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Archives - January 1970

Archives - January 1970

Do I have to pay taxes on my pension?

Yes. While you pay no taxes on the contributions that Contributing Employers make to the Plan while you are working, the monthly pension payments you receive from the Plan are taxable. You will receive more information on tax withholding when you become entitled to a Plan distribution.
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How soon after I stop working will I receive my first pension payment?

If you are eligible for benefits, it takes two to three months to process an application, depending on when it is filed.
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Can I receive my pension in a lump sum?

Generally, no. However, if the lump sum “actuarial” value of your benefit is $1,000 or less, your pension will automatically be paid in one lump sum.
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What are the benefits of direct deposit and how do I sign up?

When you receive your check via direct deposit, you do not have to concern yourself with possible delays that sometimes occur with the mailing of a physical check. You also do not have to worry about potentially having your check lost or stolen during its mailing route. To sign up…
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When are pension payments made?

Your monthly pension payments will be sent/deposited at the beginning (first business day) of each month.
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How do I notify you of a change of address?

You can change your address by filling out a Change of Address form and following the instructions located on the form. You can find the Change of Address form here: Change of Address Form
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I retired a few years ago. My pension was being paid under the 50% Participant and Spouse form until my wife died a couple of months ago. Can I have my widowed sister replace her as my beneficiary?

No. You cannot do that under this Plan. If your spouse dies before you, your benefit will pop up to the unreduced amount that would have been payable if you were not married when you retired, but you may not name a new beneficiary.
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Once my pension begins, can I change the optional form or type of pension?

No. You cannot change the optional form of pension–such as changing from a 50% Participant and Spouse option to a 75% Participant and Spouse option, or a Single Life Pension, or removing the Social Security Level Income option.  Nor can you change the type of pension that you are receiving…
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Can anyone other than my spouse receive a benefit from the Plan if I die before retirement?

Only your surviving spouse can collect the “Pre-Retirement Surviving Spouse Pension” if you die before retirement. However, if you are not married, are active, and had at least four Vesting Credits, a lump sum benefit ranging from $3,000 to $10,000 (depending on the amount of your Vesting Credit) will be…
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I have been receiving pension payments for a few years and got divorced a couple of months ago. Next month I am going to get married again. I am receiving my payments under the 50% Participant and Spouse Pension and want to change my beneficiary so that my new spouse, not my ex-spouse, will get the benefit due when I die. Is this permissible?

No. Your former spouse’s right to a survivor benefit vested at the time of your retirement, and your subsequent divorce does not affect his or her right to a survivor benefit. Therefore, your former spouse will be entitled to the survivor benefit when you die. Your new spouse will not…
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