As a participant of the Spectrum Retirement Plan, you may take your vested retirement benefit in the form of either a monthly annuity or a lump-sum distribution (known as a “cash-out”). The cash-out option allows you to take your vested account balance with you when you leave Cooper for any reason. You may receive your vested balance in a lump-sum distribution or transfer the balance to an Individual Retirement Account (IRA) or to a new employer's qualified retirement plan if their plan so allows. If you roll over the balance, no taxes will be due and your account can continue to grow on a taxdeferred basis. This portability does not exist under the previous plans and represents a significant advantage to the new plan. If you take your vested balance in a lump-sum before age 59 1/2 and do not roll it over, you may have to pay penalties. You should consult with a tax advisor before making that decision.
Cooper people who are grandfathered will not be eligible for the cash-out option.