• Effective January 1, 2016, the Plan's retirement age is 50. Prior to January 1, 2016, the retirement age was 55 1/2.
• Distributions (withdrawals) may be paid in installments. (periodic, monthly, etc.)  
• Beneficiaries may maintain an account with full member privileges in the event of a member’s death.  
• Rollovers from other government N.Y. tax-exempt retirement plans are accepted (Police Pension Fund “Final Loan” distribution and Banked Variable Supplement Fund).  
• The Plan is a government sponsored 401a Retirement Plan that allows the Plan to distribute withdrawals exempt from NYS and NYC income taxes.  
• Retirees in their 40s may 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.  
• The Plan provides for daily account valuation and quick turnaround for distribution requests (5-10 business days). 
• The Plan allows for Required Minimum Distributions to be paid at age 72. 

Contributions are made to the Plan periodically on your behalf according to the provisions within your respective Collective Bargaining Agreement. 

Contributions are automatically directed to the Plan’s default investment: The SOC Balanced Fund unless you make an affirmative investment election. The investment options are selected and reviewed quarterly by the Plan’s fiduciary to ensure that a best-in-class lineup continues to be offered.

If you receive a rollover distribution from any Qualified Plan from which payments are exempt from New York State income tax, you may roll the distribution into the Plan. If you believe that you have received benefits that may qualify for a rollover, you should contact the SOC Fund Office. Rollover contributions will be credited to your account under the Plan and shall be fully vested and non-forfeitable at all times. 

Plan administrative expenses reduce the credited investment return, and your account under the Plan may be charged for any administrative expenses of the Plan that are directly related to your account. There is no charge for changes made through www.principal.com or their respective call center, 800.547.7754. However, charges will apply to all paper requests. 

When you are eligible to receive a distribution, you may elect one of the following:  

• Lump Sum  
• Substantially equal installments 
• Direct Rollover 

NOTE: You must be retired prior to making a distribution/rollover request from the SOC Annuity Fund. The "Distribution Election Form" can be requested by contacting the SOC Office at 212-964-7503 or emailing [email protected]. 

How Distributions Affect Your Account 

Your account shall be valued for distribution purposes as soon as administratively possible following the date your Distribution Election Form is approved by the SOC Fund Office. 

Most withdrawals/distributions are subject to taxation and required withholding. Generally, distributions paid from the Plan to a participant are exempt from New York City and New York State income taxes (Federal income taxes apply). By “rolling-over” your account to another qualified plan, such as an Individual Retirement Account (IRA), you may lose this tax-favored status in whole or in part. 

The Principal is required by the IRS to withhold 20% of any cash distributions. Any withholding will offset a portion of federal income taxes you owe on the distribution. 

Pension Protection Act

A special rule allows you to make an election to exclude up to $3,000 a year from income taxes if such amount is applied by the Plan to pay for qualified health insurance premiums for the retiree, the retiree’s spouse or dependents for that year. The amount to be used to pay for qualified health insurance premiums will need to be elected annually, by completing a Special Election Form for Public Safety Officers Electing Distributions.  

NOTE: You should consult your financial/tax advisor on the applicable tax rules and how best to receive your distribution. 

You may invest the contributions made on your behalf in any one of the investment options offered by the Plan. You may change your investment direction for existing and/or future contributions at any time. In order for you to make informed investment decisions, it is important you read the investment material (including prospectuses if applicable) available at www.principal. com or call 800.547.7754. 

Benefits are payable at:  

• Retirement (restrictions/penalties apply based on age)  
• Upon your death  
• If you become disabled, (must cease employment to receive this benefit)  
• Upon separation from employment (“Notice to Separated Participant” summarizing your distribution options) 

You are always 100% vested in the contributions made to the Plan on your behalf. You cannot forfeit these contributions. 

It is important that you formally designate a beneficiary to receive the balance in your account upon your death. If you have failed to properly designate a death beneficiary, your account will be paid to your surviving spouse or, if none exists, to your estate. 

Your plan account is for retirement and is not subject to assignment or attachment and cannot be pledged as security for a loan. The Plan will recognize an approved Domestic Relations Order according to its rules and procedures. The plan is a governmental plan and is not subject to the Federal law known as ERISA. 

NOTE: Before investing in mutual funds, investors should carefully consider the investment objectives, risks, charges and expenses of the fund. This and other information may be found at www.Principal.com

The plan is a governmental plan and operates on a plan year beginning July 1 and ending June 30. 

This summary includes a brief description of the retirement plan maintained by the Superior Officers Council. If there are any discrepancies between this summary and the plan document, the plan document will govern. Contact the Superior Officers Council if you would like to see the plan document. 

For Retirement and Investor Services call Principal’s Client Contact Center at 800.547.7754. Counselors are available to answer questions Monday through Friday, 7 a.m. - 9 p.m. (CT). 

To find out more information about the Principal Financial Group®, you can visit their home page at www.principal.com. 

The SOC has recently partnered with Enrich, an online education portal available to all Members who are looking to “self-educate” on a wide variety of topics. The Enrich Financial Wellness Platform features dynamic and interactive tools, courses and content to deliver a highly personalized experience for Members and their family members.  Topics include, but are not limited to: