GIC Retiree Income
While the ORP payment methods are designed to provide great flexibility for participants, Retirees (for Group Insurance Commission purposes) must draw an income from the plan that meets specific requirements. This approach ensures a predictable monthly income from which Retiree Insurance premiums are deducted.
Retiree Income must be a stream of monthly distributions payable over your life expectancy. The underlying investments which support this stream may be either fixed or variable. You may structure the income in one of these two distribution methods:
- Monthly annuity income; the annuity may be either a single life or two-life annuity; fixed or variable; and
- A stream of substantially equal monthly “Systematic” or “Automatic” withdrawals which is based on your life expectancy.
Detailed information about a “Retiree Income” for Group Insurance Purposes can be found here.