"Partial" Lump Sum Distributions

The Trustees have amended the 401(k) Plan to allow “Partial” Lump Sum Distributions, subject to regulations for mandatory distributions for participants age 70-1/2.

Effective March 28, 2005, a retired participant may elect to receive a partial-lump sum distribution from either the Supplemental Pension or the 401(k) Plan while leaving the remaining account balance in the Plan.  This may be beneficial to retirees that wish to receive a portion of their account value without having to “rollover” the entire account into an IRA or other eligible rollover vehicle.

For more information about these changes, contact the Plan office.