A PREDICTABLE, SECURE PENSION FOR LIFE. Defined Benefit Pensions

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "A PREDICTABLE, SECURE PENSION FOR LIFE. Defined Benefit Pensions"

Transcription

1 A PREDICTABLE, SECURE PENSION FOR LIFE Defined Benefit Pensions

2 C O N T E N T S Traditional Pension Plans 2 There are a variety of pension plans offered by private sector employers today. This publication offers a handy explanation of traditional defined benefit pension plans insured by PBGC: what they are, how they operate, and the rights and options of the workers covered by them. Predictable, Secure Lifetime Benefits 4 Trends 6 Pension Plan Provisions 9 Federal Insurance For Your Pension 16 Pension Checklist 20 1

3 Traditional Pension Plans The first private pension plan in the United States was established in 1875 by the American Express Company and was soon followed by pensions provided by utilities, banking, and manufacturing companies. Almost all of the early pension plans were traditional pension plans known as defined benefit plans that paid workers a specific monthly benefit at re t i re m e n t. Until 1974, there was little or Service (IRS) is responsible no protection for pensions. for pension plan funding and Because of shocking instances vesting requirements, and for of workers losing their retire- ensuring compliance with tax ment benefits (most notably in laws. ERISA also established 1963 when 4,000 Studebaker the Pension Benefit Guaranty auto workers lost some or all Corporation (PBGC) to insure example, $100 per month of their promised benefits), the pensions of workers cov- at retirement) or may specify a Congress in 1974 took action ered by private defined benefit formula for calculating the to prevent such tragedies pension plans. benefit (for example, $10 per or a multiemployer plan. A by enacting the Employee month for every year of service single-employer plan, which Retirement Income Security Defined benefit pension plans with the company, or a percent may be collectively bargained, Act (ERISA). may state the promised benefit of a worker s salary times provides benefits for workers as an exact dollar amount (for years of service). Generally, a of one employer. A multiem- ERISA set strict requirements company funds the pension ployer plan is a collectively for private pension plans. The plan and plan assets are invest- bargained pension arrange- U.S. Department of Labor ed, usually by a professional ment involving more than one (DOL) is responsible for seeing money manager. Importantly, unrelated employer, usually that pension plans are properly Most private defined most private defined benefit in a common industry, such as operated and that their assets are managed in a prudent benefit plans are insured plans are insured by PBGC. construction, trucking, textiles, and coal mining. manner. The Internal Revenue by PBGC. A defined benefit plan can be either a single-employer plan 2 3

4 P redictable, Secure Lifetime Benefits Defined benefit pension plans offer workers a number of advantages when compared to other workplace re t i rement plans. They p rovide workers with a predictable and secure benefit for life. Predictable Benefits: out of business. In most cases, Workers are promised a specific benefit at retirement. all of the earned benefit. the PBGC guarantee covers Workers can know in A worker can earn a re a s o n- advance what benefits able re t i rement benefit under they will receive. a defined benefit plan, even The benefits of workers are if the worker has not had an certain, not subject to the adequate re t i rement plan or fluctuations of the stock and was not covered by a re t i rement plan earlier in a care e r. bond markets. Employers, not workers, are responsible for providing the Lifetime Benefits: retirement benefits, and the A defined benefit plan must benefits are not dependent offer to pay an annuity, a upon the amount of salary monthly benefit, for the workers are willing or able life of a retired worker, no to contribute. matter how long the worker lives. If the value of the Secure Benefits: benefit is $5,000 or less, the PBGC pays the worker s pension up to guaranteed limits a single payment. plan may pay the benefit in if the employer cannot aff o rd to pay the benefits or goes If a worker is married, a defined benefit plan must also pay an annuity to the worker s surviving spouse for the spouse s life, unless the worker and spouse elect otherwise. The Pension Benefit Guaranty Corporation pays the worker s pension up to guaranteed limits if the employer cannot afford to pay the benefits or goes out of business. Additional Benefit Possibilities: Defined benefit plans can provide additional valuable benefits to workers, such as early retirement benefits, extra spousal benefits, disability benefits, or costof-living adjustments. 4 5

5 Tre n d s There have been some major shifts recently in America s pension system. While the number of workers covered by traditional defined benefit pensions has remained relatively level, there has been significant growth in defined contribution pension plans, especially 401(k) plans. Many employers began offering workers both a defined benefit plan and a 401(k) plan. Other employers offer only 401(k) plans. Workers in 401(k) plans have The retirement benefit in a individual accounts, which are cash balance plan is generally funded with worker contribu- described in terms of a hypo- tions and include a matching thetical account balance that or other contribution by looks like the account balance the employer. The ultimate in a 401(k) plan. In this hypo- Cash balance plans contain benefit depends primarily thetical account, a worker many of the important advan- upon the amounts contributed accumulates pay credits tages of traditional defined and the returns on the invest- (usually a percentage of pay) benefit plans: workers can know the value ments chosen by the workers. and interest credits (usually a benefits do not depend on of their benefits and tend PBGC does not insure defined percentage of the total account how much a worker is willing to understand them better contribution plans. balance). The interest credit is or able to contribute; when expressed as a hypo- frequently based on the inter- the employer bears the thetical individual account; A m o re recent trend, especially est rate on a U.S. Treasury investment risk; younger workers and shorter- among large employers, has security. The pay and interest plans must offer an annuity service workers, who are been to convert traditional credits, specified in the plan, with a survivor benefit; and often women, can receive defined benefit plans to resemble the actual contribu- benefits are insured by PBGC. higher benefits; and hybrid pension plans, such tions and earnings to a work- workers who do not spend as cash balance plans. These er s account under a 401(k) Cash balance plans also have their full careers with one hybrid plans are defined benefit plan. Because cash balance features that traditional employer have more portable plans and are insured by PBGC. plans are hybrid defined defined benefit plans do not: benefits that can be trans- benefit plans, they offer a pre- ferred to another plan. dictable benefit at retirement. 6 7

