457(b) Supplemental Retirement Options

Rights and Privileges after Termination of Employment

Upon termination of employment and completing the vesting period participants may:

Request a rollover of a portion or the total balance to an IRA, another employer plan, or a qualified retirement plan.
Request a full or partial distribution.
Leave the funds in this account.
Withdrawals are subject to taxes as these funds were contributed on a pre-tax basis. Generally withdrawals are subject a 20% mandatory Federal Tax rate.
The exceptions to the 20% tax are rollovers and electing a lifetime annuity
When a participant reaches age 70 ½ and is no longer employed, they are required by law to begin receiving a minimum distribution of their balance.

Participant must contact the investment company to request forms for a withdrawal or a rollover.
Participants should be aware of any restrictions regarding withdrawals from guaranteed or fixed funds.
Forms must be signed by an authorized representative of OU to verify termination.
Funds can be received in a shorter period of time if an electronic deposit is elected on the withdrawal form.
Notifying investment companies of a change of address is the participants’ responsibility.
Participants receive quarterly statements.