Frequently Asked Questions

Would my pension be reduced if I choose to provide my spouse with a survivors benefit?

Yes, the amount of the reduction would depend on your age and yours spouse’s age at the time of retirement.
 

How do I reject the Qualified Survivor Benefit?

You may reject the Qualified Survivor Benefit in writing anytime between the time you become a Participant in the Plan and the time you actually retire.  In addition, your spouse must consent to the rejection of the Qualified Survivor Benefit in writing and such spousal consent must be witnessed by a Plan Trustee or a notary public.
 

If I reject the Joint and Survivor Benefit and later change my mind, can it be restored?

Yes, however, you may restore it only prior to your actual retirement date.  Once your retirement benefits begin, you cannot change the form of benefit you chose at the time of retirement.
 

How will my pension be paid when I retire under the 50% Joint and Survivor Benefit?

If you are married when you retire, you will receive a monthly benefit which is somewhat smaller than the Level monthly pension, for as long as you live.  In the event of your death, your surviving spouse would receive one-half of your monthly pension benefit, payable for the rest of her life.  This is the Joint and Survivor Benefit Option, which is designed to provide valuable protection for your spouse.

For example, if a Participant’s Normal Retirement Benefit at age sixty-five (65) is $1,635.00 per month for as long as he lives.  Assuming he and his spouse do not reject the Joint and Survivor Benefit and the spouse is also sixty-five (65), the 50% Joint and Survivor Benefit would be calculated as follows:

                 The 50% Joint and Survivor factor for a male age 65 and a female age 65 is 0.8860.
                (The Joint and Survivor Benefit factors are determined from actuarial tables, which are subject to change over time.)

Multiply the factor of 0.8860 by the Normal Retirement Benefit of $1,635.00 per month to calculate a new benefit of $1,448.61 per month.

Thus, in this example, the Participant’s monthly benefit would be $1,448.61 per month for as long as he lives and his widow would be entitled to a benefit of 50%, or $724.31 per month, for the rest of her life.

The Plan also offers a 100% Joint and Survivor Benefit, which reduces your monthly benefit a little more than the 50% Joint and Survivor Benefit, however, in the event of your death, your surviving spouse would receive the same monthly pension benefit you were drawing, for the rest of her life.

Both the 50% and 100% Joint and Survivor Benefits are only available to participants who have been married to their spouse for a minimum of one (1) year at retirement.
 

Is there any other benefit option available to me for my spouse or another beneficiary?

The Plan also contains a Life Plus Sixty (60) Month Benefit Option.  Under this option, you would be entitled to a monthly benefit for your lifetime, and in the event of your death, a lump sum death benefit (a single check) equal to your monthly benefit times sixty (60), less a discount factor for payment in a lump sum, will be paid to your designated beneficiary.  Like the Joint and Survivor Benefit, selection of this option will reduce the monthly benefit payable to you, when compared to the level benefit (Life Option, Five Year Certain Benefit).
 

If I get married after I retire, can I then elect the Joint and Survivor Benefit Option for my new spouse?

No, the Joint and Survivor Benefit Options are only available at the time of your retirement.
 

Is there any time limit for applying for my retirement benefits?

No, you may apply for your benefits either before or after you stop working.  However, your benefits can not start until after you have filed a proper application with the Trustees and have furnished all of the information which they require in order to determine your eligibility for benefits and the amount of your monthly pension payments.
 

Do I have to retire at my Normal Retirement Date?

No, you may continue to work and have contributions reported upon your behalf, however, you must apply for your retirement benefits at the later of the date you stop working or when you reach age seventy and one-half (70½).
 

Does my Retirement Benefit effect my Social Security Benefits?

No, the benefits under this Plan will not affect your Social Security Benefits.  The benefits provided under this Plan are in addition to the benefits provided under Social Security.  We suggest that you check with the local office of the Federal Social Security Administration to determine the amount of benefits which you may expect to receive under the Federal Social Security Act.
 

Do I have to report my Retirement Benefit on my income tax form?

Yes, at the end of each calendar year, the Fund Office will prepare and mail you a Form 1099-R tax form showing your Gross Pension Benefit and any Federal Income Taxes withheld during the year.
 

What should my Spouse or Beneficiary do in the event of my death?

Your spouse or beneficiary must contact the Fund Office in the event of your death.  They will be requested to supply a Certified Death Certificate if they are entitled to any benefits through the Plan.  The Fund Office will also supply this information to the Union Hall, and will re-affirm all information discussed by phone and by letter (with a self-addressed return envelope for any requested information).