6 However, cash balance plans also: f requently offer a single, lumpsum payment, which workers often take and spend rather than rolling it over and saving for their re t i rement; and generally do not offer subsidized early retirement benefits, making it harder for workers to retire early. Many cash balance plans are conversions from traditional defined benefit plans. Conversions generally involve a change from a traditional final average pay plan, where benefits are based on workers average pay at the end of their careers when their earnings usually are greatest, to a career average cash balance plan, where benefits are based on workers average pay for their entire career. In these cases, longer- s e r v i c e workers generally will re c e i v e less under a cash balance plan than they would have re c e i v e d under a traditional defined benefit plan unless the employer p rovides transition protections. Pension Plan Pro v i s i o n s Generally, a defined benefit pension plan requires workers to meet age and service requirements before they can participate in the plan. Workers cannot be excluded from participating because they are too old, even if they are hired within a few years of the normal retirement age specified in the plan. Usually, plans allow workers to participate if they are at least 21 years old and have completed one year of service with the company. A year of service ordinarily is a 12-month period during which the worker has performed at least 1,000 hours of service. Hours of service are generally defined as: hours for which the worker is paid or is entitled to be paid, including pay for vacation and sick leave; and hours for which the worker is awarded back pay. Accruing Benefits G e n e r a l l y, workers begin to earn ( a c c rue) re t i rement benefits as soon as they become a participant in a defined benefit pension plan. However, they do not obtain a permanent right to the benefits (become vested) until they have worked a minimum period of time, as specified in the plan. Workers may lose their a c c rued benefits if they leave their job b e f o re becoming vested. Vesting Being vested in a benefit means that a worker has completed sufficient years of service and is entitled to receive benefits accrued under the plan, whether or not the worker continues working for the company until re t i rement. Pension plans have one of two vesting schedules: cliff or graded vesting. Under cliff vesting, workers must be fully vested after no m o re than five years of service with the employer. The plan, h o w e v e r, could specify a shorter period of service. Wo r k e r s have no vested rights until this 8 9

7 Predictable, Secure Lifetime Benefits service is completed. Under they receive about their pension graded vesting, the worker plans and their benefits. must be at least 20 percent vest- Especially helpful are the plan s ed after three years of service name, nine-digit Employer and receive an additional 20 Identification Number (EIN) p e rcent vesting for each of the and three-digit Plan Number next four years, with full vesting (PN), the name and address of coming no later than at the end the plan administrator or other of seven years of service. plan re p resentative, and copies of individual benefit statements. When workers leave a job in Most important, former workers which they earned the right to a should keep the plan adminis- pension, their employer must trator advised about any change years of service under p rovide them information about of address or marital status. the plan. their benefits. Workers should verify the information before they leave. To be sure they receive future benefits when Calculating Benefits Defined benefit pension plans use a formula to figure the ben- The longer someone works under the same defined benefit pension plan, the larger the Payment of Benefits Workers can start receiving pen- due, workers who change jobs efit amount earned. Usually, it retirement benefit. sion benefits when they re a c h should keep all the information involves salary and years of the normal re t i rement age set by service (for example, a certain Some plans are integrated their pension plan. The normal p e rcentage of the worker s final with Social Security benefits. re t i rement age generally is no or average salary multiplied In these plans, the amount later than age 65. Wo r k e r s by the number of years of ser- of pension benefits earned should check their pension The longer someone vice) or a flat benefit amount is reduced because of Social plans for the normal re t i re m e n t works under the same per year of service. The actual dollar amount will depend on Security coverage. age and become familiar with the other provisions of their defined benefit pension such factors as: Also, electing survivor benefits plans. Many pension plans plan, the larger the age at retirement; earnings (in plans that use or early retirement may reduce the monthly benefit amount. allow workers to take early re t i rement upon completing retirement benefit. salary to compute benefits); a certain number of years of and service and/or reaching a given

8 Predictable, Secure Lifetime Benefits age. But if workers decide to vested, the spouse will auto- re t i re early, they may receive a matically receive survivor lower monthly benefit than they benefits if the worker dies would at normal re t i rement age, unless the worker and spouse have because the benefit will be paid specifically declined the survivor over a longer period of time. option in writing. Pension plans may pay benefits If a worker dies before retire- either as an annuity (equal ment, the plan does not have to payments monthly or at other pay the benefits to the spouse regular intervals) or as a one- until the earliest date that the worker and the time payment (lump sum). If deceased worker could have spouse, and often is paid the total value of the benefit is begun receiving retirement out over a longer period of $5,000 or less, the plan may benefit payments. For example, time, the worker s monthly pay the benefit in a single sum if a worker dies at age 50, and pension payment is usually less without the worker s consent. the plan says that the earliest than it would have been if the O rder (QDRO) that is, it must If the benefit is worth more than a worker can receive benefits worker and the spouse had meet legal re q u i rements con- $5,000, the plan must pro v i d e is at age 55, the spouse might declined the survivor benefit. cerning the information it con- the benefit as a monthly pay- have to wait five years to tains and the benefits involved. ment unless the worker (and the receive benefits. G e n e r a l l y, pensions cannot be spouse, if the worker is married) consent to another benefit form. If the worker dies after re t i r i n g, attached for debts owed. H o w e v e r, in the event of a Pension Plan Funding Defined benefit plans usually the surviving spouse will d i v o rce or separation, a judge- are funded entirely by the Survivor Benefits Defined benefit pension plans receive at least 50 percent of the benefits the re t i ree had been ment, decree, or order made in a c c o rdance with a state domestic employer. Employers generally contribute enough annually to normally provide survivor receiving if the worker was relations law can direct the pen- cover the normal cost of the benefits if a worker dies either receiving benefits that included sion plan to pay a share of a plan an amount that is at before or after retirement bene- a survivor benefit. The benefits w o r k e r s pension directly to a least the value of the benefits fits begin. This means that if will continue until the spouse spouse, former spouse, child that participants in the plan the worker is partially or fully dies. Because this type of annu- or other dependent. For this to earned that year. In addition, ity takes into account the com- o c c u r, the order must be a bined life expectancy of the Qualified Domestic Relations

9 employers may have to make must be notified each time an Summary Plan Description. the funding level of their pen- additional contributions for employer requests a funding This document includes infor- sion plan, indicating how much various reasons, such as to waiver or fails to make mini- mation on how the plan of their pensions are curre n t l y make up for any investment mum funding contributions. To operates, when participants c o v e red by the plan assets. losses by the pension fund. protect plan benefits, in certain are eligible to receive their The notice also explains what cases the plan may file for a pensions, how participants can benefits in the plan would be If an employer fails to make lien (legal claim) against calculate the amount of their c o v e red by PBGC s insurance the legally required contribu- employer assets for unpaid benefits, and how to file for in the event the plan terminates. tions, the employer can be contributions, or the employer their pensions. This informa- assessed penalty taxes for each may have to post security for a tion must be given to workers Individual Benefit Statement. year the deficiency exists. If an portion of the underfunding. within 90 days after they This statement, which partici- employer is experiencing tem- become participants in the pants may request annually porary financial hardships, the IRS may permit the employer to pay the contribution in Pension Plan Administration The person who administers plan. The plan administrator must also notify participants about changes in the plan and, and when they leave for another job, shows the benefits a participant has accrued under the future years under a funding the pension plan is known as every five years, provide work- plan and tells whether the waiver arrangement. Workers the plan administrator. The ers with an updated version of participant has a vested right plan administrator s responsi- the summary plan description to receive them. bilities include keeping the if the plan has been modified. workers fully informed of their If any of the required informa- rights and benefits, making Summary Annual Report. tion is not provided, workers Generally, participants in pension payments to retirees This report contains informa- should contact the Division plans that are less than and beneficiaries, paying insurance premiums to PBGC, and tion on the financial activities of a pension plan and must be of Technical Assistance and Inquiries, Pension and Welfare 90 percent funded must making reports to plan partici- p rovided to workers annually. Benefits Administration receive an easy-to- pants and to DOL, IRS and PBGC as required by law. Notice to Participants. (PWBA), U.S. Department of Labor, 200 Constitution understand report on G e n e r a l l y, participants in plans Avenue NW, N-5625, the funding level of their Under the law, the plan administrator must give workers the that are less than 90 perc e n t funded must receive an easy- Washington, D.C pension plan. following information: to-understand notice re p o r t i n g

