The Comprehensive Plan provides income that lasts as long as you live. Lifetime income is provided through a variable annuity. The MMBB Financial Services variable annuity is designed to help your income keep pace with inflation.
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.