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A Partial Lump Sum (PLS) distribution is a single payment equal to a percentage of the value of your pension benefit at retirement. The payment amount depends on your eligibility and the percentage you choose. If you choose to receive a PLS payment, your lifetime monthly benefit will be permanently reduced.
What is a partial lump sum option?
What is a Partial Lump Sum (PLS)? The PLS is an option in the SAG-Producers Pension Plan that allows a pensioner to have a large first pension payment before continuing with their lifetime monthly benefit. The PLS is always taken in conjunction with one of the following monthly benefits: - Five-Year Certain.
What is a partial lump sum payment?
The Partial Lump Sum Payment Option allows you to receive a reduced monthly benefit in exchange for taking part of your pension in a lump sum payment. PARTIAL LUMP SUM PAYMENT OPTION. You may elect to receive between 1% and 10% of your pension as an actuarial equivalent lump sum.
What is a lump sum benefit payment?
Whats a lump-sum distribution? A lump-sum distribution is the distribution or payment within a single tax year of a plan participants entire balance from all of the employers qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans).
What is the difference between a partial payment withdrawal and a lump sum distribution?
Keep in mind that receiving a lump sum may push you into a higher tax bracket. Qualifying Roth 457 withdrawals may be taken tax-free. Partial Lump Sum With a partial lump sum withdrawal, you can take part of your account balance as a lump sum, and leave the remainder in your account.
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JOINT SERVICES TRANSCRIPT OFFICIAL JST OFFICIAL - coastal
: an amount of money that is paid at one time : a single sum of money. The bonus is paid out in a lump sum. take their winnings as a lump-sum payment.
Should I take a partial lump sum from my pension?
Personally, I would say if you dont have a good plan for retirement yet, keep the pension to form a basis for your retirement. If you are already well on your way to saving for retirement with a solid plan, then the lump sum provides a higher upside.
Related links
Partial Lump Sum (PLS) Payment at Retirement For Eligible
A Partial Lump Sum (PLS) distribution is a single payment equal to a percentage of the value of your pension benefit at retirement.
Your Retirement Benefits: Employees Retirement System
Mar 31, 1970 partial lump sum (PLS) payment at retirement. If you elect a PLS payment, your monthly benefit will be permanently reduced. To be eligible
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