10 Federal Insurance For Your Pension PBGC is the federal agency that insures the pensions of American workers covered by private defined benefit pension plans. PBGC receives no funds ment insurance plans, plans from general tax revenues. that are not tax-qualified Operations are financed largely and plans not funded with by premiums paid by insured employer contributions. pension plans (pension insurance stays in force even if premiums are not paid) and Two Insurance Programs PBGC operates two insurance investment returns. p rograms: one covers single- When this happens, employer pension plans and the PBGC begins to pay pension Today, PBGC insures the pen- other covers multiemployer pen- benefits to the plan participants sions of about 42 million work- sion plans. The single-employer a l ready receiving benefits and ers in more than 44,000 private p rogram is by far the larg e r, to others when they re t i re. defined benefit plans. PBGC covering almost 42,000 pension In a standard termination, an does not insure defined benefit plans sponsored by federal, plans. There are about 2,000 multiemployer pension plans. Pension Plan Termination Employers voluntarily estab- employer may end a plan only if there is enough money to state, and local governments. lish and maintain pension pay all pension benefits Nor does it insure some church Under the multiemployer pro- plans. They may terminate accrued by workers as of the and fraternal organization gram, PBGC provides financial defined contribution plans at termination date. The plan plans, professional service assistance through loans to any time. But they may termi- administrator will pay the employer plans (such as plans plans that are insolvent nate defined benefit plans promised benefits by purchas- for lawyers and doctors) unable to pay benefits (at least insured by PBGC only in two ing annuities from a private with fewer than 25 active par- equal to PBGC s guaranteed ways: standard termination insurance company or making ticipants, plans maintained benefit limit) when due. Under or distress termination. In lump-sum payments to partici- outside the U.S. primarily for its single-employer pro g r a m, addition, PBGC may terminate pants. Once a plan ends in a non-resident aliens, worker PBGC takes over and becomes a plan in certain circumstances, standard termination, PBGC s compensation and unemploy- t rustee of an insolvent plan such as when a plan does not insurance responsibility ends. when the sponsoring company have sufficient assets to pay can no longer support the plan. benefits when they come due

11 A distress termination involves In a distress termination, PBGC a plan that does not have will step in and take over the enough money to pay all plan as trustee, and use its pension benefits accrued by insurance funds to make sure workers. A plan can end in a the guaranteed benefits are distress termination only if paid to the plan participants the employer meets one of when due. the following distress criteria: Chapter 7 bankruptcy If PBGC becomes trustee of a liquidation. pension plan, it will notify all Chapter 11 bankruptcy re o r- plan participants of this action. ganization. The employer As trustee, PBGC will keep the guarantee certain must demonstrate to the court records of plan participants types of benefits, such as that liquidation would neces- and their benefits, pay benefits health and life insurance bene- sarily follow if the pension to retirees, and begin benefit fits, severance and vacation plan were not terminated. payments to new retirees. pay, death benefits, and some A determination by PBGC early retirement benefits. they are due. Where there are that the employer is in such poor financial condition that Insurance Coverage Under the single-employer The maximum benefit PBGC reductions, they normally occur among higher-salaried unless the plan terminates program, PBGC insures pen- can pay is set by law each year workers whose benefits exceed the employer cannot pay its sion benefits provided by the under provisions of ERISA. PBGC s guarantee or in cases debts when due and cannot pension plan up to certain The maximum guarantee is where benefits have been continue in business. limits set by law. These are reduced if a worker begins increased within five years of A determination by PBGC benefits beginning at normal receiving benefit payments plan termination. that, due solely to a decline retirement age, certain early before age 65 or if the pension in the employer s workforce, retirement and disability bene- includes a survivor benefit. Under the multiemployer pro- pension costs have become fits, as well as certain benefits gram, PBGC insures a portion unreasonably burdensome. for survivors of deceased plan Historically, most participants of the pension earned times the participants. PBGC does not in plans taken over by PBGC worker s years of service. receive all of the benefits

12 Pension Checklist If you are covered by a private defined benefit pension plan, here is a checklist for important information about your plan and your benefits that you should keep current. The name of my defined benefit pension plan is: The plan s EIN (Employer Identification Number) is: The plan s PN (Plan Number) is: The name of the plan administrator is: I can contact my plan administrator at: I became/will be vested in the plan on (date): Under the plan, I can take early retirement, with reduced benefits, at age: I can retire with full benefits at the normal retirement age, which is: I will reach normal retirement age on (date): My plan allows me to receive my benefits (in a lump sum and/or as an annuity in monthly installments for life, depending on the benefit value): My Social Security benefit (will/will not) be deducted from my pension benefit. Both my spouse and I (have/have not) declined in writing the joint-and-survivor option that would allow my spouse to continue receiving a portion of my benefit if I die first. Both my spouse and I (have/have not) declined in writing the preretirement survivor annuity option that would provide a benefit to my spouse in the event I die before I retire. I have learned from my plan administrator which of my benefits are covered by PBGC insurance if my plan is terminated and taken over by PBGC: Other Useful Publications The PBGC publication Your Guaranteed Pension provides additional details about the single-employer insurance program. To obtain a copy, please write to Your Guaranteed Pension, No. 521E, Pueblo, CO Your Guaranteed Pension, as well as other pension information, is also available on PBGC s homepage at on the Internet. Another publication that provides useful information about pension plans is What You Should Know About Your Pension Rights, which is available from the Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Room N-5619, Washington, D.C Other information is available on DOL s homepage at on the Internet. Prepared by Communications and Public Affairs Department, Pension Benefit Guaranty Corporation 2 0

13 PENSION BENEFIT GUARANTY CORPORATION 1200 K Street, NW Washington, DC PBGC Publication 1007 January 2000

ANNUAL FUNDING NOTICE For THE UNIVERSITY OF CHICAGO PENSION PLAN FOR STAFF EMPLOYEES. Introduction

ANNUAL FUNDING NOTICE For THE UNIVERSITY OF CHICAGO PENSION PLAN FOR STAFF EMPLOYEES. Introduction ANNUAL FUNDING NOTICE For THE UNIVERSITY OF CHICAGO PENSION PLAN FOR STAFF EMPLOYEES Introduction This notice includes important information about the funding status of your single employer pension plan

