The SOC Annuity Trust Fund is administered by Principal Financial. The old SOC Annuity Fund was liquidated in March 2009. $109 million in assets was transferred to our current SOC Annuity Fund, administered by Principal Financial Group (“The Principal”). As of September 2019, the SOC Annuity Fund asset balance exceeded $500 million. This is the highest recorded balance in our Fund’s history.
The Superior Officers Council Annuity Fund’s (the “Plan”) purpose is to help you accumulate the funds you will need for retirement. The Plan is one of the best ways for you to accomplish that goal. Your personal financial security is one of life’s most important objectives. Chances are, you are hoping for a long and fulfilling retirement. A significant part of how rewarding your retirement experience will be depends on how well you have planned for it. Your respective Union shares your concerns and offers the Plan to help you build a stronger financial future for you and your family.
- Fund’s retirement age changed from 55 1/2 to age 50 effective January 1, 2016 (you must have retired in the year you turned 50). For distributions prior to January 1, 2016 you must have reached the age of 55 1/2 in the year you retired.
- Allows Distributions (withdrawals) to be paid in installments. (periodic, monthly, etc.)
- Allows beneficiaries to maintain an account with full member privileges in the event of a member’s death.
- Ability to accept rollovers from other government N.Y. tax-exempt retirement plans (Police Pension Fund “Final Loan” distribution and Banked Variable Supplement Fund).
- Designation as a government sponsored 401a Retirement Plan that allows the Plan to distribute withdrawals exempt from NYS and NYC income taxes.
- Allows retirees in their 40s to elect a “72t Distribution” (calculated at the Federal Midterm Rate) that is free from New York Income Tax and without the 10% early withdrawal Federal penalty.
- Provides for daily account valuation and quick turnaround for distribution requests (5-10 business days).
- Allows for Required Minimum Distributions to be paid at age 70½.