Retirement

Retirement is a milestone that may bring both celebration and a sense of loss, along with many practical questions. It is wise to plan far in advance.

C&MA benefits are employment-based. Health and life insurance must end when an employee is no longer actively working 20+ hours per week. This also includes employees on severance, leave of absence, or changing hours to less than 20 hours per week. Your employer must notify Alliance Benefits within 30 days.

Your Health Plan

• If you are eligible for Medicare (age 65+), we cannot offer Coverage Extension.
• Please give yourself time in advance to research other coverage (such as a Medicare Advantage or Medigap supplemental plan).
• If your spouse is not yet 65, we may be able to offer Coverage Extension to your spouse. Please contact Alliance Benefits for details.

Your Life Insurance

• You may be eligible for Retiree Life.
• You may convert your life insurance within 30 days.

403(b) Distribution Options at Retirement

Flexible distributions can range from small monthly installments to the full lump sum in one payment. Required minimum distributions must be taken at retirement, or when a participant reaches age 70 1/2, whichever is later. Distributions after age 59 1/2 are not subject to early withdrawal penalties.
Because the C&MA 403(b) plan is a church plan, you may be able to claim housing allowance on your pension benefits.

For advice on distribution options or financial planning, you may contact Strategic Financial Partners at 866-963-1843. This is a valuable service offered by Alliance Benefits at no cost to you.