The lump-sum settlement options below provide a lump-sum refund of your member account balance plus a lifetime monthly pension from your employer's contributions. Lump-sum payments are subject to a mandatory 20 percent federal tax withholding if paid directly to you. Different tax treatment applies to lump sums rolled over directly to an IRA or other qualified retirement plan. Consult your tax advisor for information on eligible rollovers and the tax consequences.
If you participate in the Variable Annuity Program and you select a lump-sum option, you must have your variable balance transferred to your regular account before distribution.
Lump-Sum Option 1 (non-refund)