As an eligible employee, you have access to three plans: The Cultural Institutions Pension Plan, The Cultural Institutions Savings Plan (401k plan), and The Cultural Institutions Group Life and Welfare Benefits Plan (Group Life Plan).
The Pension Plan is a “defined benefit” plan designed to provide you with a monthly retirement income, typically payable over your lifetime, or yours and your spouse’s (or other beneficiary’s) lifetimes.
The Savings Plan is designed to help you supplement your retirement income by allowing you to contribute a percentage of each paycheck on a before-tax or after-tax basis,for as long as you remain an Eligible Employee.
Frequently Asked Questions
How do I get my Pension benefits?
When you are ready to retire, you can request a retirement kit package by calling Transamerica at 1-800-755-5801…
How do I take money out of my 401k?
Once you terminate your employment for any reason (including retirement), you are allowed to withdraw all or a portion of your money…
How can I elect a beneficiary or make a change to my beneficiary election?
If you would like to change your beneficiary, you will need to fill out a new Beneficiary Designation Form…
What is the Form 1099-R?
The 1099-R is a tax form used for reporting retirement plan distributions …