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Account Options at Retirement

There are several options available to you when you retire.

You may:

  • leave your account at MMBB until need the funds;
  • convert part or the full value of the account to an annuity to receive income for the rest of your life; or
  • take a complete or partial distribution from your account.

Your annuity payments can take any of the following forms:

Single-Life Annuity

You receive monthly annuity payments for life. Payments stop at your death.

100%/100% Joint and Survivor Annuity

When either you or your joint annuitant dies, the annuity remains the same for the rest of the survivor’s life.

80%/80% Joint and Survivor Annuity

When either you or your joint annuitant dies, the survivor receives 80% of your monthly annuity for life.

100%/60% Joint and Survivor Annuity

If your spouse dies first, your annuity continues at 100% for the rest of your life. If you die first, your spouse receives 60% of your monthly annuity for life.

For more information on MMBB annuities please see our Annuity Features page.