You can begin receiving your benefit as soon as you retire. The amount you receive depends on the value of your account balance. Your options include:
- Maintaining your savings in the plan until you decide to withdraw some or all of your funds
- Receiving a lump sum payment
- Receiving monthly, quarterly, semi-annual, or annual installments
- Rolling over your account balance into another retirement plan, IRA, or Roth IRA
If You Leave Your Church Employment Before You Retire
- You can roll over your account balance to another retirement plan, IRA, or Roth IRA.
- You can leave your account balance in the Defined Contribution Plan until you are 72 years old.
- At age 72 you must start receiving annual minimum distribution payments (other rules may have applied if you turned age 70½ prior to January 1, 2020).
- You can take a distribution from your account, but you may be subject to the 10% tax on early distributions.
If You Become Permanently Disabled While You Are Employed by the Church
- Your account balance will be payable to you with the 10% tax on early distributions waived.
- Zurich American Life Insurance Company (Zurich), which has been designated as The Church Pension Fund Medical Board for the Lay Defined Contribution Plan, must certify the disability.
When You Die
- Your account balance will be payable to your beneficiary or estate.