Upon
termination or retirement, a worker may request a distribution
from the CRSP as follows:
- a
lump-sum cash distribution;
- rollover
money into an IRA;
- rollover
money into the Concordia Retirement Plan (CRP) if the worker
is age 55 or older and converts his/her CRSP account balance
into a monthly annuity. If the worker is under age 55, the
money can be left in the CRSP account until such worker
reaches age 55, at which time the worker can rollover the
money into his/her CRSP account balance into the CRP and
convert it to a monthly annuity;
- a
systematic monthly, quarterly, or annual periodic payment
from the CRSP account, whichever of these may be offered
by MetLife, the administrator; or
- leave
the money in the CRSP account; however, the worker will
need to start receiving payout by age 70 1/2.
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