Williams College Retirement Income Plan

Distributions After Separation from Service and Spousal Rights

Distribution Options

Retirement income options are those offered by TIAA-CREF and are described in TIAA-CREF booklets available in the Benefits Office or online at www.TIAA-CREF.org. If a Participant, however, is married at the time distributions begin, the presumptive form of distribution provides for an annuity for his or her life followed by a survivor benefit to the surviving spouse. In order to receive benefits in some other form that does not provide for this kind of spousal protection, a Participant needs to provide the signed and notarized consent of his or her spouse. Once a Participant terminates employment, benefits must begin to be paid by April 1 of the calendar year following the calendar year in which he or she reaches age 70-1/2, except for pre-1987 contributions and related earnings, distribution of which can begin as late as age 75.

Lump Sum

Assuming a Participant receives spousal consent (to the extent applicable), distribution in a lump sum is generally permitted. However, a Participant is not permitted to withdraw all the amounts in his account attributable to College contributions until the Participant has attained age 59-1/2. The availability of lump sum payments is subject to TIAA-CREF's restriction that lump sum distributions of TIAA Traditional Annuity accumulations (not CREF accumulations) can only be made in substantially equal annual payments over a period of ten years. Any such amounts withdrawn before age 59-1/2 may be subject to a tax penalty.

Retirement Plan . | . Human Resources