More information

96.30% 82.88% 93.20% 81.98% 97.73% 85.79% $252,254 $1,357,845 $490,361 $1,477,463 $167,281 $1,193,625 $0 $0 $0 $0 $0 $0 INFORMATION TABLE

96.30% 82.88% 93.20% 81.98% 97.73% 85.79% $252,254 $1,357,845 $490,361 $1,477,463 $167,281 $1,193,625 $0 $0 $0 $0 $0 $0 INFORMATION TABLE SUPPLEMENT TO ANNUAL FUNDING NOTICE OF COLUMBIA UNIVERSITY RETIREMENT PLAN FOR SUPPORTING STAFF ( PLAN ) FOR PLAN YEAR BEGINNING JULY 1, 2014 AND ENDING JUNE 30, 2015 This is a temporary supplement to

More information

ANNUAL FUNDING NOTICE For The Johns Hopkins University Support Staff Pension Plan. Introduction

ANNUAL FUNDING NOTICE For The Johns Hopkins University Support Staff Pension Plan. Introduction Human Resources Benefits Service Center Johns Hopkins at Eastern 1101 E. 33 rd Street, Suite D100 Baltimore, MD 21218-2696 410-516-2000 / Fax 443-997-5820 ANNUAL FUNDING NOTICE For The Johns Hopkins University

More information

Defined Benefit Retirement Plan. Summary Plan Description

Defined Benefit Retirement Plan. Summary Plan Description Defined Benefit Retirement Plan Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every

More information

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request:

For a complete list of EBSA publications, call toll-free: 1-866-444-EBSA (3272) This material will be made available in alternate format upon request: This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration. It is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications,

More information

DOL Provides Guidance on Qualified Domestic Relations Orders

DOL Provides Guidance on Qualified Domestic Relations Orders Important Information Plan Administration and Operation September 1997* DOL Provides Guidance on Qualified Domestic Relations Orders WHO'S AFFECTED Qualified Domestic Relations Order rules apply to all

More information

SUPPLEMENT TO ANNUAL FUNDING NOTICE OF MAYO PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 ( Plan Year )

SUPPLEMENT TO ANNUAL FUNDING NOTICE OF MAYO PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 ( Plan Year ) SUPPLEMENT TO ANNUAL FUNDING NOTICE OF MAYO PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 ( Plan Year ) This is a temporary supplement to your annual funding notice.

More information

Retirement Plan Participants and/or Beneficiaries. Harvard Human Resources, Benefits. Annual Funding Notice Harvard University Retirement Plan

Retirement Plan Participants and/or Beneficiaries. Harvard Human Resources, Benefits. Annual Funding Notice Harvard University Retirement Plan Richard A. and Susan F. Smith Campus Center 1350 Massachusetts Avenue Cambridge, MA 02138 TO: FROM: SUBJECT: Retirement Plan Participants and/or Beneficiaries Harvard Human Resources, Benefits Annual Funding

More information

April 2015. Dear Consolidated Edison Retirement Plan Participant:

April 2015. Dear Consolidated Edison Retirement Plan Participant: Consolidated Edison Company of New York, Inc. 4 Irving Place New York NY 10003-0987 April 2015 Dear Consolidated Edison Retirement Plan Participant: The Consolidated Edison Retirement Plan is subject to

More information

PRESENT LAW AND BACKGROUND RELATING TO EMPLOYER-SPONSORED DEFINED BENEFIT PENSION PLANS AND THE PENSION BENEFIT GUARANTY CORPORATION ( PBGC )

PRESENT LAW AND BACKGROUND RELATING TO EMPLOYER-SPONSORED DEFINED BENEFIT PENSION PLANS AND THE PENSION BENEFIT GUARANTY CORPORATION ( PBGC ) PRESENT LAW AND BACKGROUND RELATING TO EMPLOYER-SPONSORED DEFINED BENEFIT PENSION PLANS AND THE PENSION BENEFIT GUARANTY CORPORATION ( PBGC ) Scheduled for a Public Hearing Before the SENATE COMMITTEE

More information

2014 ANNUAL FUNDING NOTICE FOR CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION PLAN

2014 ANNUAL FUNDING NOTICE FOR CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION PLAN 2014 ANNUAL FUNDING NOTICE FOR CENTRAL STATES, SOUTHEAST AND SOUTHWEST AREAS PENSION PLAN Introduction This notice includes important information about the funding status of your multiemployer pension

More information

Annual Funding Notice For TOTAL Finance USA, Inc. Cash Balance Pension Plan

Annual Funding Notice For TOTAL Finance USA, Inc. Cash Balance Pension Plan Annual Funding Notice For TOTAL Finance USA, Inc. Cash Balance Pension Plan Introduction This notice includes important information about the funding status of your pension plan ( the Plan ) and general

More information

Annual Funding Notice for Retirement Plan for Staff Employees

Annual Funding Notice for Retirement Plan for Staff Employees Annual Funding Notice for Retirement Plan for Staff Employees Introduction This notice includes important funding information about your pension plan ( the Plan ). This notice also provides a summary of

More information

Glossary of Qualified

Glossary of Qualified Glossary of Qualified Retirement Plan Terms 401(k) Plan: A qualified profit sharing or stock bonus plan under which plan participants have an option to put money into the plan or receive the same amount

More information

Personal Retirement Account Plan Summary Plan Description

Personal Retirement Account Plan Summary Plan Description Personal Retirement Account Plan Summary Plan Description Table of Contents Who Is Eligible...1 When You Participate...1 When You Are Vested...1 Break in Service...1 Maternity/Paternity Absence...1 Your

More information

How To Use This Booklet

How To Use This Booklet How To Use This Booklet This booklet describes the pension benefits available from the Western Metal Industry Pension Plan. It summarizes your benefits, describes when they begin and explains how to use

More information

DOW CORNING CORPORATION EMPLOYEES RETIREMENT PLAN. Summary Plan Description. January 1, 2013

DOW CORNING CORPORATION EMPLOYEES RETIREMENT PLAN. Summary Plan Description. January 1, 2013 DOW CORNING CORPORATION EMPLOYEES RETIREMENT PLAN Summary Plan Description January 1, 2013 Dow Corning Corporation HR Service Center - Mail #HRSC P.O. Box 994 Midland, MI 48686-0994 (800) 440-0772 5597032-8

More information

MAP-21 SUPPLEMENT TO ANNUAL FUNDING NOTICE

MAP-21 SUPPLEMENT TO ANNUAL FUNDING NOTICE MAP-21 SUPPLEMENT TO ANNUAL FUNDING NOTICE OF THE ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013 ( Plan Year ) This is a temporary

