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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 Retirement Only 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 Retirement Only 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: If retired, you may elect to establish an installment program. Installments may be processed monthly, quarterly, or on an annual basis
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