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- For all retirement plans - If the actuarial present value of your vested accrued benefit is $5,000 or less when you terminate employment, you will be eligible to receive a cashout (a single lump sum payment) as soon as administratively possible.
- For the Salaried Plan – You may elect to receive a lump-sum payment of the cash balance portion of your pension benefit equal to your Cash Balance Account at any time after you terminate from employment, even if the amount exceeds $10,000.
If the actuarial present value of your vested accrued benefit is greater than $5,000 but less than $10,000 and you are at least age 55 when you elect to receive your pension benefit, you may elect to receive a single lump sum payment rather that a monthly annuity.
- For the UNO-VEN Retirement Plan Only - If you are an active employee eligible for early or normal retirement benefits, you may elect to receive either an immediate single lump sum payment or a monthly annuity when you terminate from CITGO. The lump sum must be elected to be paid immediately upon retirement—payment may not be deferred. Your lump sum payment will include the value of any Pre-Social Security Annuity to which you may be entitled.
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