Installment Options under the SIS Pension Plan
If you want the simplicity and discipline of monthly income from the SIS Pension Plan, you can use the installment option. If you retire at age 55 and you want installments over the seven years before you turn age 62, you can choose a seven year installment (installments from two years to ten years can be elected.) You don’t have to receive your entire account over seven years if you choose this option. You can elect to receive just a part of your account over the installment period. That way, at the end of the period, when you begin to receive your social security benefit, you can adjust your monthly installment for the next period of two to ten years.
In keeping with the concept of “flexibility”, we suggest you start out with a two year installment even if you really need the money over seven years (or the rest of your life). For example, if you expect to need about $1,000 per month from your SIS Pension money until you become age 62, take $24,000 over two years. You may find that you need a bit more or a bit less than $1,000 per month. By electing a two year installment, you can adjust your next two year installment up or down so that you receive the amount you found you really need rather than the amount you thought you needed. Use the flexibility the SIS Pension Plan gives you by not locking yourself into anything for longer than necessary.
Married individuals – In the application process, your spouse must agree to give up the 50% survivor annuity benefit in order to receive installment payments.
More about Installment Payments
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