More information

AUI Supplemental Retirement Annuity Plan Summary Plan Description

AUI Supplemental Retirement Annuity Plan Summary Plan Description AUI Supplemental Retirement Annuity Plan Summary Plan Description November 2011 TABLE OF CONTENTS PAGE 1. What kind of plan is this?...1 2. Who is eligible to participate in the Plan?...2 3. Do I need

More information

Scheduled for a Public Hearing Before the SUBCOMMITTEE ON SELECT REVENUE MEASURES of the HOUSE COMMITTEE ON WAYS AND MEANS on June 28, 2005

Scheduled for a Public Hearing Before the SUBCOMMITTEE ON SELECT REVENUE MEASURES of the HOUSE COMMITTEE ON WAYS AND MEANS on June 28, 2005 PRESENT LAW AND BACKGROUND RELATING TO MULTIEMPLOYER DEFINED BENEFIT PENSION PLANS AND RELATED PROVISIONS OF H.R. 2830, THE PENSION PROTECTION ACT OF 2005 Scheduled for a Public Hearing Before the SUBCOMMITTEE

More information

April 29, 2016. Dear Colleague,

April 29, 2016. Dear Colleague, Loral R. Blinde Vice President People & Employee Services April 29, 2016 Dear Colleague, I am pleased to share the enclosed Annual Funding Notice, which details information about your pension plan, the

More information

Earning Cash Balance Pay Credits

Earning Cash Balance Pay Credits You Have a Choice New Cash Balance Pension You Have a Choice The important thing to understand is this: If you were hired through December 31, 2012 you don t have to change to the new cash balance pension

More information

The New York and Presbyterian Hospital Retirement Plan Summary Plan Description January 1, 2015

The New York and Presbyterian Hospital Retirement Plan Summary Plan Description January 1, 2015 The New York and Presbyterian Hospital Retirement Plan Summary Plan Description January 1, 2015 Contents ABOUT YOUR RETIREMENT PLAN...1 ELIGIBILITY AND PARTICIPATION...2 WHO IS ELIGIBLE...2 WHEN PARTICIPATION

More information

QP/401(k) Separation From Service Distribution Request Form

QP/401(k) Separation From Service Distribution Request Form #10486 (3/2004) QP/401(k) Separation From Service Distribution Request Form This form may be used if you have separated from service due to termination, disability or attainment of normal retirement age

More information

CHAPTER 6 DEFINED BENEFIT AND DEFINED CONTRIBUTION PLANS: UNDERSTANDING THE DIFFERENCES

CHAPTER 6 DEFINED BENEFIT AND DEFINED CONTRIBUTION PLANS: UNDERSTANDING THE DIFFERENCES CHAPTER 6 DEFINED BENEFIT AND DEFINED CONTRIBUTION PLANS: UNDERSTANDING THE DIFFERENCES Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and

More information

5. Defined Benefit and Defined Contribution Plans: Understanding the Differences

5. Defined Benefit and Defined Contribution Plans: Understanding the Differences 5. Defined Benefit and Defined Contribution Plans: Understanding the Differences Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and employees.

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Worcester Polytechnic Institute Defined Contribution Plan INTRODUCTION Worcester Polytechnic Institute has restated the Worcester Polytechnic Institute Defined Contribution

More information

Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation

Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation Document title: AUTHORIZED COPY Retirement Plan for Bargaining Unit Employees of Florida Progress Corporation Document number: HRI-PGNF-00013 Applies to: Keywords: Progress Energy Florida, Inc. (bargaining

More information

Pension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans

Pension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans Important Information Legislation November 2006 Pension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans This is one of a series of Pension Analyst publications

More information

Christian Brothers Employee Retirement Plan

Christian Brothers Employee Retirement Plan 7.1.2014.SummaryPlanDescription.001018 Christian Brothers Employee Retirement Plan July 1, 2014 Christian Brothers Retirement Planning Services 1205 Windham Parkway, Romeoville, IL 60446-1679 800.807.0700

More information

What to Consider When Faced With the Pension Election Decision

What to Consider When Faced With the Pension Election Decision PENSION ELECTION Key Information About Your Pension (Optional Forms of Benefits) Pension Math and Factors to Consider Pension Maximization What Happens if Your Company Files for Bankruptcy and Your Company

More information

QUALIFIED PLAN DISTRIBUTION NOTICE

QUALIFIED PLAN DISTRIBUTION NOTICE QUALIFIED PLAN DISTRIBUTION NOTICE Introduction As a participant in your employer s Qualified Retirement Plan, you have accumulated a vested account balance. You may receive your vested account balance

More information

(05/2010) C.B. FLEET COMPANY, INC. 401(k)/THRIFT PLAN

(05/2010) C.B. FLEET COMPANY, INC. 401(k)/THRIFT PLAN (05/2010) C.B. FLEET COMPANY, INC. 401(k)/THRIFT PLAN PLAN HIGHLIGHTS 4-4761 (CL2009) Plan Highlights briefly describes the plan. The rest of this booklet explains in greater detail how the plan works.

More information

Choosing a Retirement Program

Choosing a Retirement Program Revised July 1, 2011 S TATE R ETIREMENT AND P ENSION S YSTEM Choosing a Retirement Program Maryland Optional Retirement Plan Highlights of the SRPS & ORP Retirement Programs ABOUT THIS BOOK About This

More information

Supplement to Annual Funding Notice of Bowne Pension Plan (Plan) for Plan Year Beginning December 1, 2014 and Ending November 30, 2015 (Plan Year)

Supplement to Annual Funding Notice of Bowne Pension Plan (Plan) for Plan Year Beginning December 1, 2014 and Ending November 30, 2015 (Plan Year) Supplement to Annual Funding Notice of Bowne Pension Plan (Plan) for Plan Year Beginning December 1, 2014 and Ending November 30, 2015 (Plan Year) This is a temporary supplement to your annual funding

More information

STATE EMPLOYEES RETIREMENT SYSTEM - DEFINED BENEFIT PLANS -

STATE EMPLOYEES RETIREMENT SYSTEM - DEFINED BENEFIT PLANS - STATE EMPLOYEES RETIREMENT SYSTEM - DEFINED BENEFIT PLANS - PROCEDURES AND GUIDELINES FOR DETERMINING QUALIFIED STATUS OF A DOMESTIC RELATIONS ORDER I. INTRODUCTION The State Employees Retirement System

More information

Any questions about your benefits under the 401(k) Plan should be directed to your Human Resources representative.

