When you terminate employment with all participating employers, it is your responsibility to fill out and send a SISC Defined Benefit Plan Request for Benefit Payment form to the SISC office in order to receive benefits. Request for Benefit Payment forms must reach the SISC office by January 10th, following the year you retire or terminate. Benefits are only paid once a year (in March), and cannot be paid until the SISC office receives your signed Request for Benefit Payment form.
A penalty will apply to all early withdrawals (benefit distributions to participants under age 59½).
If your lump sum benefit payment is over $200, you will have the option of rolling it over to a tax deferred account.
You are not required to have a benefit distribution until you reach age 70½. See additional information provided in the “Over Age 70 ½” button.