Q: Is there an age at which I must retire to receive MMBB and Social Security benefits?
A: Social Security retirement benefits are not available before age 62, and full benefits are not available until age 65 or later. There is no required retirement age for MMBB benefits, although the yearly amount increases the later you start your annuity. As long as contributions are being made to your Retirement Plan (RP), TDA or TAS account, accumulation units are being added, increasing the potential value of your annuity.

Q: When I decide to retire, what should I do?
A: At least 90 days before your retirement date, notify MMBB and your nearest Social Security office. MMBB will send you a Notice of Intention to Retire for you to complete and return. Social Security will require your Social Security card or number, proof of your date of birth and, if married, a copy of your marriage certificate.

Q: What happens after I notify MMBB of my intention to retire?
A: You will receive an Application for Retirement Benefits with detailed estimates of your annuity. One set of figures will be based on the conversion of your whole account to an annuity. The other set will be based on the conversion of 50% of the total units in your account. You may choose one of these parameters, or you may annuitize any percentage of your account above the minimum required by your plan. The application will also estimate the value of that portion of your account that has not been annuitized - the remaining portion of the member's account.

The estimates will give monthly annuity amounts for the first year and details on settlement options. You and your spouse, if you are married, will select from among the options and complete the form. If your employer has contributed to the Tax-Deferred Annuity (TDA) or if you have made contributions to The Annuity Supplement (TAS), you also will receive an Application for TDA/TAS Benefits with similar detailed estimates, as well as the current dollar value of the account. You are not required to annuitize your TAS or TDA account or begin withdrawals when you start your RP annuity, but government regulations require that withdrawals must begin by April 1 of the year following the year in which you reach age 70.5 if you have stopped working for your employer.

Q: What decisions do I need to make before I begin receiving my MMBB annuity?
A: First, you must decide what percentage of your RP account you wish to take as an annuity. You may choose any percentage above the minimum required by your plan. Second, you must decide if you wish a single-life or joint-life and survivorship annuity. A single-life annuity provides income only as long as you live, and, as a result, provides a larger monthly income. This option is primarily for the single person without dependents. The joint-life annuity is primarily for members who are married, and it provides income as long as either or both live.

Q: If I do not convert all of my account to an annuity, what choices do I have with the remainder of the account?
A: You may defer settlement, allowing the funds to remain with MMBB and share in MMBB's investment experience. You may withdraw it as a distribution or a direct rollover to another financial institution. You may elect to convert the balance to an additional annuity at a later date. You may choose to take a combination of partial distributions, rollovers and/or annuity at any time following the start of the initial annuity. IRS regulations require a minimum distribution from your account, by April 1 of the year following the year you reach age 70.5 if you have stopped working for your employer.

Q: What happens to my annuity if my spouse and I die shortly after we begin receiving annuity payments?
A: All annuities, whether single-life or joint-life and survivorship, guarantee 120 monthly payments (10 years), unless the member elects otherwise. If you and your joint annuitant, if any, die before all of the 120 monthly payments have been made, the remaining payments - or a settlement for the value of the remaining payments - will be provided to a designated beneficiary or beneficiaries.

Q: Will the amount of my MMBB annuity change?
A: Yes. It is a variable annuity and will increase or decrease each year, depending on MMBB's investment results.

Q: May I continue to serve my present church and still receive my MMBB annuity?
A: No. You must retire from your present church or employer before you take your MMBB annuity. You may, however, secure other employment without affecting your annuity.

Q: Will I have medical coverage in retirement?
A: For those who retire before age 65, PremierHealth is available for medical coverage. For retirees age 65 or older, Medicare will be the primary health carrier. The Hartford Medicare Supplement, endorsed by MMBB, is available to retired and disabled members enrolled in Medicare. RP members who were 55 or older on December 31, 1996, and who meet eligibility standards, also will receive a medical premium subsidy in retirement. If those members retire early, they will receive a partial subsidy of the premium of the MMBB-endorsed PremierHealth Plan until they become eligible for Medicare.