Any questions about your benefits under the 401(k) Plan should be directed to your Human Resources representative. Summary Plan Description Background The COUNTRY/IAA 401(k) Plan, (the Plan or the 401(k) Plan) is a defined contribution plan that provides retirement benefits. The Employee Retirement Income Security

More information

DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION

DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION DELUXE CORPORATION 401(k) AND PROFIT SHARING PLAN SUMMARY PLAN DESCRIPTION October 1, 2015 151027:0918 INFORMATION IN THIS SUMMARY INTRODUCTION... 1 WHY CONTRIBUTE TO THE PLAN?... 2 ELIGIBILITY... 2 Eligibility

More information

Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan

Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan Request for Distribution from Individual Retirement Annuity, 403(b) Tax-Sheltered Annuity or Pension Plan Standard Insurance Company Individual Annuities 800.247.6888 Tel 800.378.4570 Fax 1100 SW Sixth

More information

The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members

The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members Summary Plan Description The Johns Hopkins University Support Staff Pension Plan for Support Staff and Bargaining Unit Members Effective July 1, 2011 1 Contents Fast Facts... 3 Pension Plan Benefits At-A-Glance...

More information

Special Tax Notice for UC Retirement Plan Distributions

Special Tax Notice for UC Retirement Plan Distributions Special Tax Notice for UC Retirement Plan Distributions Special Tax Notice for UC Retirement Plan Distributions This notice explains how you can continue to defer federal income tax on your retirement

More information

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM The Employee Retirement Income Security Act of 1974 (ERISA) requires that you receive the information contained in this form prior to your

More information

UNO-VEN Retirement Plan. Summary Plan Description As in effect January 1, 2012

UNO-VEN Retirement Plan. Summary Plan Description As in effect January 1, 2012 Summary Plan Description As in effect January 1, 2012 In the event of any conflict between this Summary Plan Description (SPD) and the actual text of the UNO-VEN Retirement Plan, the more detailed provisions

More information

NYU Staff Pension Plan. Summary Plan Description

NYU Staff Pension Plan. Summary Plan Description NYU Staff Pension Plan Summary Plan Description Office & Clerical Staff Laboratory & Technical Staff Non-Union Service Staff Sergeant Guards Security Officers This booklet summarizes the provisions contained

More information

Retirement Plan Of CITGO Petroleum Corporation And Participating Subsidiary Companies. Summary Plan Description As in effect January 1, 2012

Retirement Plan Of CITGO Petroleum Corporation And Participating Subsidiary Companies. Summary Plan Description As in effect January 1, 2012 Of CITGO Petroleum Corporation And Participating Subsidiary Companies Summary Plan Description As in effect January 1, 2012 01/2012 In the event of any conflict between this Summary Plan Description and

More information

BORGWARNER INC. RETIREMENT PLAN - CASH BALANCE COMPONENT SUMMARY PLAN DESCRIPTION

BORGWARNER INC. RETIREMENT PLAN - CASH BALANCE COMPONENT SUMMARY PLAN DESCRIPTION BORGWARNER INC. RETIREMENT PLAN - CASH BALANCE COMPONENT SUMMARY PLAN DESCRIPTION 2008 TABLE OF CONTENTS Page INTRODUCTION... 1 ELIGIBILITY TO PARTICIPATE... 2 Who is eligible to participate in the Plan?...

More information

JOINT AND SURVIVOR ANNUITY NOTICE

JOINT AND SURVIVOR ANNUITY NOTICE JOINT AND SURVIVOR ANNUITY NOTICE The purpose of this notice is to provide you as the participant and your spouse if you are married, with an explanation of the joint and survivor annuity and your rights

More information

Cash Balance Plan Overview

Cash Balance Plan Overview Cash Balance Plan Overview A Cash Balance Plan is a type of qualified retirement plan that is a hybrid between a traditional Defined Contribution Plan and a traditional Defined Benefit Plan. Like traditional

More information

Teachers Retirement Association. Marriage Dissolution: Dividing TRA Benefits

Teachers Retirement Association. Marriage Dissolution: Dividing TRA Benefits Teachers Retirement Association Marriage Dissolution: Dividing TRA Benefits Marriage Dissolution: Dividing TRA Benefits Preface This booklet is designed to give all parties involved in a marriage dissolution

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for Norwich University Defined Contribution Retirement Plan INTRODUCTION Norwich University has restated the Norwich University Defined Contribution Retirement Plan (the

More information

Janus Qualified Retirement Accounts Distribution Form

Janus Qualified Retirement Accounts Distribution Form Janus Qualified Retirement Accounts Distribution Janus Qualified PO Box 55932 Form Retirement Accounts Distribution Form Boston, MA 02205-5932 800-525-1093 PO Box 55932 Boston, MA 02205-5932 800-525-1093

More information

MASTER RETIREMENT PLAN

MASTER RETIREMENT PLAN MRP0751HBB0116 2016 MASTER RETIREMENT PLAN This section of your benefits handbook outlines the major provisions of the Deseret Mutual Master Retirement Plan as of January 1, 2016. This document also serves

More information

Election Form for Deferred Retirees

Election Form for Deferred Retirees TVA RETIREMENT SYSTEM Election Form for Deferred Retirees Once Payment Begins, All Elections Are Final (Not Revocable) SECTION 1 - PARTICIPANT INFORMATION Name (Last) (First) (Middle) Social Security Number

More information

WOMEN AND RETIREMENT SAVINGS

WOMEN AND RETIREMENT SAVINGS WOMEN AND RETIREMENT SAVINGS Planning and s in the future. Y and continue th saving matters U.S. Department of Labor Employee Benefits Security Administration Planning and saving for retirement may seem

More information

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits November 2015 WELCOME TO THE YMCA RETIREMENT

More information

Revised: December 1, 2009. Summary Plan Description

Revised: December 1, 2009. Summary Plan Description PENSION SECURITY PLAN Revised: December 1, 2009 Summary Plan Description This page intentionally left blank Pension Security Plan i Contents Section 1. Introduction...1-1 Section 2. Highlights...2-1 Summary

More information

Schwab Individual 401(k) Plan Summary Plan Description

Schwab Individual 401(k) Plan Summary Plan Description Schwab Individual 401(k) Plan Summary Plan Description Employer Instructions 1. Complete the Summary Plan Description (SPD) in accordance with the elections you made on the Adoption Agreement. 2. Provide

More information

Supplemental Retirement Account. Summary Plan Description

Supplemental Retirement Account. Summary Plan Description Supplemental Retirement Account Summary Plan Description This booklet is not the Plan document, but only a summary of its main provisions and not every limitation or detail of the Plan is included. Every

More information

NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS

NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will

More information

A SUMMARY PLAN DESCRIPTION. STOCK OvVNERSHIP PLAN AND TRUST

A SUMMARY PLAN DESCRIPTION. STOCK OvVNERSHIP PLAN AND TRUST ,. ~I, r,: A SUMMARY DESCRIPTION OF AMBERCARE CORPORATION EMPLOYEE STOCK OvVNERSHIP AND TRUST January 2008 MODRALl SI'fRLING PREPARED BY: Modrall Sperling Roehl Harris & Sisk, P.A. P.O. Box 2168 Albuquerque,

More information

Your Master Retirement Plan Handbook...

