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701 E. Tudor
Suite 200
Anchorage, AK 99503

 
 Home Pension

Pension Plan - Frequently Asked Questions

 

Will I receive a letter notifying me that I have vested?

No you will not receive a letter; however, your vesting status is noted on the pension credits & benefits statement the Plan sends out a each year.  If you have not received a statement, contact a Pension Representative at the Administrative Office to verify whether the statement was mailed to your current address. 

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Can I opt for a lump sum distribution rather than monthly payments?

No, a lump sum distribution is not an option offered by the Pension Plan.

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How can my spouse get information and balances for me while I'm at work?

You may mail or fax the Administrative Office a written authorization to release pension information to your spouse.  When your spouse requests copies of documents from the Administrative Office, his or her request will need to be in writing.

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When do I need to submit my divorce decree?

Please submit your divorce decree as soon as you are divorced.  If you are a participant in the Health & Welfare Plan, you must inform the Plan as soon as your dependents become ineligible.  When you retire, your application cannot be processed until a complete divorce decree is on file.

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Why does the Administrative Office require a full divorce decree when it is such personal information?

The Findings, Property Settlement, or Petition for Dissolutionment will indicate whether a former spouse or dependent has an interest in your Pension or Money Purchase Pension Plans as stated by a Qualified Domestic Relations Order (QDRO).  A complete decree is required to ensure that a QDRO has not been omitted.

The Findings, Property Settlement, or Petition for Dissolutionment also indicate whether a dependent is to be maintained as a beneficiary for a particular Plan, such as the beneficiary for life insurance benefits through the Health & Welfare Plan. 

If you are a participant in the Health & Welfare Plan, you must inform the Plan as soon as your dependents become ineligible. The divorce decree will have the effective date for "terminating" dependents ineligible for medical coverage (last date of coverage).  In turn, the Plan has a limited period of time to inform dependents no longer eligible for medical benefits of their right to COBRA self-pay.  The decree will further state whether medical coverage is to be maintained for dependent children.

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Who will see my divorce decree?

The Pension Department Supervisor will review your decree for pension and money purchase QDROs and mandatory beneficiaries.  If you are a participant in the Health & Welfare Plan,  the Eligibility Representative will review the child custody agreement to determine the status of dependent children.

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