If you vest in your Annuity Benefit account, you will have a non-forfeitable right to the money in your account. You may apply for payment on retirement or on a separation from service (generally, 24 months with no contributions to this Plan and no work in the construction industry). You generally must begin payment after you reach age 70½, just as with the Accrued Monthly Pension benefit.
Annuity Benefit Payment Options
You and your spouse, if any, have other options for payment of the Annuity Account, as well.
- A Joint and 75% Survivor Annuity with your spouse as the beneficiary;
- A single lump sum payment;
- A direct rollover into an Individual Retirement Account (IRA) or another qualified retirement plan account; or
- An equal monthly benefit payable for a fixed period ranging from one-to-fifteen years (only if you have at least $2,000 in your account).