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
- Setting up an annuity income stream for your lifetime or for a specific period of time
- Receiving monthly, quarterly, semi-annual, or annual installments
- Rolling over your account balance into another retirement plan, IRA, or Roth IRA
You may also purchase an annuity.
If you left your Church position before retirement and left your vested account balance invested in the plan:
- You will begin receiving a Minimum Required Distribution after you reach age 72.
- You may choose to receive a full or partial lump sum payment at any time.
- You can rollover your account balance to another retirement plan.
- Your balance is paid to your beneficiary or estate when you die.
For more information, please refer to Forms & Publications.