As described in the Retirement Plan Benefit Handbook, the lump sum interest rate is used to calculate the amount of any lump-sum distributions from the Retirement Plan. The interest rate is determined based on your Benefit Commencement Date.
Retirement Plan Lump Sum Interest Rate
Benefit Commencement Date
- April 1, 2024
- May 1, 2024
- June 1, 2024
PPA Interest Rate - 1st Segment: 5.01%
PPA Interest Rate - 2nd Segment: 5.13%
PPA Interest Rate - 3rd Segment: 5.15%
Benefit Commencement Date
- July 1, 2024
- August 1, 2024
- September 1, 2024
PPA Interest Rate - 1st Segment: 4.99%
PPA Interest Rate - 2nd Segment: 5.19%
PPA Interest Rate - 3rd Segment: 5.37%
Note:
Your retirement application should be submitted to Fidelity at least 30, but not more than 180, days before your desired Benefit Commencement Date. If you decide to change your desired commencement date, the change request must be submitted no later than the last day of the month before your new date.
Your Benefit Commencement Date will always be the first day of a month. However, your first payment will normally be delayed to allow time for your final payroll earnings to be incorporated into your final retirement calculation.
The lump sum interest rate is adjusted quarterly. The July to September rate is based on the previous March applicable PPA rate and the October to December rate is based on the previous June rate.