Your Master Retirement Plan Handbook... annuity options. Master Retirement Plan Your Master Retirement Plan Handbook... Key points in understanding this generous benefit: Remember, if you re married, you can select any of the payment options.

More information

1. Participant Information Please print clearly in CAPITAL LETTERS.

1. Participant Information Please print clearly in CAPITAL LETTERS. REQUIRED MINIMUM DISTRIBUTION FORM PLAN NAME: PLAN NUMBER: Use this form to request a required minimum distribution following attainment of age 70½, unless you are still employed and are not a 5% owner.

More information

Summary Plan Description

Summary Plan Description Summary Plan Description Prepared for The Cooper Union Defined Contribution Retirement Plan INTRODUCTION The Cooper Union has restated the The Cooper Union Defined Contribution Retirement Plan (the Plan

More information

YOUR ROLLOVER OPTIONS

YOUR ROLLOVER OPTIONS YOUR ROLLOVER OPTIONS Form # 101 Revised 2/2013 1400 West Third, Little Rock, AR 72201 Phone (501) 682-1517 or (800) 666-2877 Fax (501) 682-1812 Website - http://www.artrs.gov You are receiving this notice

More information

Distribution Form Subject to Joint & Survivor Annuity

Distribution Form Subject to Joint & Survivor Annuity Distribution Form Subject to Joint & Survivor Annuity Please refer to the Plan s Summary Plan Description (SPD) for reasons distributions that are allowed in your plan. You may review the SPD, your account

More information

råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã =

råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã = råáîéêëáíó=çñ=p~å=aáéöç=aéñáåéç=`çåíêáäìíáçå=oéíáêéãéåí=mä~å== cáå~ä=aáëíêáäìíáçå=cçêã = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = pçåá~ä=péåìêáíó=kìãäéê== i~ëí=k~ãé=

More information

This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA).

This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). To view this and other publications, visit the agency s Website at www.dol.gov/ebsa.

More information

YOUR ROLLOVER OPTIONS GENERAL INFORMATION ABOUT ROLLOVERS

YOUR ROLLOVER OPTIONS GENERAL INFORMATION ABOUT ROLLOVERS SPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from your Employer s plan (the "Plan")

More information

DISTRIBUTION REQUEST FORM

DISTRIBUTION REQUEST FORM DISTRIBUTION REQUEST FORM Previously, there was little oversight regarding the withdrawal of money from 403(b) plans. The recent law changes now apply sanctions on Plans that do not carefully monitor and

More information

Federal Pension Insurance Guide for Small Business

Federal Pension Insurance Guide for Small Business Federal Pension Insurance Guide for Small Business Table of Contents Introduction 1 I Overview 2 PBGC-insured plans. 3 PBGC s role. 3 Guaranteed benefits. 4 Filing and issuance rules. 5 II Premiums to

More information

Columbia University (the University ) offers two retirement plans to help provide you with retirement income after you stop working.

Columbia University (the University ) offers two retirement plans to help provide you with retirement income after you stop working. COLUMBIA UNIVERSITY Summary Plan Description for the Retirement Plan - Local 241 Transport Workers Union of America Columbia University (the University ) offers two retirement plans to help provide you

More information

ANNUITY FUND OF STAGE EMPLOYEES LOCAL NO.4, I.A.T.S.E. APPLICATION FOR BENEFITS INSTRUCTIONS

ANNUITY FUND OF STAGE EMPLOYEES LOCAL NO.4, I.A.T.S.E. APPLICATION FOR BENEFITS INSTRUCTIONS INSTRUCTIONS 1. Carefully read this application in its entirety before answering any questions. It is particularly important that you read and understand the Special Tax Notice Regarding Plan Payments.

More information

Woodmen will fund the Plan for you and all other eligible Employees subject to the termination provision.

Woodmen will fund the Plan for you and all other eligible Employees subject to the termination provision. RETIREMENT BENEFITS Introduction To Your Plan Woodmen of the World Life Insurance Society and/or Omaha Woodmen Life Insurance Society ("Woodmen") sponsors and maintains this retirement plan, known as the

More information

The Business Planning Group Inc. Retirement Planning Guide 2015 Edition

The Business Planning Group Inc. Retirement Planning Guide 2015 Edition 2015 Edition Table of Contents Why you should help your clients set up a Qualified Retirement Plan 3 Overview of Qualified Plans 4 Chart of Qualified Retirement Plan Options 5 Individual Retirement Account

More information

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees Communications 8085 E. Prentice Avenue Workers of America Greenwood Village, CO 80111-2745 AFL-CIO, CLC 303-770-2822-Phone 303-793-7927-Fax R-009 September 2, 2014 VIA E-MAIL TO: FROM: SUBJECT: All Local

More information

ASBESTOS WORKERS LOCAL UNION NO. 80 SUPPLEMENTAL PENSION FUND SUMMARY PLAN DESCRIPTION

ASBESTOS WORKERS LOCAL UNION NO. 80 SUPPLEMENTAL PENSION FUND SUMMARY PLAN DESCRIPTION ASBESTOS WORKERS LOCAL UNION NO. 80 SUPPLEMENTAL PENSION FUND SUMMARY PLAN DESCRIPTION INTRODUCTION The Asbestos Workers Local Union No. 80 Supplemental Pension Fund provides retirement benefits to participating

More information

Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008

Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 Important Information Legislation June 2007 Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 This is one of a series of Pension Analyst publications providing

More information

Benefits under the two kinds of retirement

Benefits under the two kinds of retirement Distribution of retirement income benefits Lump sums have become more popular as an alternative to annuity payments in defined benefit retirement plans and remain the prevalent distribution option in defined

More information

Fully Insured Pension Plan

Fully Insured Pension Plan Fully Insured Pension Plan Marketing Guide There are approximately 23 million small businesses in the U.S.* *Small Business Administration: Small Business Trends (sba.gov) The Market for Fully Insured

More information

Laborers Funds Administrative Office of Northern California, Inc. 220 Campus Lane, Fairfield, CA 94534-1498 Telephone: 707 864 2800 or 800 244 4530

Laborers Funds Administrative Office of Northern California, Inc. 220 Campus Lane, Fairfield, CA 94534-1498 Telephone: 707 864 2800 or 800 244 4530 Laborers Funds Administrative Office of Northern California, Inc. 220 Campus Lane, Fairfield, CA 94534-1498 Telephone: 707 864 2800 or 800 244 4530 ANNUAL FUNDING NOTICE 2014 Plan Year June 1, 2014 May

