When does my Pension Benefit begin?

Your pension will begin on the first day of the calendar month following the date you become entitled to a pension and after you have applied for that benefit.  You should apply for a pension within a reasonable time, three (3) months, or ninety (90) days before you plan to retire.

After you have completed your Notification for Retirement Application, the Fund Office will then prepare your Application for Retirement Benefits, showing your monthly benefit options and payment methods for you to complete and return.  Once your final application is received and approved by the Trustees, your benefit will begin.
 

Payment of Benefits

On your Application for Retirement Benefits, you will have the option to either have your check mailed directly to you or have your monthly benefit wire transferred directly to your bank.

Should you choose to have your monthly benefit mailed to you as a check, your benefit check will be mailed on the last working day of the month for the next month.  If you have not received your benefit check by the 10^th of the month, you may wish to contact the Fund Office to request a stop-payment so a replacement check can be issued and re-mailed.

Should you choose to have your monthly benefit wire transferred to your bank, your benefit will be sent directly to your checking or savings account and available on the first business day of each month.  By using the wire transfer option, your monthly benefit will not be subject to being lost in the mail, mishandled, stolen or delayed through the postal service due to holidays or heavy mail volume.

Once retired, you may contact the Fund Office and request a Wire Transfer Application at any time, should you have not chosen this payment option at the time of retirement.
 

Federal Taxes

Under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), monthly Retirement Benefits paid to Participants and Beneficiaries are subject to federal income tax withholding if your monthly benefit exceeds a certain amount.

At your time of retirement, the Fund Office will mail you a Form W-4P for you to complete and return.  You may wish to have taxes withheld based on specified exemptions or you may elect a specified amount of taxes to be withheld from your monthly pension benefit.  The Fund will report the Federal Taxes withheld to the Internal Revenue Service monthly and advise the Retirees and Beneficiaries of the amount of taxes withheld annually by preparing an IRS Form 1099-R.

The Fund Office can not provide you with individual tax advice.

State Taxes

The Fund does not withhold state taxes from the monthly pension benefits, therefore you should contact your accountant or your state tax department to inquire on setting up a monthly or quarterly tax payment.