Frequently Asked Questions
Welfare FAQ | Pension FAQ
Q: Do I need to go Direct Deposit?
A: By going direct deposit your pension check is guaranteed to be in your account as good funds by the 1st of each month. Social Security has mandated that all check recipients now go direct deposit. Also, from a safety standpoint, checks are no longer being stolen.
Q: What is the minimum amount of time I need to work in a year to get a credit?
A: A minimum of 27 weeks is needed to earn 1 full service credit.
Q: Do we have a reciprocal with other Pension Funds?
A: Yes, please contact the fund office.
Q: What does reciprocal mean?
A: These agreements allow plan participants to combine service earned under reciprocal plans for purposes of determining eligibility for the various types of pensions available under the plan (excluding vested and deferred vested pensions).
Q: How do I apply for benefits?
A: Contact the Fund Office and make and appointment with the Fund Administrator.
Q: How long does this process take?
A: You should file your application with the Trustees at the Fund Office in advance of the date you expect your pension benefit to begin. You need to schedule an appointment with the Fund Administrator to complete all necessary paperwork at least (3) months before your retirement date (six months for reciprocal pensions). If you are married, you will also be asked to submit proof of your spouse's age and proof of your marriage. If you choose the Level Income Option, you must submit an estimate from Social Security.
Q: Am I able to continue working as an active teamster somewhere else and draw a pension?
A: No, because of the reciprocal agreement in place.
Q: How many types of pensions are there?
A: Eight types of pensions are provided under the plan: Normal Pension, 30-and-Out Pension, Regular Pension, Reduced Regular Pension, Early Retirement Pension, Vested or Deferred Vested Pension, Disability Pension and Reciprocal Pension. You also have a choice of pension payment options. The normal form of payment under the plan is a single life pension, described on page 18 of the Pension Plan Summary Plan Description.
Q: What are the forms of payments available?
A: Once you retire, your benefits will be continued for life so long as you remain retired. However, you may receive a lower pension if you elect an optional form of payment. For example, if your benefit is paid as a 50% joint and survivor pension, a lower benefit will be paid to you and 50% of your benefit will continue to be paid to your eligible spouse after your death for the remainder of his or her life. Other ways in which you can have your pension paid include the 100% joint and survivor pension, the 10-year certain and life option or the level income option. The joint and survivor forms are also available with a "pop-up feature." Wth a pop-up feature, you are given a lower lifetime pension with a certain percentage payable to your surviving spouse. If you spouse dies before you, your monthly benefit will increase to the unreduced amount and will be payable for your lifetime.
Q: What constitutes a break in service?
A: A break-in-service occurs if you fail to work 11 weeks of covered employment in a calendar year. In general, if you have a break-in-service, you lose your status as an active participant under the plan. Your accumulated benefit service and vesting service are cancelled if the break becomes "permanent." There are both "one-year breaks" and "permanent breaks." One-year breaks are temporary and can be repaired.
Q: What is a One-Year Break-In-Service?
A: You incur a one-year break in service in any calendar year in which you do not have at least 11 weeks of covered employment. (You would not have a break-in-service if, after working in covered employment, you continued to work for the same employer.) There are also certain situations that entitle you to non-working credits and prevent you from incurring a permanent break-in-service. You can repair a one-year break in service by working at least 11 weeks in covered employment in a calendar year.
Q: What is a Permanent Break-In-Service?
A: If you are not vested, you can incur a permanent break and lose your benefit service and vesting service accumulated under the plan. If you leave covered employment and you are not vested, you would have a permanent break when your consecutive one-year breaks total the greater of five years or your years of vesting service before the break. If you are vested, you cannot lose your vesting or benefit service.
Q: What if I die before receiving a pension?
A: If you die before you retire, your spouse will receive a pre-retirement death benefit provided you have earned 5 or more years of vesting service (or you attained age 65 and have five years of participation of the plan) and have not started receiving pension payments at the time of your death. The pre-retirement death benefit if payable to your surviving spouse if you are legally married during the 12-month period prior to the time of your death. An application must be completed by your souse and returned to the Fund Office to receive this benefit. Your eligible spouse may receive a monthly pension, beginning with the earliest date that you could have elected commencement of your pension.
|
