§ 22176 Lump-Sum Termination Benefit

• •When you stop working for good, you get all the money left in your special work savings account.
• •This money is called a 'termination benefit' and you get it all at once.
• •You only get this money if you stop all work that counts toward your retirement plan.

Imagine you have a piggy bank at work where your boss puts in extra money every time you work. When you decide to stop working completely and retire, you get to take all the money from that piggy bank at once.

This law says that when you quit all your jobs that add to your retirement savings, you get all the money left in your special account in one big payment.