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AON MASTER TRUST PENSION ESSENTIALS Commutation or rollover request Use this form to commute all or part of your pension as a lump sum or if you wish to roll over/transfer your pension to another

How to fill out commutation or rollover request

How to fill out commutation or rollover request:

1. Obtain the necessary forms: Start by contacting your pension administrator or financial institution to obtain the specific forms required for a commutation or rollover request. They may provide them electronically or in paper format.
2. Fill out personal information: Begin by filling out your personal information accurately. This may include your name, social security number, contact details, and any other required identifying information.
3. Specify the type of request: Indicate whether you are requesting a commutation or a rollover. A commutation refers to taking a lump-sum payment from your pension plan, while a rollover involves transferring funds from one retirement account to another.
4. Provide pension account details: Include information about your pension account, such as the name of the plan, account number, and any other required information. This will ensure that the funds are correctly identified and processed.
5. Specify the amount: If you are requesting a commutation, indicate the specific amount you wish to withdraw as a lump-sum payment. If you are requesting a rollover, specify the full amount you want to transfer or any partial amount.
6. Choose the destination account: If you are requesting a rollover, you will need to provide the details of the receiving retirement account, such as the account type (e.g., IRA, 401(k)), the financial institution's name, and the account number.
7. Review and sign: Before submitting your request, carefully review all the information provided to ensure accuracy. Sign the form where required, indicating your agreement to the terms and conditions of the commutation or rollover process.
8. Submit the request: Once you have completed filling out the form, submit it to your pension administrator or financial institution as per their specific instructions. It is recommended to keep a copy of the request for your records.

Who needs a commutation or rollover request:

1. Individuals with a pension plan: If you have a pension plan and wish to access a lump-sum payment or transfer funds to another retirement account, you will need to submit a commutation or rollover request.
2. Retirees: Many retirees may consider a commutation if they require a significant amount of money immediately or prefer to invest the funds elsewhere. Others may opt for a rollover to consolidate their retirement savings into a single account.
3. Those changing jobs or retiring early: Individuals who are changing jobs or retiring early may seek a rollover to transfer their pension funds to a new retirement account or an IRA, ensuring continued tax deferral and control over their savings.
4. Individuals looking for flexibility: Some individuals may prefer to have the flexibility of accessing a lump-sum payment through a commutation or the ability to manage their retirement savings in various investment options offered by other retirement accounts through a rollover.
5. People seeking estate planning benefits: A commutation or rollover request can also have estate planning advantages, allowing individuals to transfer their pension funds to their heirs or make provisions for the distribution of assets after their passing.

For pdfFiller’s FAQs

What is commutation or rollover request?

Commutation or rollover request is a formal request made by an individual to convert a portion or all of their retirement benefits into a lump sum payment or transfer it to another eligible retirement plan.

Who is required to file commutation or rollover request?

Anyone who wishes to convert their retirement benefits into a lump sum payment or transfer it to another eligible retirement plan is required to file a commutation or rollover request.

How to fill out commutation or rollover request?

To fill out a commutation or rollover request, the individual must provide their personal information, details of the retirement plan, the amount they wish to convert or transfer, and any other required documentation.

What is the purpose of commutation or rollover request?

The purpose of a commutation or rollover request is to allow individuals to have more flexibility and control over their retirement benefits by converting them into a lump sum payment or transferring them to another eligible retirement plan.

What information must be reported on commutation or rollover request?

The commutation or rollover request must include personal information, details of the retirement plan, the amount to be converted or transferred, and any other required documentation.

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