I’ve decided to retire. What are my options?
When you separate from full-time City service, you can stay in the City’s Plan. You will continue to benefit from the Plan’s service team, expert fund managers, and competitive fees. Keeping your money in the Plan is easy, and the City can negotiate lower fees because of its large asset base ($6 billion and growing), so more of the money you’ve saved goes toward building your retirement security.
When you decide to withdraw funds from your account, you have the following options:
Installment Payment of a Specific Amount – You designate the dollar amount that you wish to receive on a regular installment basis (monthly, quarterly, semiannually or annually). Payments to you will continue until your account balance is zero. The number of payments you receive will vary depending on the rate of return on your investments.
Installment Payment for Specified Number of Payments - With this option, you will receive payments on a regular installment basis (monthly, quarterly, semi-annually or annually). Payment amounts depend on the length of time you choose to receive payments, the periodic basis that you choose, and the rate of return on your investment options. Your payment amount is calculated by dividing your current account balance by the number of remaining payments. Your payment is recalculated each time a payment is distributed; therefore, your payment will not be the same amount each time. The payment amount will depend on the account value, which may fluctuate depending upon what your funds earn in the investments that you have chosen. With this payment method, your balance will be zero by the end of the term you select.
Roll over the balance to another qualified plan* - This option allows you to roll some or all of your savings to a 403(b) plan, governmental 457 plan, or an IRA (but be sure to compare fees and sales charges before you initiate the rollover).
Withdraw some of your savings in cash – This option is also called a partial lump sum distribution. Funds can be distributed to you via check or an electronic deposit to your checking or savings account.
Withdraw all of your savings in cash – This option is also called a lump sum distribution. Funds can be distributed to you via check or an electronic deposit to your checking or savings account.
You can process a distribution request by logging in to your account Account > Withdrawals. If you have questions about distributions, call the Service Center at 844-523-2457. Service Associates are available from 6:00 a.m. to 5:00 p.m., PT (excluding New York Stock Exchange holidays).