Retired sergeants now have the opportunity to maintain their Sergeants Benevolent Association Annuity Fund account. The investment earnings on members’ accounts accumulate tax-free until distributed from the Fund. The Annuity Fund is capable of receiving rollover deposits from the New York City Deferred Compensation Program, as well as the New York City Employees 401(k) plan. In addition, you can elect to rollover your “Final Pension Loan” into the SBA Annuity Fund. Annuity Fund distributions are exempt from New York State and City of New York income taxes.
If you elect to maintain your Annuity account upon retirement, you must begin receiving “required minimum distribution” (RMD) by April 1st of the calendar year following the year in which you attain age 70½. After the first distribution, a minimum distribution must be taken by December 31st of each year (including the year in which the first distribution was made).
John Hancock Retirement Plan Services provides recordkeeping and administration services for the Annuity Fund. For complete information and a copy of the Annuity Fund Summary Plan Description please visit the SBA website at www.sbanyc.org. Please contact Maureen at the SBA Annuity Fund at 212-431-6555, with any questions or John Hancock Customer Service at (800) 294-3575. Members can access their SBA annuity account at www.mylife.jhrps.com.
As a reminder, you can check with the SBA, to ensure that your Annuity beneficiary information is up to date.
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