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.

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.

Retirement

When you retire or otherwise cease covered employment, your account balance will be paid to you or you may elect to have your account transferred to an Individual Retirement Account (IRA) or to another qualified retirement plan. Under certain circumstances, you may also elect to defer distribution of your account.

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