Benefit Options with the SIS Pension Plan
There are a number of ways you can receive your SIS Pension Fund money when you are eligible for a benefit.
Lump Sum Payment
You can withdraw all or a portion of your SIS Pension Fund account in a Lump Sum. Lump Sums can be paid directly to you or can be rolled over into your individual retirement account.
You can receive all or a portion of your SIS Pension Fund account in installment payments.
You can purchase an annuity through the SIS Pension Plan using all or a portion of your SIS Pension Fund money. You can also purchase an annuity on your own using the Lump Sum withdrawal to purchase it. Be cautious if you purchase an annuity on your own. The sales commission that accompanies most retail annuities will cost 1% to 1.5% of your entire purchase price. There is no sales commission associated with an annuity purchased through the SIS Pension Fund. It will be very difficult to purchase an annuity at retail that will pay you a higher monthly income than an annuity purchased through the SIS Pension Fund.
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Investopedia – Annuity
-- Individual Retirement Account (IRA)