SMP FAQ - Are health insurance benefits available?

June 28, 2016 - 10:40
Printer-friendly versionPDF version
Question: 

Are health insurance benefits available?

Category: 
Distribution Options/Health Insurance
Answer: 

Yes. In order to be eligible to receive health insurance through the State of Illinois you must annuitize your entire account balance. Your account balance must be large enough to draw a monthly, lifetime annuity. If your account balance is not large enough to draw a monthly benefit, you will be ineligible for health insurance benefits. Please note that some members at community colleges may not be eligible for the College Insurance Plan (CIP). Insurance eligibility for CIP is determined by the community colleges. Members taking lump sums are ineligible for health insurance benefits.

Tags: