Distributions - Overview
You have several options with regard to a distribution upon Retirement, Death, Disability, or Employment Termination.
- Annuity Payment: When you retire, you can convert your Member Contribution Plan investment account into an annuity that provides lifetime income.
- Lump-Sum Payment: When you retire or stop working, you can withdraw up to 100% of your Member Contribution Plan investment account. To request a lump-sum payment, contact MMBB.
If you choose to have the account distributed to you directly, certain IRS tax regulations apply. You may defer paying taxes at the time you take a withdrawal by directly rolling over your eligible withdrawal to another qualified plan or IRA.
- Deferring Payment: If any portion of your account remains after you purchase your annuity, you may leave the remainder invested with MMBB.
- Installments: You may elect to establish an installment program. Installments may be processed monthly (annuitants only), quarterly, or on an annual basis.