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Your Plan Highlights – Payment Options

When you are eligible to receive a distribution under the plan, DCPlus provides you with a wide variety of payment options. Please call ING’s Customer Service Associates at 1-800-584-6001 for additional information on distributions or to request a distribution form. These payment options include:

  • Systematic withdrawal of your account
  • Specified Period- not less than 5 years and no more than 30 years.
  • Specified Amount- cannot be more than 20% of your account.
  • Payments can be monthly, quarterly, semi-annually or annually.
  • Deferral of all or a portion of your benefits to a later date
  • The latest date to which you can defer payments is the April 1st of the year following the year you reach age 70½, or April 1st of the year following the year you retire, whichever is later.
  • Lump sum, or partial lump sum distribution in combination with other options
  • Take all or a portion of your account balance in cash.
  • Annuity Options
  • Joint and Survivor Annuity (distribution over your lifetime and the lifetime of your designated beneficiary)
  • Life Annuity (distribution over your lifetime)
  • Life Annuity with Period Certain (distribution over your lifetime, with a specified period of payments guaranteed)
  • Joint and Survivor Annuity with Period Certain (distribution over your lifetime and the lifetime of a designated beneficiary, with a specified period of payments guaranteed)
  • Annuity for a specified period of time (not exceeding your life expectancy, or the joint life expectancies of you and a designated beneficiary)
  • Transfer to Another 457 Plan
  • Your DCPlus benefits can be transferred directly to another 457 deferred compensation plan that accepts such transfers.
  • Rollover into Another Eligible Plan
  • Your distribution can be rolled over into a 401(a), 401(k) 403(b) or other governmental 457 plans and traditional IRAs.
  • All distributions are eligible for rollover except for: 1) an unforeseeable emergency withdrawal; 2) IRS minimum required distributions payable on or after you attain age 701/2; and 3) periodic payments made over your life or a specified period of 10 years or more.

    • Group annuities offered through a retirement plan are long-term investments designed for retirement purposes. Money distributed will be taxed as ordinary income in the year received. Account values fluctuate with market conditions and, when surrendered, the principal may be worth more or less than the original amount invested. Fund prospectuses and a participant Information Booklet containing complete information, including expenses, are available. Please read them carefully before you invest. ING does not offer legal or tax advice. Please seek the advice of your own legal or tax advisor prior to making a tax-related investment decision.

     

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    Insurance products issued by ING Life Insurance and Annuity Company. Financial planning and securities offered through ING Financial Advisers, LLC (member SIPC), One Orange Way, Windsor, CT 06095-4774, or other broker/dealers with which it has a selling agreement.