It is important to understand that although you may no longer be employed by a Center, you can still remain in the Plan and access benefits (withdrawals) as you see fit. You will have the same account and functionality as if you were still an active employee, except you will not be eligible to make any contributions to the Plan. Please note that if you are changing employment classifications at the same Center, you will not be eligible to make a withdrawal. For example, if you are changing your employment classification from a full-time employee to a part-time consultant, and you are continuing to receive benefits (e.g., medical, evacuation, etc.) through AIARC, you will still be classified as an Active Employee. Refer to the employment classifications of an Active Employee.
Once you are no longer employed by a Center (Separated or Retired), you are eligible to make withdrawals from your Retirement Account based on the following rules:
- If you are age 55 or older, you can make withdrawals, without penalty, up to four times in a calendar year from your retirement account. You also have the option to set up a regular withdrawal on a monthly, quarterly or semi-annual (twice per year) basis.
- If you are under age 55, you can make withdrawals up to four times in a calendar year, but you are subject to a penalty of 33.33% each time you make a withdrawal, unless you directly transfer the balance to another retirement plan with similar restrictions, become totally and permanently disabled, or die.
The minimum withdrawal amount for partial or a recurring option is USD 1,000, EUR 1,000, or YEN 100,000. You have the option to request withdrawals in the following currencies: USD, GBP, AED, AUD, CHF, EUR, HKD, JPY, NOK, SEK and SGD. If you would like to receive your payment in a currency that is not listed, the funds will be transferred in the currency of your account (policy*) and your receiving bank will perform the currency conversion at your cost. Zurich may apply a currency conversion transaction charge based on the Bloomberg mid-rate, adjusted by 0.175%. Also, there will be a $5 wire fee charged by Zurich for processing your withdrawal. Please note Zurich or AIARC will not be responsible for any charges that may be applied by your beneficiary and/or your bank’s intermediary bank.
*Note: Because of Zurich’s roots in the insurance industry, Zurich uses the word policy rather than the word account. For the IARC Offshore Retirement Plan, the words have the same meaning and can be used interchangeably.
Withdrawal Procedure and Anti-Money Laundering (AML) Required Documents
To request for a withdrawal, you will be required to complete the IARC Retirement Plan Withdrawal Form and provide the certified copies of a current valid passport (or government issued driver’s license card) and proof of your residential address (e.g., bank statement or utility bill dated within the last six months) for Anti-Money Laundering (AML) regulations to your Center's AIARC Coordinator. To receive a copy of the IARC Retirement Plan Withdrawal Form, contact your Center's AIARC Coordinator. Please refer to the IARC Offshore Retirement Plan Withdrawal & Anti-Money Laundering (AML) Guide for important details about withdrawal eligibility and anti-money laundering requirements. Upon receipt of the completed withdrawal form and certified documents and upon the successful completion of the security verification, if required, and Anti-Money Laundering (AML) requirements, you should receive your money between four to six weeks.