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Public
Employee Press Beneficiaries
can now roll over annuity Nonspousal beneficiaries may
now roll over the annuity of a deceased annuitant instead of taking a lump-sum
payment.
Before this change, nonspousal beneficiaries were not allowed
to roll over distributions from the DC 37 Annuity Fund Plan. The fund implemented
the change to comply with a new pension law.
If a nonspousal beneficiary
chooses the rollover option, the DC 37 Annuity Fund Plan will transfer the distribution
into an individual retirement account or an individual retirement annuity. The
rollover option isnt available if the distribution is $200 or less.
Beginning
this year, annuitants and spouses and former spouses gained anadditional option
for rolling over distributions. Instead of transferring a distribution to a traditional
IRA, they may roll it over to an existing Roth IRA.
Of the 77,000 union
members participating in the DC 37 Annuity Fund Plan, only 20 percent have actually
named a beneficiary. To find out how to add a beneficiary, call the plan at 212-815-1888.
DC
37 won the annuity fund in the 1995-2000 economic agreement.
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