Annuity Fund

The Sergeants Benevolent Association Annuity Fund ("Annuity Fund") is designed to help members accumulate the funds they will need for their retirement. The Fund is one of the best ways for members to accomplish that goal since it provides a basic retirement contribution on their behalf, which will not be subject to income tax until distributed to members following their retirement or other termination of employment. The investment earnings on members' accounts will also accumulate tax-free until distributed from the Fund. The Annuity Fund is capable of receiving rollover deposits from the New York City Deferred Compensation Program, as well as the New York City Employees 401(k) plan. In addition, you can elect to rollover your “Final Pension Loan” into the SBA Annuity Fund. Annuity Fund distributions are exempt from New York State and City of New York income taxes.

New York Life Investment Management Company is the administrator of the Fund. You can access your account twenty-four hours a day, seven days a week at www.bcomplete.com, or by calling 1-800-294-3575. A brief summary of the Fund and its benefits is provided below. For more complete information, read the SUMMARY PLAN DESCRIPTION or contact the SBA Health & Welfare Office.

Eligibility
You will become a participant in the Fund immediately upon your promotion to the rank of sergeant. You will remain a participant for as long as you are an active member of the Department, or until you are promoted or demoted in rank.

Employer Contributions
The City of New York will make contributions to the Plan on your behalf based on the terms of the collective bargaining agreement with the Sergeants Benevolent Association. The amount contributed is determined by that agreement.

Managing Your Investments
Under the Plan, you direct the manner by which your account is invested. For this purpose, the Plan offers a range of investment options.

Vesting
The amounts credited to your account under the Plan are always 100% vested.

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