Leaving Covered Employment? Understanding Your Annuity Fund Options

June 5, 2026

If you leave covered employment, you may have several options available regarding your Annuity Fund account. Depending on your situation, you may be able to:

• Keep your money in the current plan
• Roll it into a new employer’s retirement plan
• Move it into an IRA
• Take a distribution

To help members better understand these options and make informed decisions regarding their retirement savings, the Trustees recently approved access to educational consultations with Empower retirement consultants.

During the consultation, participants can receive information regarding important considerations such as:

• Potential taxes and penalties
• Investment fees and expenses
• Maintaining tax-deferred retirement savings
• Long-term retirement planning considerations

*Please note that participants with an Annuity Fund balance of $25,000 or more who request a distribution following separation from covered employment will be required to complete an educational consultation with an Empower retirement consultant before the distribution can be processed.

The consultation is educational in nature and is intended to help participants better understand their available options before making a decision regarding their retirement savings.

After completing the initial educational consultation, participants may choose to opt out of future consultations or advisory services. Participation in any ongoing advisory relationship is completely voluntary.

Examples of topics discussed during a consultation may include:

Example:
A member changing employers or retiring may choose to roll retirement savings into another qualified retirement plan or IRA instead of taking a taxable cash distribution, which could result in taxes and penalties.

Example:
A member may wish to compare investment costs and available options before moving retirement savings outside of the Plan.

For more information, please contact Empower at (833) 569-2433 or visit Empower’s website at www.empowermyretirement.com.