Annuity Plan / FAQs
Since the annuity plan began in May 2019, when can annuity distributions begin?
No distributions will be made under any circumstances prior to May 1, 2022.
Can I contribute to the Annuity Fund?
Can I specify how I want my individual account balance invested?
What happens to my account if I die before I retire?
What happens if I get divorced?
When can I retire?
Can I borrow money from the Fund or take a hardship withdrawal?
If I take a hardwhip withdrawal, can I later repay the amounts that I withdrew?
I recently became disabled and cannot work. Can I receive the money in my account?
If I withdraw my entire account balance, will my account be closed?
Am I able to rollover funds into my annuity?
Yes, but this option will come at a later date.
Do I need to withdraw my entire annuity amount when I retire?
No. The default withdrawal is a 100% lump-sum payment of your Individual Account (Accumulated Share). However, as an alternative, you may elect partial lump sum withdrawals not more than once per calendar year, as long as the withdrawal amount is at least 5% of the Individual Account. (See Section 3.02 of the Plan)