FREQUENTLY ASKED RETIREMENT QUESTIONS

Q: I'm considering options for the distribution of my Retirement income benefit.  Can I take the lump sum as cash?

A: A distribution is available only upon termination of employment.  If you are a Member of the Retirement Plan after December 31, 1998 you can elect the Lump Sum option, payable either in the form of a "rollover" or as cash, or a combination of both.  Remember, when receiving cash, there is a mandatory withholding of Federal income taxes, and the gross amount is subject to ordinary income tax.

Q: What would happen to my vested WHOI retirement benefit if I am Single and die without designating a beneficiary?

A. A lump sum would be paid to:
1. Surviving Children (equal shares) if none
2. Surviving Parents (equal shares) if none
3. Member’s Estate

A beneficiary form may be obtained by calling June Sullivan x2706, or your appropriate Benefits Specialist. You may change your beneficiary(ies) designation without limit prior to retirement.