When it's time to decide how to take income from your Case Western Reserve University Employees' Retirement Plan B, you have a variety of options1:
Lifetime Retirement Income
One-life annuity — Provides income for as long as you live. • One-life annuity with guaranteed period — Guarantees income for five or 10 years. It ensures that income continues to go to your beneficiaries for the remainder of the guaranteed period if you die before the end of that period.
Two-life annuity — Provides lifetime income for you and an annuity partner (your spouse or someone else you name) for as long as either of you live.
Lump Sum — Only available for benefits accrued after June 30, 1992 and/or for refunds of employee contributions.
* Retirement Plan B allows you to receive a cash withdrawal of benefits accrued after June 30, 1992 and/or accumulated employee contributions. Withdrawals of earnings are subject to ordinary income tax, and a federal 10% penalty may apply prior to age 59½.