Frequently Asked Questions - Pension
Why
do I need to complete a Basic Data Card?
May
I name someone other than my spouse as my beneficiary?
Should
I apply for benefits even if I don’t think I am entitled?
Who should
I contact for information about my pension benefits?
What
is normal retirement age?
May
I retire before age 65?
How
many hours must I work to get a year of credited service toward my
vesting?
If I am called up for military service, do I retain my pension rights?
If I have a Deferred Vested Benefit under the Plan, must I do anything
to receive these benefits?
If I take another job after I retire, will I lose my pension?
How long does it take for my benefits to begin once I retire?
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Why
do I need to complete a Basic Data Card?|
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In the event of your death, the individual you last named on
your basic data card will be who your death benefits (if eligible)
are paid. It is important to complete a new basic data card as
you have changes in your life such as marriage, divorce and dependents.
Please keep in mind that your spouse is automatically your beneficiary
unless he/she has consented in writing otherwise.
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May
I name someone other than my spouse as my beneficiary?
You may name someone other than your spouse as your beneficiary;
however your spouse must consent in writing to this.
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Should
I apply for benefits even if I don’t think I
am entitled?
You
should apply for benefits even if you don’t think
you are entitled. If you have 5 years of participation and
are age 65, with no breaks in service or forfeitures, you may
be
entitled to a normal retirement benefit even if you are not
vested.
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Who
should I contact for information about my pension benefits?
You should contact the Fund Office for questions regarding your
pension benefits.
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What
is normal retirement age?
The normal retirement age is 65 years old.
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May
I retire before age 65?
Yes, you may retire anytime on or between the ages of 55 thru
59 years old at an actuarially reduced pension, provided you
are vested. If you retire on or between ages 60 thru 65 there
is no reduction in your benefit. There are some individuals who
may not be able to take early retirement until age 57. These
same individuals will not receive a non reduced benefit till
age 62.
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How
many hours must I work to get a year of credited service
toward my vesting?
After June 1, 1976 or the Participation date if later, you must
work at least 870 hours in a plan year (June 1st thru May 31st)
to get a year of credited service.
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If
I am called up for military service, do I retain my pension
rights?
Yes. Your rights are protected by U.S.E.R.R.A.. You are obligated
by law to notify the Fund Office of entering the military and
upon returning from duty. You are also required to seek employment
upon returning from duty.
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If
I have a Deferred Vested Benefit under the Plan, must I
do anything to receive these benefits?
Yes, you must always keep the Fund informed of your address
and at the time you retire, you must make application for the
benefits.
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If
I take another job after I retire, will I lose my pension?
If you return to work in the electrical industry, in the same
trade or craft and in the same geographical area of the Pension
Fund, you shall forfeit one (1) monthly pension payment for each
calendar month during which you are employed forty (40) or more
hours. You need to notify the Fund Office upon returning to work
and upon terminating your employment. The amount of your monthly
benefit may be increased if you meet certain conditions.
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How
long does it take for my benefits to begin once I retire?
Sometimes there is a delay in paying your benefits until your
final hours are received in the Fund Office. For example: Hours
worked in May are not received in the Fund Office until mid June.
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