What is the Systematic Withdrawal Option?
The Systematic Withdrawal Option (SWO) is designed for people who want to maintain control of their investment while receiving periodic income. ING Life Insurance and Annuity Company will schedule your payments to give you either an income for a predetermined number of years, a specific dollar amount, or a specified percentage that will continue until your account value is paid out in full. You can choose the payment method that best suits your financial needs. To take advantage of SWO, you must have an account value of at least $25,000 and have reached the age of 59 (age 55 if you have separated from service), or, if you are age 70 you must have an account value of at least $5,000. For the specified percentage payment method, payments must cease at age 70.
