This means that all or part of your and the University's contributions to the Retirement Plan are made for you. The benefit begins after four months of disability and continues as long as you qualify for benefits under the Faculty Insurance Plan. The University pays for this benefit. If you are interested in retirement information, contact Employee Benefits. Non-systematic withdrawals of specific dollar amounts or percent of account balance may be made at any time.
Systematic withdrawal offers flexibility in receiving income.
You can receive payments monthly, quarterly, semi-annually, or annually. Either the amount or frequency of payments can be changed. Once purchased, an annuity contract is irrevocable. In all cases the annuity will provide you an income for your lifetime, but you may wish to elect a joint and survivor annuity which would guarantee an income for your lifetime and that of your beneficiary. Alternatively, you may wish to elect a life annuity with a guaranteed period.