No. This Plan does not allow you to borrow or withdraw money.
Category: Pension
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My spouse and I would like to help our child with the down payment on a house. Can we get a loan from the Plan for that?
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How do I get an estimate of the current value of my pension?
Log into the Member section of our website at www.nyccbf.org and select “View Pension Estimate” from the menu.
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A friend told me the value of his 401(k) plan account dropped because of the stock market. Could this happen to my Pension Plan benefit?
No. A 401(k) plan is a “defined contribution” individual account plan under which your benefit at retirement depends on the value of assets in your account when you collect your benefit. Our Plan is a “defined benefit” pension plan under which the benefit is calculated under a stated formula. The benefit calculated under this formula is not directly affected if Plan investments decline in value.
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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 be entitled to a survivor benefit.
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Can someone other than my spouse receive a benefit from the Plan if I die before retirement?
Yes. If you have a qualified surviving spouse, your spouse may be eligible for the plan’s 50% Pre-Retirement Surviving Spouse Pension, subject to the plan’s eligibility requirements.
If you are not married or if there is no QDRO awarding a pre-retirement death benefit to an alternate payee, the Plan pays a benefit to a non-spouse Beneficiary in one of the following three forms of benefits:
- A 50% Pre-Retirement Non-Spouse Pension for the lifetime of the Beneficiary,
- A 60-month annuity, or
- A Lump Sum Death Benefit ranging from $3,000 to $10,000 based on your number of Vesting Credits.
To learn more about this benefit, see the section of the Summary Plan Description entitled “If You Die Before Retirement”.
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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 unless you cease to be eligible for that pension and subsequently qualify for a different type of pension.
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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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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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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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Can I receive my pension in a lump sum?
Generally, no. However, if the actuarial present value of your Vested benefit is $7,000 or less, your benefit will be paid in a single lump sum distribution and will not be eligible for monthly lifetime benefits.
If the value of your Vested benefit is less than $1,000, it will automatically be paid in one lump sum, even if you do not submit an application.