Citi Benefits Handbook
On or After Normal Retirement Date
If you retire on or after your Normal Retirement Date, age 65, you may elect to take a distribution of all or a portion of your vested accounts. If you are age 65 or older and the value of your Plan accounts is $5,000 or less, your accounts automatically will be distributed to you as a cash lump sum with applicable taxes withheld unless you choose to roll them over directly to another eligible retirement plan or IRA within 90 days after you receive a notice from the Plan. This distribution will not be eligible for an automatic rollover by the Plan.
If the value of your Plan accounts is greater than $5,000, you may elect to take 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 (this is considered your "required beginning date"). If you do not affirmatively elect to receive your benefit following your termination of employment, you will be deemed to have elected to defer payment until the earlier of (1) the date you make an affirmative election or (2) your required beginning date.
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.