Page 39 - Pay'n Save Retirement Truat fund

37 | SOUND RETIREMENT

Retroactive benefit payments are available only to participants
retiring with a regular pension benefit. They do not apply to
participants retiring with any other type of pension benefit.

WHEN BENEFITS MUST BEGIN
Federal law requires the Plan to commence payment of pension
benefits no later than the April 1 following the calendar year in
which you reach age 70½, which is your “required beginning
date”. You will be required to pay additional taxes (which can be
50% of the amount you should have received) if your pension
payments do not begin on your required beginning date.
Because you must apply for a pension before it can begin, you
must apply for your pension in a timely manner. If you are age
70, you should contact the Administrative Office for information
concerning your required beginning date. If you continue to work
in Covered Employment after you reach age 70½ and accrue
benefits, your pension benefits will be recalculated each year.
If you fail to file an application in a timely manner and elect a
benefit form, the Administrative Office will automatically begin
payment of your pension in the form of a 50% spouse annuity.
That means that even if you are not married, your benefits will
start in the form of a 50% spouse annuity. Also, if the Trust does
not have your spouse’s date of birth on record, it will be assumed
that your spouse is the same age as you. You may apply for a
different form of payment, but payments already made will be
deducted from your benefit.