 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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