BAC SAVE Retirement Savings Plan Expanded Annuity Options offer Security and Convenience

JOURNAL: ISSUE 2 - 2015

If you are a BAC SAVE Retirement Savings Plan (RSP) participant and interested in receiving monthly payments in the form of an annuity your payment options have recently expanded. BAC SAVE annuity options include:

• Joint and survivor options where a surviving beneficiary will receive a specified percentage of the participant’s benefit
• Period certain options where payments will be made for a specified period
• Life with period certain options where a beneficiary will receive payments after the participants demise for a specified period
• A lifelong option where the participant will receive payments for life without beneficiary coverage

Qualified participants may select from the following specific payment options provided through MetLife:

• Fixed Monthly Annuity (over 5 years only)
• Fixed Monthly Annuity (over 10 years only)  
• Lifetime Only Annuity                                    
• Joint and Survivor (50% Annuity)                  
• Joint and Survivor (75% Annuity)
• Joint and Survivor (100% Annuity)                
• Income for Guaranteed Period (both spouses)
• Cash Refund Annuity (Lump Sum to Beneficiary)

Interested participants may contact the Fund office with any questions regarding annuity payment options and may request written annuity estimates to help select the best payment option for them and their beneficiaries at retirement.