Category: Pension

For every year your beneficiary (spouse) is younger than you, your benefit amount will be reduced.  Please refer to the Summary Plan Description.

You are allowed to work a maximum of 40 hours per month. If you go over, your benefit will be suspended for the month in which you work over 40 hours.

No, this is called the separation period, and you cannot work any hours in the first month you receive a benefit.

              Single Life Annuity with 10-year certain

               50% Joint & Survivor Annuity

               75% Joint & Survivor Annuity

               100% Joint & Survivor Annuity

              

The application process takes anywhere from three (3) to four (4) months, and you should apply no later than three months and no earlier than six (6) months prior to the month you wish to retire in.

If you were to pass away and have at least 10 years of Pension Credit or Eligibility Service Credit or 10 years of combined Pension Credit and Eligibility Credit, if married, your spouse will receive a Joint & Survivor 50% Pension; If you are unmarried at the time of death, no death benefits are payable.

The final Judgment of your divorce will instruct the Trust Fund on how and if your benefits will be affected.  If your ex-spouse was awarded an interest in your benefits, the Fund must be in receipt of a Qualified Domestic Relations Order (QDRO), which will normally award an ex-spouse 50% if your community property interest (benefit accrued during marriage).

The monthly benefit you will receive upon retirement, is based on the period in which you worked and the Step Chart that was in pay status at that time.

Yes, if you retire under Early retirement, your benefit will be reduced as your benefit will be paid for a longer period of time.

You may retire as Early as age 55.