There are three types of benefits as follows; (1) "Old Age Benefits" that you will receive at the age of 60 or older, (2) "Disability Benefits" if you are severely disabled, (3) "Lump-Sum death Benefits" that your beneficiary receives at the time of your death.
If you participate in our DC pension plan, please call our AnswerCenter (call center). We will send you materials including a guide to benefit payments and an application form.
It depends upon the types of benefits and the methods used to receive the benefits.
| Old Age Benefits | Periodic payments |
Other Income （Deduction applies based on the total amount of other income combined with all pensions, including public pensions.) |
|---|---|---|
| Lump-sum benefit |
Retirement Income （Retirement income applies to the deduction for retirement income.) |
|
| Disability Benefits | Periodic payments | Non-taxable |
| Lump-sum benefit | Non-taxable | |
| Lump-sum Death Benefits |
Inheritance Taxes (Lump-sum death benefits are deemed as inheritance assets and are subject to inheritance taxes.) |
|
| Early Lump-sum Payment |
Occasional Income (Occasional income tax rates apply.) |
|
A member of the bereaved family needs to call our AnswerCenter (call center). We will send you the related materials including a guide to benefit payments and an application form. We pay the lump-sum death benefits to the beneficiary prescribed by the plan document unless there is another beneficiary designated by the participant.