Your Plan Highlights – Payout Options
When you are eligible to receive a distribution under the Plan, you have a variety of payout options. Please call our Topeka office, (785) 296-7095 or (800) 232-0024 option #5, for additional information on distributions or to request a distribution form. These payout options include:
Systematic withdrawal of your account
Specified Period- not less than 3 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.
Rollover into Another Eligible Plan
Your distribution can be rolled over into a 401(a), 401(k) 403(b) or other governmental 457 plan and traditional IRA.
All distributions are eligible for rollover except for:
An unforeseeable emergency withdrawal;
IRS minimum required distributions payable on or after you attain age 70½; and
Periodic payments made over your life or a specified period of 10 years or more.
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Insurance products issued by ING Life Insurance and Annuity Company. 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.
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