Page 46 - Pay'n Save Retirement Truat fund

SOUND RETIREMENT | 44

HOW TO APPLY FOR BENEFITS

APPLICATION FOR A RETIREMENT PENSION

When you retire, you must complete a pension application,
available from the local union or from the Administrative Office.
You should complete, sign and send your application (along
with proof of birth) to the Administrative Office no later than the
month you want your pension to start.

When you apply, you will receive a written explanation of the
payment options available to you, the amount of monthly benefit
payable under each option and an explanation of what happens
if you defer receiving your benefit. Based on this information, you
and your spouse (if you are legally married) may take at least
30 days to decide on the payment options for which you are
eligible. You also may waive the 30-day waiting period (with your
spouse’s written consent) by returning your completed pension
application early — but payment(s) will not be made until at least
8 days after the application is sent to you, and normal processing
time still applies. You may change your payment selection at
any time during the 180-day period ending on the date your
payments are scheduled to begin.

 If you are legally married and reject the 50% spouse annuity
and elect a single life annuity, you must also submit your
spouse’s written consent to that election. This consent must
be in writing and witnessed by a notary public, and must be
submitted to the Administrative Office within the 180-day
period ending on the date your payments are scheduled to
begin.

 If you elect the 50% spouse annuity or the contingent
annuitant benefit option, you will need to provide proof of
your marriage and of your spouse’s birth date.
 If you are applying for a disability pension, you will need to
submit proof of your total and permanent disability.

The Trustees have the right to recover any benefits paid on the
basis of a false or fraudulent application or before a required
notification is received.

Before the Administrative Office can make pension payments,
it must verify the amount of any credited past service (periods
prior to your effective date of coverage) you earned. Because of
this calculation, it may take the Administrative Office 120 days
or longer to process your application and you should take that
into account when deciding when to submit your application for
retirement.

Your form of payment cannot change once you begin receiving
monthly payments (unless you qualify to receive a disability
pension before age 65, as described on page 26).