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Lump Sum Payments
Assets accumulated under the ORP may be payable as either a full or partial lump sum. The plan’s rules governing lump sum payments are:
- For participants age 55 and older, lump sums are available at any time after termination of employment.
- For participants younger than age 55, lump sums are not payable until the attainment of age 55, except that:
- For funds accrued as of June 30, 2004 ("old money"), and their related investment earnings accumulated-to-date, lump sum distributions are payable to participants younger than age 55 if the distribution is directly rolled over to either a subsequent employer’s retirement plan or a Rollover IRA.
- For funds accrued as of June 30, 2004 ("old money"), and their related investment earnings accumulated-to-date, lump sum distributions are payable to participants younger than age 55 if the distribution is directly rolled over to either a subsequent employer’s retirement plan or a Rollover IRA.
- Small Balance Distribution: Participants whose total account balance under the plan is less than $5,000 may take the full amount as a lump sum any time after terminating employment.