Page 38 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 36

PENSION EFFECTIVE DATES

Your pension benefit is generally payable beginning the first
day of the month in which the Administrative Office receives
a completed pension application, provided you are eligible to
receive a pension and you have retired. If you are under age
62 when your benefits begin, to be retired you must have a
separation from service of at least 30 days (that includes the
date your payments begin) from employment in the industry,
in the same trade or craft in which you were employed while a
participant in the Sound Plan, and in the same geographic area
covered by the Sound Plan. If you are age 62 or older when
your benefits begin, to be retired you must not work more than
58 hours per month in the industry, in the same trade or craft in
which you were employed while a participant in the Sound Plan,
and in the same geographic area covered by the Sound Plan.
For example, if you want to receive your first pension payment
on November 1 at age 62 or later, you must not be working more
than 58 hours per month and the application must be received by
the Administrative Office on or before November 30. See page 49
for more information on trade or craft.

However, whether or not you retire, your pension must begin by
April 1 following the calendar year you reach age 70½ (see page
30).

IF YOU DELAY RECEIVING YOUR REGULAR
PENSION BENEFIT
If you are eligible for a regular pension, retire, but delay filing
a pension application with the Administrative Office, you may
receive retroactive benefits. In other words, you will receive the
monthly benefit amount you would have received if you had
immediately taken your regular pension benefit at retirement,
plus a make-up payment. This make-up payment will include the
missed pension payments from the 1st day of the month in which
you attained normal retirement age (or in which you worked 58
hours or less in the industry, in the same trade or craft in which
you were employed while a participant in the Sound Plan, and in
the same geographic area covered by the Sound Plan), whichever
is later, plus 5% interest per year. This make-up payment will not
include amounts for any month you worked more than 58 hours
in the industry.
If you are married, your spouse must consent to the payment of
retroactive benefits. This consent must be in writing on the Plan’s
consent form, witnessed by a notary public, and submitted to the
Administrative Office within the 180-day period ending on the
date your benefit payments begin.

Instead of retroactive payments, you can elect an immediate
commencement date. In this case, you receive an actuarial
increase to reflect the delay after your normal retirement age.