ASA Alternatives
Members - Retirees
Annuity Savings Account Options at RetirementWhen members retire, they must select one of the seven options described below for the distribution of their annuity savings account proceeds.
| ASA 1 | Under this option, a member will receive the total amount of his/her Annuity Savings Account paid as a monthly benefit. The member will not receive any distribution from his/her Annuity Savings Account other than this monthly benefit. |
| ASA 2 | Under this option, a member will have the total amount of his/her Annuity Savings Account, less the mandatory withholding for federal income tax, paid directly to him. |
| ASA 3 | Under this option, a member will have all of the taxable portion of his/her Annuity Savings Account paid in the form of a direct rollover to an Individual Retirement Account or a Qualified Retirement Plan that has provisions allowing it to accept the rollover on his/her behalf. The non-taxable portion will be paid directly to the member. |
| ASA 4 | This option may be selected only if the member wants a partial rollover amount of at least $500. Under this option, a member will have a part of the taxable portion of his/her Annuity Savings Account paid in the form of a direct rollover to an Individual Retirement Account or a Qualified Retirement Plan that has provisions allowing it to accept the rollover. The non-taxable portion will be paid directly to the member. Also, the "part" of the taxable portion of the distribution that is not directly rolled over, less the mandatory withholding for federal income tax, will be paid directly to the member. |
| ASA 5 | Under this option, a member will defer distribution of his/her Annuity Savings Account until a later date. The member's account will continue to be invested with the Fund under the same guidelines applicable to an Annuity Savings Account. |
| ASA 6 | Under this option, a member may elect to withdraw their non-taxable contributions and leave their taxable contributions invested in the retirement fund for distribution at a later time. |
| ASA 7 | Under this option, a member will receive a distribution of an amount equal to his/her tax basis (after-tax contribution) in his/her Annuity Savings Account balance as it existed on December 31, 1986 and will receive the balance of the account as a monthly benefit. |
