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Your Plan Highlights – Payment Options

This section does not apply to FICA Alternative employees. Information regarding the FICA Alternative Plan is available by selecting the FICA Alternative tab from the side bar menu on the home page of this website.


When you are eligible to receive a distribution under the Plan, you have a variety of payment options. Please call ING’s Carson City office for additional information on distributions or call our toll-free line at (800) 584-6001 to request a distribution form. These payment options include:

Systematic withdrawal of your account (for account balances of at least $5,000)

  • Specified Period- not less than 3 years and no more than 30 years.
  • Specified Amount- cannot be less than $250 per payment and no more than 33 1/3% 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 70 ½, 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

  • Choose from a variety of annuity options including a joint and survivor annuity, life annuity and life annuity with period certain.

    • 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 70 1/2; and 3) 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.