UA Local 7
18 Avis Dr
Latham, NY 12110
P (518) 785-9808
F (518) 785-9855
info@ualocal7.org

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.

Welfare 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.

What is a deductable?
 

The deductible is the amount of out-of-pocket expenses that a member must pay before the health insurance carrier will pay benefits. For individual coverage you must pay the first $100 of charges each calendar year. There is a $200 aggregate family deductible for family coverage. This means that all family members will be added together to satisfy the $200 total family deductible per calendar year, however no one person can pay more than the individual deductible of $100 in a calendar year.

What is coinsurance?
 

After the deductible has been met the insurance carrier will pay 80% of the usual and customary charges for benefits covered under our group contract that are subject to coinsurance provisions. When the insurance carrier has paid out $2000 worth of coinsurance on your behalf the coinsurance provision will no longer apply and then 100% of the usual and customary charges for covered services will be covered for the remainder of the calendar year.

What is a co-payment?
 

A co-payment is the amount of out-of-pocket expense associated with a particular service. The PPO Plan has several levels of co-payments ranging from $10/visit for physical therapy to $250 for an inpatient hospital stay.

What is an EOB (Explanation of Benefits)?
 

This is a statement sent directly from the insurance carrier providing specific details about how and why benefit payments were or were not made on a claim. It summarizes the charges submitted and processed, the amount allowed, the amount applied to deductible, the amount applied to coinsurance, the amount paid, and the member's balance, if any. An EOB is generated for every claim submitted to the health insurance provider.

How do I become eligible for benefits under the Local No. 7 Welfare Plan?
 

Journeymen establish eligibility by working at least 840 hours in covered employment in 12 consecutive months. After working the appropriate number of hours you will satisfy the general eligibility requirements and become eligible for all benefits offered under the plan. Apprentices establish eligibility for health, prescription, and dental coverage by working at least 420 hours in covered employment in 6 consecutive months. Apprentices must work 840 hours in covered employment in 12 consecutive months to be eligible for all benefits under the plan.

How is my welfare fund or personal account balance calculated?
 

A portion of employer contributions are credited or "deposited" in your personal account for each hour you work in covered employment. Monthly deductions or "withdrawals" will be made for your insurance coverage after the general eligibility requirements are met and you remain available for covered employment. The difference between these deposits and the withdrawals will be your personal account balance and may be used for additional reimbursements. Under no circumstances can this balance be less than $0.

When do I become eligible for reimbursements from my personal account?
 

To be eligible for reimbursements the balance in your account must exceed 8-months insurance premium, required for family coverage. Currently (June 1, 2009 through May 31, 2010) this is $9,328.00. Under no circumstances can you withdraw funds if your personal account balance would then be less than this minimum balance. Claims may only be submitted it they total at least $200. You may add several bills together in order to reach $200. Total reimbursements may not exceed $10,000 per plan year July 1st to June 30th. Claims submitted for reimbursement must be made within twelve months from the date the expense was paid.

What if my reimbursable expenses do not exceed $200?
 

In the months of March and November covered bills may be submitted for any amount as long as the other previously mentioned requirements are met (see question #6).

How do I withdraw money from my personal account?
 

All requests for reimbursements must be made on a Personal Account Reimbursement Form (PAR Form). Along with the PAR Form you must provide proof of payment, an invoice/bill from the provider and an EOB (see question #3) for expenses covered by a health insurance carrier.