Annuity Payment Dates & Options

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 72, just as with the Accrued Monthly Pension benefit.

Annuity Benefit Payment Options

A Joint and Survivor Annuity with your spouse as the beneficiary.

A direct rollover into an Individual Retirement Account (IRA) or another qualified retirement plan account.

A single lump sum payment.

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).

Annuity Balance Interest Rate is 2.34%

The interest earned for the Plan year May 1, 2021 through April 30, 2022. 

Click to enlarge

KEYWORDS & DEFINITIONS