TERMINATION OF SERVICE BEFORE NORMAL
01.Core Concepts
RETIREMENT AGE: PENSION PLAN • Lump-sum distribution • Rollover plan assets to IRA or another qualified plan, or • Leave assets in plan • Value must be greater than $7,000 (SECURE 2.0 Act effective 2024) • Values between $1,000 and $7,000 have automatic portability. • Qualified preretirement survivor annuity (QPSA) • An annuity benefit payable to the surviving spouse of a participant if the participant dies before attaining normal retirement age.