You are required to annuitize at least 50% of your Comprehensive Plan account. In other words, when you retire, you must convert at least half of your Comprehensive Plan account into a benefit that pays you regular monthly income for life. If you choose not to annuitize your entire account, you can keep the remaining 50% invested or take it as a lump sum payment.
For further information, visit the Distributions section of these Plan Guidelines.
Members may select among several annuity payment options.
During your working years, the Comprehensive Plan provides you with life insurance protection. The Plan also provides child allowances and a widowed spouse annuity. A death benefit is available if an eligible member dies during retirement.
For more information see Life Insurance below.
The Comprehensive Plan is designed to work with government sources of disability and retirement income to replace a percentage of your compensation if you become disabled as defined by the Plan during your working years.
Retirement Plan premiums paid on behalf of disabled members must be completely annuitized. No partial or complete settlements, loans or withdrawals are permitted.
Child allowances may be also available.
For more information, see Disability Benefits section below.
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Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
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