Citi Benefits Handbook
Following Termination of Employment
When you leave the Company:
- If the value of your Plan accounts is $1,000 or less, your accounts automatically will be distributed to you in a lump sum with applicable taxes withheld.
- If the value of your Plan accounts is at least $1,000 and does not exceed $5,000, and you do not choose to receive a distribution of your accounts or roll them over into an IRA or other retirement vehicle within 90 days after you receive a notice from the Plan, your account automatically will be rolled over into a Citibank IRA and invested in accordance with the Plan's procedures for auto rollovers. You are responsible for deciding how you want this IRA invested.
- If your Plan account was rolled over to a Citibank IRA and you have questions concerning your rollover, you can contact Citibank Retirement Plan Services, Monday through Friday from 8 a.m. to 10 p.m. ET, and Saturday from 9 a.m., to 5:30 p.m. ET at 1 (800) 695-5911.
- If the value of your Plan accounts is greater than $5,000, you may request a distribution at any time or you can leave your accounts in the Plan. However, you must begin to receive your money by April 1 following the calendar year in which you reach age 72 (70-1/2 if you attained that age on or before December 31, 2019).1 While your money remains in the Plan you can continue to direct the investment of your account. You may not borrow from your account after termination of employment.
1 Required minimum distributions payable in 2020 after April 1, 2020, were waived as permitted by the CARES Act.