Retired Member Annuity
The Trustees have made significant enhancements to the Superior Officers Council Annuity Fund. The SOC Trustees not only created a new plan design for the SOC Annuity Fund, but also revised the SOC Trust Document that governs the operations of the Fund. The revision of the Trust agreement has allowed important changes to take place to the Fund.
The Superior Officers Council Annuity Trust Fund is administered by the Principal Financial Group. The city contributions received by the SOC on your behalf while you remain active are automatically directed to the Plan's investment default with Principal into the SOC's Balanced Fund; unless redirected by the member to a different investment option.
Members may self-direct the investment elections from a number of various investment options.
The SOC Trustees monitor the investment options as well as the current Balanced Fund mix. The Trustees make recommendations for redirecting the Funds investments, after conferral with the SOC's investment consultant, Stone Street Equities, when appropriate.
You are immediately eligible and enrolled in the plan if you are employed by the Police Department of the City of New York in any of the following positions:
- Captain designated to a higher rank. (Deputy Inspector Through Deputy Chief)
You are 100% vested in the Superior Officers Council employer contributions. You cannot forfeit these contributions. Upon separation of service,(retirement, dismissal or resignation), the contributions made to your annuity fund are availabe to the member and cannot be lost.
You may direct the investment of your retirement account balance by choosing among several investment options offered by the Plan. In order for you to make informed decisions, it is important that you review the investment material. You may obtain this information by calling the Principal Financial Group at 1-800-547-7754, or visit website at www.Principal.com
Investment Mix Changes
You may make changes among investment options or change your investment direction for future contributions anytime. Note that when transferring existing balances from one investment option to another, redemption fees or transfer restrictions may apply. Refer to the redemption fee and transfer restriction policy on principal.com. Changes made through TeleTouch at 1-800-547-7754 and online at principal.com are free of charge. A charge will apply to all paper requests.
When You Receive Retirement Benefits
Retirement Benefits are payable at:
- Retirement (age 55)
- Disability* (10% withdrawal penalty if occurs prior to age 55)
- Termination of Employment (10% withdrawal penalty if occurs prior to age 55)
*Must cease employment to receive this benefit.
Highlights of the fund:
- Member's ability to self-direct the investment of their retirement account balance.
- Funds retirement age changed from 59 1/2 to age 55. (without a 10% withdrawal penalty)
- Distributions can be paid out in installments (periodic, monthly, etc.).
- Beneficiaries can maintain an account with full member privileges in the event of the member's death.
- Member's ability to rollover retirement funds from other government NY tax-exempt retirement plans (e.g. Police Pension Fund "Final Loan" and Banked Variable Supplement).
- Allow retired members in their 40's to elect a 72t Distribution free from New York Income Tax and the 10% early withdrawal Federal penalty (restrictions apply). The member must enroll in the 72t Distribution and remain in the program for a minimum of five (5) years, or until the member reaches the age of 59 1/2, whichever comes first.
Your account information is accessible online! Its easy, all you need is the Superior Officers Council Annuity Trust Fund Plan ID number 710466 to get started! Simply go to www.Principal.com, select PERSONAL from the Account Login box on the left-hand side and click Go. First time logging in? Click on Establish your new user name and password.