Payout Options
When you are eligible to receive a distribution under the plan, MetroMax provides you with a wide variety of payout options. Please call our Customer Service Associates at 1-800-584-6001 for additional information on distributions or to request distribution paperwork. These payout options include:
Systematic withdrawal of your account over a specified period or of a specified amount
Specified Period- not less than 3 years and no more than 30 years.
Specified Amount- minimum payment amount is $250.
Once payments begin, you can continue to make investment changes on the balance remaining in 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 70 ½, or April 1st of the year following the year you retire, whichever is later.
If you defer a payout at the time you separate from service or retire, you may make one additional election to further defer the payment of your benefits, as long as it doesn’t go beyond the dates described above. This second election allows you to postpone your payments to a later date, but not to accelerate them to an earlier date.
Lump sum, or partial lump sum distribution in combination with other options
Take all or a portion of your account balance in cash.
Distribution over your lifetime and the lifetime of your designated beneficiary - Joint and Survivor Annuity
Guaranteed payments for the lives of the participant and a designated beneficiary.
Transfer to Another 457 Plan
Under the 457 plan, you are also permitted to transfer your 457 benefits to another 457 deferred compensation plan that accepts such transfers.
Distribution over a set period not extending beyond your life expectancy - Life Annuity with Period Certain
Guaranteed payments for participant’s lifetime. Guarantee is based on the claims’ paying ability of ING Life Insurance and Annuity Company.
Minimum guarantee period (5 to 20 years).
Distribution over a set period of time not extending beyond the joint and last survivor life expectancy of both you and your designated beneficiary - Joint and Survivor Annuity with Period Certain
Guaranteed payment for the lives of the participant and a designated beneficiary.
Minimum guarantee period (5 to 20 years).
Distribution over your lifetime - Life Annuity
Payments guaranteed for participant’s life only. Upon the participant’s death, no payments are made to a beneficiary.
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© 2002 - 2010 ING North America Insurance Corporation
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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