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Life
Events - Retirement
Initiate the retirement process
It's best to
contact the Administrative Office three to four months before your planned
retirement date as the process can occasionally be time consuming for both you
and the Trust. You can prepare yourself for the retirement process
by reading the "How to Apply for Retirement Benefits" and the
"Retirement Benefit Payment Options" sections of the
Summary Plan Description
or your Plan Booklet.
The
documents
that are required
prior to benefit payments commencing may be submitted in advance of
your retirement. Having the records on file will speed up the
process.
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Select
pension payment option
Your monthly pension benefit at
normal
retirement will be the sum of
your future service benefit and your past service benefit. The
monthly amount may be reduced by
early
retirement or increased by
late retirement.
When you contact the
Administrative Office to initiate your retirement, you may request they calculate
your estimated pension benefit. If you would like the pension
projection faxed to you, please mail or fax your request in writing.
Otherwise, you will be mailed a pension projection showing your
estimated pension benefit for each of the payment options available.
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Submit Retirement
Application Form
After determining your retirement date and
payment option,
you may
download the following
forms or request
these forms from the Administrative Office:
-
Retirement Application
and Election of Retirement Benefits
This form notifies the Administrative Office of what type of retirement
option you are selecting, when you would like to begin your
retirement, and list your beneficiary(s) and their mailing
address(es).
-
Direct Deposit
Authorization
This form instructs the Administrative Office to which bank you would like
your monthly benefit deposited.
-
W4-P
This is a W4 for pensions. It is needed to determine the
amount to be withheld for federal income tax.
Please review the forms and contact a Pension Representative at the
Administrative Office with any questions you may have about filling out the
forms and the different retirement options. Keep in mind
that the Retirement Application and Election of Retirement Benefits must
be signed within 90 days of your retirement date. In addition,
your spouse must sign the Spouse Consent section before a notary
public or a Pension Representative if you do not select one of the
spousal retirement options.
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Receiving
your pension check
Pension checks are
mailed, or credited to your account if you are receiving
direct deposit, on the first day of each month. When you
initially retire, there is usually a one month waiting
period prior to receiving your first check. The
first check will include the monthly pension payment for
the first month and the current month.
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Enroll in
Medical Retiree Plan (if eligible)
At the time of your retirement, you may elect to
enroll in the Retiree Health & Welfare Plan if you meet the
eligibility requirements of the Plan. To be eligible you must have
25,000 hours of contributions to the Health & Welfare Fund or
have had health & welfare contributions (that include retiree funding)
for 60 of the past 84 months. Other
requirements must also be met, please review the
Rules for
Electing Retiree Coverage and
the
Summary Plan Description for
details.
For your convenience, the monthly premium
for your retiree medical coverage may be withheld from your pension
check.
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Select Money Purchase Plan option
If you retire on or after your 48th
birthday, you may withdraw the funds in your Money Purchase account.
You must apply for the distribution and elect a form of payment.
To initiate a distribution, please call the Administrative Office and ask to
speak with a Pension Representative.
Please note that the taxable amount of any lump sum distribution
may be subject to an additional 10% income tax unless the distribution
is for one of the following reasons:
- Your death or disability
- Your retirement on or after age 55
- To pay for un-reimbursed medical expenses which are deductible
from gross income for federal income tax purposes
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Continue your legal coverage through self-pay
If you are eligible for Legal coverage at the time of your
retirement, you may continue your coverage by self-paying the
monthly premium. Please contact a Legal Representative at
the Administrative Office if you wish to continue your Legal coverage.
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