Are pension benefits available in a lump sum payment?
Pension Plan benefits must normally be taken in the form of an annuity. However, if the present value of your monthly benefits is more than $5,000 but not more than $10,000, the entire value may be taken as a single lump sum (with spousal consent, if you are married). If the present value of your monthly benefits is $5,000 or less, the entire value will automatically be paid to you in a single lump sum. Individual Account Plan benefits may be selected in a lump sum or as an annuity. If your account balance is $5,000 or less, it will automatically be paid in a lump sum.
