Payment Options
| There are automatic forms of payment for married and single participants. You are not required to elect the automatic form of payment based on your marital status. See the Summary Plan Description for complete details. |
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Periodic Payments
(from 1 up to 15 years)
| Automatic for unmarried participants (married participants may jointly elect). Lifetime monthly income for a specified period of time from 1 up to 15 years. If a participant dies before receiving the specified number of monthly payments, the beneficiary will receive remaining payments. |
| Lump-Sum Payment |
Optional for any participant. Automatic for any participant with a benefit that is $5,000 or less. It can be paid (1) directly to you, (2) as a direct rollover or (3) split between payment to you and as a direct rollover. You will be notified by the Fund Office if your distribution is eligible for rollover treatment.
See the “Apply for Your Benefit” section for important tax considerations for the lump-sum payment.
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| Combination Lump-Sum/Periodic Payment | Optional for any participant. Combines lump-sum and periodic payment options. |
| Rollover | Optional for any participant with a balance of $200 or more. You may roll over your entire balance to another qualified retirement account, such as an IRA, without any tax consequences. |
| Partial Rollover | Optional for any participant with a balance of $500 or more. You may roll over a portion of your annuity balance (must be a minimum of $200) and have the remainder paid to you as a lump-sum payment. |
| Surviving Spouse/Beneficiary Benefits | The Plan provides benefits for your surviving spouse or designated beneficiary in the event of your death. The Fund Office can help your beneficiary through the process of applying for benefits and answering any questions about survivor benefits. They should call the Fund Office at 781-272-1000. |
Copyright © 2006 Massachusetts Laborers' Benefit Funds
