Benefits Office

Pension Fund FAQ

I am interested in retiring, how do I find out how much my estimated pension benefits will be?


Contact the Plan Office and request an estimate of pension benefits for retirement. A memorandum outlining the pension options available and an estimate of your monthly payment under each option will be mailed to you. Please keep in mind that these figures are estimates only and are subject to actuarial review. This request is for informational purposes only and in no way serves as an application for pension benefits.

 

I have made the decision to retire, how do I begin to receive pension benefits?


You must formally apply for pension benefits. Please contact the fund office for an application. The Fund Manager and office staff will help with the application process. Normally, your pension application should be filed three months in advance of the date you wish to have your pension start. You may file an application while you are still working.

 

When will my pension payments start once I have applied?


If you have satisfied all of the requirements, your pension will start effective with the first day of the calendar month following the date the Plan Office receives your application.

Example: If you submit your application to the Plan Office January 15, your retirement date can be no earlier than February 1. However, one month must elapse before you can actually receive pension payments; which means your payments will actually start on March 1 and the amount will be paid retroactive to February 1.

 

How often will I receive my pension payments?


Pension payments are made monthly on the 15th of the month for that month.

 

After I retire can I change the form of payment I have chosen?


No. Once your monthly pension commences, the form is irrevocable.

 

Can I continue to work after I retire?


If you are employed or self-employed in the trade in New York State for at least 40 hours during a particular month you are not entitled to a pension payment for that month.

 

May I take a cash settlement instead of monthly pension payments?


No, a lump sum cash settlement is not an option. The purpose of the plan is to help provide a monthly income for retired participants.

 

Can I borrow from the pension money I am to receive?


No, it is prohibited to borrow from your pension money.

 

How disabled must I be in order to receive a disability pension?


You must be so disabled that you are entitled to receive a Social Security disability monthly pension for the month in which your disability pension starts.