/or monthly installment payments at his/her election.

If you die before commencing benefits, your spouse will automatically be your beneficiary for 50% of the value of your account, unless waived by your spouse, with the remainder payable to your designated beneficiary(ies). If your spouse waives the benefit, the balance of your account will go to your designated beneficiary(ies). If you have not yet designated a beneficiary, please fill out a Beneficiary Designation Form and return it to the Fund Office. Your beneficiary(ies) will have the option of taking their portion of the balance of your account as some combination of lump sum and/or installment payments, or using the balance to purchase a life annuity.

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