Age 59 1/2 as the optimal age to retire is a myth! You are eligible to retire as early as age 55 with a reduction in benefit calculation and age 60 unreduced. The calculation for the single sum benefit is based upon your age at retirement, your straight life dollar amount, the interest rate in effect at the time of your retirement and the corresponding mortality factor for that interest rate and age at retirement. The basic rule of thumb, if the interest rate goes up your single sum dollar amount goes down, the interest rate goes down, your single sum dollar amount goes up. As the interest rate can fluctuate from year to year and your age can change from one year to the next, each will have an impact in the calculation of your single sum amount.
Yes. The terms of the current Pension Plan allow a member to return to work after the initial retirement from the industry. You may continue to work in covered employment and continue to receive your monthly payments. It is important to notify the Pension Fund in writing when you return to work. Failure to notify the Pension Fund may result in the loss or delay in payment of certain benefits. Please keep in mind that you are not required to permanently retire from the Industry to collect any additional years - you could lose out on benefits if you don't apply immediately for your additional years earned.
The criterion to collect unemployment benefits rests with the Department of Labor, not with the Pension Fund. It is the DOL that determines your eligibility to collect unemployment benefits. Check with your local unemployment office or on line at www.laborstateny.us for further information.
Upon earning 1000 hours in covered employment you may apply for any additional year of service not already credited to you at your initial retirement date. Additional Pension benefits earned are payable beginning February 1st of the following year.
Being divorced can affect your pension benefit. It is extremely important that ALL divorce papers be submitted to the Fund Office as soon as possible after your divorce has been finalized. It is possible that your ex-spouse per the terms of the divorce or stipulation of settlement prior to the finalization of the divorce is entitled to a portion of your pension benefit. Usually, the portion allocated to your ex-spouse is a calculation involving your years of credit service and the number of marital years. Either party can file a Qualified Domestic Relations Order (QDRO) to facilitate a split of you pension benefits. Please contact the Pension Fund for a model QDRO should you need one.
If you have been deemed disabled by the Social Security Administration you must contact the Pension Fund immediately upon receipt of your “Notice of Award”. Keep in mind, an award only affects members under the age of 60 and must be vested with 5 or more years of service. Once the Pension Fund has received a copy of the award letter, an estimate of pension benefits will be mailed to you. At that time, you may find if beneficial to make an appointment with the Pension Fund for the pension interview where a full explanation of options offered can be further explained. The Pension Fund will, upon receipt of your application to retire honor the effective date approved by the Social Security Administration.
The Pension Plan allows for the payment of a pre-retirement death benefit in the form of a single sum or a monthly annuity payment to the participant's named beneficiary. Upon notification of the death of a participant, the Pension Fund will contact the named beneficiary of the deceased. Based upon the submission of certain documents to the Pension Fund, your beneficiary will be offered a choice of single sum or monthly benefit. Please note that the monthly benefit mayor may not be payable immediately, please consult the SPD for further details. This may be a good opportunity for you to check with the Welfare Fund to ensure all census cards and designation of beneficiary forms for each Fund are complete and up to date.
Both Joint and Survivor with and without a pop up provide a monthly benefit payable for your life time and for your spouse's lifetime in the event of your death. At time of your retirement, should you elect a "pop up" Joint and Survivor benefit, your benefit would increase or "pop-up" to the higher straight life benefit level in the event your spouse pre decease's you.
If you are least 54 years old, you may contact the Pension Fund in writing requesting a pension estimate. Generally an estimate of you pension benefits will be mailed to you with in 5 to 10 days of receipt. It is important to remember that an estimate is an estimate and all calculations are subject to fluctuate prior to your actual retirement date.
No, the interview is not mandatory but it is recommended. In the final months prior to your retirement you probably will have many questions which can be addressed over the phone or through the mail. However, in an informal "face to face" environment, the Pension Fund has found, based on completing thousands of interviews, that this setting is extremely beneficial to both the member and spouse if married. Many fears and myths can be alleviated in this simple one on one meeting.
In the past, the Pension Fund used to hold the pension seminar every year. Commencing in 2007the seminar will be offered on a two year cycle. Please watch for information in the newsletter or other mailings concerning the next seminar date.
The Pension Fund will deduct federal taxes from a monthly pension benefit. You are required to complete at the time of retirement a W4P form. Each year you will receive a 1099R tax form from this office to use when filing taxes for the previous year.
Additionally, you may also withhold New York State, Local, and Yonkers Income tax by completing an IT-2104P. Taxes for states other than New York cannot be deducted.
The union’s phone number is 718-392-3420. They are located at 27-08 40th Avenue Long Island City, New York 11101.
Completing a change of address form and submitting it to the Fund Office, will change your address with the Fund Office, Empire BlueCross BlueShield, Express Scripts and MetLife. You must notify the union separately so that your address will change with them as well.
