Retirement Savings Plan BenefitTabs™

  • Payment Options

  • Normal Form

    The normal form of benefit for a married participant is the Joint and 50% Survivor Annuity which pays a lifetime benefit to you and a 50% lifetime benefit to your spouse when you die. Optionally, you can choose a form which pays the surviving spouse 100% of the benefit you were receiving. This form may require the purchase of an annuity from an insurance company at current market rates. In practice, most participants choose one of the optional forms of benefit shown below. All forms of benefit other than the normal form require the notarized consent of your spouse, if you are married.

  • Life Annuity

    This is the normal form of benefit if you are not married. It pays a monthly lifetime benefit.

  • Lump sum

    Your entire balance is paid to you in the form of a lump sum. Note the tax consequences which may affect you if you select this form.

  • Specified Monthly Payments

    Monthly multiples of $100 are paid until your account balance is exhausted. You may optionally withdraw your remaining balance at any time. You may optionally change the monthly payment amount for any year by making an appropriate election in that year.

  • Joint and 50%, 75% or 100% Survivor Annuity

    These options are also available to non-married participants.

  • Pension Enhancement

    You may rollover a minimum of $10,000 into the NCEW Pension Plan by making a one-time election within 90 days of commencing receipt of retirement benefits from that plan. If you elect this, your retirement benefits under the NCEW Pension Plan will be increased by an amount which is actuarially calculated based on the amount you rollover.