The Individual Account Plan (IAP) provides that extra retirement savings safety net that not only gives our members financial peace of mind but also the flexibility to choose how they want to receive their IAP benefit and the ability to access that benefit early, if necessary, under certain circumstances.

The IAP may be distributed upon:

• Traditional retirement—You are 50 years of age or older and have permanently left employment covered by the Plan.
• Severance from covered employment—You are separated from employment covered by the Plan for 6 full calendar months and you have not returned to employment covered by the Plan prior to receiving a distribution from the IAP.
• Disability—You are totally and permanently disabled as determined by the Social Security Administration or Electrical Workers Local 26 Pension Trust Fun

You can elect to receive your IAP benefits in one 9 different payment options:.

• 50% Joint and Survivor Annuity: A monthly benefit for your life and if you predecease your spouse, your spouse will receive a monthly benefit equal to 50% of your monthly benefit.
• 75% Joint and Survivor Annuity: A monthly benefit for your life and if you predecease your spouse, your spouse will receive a monthly benefit equal to 75% of your monthly benefit.
• Single Lump Sum: Your entire Individual Account Plan balance as a single lump sum. If your account balance is less than $5,000, you must receive your Account Balance in a single lump sum.
• Partial Lump Sum: You indicate what portion of your Individual Account Plan you want to receive in a single payment, and the balance of your Individual Account Plan remains invested in the Plan.
• Fixed Periodic Amount: You indicate the fixed dollar amount you wish to be paid periodically (annually, semi-annually, quarterly, or monthly).
• Partial Lump Sum with Fixed Periodic Amount: You indicate what portion of your Individual Account Plan you want to receive in a single payment, and you also indicate the fixed dollar amount you wish to be paid periodically from the balance of your Individual Account Plan, which you will receive periodically (monthly, quarterly, semi-annually, or annually) thereafter. The balance of your Individual Account Plan remains invested in the Plan.
• Fixed Time Frame: You indicate a specific period for payments (annually, semi-annually, quarterly, or monthly). The amount of each payment is determined by dividing your Individual Account Plan balance by a counter (i.e., number of remaining payments) that reduces by one each time a payment is made from your Individual Account. Payments are based on the remaining number of payments you originally elected to receive.
• Fixed Percent: You elect an annualized fixed percent of your account balance to be paid periodically (annually, semi-annually, quarterly, or monthly). Each periodic distribution is calculated based on your account balance at the time each periodic distribution is processed.
• Life Expectancy: You elect a payout rate that is based on a calculated life expectancy and frequency of payments (annually, semi-annually, quarterly, or monthly). Life expectancy will be determined using the IRS Uniform Lifetime Table (ULT) method (i.e., the standard default calculation for Required Minimum Distributions).