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RETIREMENT QUESTIONS Are you considering making a decision about future retirement plans? Address your questions to: Participant Records
Department If I am planning to retire, can I find out how much my benefit will be? Yes, in fact, you should find out before acting on a retirement decision. Send your request to the Fund Office. Be sure to include your correct social security number, full name and address. I know when I want to retire. How far in advance should I file my Application? We recommend that you file your application no more than four months, and no less than two months, before your desired retirement date. I want to get my first pension check as soon as possible after my last paycheck. Should I quit work at the beginning, middle or end of the month? Provided that your Application has been filed and processed in a timely manner, your first pension check will be issued in the first week of the month following the month in which you last worked. Regardless of whether your last day worked was the 1st, 15th, or 31st day of the month, your first pension check will be issued at the beginning of the next month. Therefore, if you work until the last day of the month you will minimize the time between your last paycheck and your first pension check. If I worked in the territory of locals that are not in the Central Pension Fund, must I inform the Central Pension Fund of this when I retire? Yes. On the Application for Benefits, Local Unions not in the Central Pension Fund are listed. You should circle any Local numbers and indicate the actual calendar years worked, so that your eligibility can be checked with reciprocity locals. Do I have to report my benefits on my income tax form? Yes. However, you do not do this until you start receiving your benefit payments. The Fund Office will send you a 1099R. If you need further information, you should contact the Internal Revenue Service. Must I retire at my Normal Retirement date? No. You may continue to work and earn more Credited Future Service, but your benefit will not begin until after you have retired. May I retire and collect my benefit before age 65? Yes. If you apply, have reached age 55, and have earned 10 years of Vesting Service, including at least 1200 hours of Credited Future Service (1000 hours if your I.P.D. is January 1, 1982 or later). What happens if I become disabled? You have a right to a Disability benefit if you become totally and permanently disabled, and have been awarded Disability benefits by the Social Security Administration in connection with such total and permanent disability. You must also have 15 years of Vesting Service. Can I provide a lifetime benefit for my spouse in the event of my death after retirement? Yes, provided you elect a Joint and Survivor Annuity at the time you retire. This is the normal form of payment for a married participant. Can my monthly benefit be deposited directly to my bank? Yes, write to the Central Pension Fund in Washington, D.C. requesting information on this service. The Fund will return the necessary form for you to complete. When are the monthly benefit checks sent? Checks are issued the last working day of the month for the following month. January's check is dated January 1 and is mailed out the last working day of December. If you have elected to have your benefit sent directly to your bank via Electronic Funds Transfer (EFT), these monies are sent electronically to your bank by the first working day of each month. This is an excellent way to avoid lost, stolen, delayed, and misplaced benefit checks. If I do not receive my monthly check on the first of the month, should I assume it has not been mailed and call you? No, sometimes there is a delay due to holidays or heavy mail loads. However, if you have not received it by the 15th of the month, you should call the Fund Office collect and advise them. I moved and notified the Postal Service of my move. Why is my check still being sent to my old address? You must also notify the Fund Office of any change in your address. You may do this by submitting U.S. Postal form 3576 or by advising us by mail. Is there any benefit payable to my beneficiary if I die after I retire? It will depend on the form of payment you select at the time of retirement. If I die before I retire, is there a death benefit for my beneficiary? Generally, yes. The amount of the benefit will depend on your status with this Fund. What should my beneficiary do in the event of my death in order to collect benefits? Your beneficiary must apply to the Fund Office and furnish appropriate supporting documentation, such as certified copies of your death certificate, beneficiary's birth certificate and marriage certificate, if relevant.
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