Does an employee who is retiring have the option to take a lump sum distribution?
Yes, that employee can take all the money from his/her account at once. The NADART Benefit Request Form (N-10) (pdf) should be completed for a lump sum payment (check box A of item 11), but the retiree should note that the taxable portion of this payment is subject to a 20% federal income tax withholding.
