Retirement Benefits – Overview

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.

Annuity Payment Options

Members may select among several annuity payment options.

  • A single life annuity payment option pays annuity benefits to you for as long as you live.
  • Joint life payment options pay monthly benefits jointly to you and your spouse or other dependent for as long as you or your dependent live.
  • A 10-year certain guarantee is built into all annuities, but may be waived. The guarantee means that annuity payments are not only guaranteed for life, but if you (or you and your joint annuitant) die before the 10 years are up, your beneficiary will receive payment for the remaining balance of the 10-year period.

Life Insurance

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 .

Disability Income

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.