More information

16. Individual Retirement Accounts

16. Individual Retirement Accounts 16. Individual Retirement Accounts Introduction Through enactment of the Employee Retirement Income Security Act of 1974 (ERISA), Congress established individual retirement accounts (IRAs) to provide workers

More information

DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006. by Timothy J. Snyder, Esquire

DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006. by Timothy J. Snyder, Esquire DEFINED CONTRIBUTION PROVISIONS OF THE PENSION PROTECTION ACT OF 2006 by Timothy J. Snyder, Esquire The Pension Protection Act of 2006 ( PPA ) is a colossal 907 page statute, 779 of which relate to retirement

More information

Faculty & Administrative Officer Employee Retirement Plan Summary Plan Description. Effective May 10, 1920 Restatement Effective January 1, 2010

Faculty & Administrative Officer Employee Retirement Plan Summary Plan Description. Effective May 10, 1920 Restatement Effective January 1, 2010 Faculty & Administrative Officer Employee Retirement Plan Summary Plan Description Effective May 10, 1920 Restatement Effective January 1, 2010 1 Contents About this Summary Plan Description... 4 Eligibility...

More information

REQUEST FOR DISTRIBUTION INSTRUCTIONS

REQUEST FOR DISTRIBUTION INSTRUCTIONS REQUEST FOR DISTRIBUTION INSTRUCTIONS DISTRIBUTIONS FROM THE PLAN Generally, participants may not take a distribution from the Plan until a distributable event occurs. The events vary depending on the

More information

YOUR ROLLOVER OPTIONS

YOUR ROLLOVER OPTIONS YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from the RICHMOND RETIREMENT SYSTEM (the Plan ) is eligible to be rolled over to an IRA or an

More information

SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION

SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION SKIDMORE COLLEGE RETIREMENT SUMMARY PLAN DESCRIPTION Human Resources (518) 580-5800 OVERVIEW Skidmore College s Retirement Plan is designed to provide employees with flexibility in meeting individual financial

More information

Visa 401k Plan. Visa Retirement Plan. Your Rollover Options

Visa 401k Plan. Visa Retirement Plan. Your Rollover Options Visa 401k Plan Visa Retirement Plan Your Rollover Options You are receiving this notice because all or a portion of a payment you are receiving from the Visa 401k Plan (the 401k Plan ) and/or the Visa

More information

Saudi Arabian Oil Company (Saudi Aramco)

Saudi Arabian Oil Company (Saudi Aramco) Saudi Arabian Oil Company (Saudi Aramco) Summary Plan Description Retirement Income Plan U.S. Dollar Employees January 1, 2016 Table of Contents WHO IS ELIGIBLE... 1 COST AND FUNDING... 2 VESTING... 2

More information

Payment Options under Retirement Plans

Payment Options under Retirement Plans Payment Options under Retirement Plans by Allan P. Blostin Bureau of Labor Statistics Originally Posted: April 28, 2003 Under both defined benefit plans and defined contribution plans, employees are given

More information

Kimberly-Clark Corporation U.S. Pension Plan

Kimberly-Clark Corporation U.S. Pension Plan Kimberly-Clark Corporation U.S. Pension Plan April 2013 Dear Plan Participant: Here is your Annual Funding Notice for the Kimberly-Clark Corporation U.S. Pension Plan as of December 31, 2012. Also, instructions

More information

Non-Contributory Retirement Plan

Non-Contributory Retirement Plan Non-Contributory Retirement Plan Summary Plan Description 2008 Edition/Union-Represented Employees UAW 1069 The summary plan description (SPD) for this Plan is this booklet and any summaries of material

More information

APPLICATION FOR SURVIVORS BENEFITS

APPLICATION FOR SURVIVORS BENEFITS APPLICATION FOR SURVIVORS BENEFITS ALL APPLICATIONS FOR SURVIVORS BENEFITS SHOULD BE SENT TO: UMWA Health and Retirement Funds 2121 K Street, NW Suite 350 Washington, DC 20037-1879 1-800-291-1425 Fax:

More information

SPECIAL TAX NOTICE REGARDING YOUR ROLLOVER OPTIONS UNDER A GOVERNMENTAL 401(a) PLAN

SPECIAL TAX NOTICE REGARDING YOUR ROLLOVER OPTIONS UNDER A GOVERNMENTAL 401(a) PLAN SPECIAL TAX NOTICE REGARDING YOUR ROLLOVER OPTIONS UNDER A GOVERNMENTAL 401(a) PLAN You are receiving this notice because all or a portion of a payment you are receiving from City of Austin Employees Retirement

More information

Ferrum College Tax-Deferred Annuity (TDA) Plan

Ferrum College Tax-Deferred Annuity (TDA) Plan Ferrum College Tax-Deferred Annuity (TDA) Plan Restated as of February 8, 2000 Summary Plan Description This document provides each Participant with a description of the Institution's Tax-Deferred Annuity

More information

University of Chicago Group Life Insurance Summary Plan Description

University of Chicago Group Life Insurance Summary Plan Description University of Chicago Group Life Insurance Summary Plan Description January 1, 2010 University of Chicago Group Life Insurance Page 1 Table of Contents Your Group Life Insurance Benefits... 3 Participating

More information

Depending on your vested account balance, one of the following situations will apply:

Depending on your vested account balance, one of the following situations will apply: To: Re: 401(k) Plan Participant Eligibility for 401(k) Plan Benefits This letter is to inform you that you currently have a balance in your former Employer s 401(k) Plan. As a former plan participant,

More information

Employee Pension Guide. Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates

Employee Pension Guide. Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates Employee Pension Guide Pension Plan for Salaried Employees of Union Pacific Corporation and Affiliates OVERVIEW OF THE PLAN The following provides a brief overview of the Pension Plan for Salaried Employees

More information

CASH DISTRIBUTION FORM For VALIC Annuity Accounts Only All Plan Types

CASH DISTRIBUTION FORM For VALIC Annuity Accounts Only All Plan Types 1. CLIENT INFORMATION Name: Daytime Phone: ( ) Date of Birth: SSN or Tax ID: 2. DISTRIBUTION REQUEST Please select either OPTION A or OPTION B below. Selecting both options will delay processing your distribution

More information

Loan Application Form

Loan Application Form Loan Application Form READ THE ATTACHED IRS SPECIAL TAX NOTICE AND WRITTEN EXPLANATION OF QUALIFIED J OINT AND 50% CONTINGENT SUVIVIOR ANNUITY FORM OF BENEFIT BEFORE COMPLETING THIS FORM Please Note: Do

More information

Ameren Retirement Plan Union Cash Balance Supplement

Ameren Retirement Plan Union Cash Balance Supplement A Plan Designed to Provide Security for Employees of Ameren Retirement Plan Union Cash Balance Supplement Benefits for Certain Contract Employees Amended and Restated January 1, 2012 The following is a

More information