8. WHAT WILL I RECEIVE AT MY NORMAL OR EARLY RETIREMENT DATE?

You may elect to retire at any time after reaching your normal or early retirement date and receive a distribution of your Individual Account.  You are not required to take a distribution of your Individual Account even though you are retired under the Southern California IBEW-NECA Pension Plan (Defined Benefit Plan) until you reach age 70½.  At that time, if you are not working, the Trust Fund is required to begin distributing your account balance to you.

Amount of Distribution:
The distribution will be equal to:

1. your Individual Account determined as of the valuation date coinciding with or immediately before the distribution,
2. plus any contributions paid into your Account since the most recent valuation date,
3. minus any distributions paid from your Account since the most recent valuation date.

You may elect to receive a partial distribution of your Individual Account, as long as the balance remaining in the Account is more than $5,000.00.

Form of Distribution:
If you are married, your Individual Account will be distributed as a joint and 50% survivor annuity unless you elect an optional payment form. The joint and 50% survivor annuity provides you with monthly payments for your lifetime. If your spouse survives you, monthly payments will continue to your surviving spouse for your spouse’s lifetime in an amount equal to 50% of the payments you were receiving. You may, with the consent of your spouse, reject the 50% survivor annuity and elect an optional payment form. Your spouse’s consent must be in writing and notarized by a notary public.

The optional payment forms for a married participant are:

1. payment in a single lump sum,
2. payment in annual installments over a period of at least two years but not more than five years,
3. the single life pension in the form of an annuity purchased through an insurance company.

If you are not married, distribution will be made as a single life annuity unless you elect otherwise. A single life annuity provides monthly payments for your lifetime, with no payments continuing after your death.

The optional payment forms for an unmarried participant are the single lump sum payment or the installment payments over two to five years. Election of an optional payment form must be made within 90 days before the date distribution of your Account is made or begins.

If your Individual Account Balance is $5,000.00 or less, it will be paid in a single lump sum, and you cannot elect an optional form.