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Annuities and retirement
benefits
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You may be entitled to receive some type of retirement benefit under
an employee benefit plan offered by your employer or have an
Individual Retirement Account (IRA). Typically, a deferred
compensation or retirement benefit plan will provide for the payment
of certain benefits to beneficiaries designated by the employee in
the event of the employee's death before retirement age. After
retirement, the employee may elect a benefit option that will
continue payments after his or her death to one or more of the
designated beneficiaries. Certain spousal annuities are now mandated
by law and may be waived only with the spouse's properly witnessed
signed consent. The various payment options will be treated
differently for tax purposes. Any person entitled to retirement
benefits should seek competent advice as to the payment options
available under his or her retirement plan and the tax consequences
of each.
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