Once you have been separated or retired from the university for at least one full calendar month over a period in which you would normally work, you are eligible to take distributions from your ORP account based on the following options:

Total Lump-sum Payment or Rollover
You can request a total lump-sum payment from your account or choose to rollover the entire balance to another qualified plan.

Periodic Distributions
You may elect to receive periodic distributions in which you determine the frequency and amount of each distribution.

Lifetime Monthly Annuity
You can purchase a lifetime monthly annuity with all or a portion of your ORP account balance. The amount of the payment is based on the following factors: your account balance, life expectancy and current interest rates at the time you purchase the annuity.

Joint and Survivor Annuity
If you would like annuity payments to continue to a survivor (annuity partner) upon your death, you may elect to do so. An annuity partner is the individual you name to receive lifetime income upon your death, such as a spouse.
You can name any living person as your annuity partner.
You may choose from the following options when deciding how much of your benefit continues to your annuity partner:

• 100%. Your named annuity partner continues to receive the full payment upon your death. Choosing this option means that your initial income will be lower than any of the other lifetime annuity payment options.
• 50%. Your named annuity partner will receive half the amount you would have received had you lived.
• 75%. Your named annuity partner will receive 75% of the amount you would have received had you lived.
• 2/3’s. Upon the death of you or your annuity partner, the survivor continues to receive lifetime income, but it is reduced to two-thirds. This option provides the highest income amount while both of you are alive.

Subject to applicable law, you may also add a guaranteed period of 10, 15 or 20 years to any lifetime income choice. This option ensures that income will continue to your annuity partner for the remainder of that period if you, and your annuity partner if you choose a two-life annuity, die before the end of the elected period.

Required Minimum Distributions
You must begin taking distributions from your ORP account if you have not already begun receiving payments by age 73 or when you retire (whichever is later).

You are encouraged to meet with a representative from the ORP plan provider you participate with to determine your distribution options and amounts. You should contact the provider directly to initiate distributions.