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32BJ School Workers Pension Plan FAQs

What do I do when I'm ready to retire?

 

When you're ready to retire, call Member Services at 800-551-3225 at least 4 months before your last day of work to request an appointment with a Retirement Counselor. Your Retirement Counselor will send you a pension estimate and an application for pension benefits, and will review all the paperwork with you during your counseling appointment. Your pension benefit will be paid monthly, effective the first day of the month following your retirement, provided all the paperwork is submitted properly and on time.

What are my payment options when I retire?

 

If you are not married when you complete your pension application, you have two payment options to choose from:

  • 36 Month Certain and Life Pension Annuity
  • 10 Year Certain and Life Pension Annuity

If you are married at that time you complete your pension application, the following payment options are available to you without your spouse's consent:

  • 50% Joint and Survivor Pension Annuity
  • 75% Joint and Survivor Pension Annuity (only available if you terminate covered employment after June 30, 2008)
  • 100% Joint and Survivor Pension Annuity

If you are married at that time you complete your pension application, the following payment options are available to you with your spouse’s consent:

  • 36 Month Certain and Life Pension Annuity
  • 10 Year Certain and Life Pension Annuity
  • 50% Joint and Survivor Pop-Up Pension Annuity
  • 75% Joint and Survivor Pop-Up Pension Annuity
  • 100% Joint and Survivor Pop-Up Pension Annuity

If you are a JMA participant who stopped working in covered employment before 1999, please refer to the Summary Plan Description for detailed information about the payment options available to you.

What is a Certain and Life Pension Annuity?

 

The 36 Month Certain and Life Pension Annuity and 10 Year Certain and Life Pension Annuity options provide a benefit for your lifetime. If you die within the 36 month or 10 year period after having started your pension, your beneficiary will receive the same amount you were receiving for the balance of the 36 month or 10 year period. Nothing is payable to your beneficiary after the expiration of the certain period. If you are married and want to choose either of the Certain and Life Pension Annuity payment options, your spouse must sign a Spousal Waiver to indicate that he/she has agreed to give up his/her right to the Joint and Survivor Pension.

What is a Joint and Survivor Pension Annuity?

 

A Joint and Survivor Pension Annuity is available for married participants only. The Joint and Survivor Pension Annuity provides a monthly retirement benefit to you for your lifetime and to your spouse should your spouse survive you. If you are married, you are required to elect one of these options unless your spouse consents to the election of one of the Certain and Life Pension Annuity options or a Joint and Survivor Pop-Up Pension Annuity option. If you elect a Joint and Survivor Pension Annuity and should die before your spouse, your spouse receives 50%, 75% or 100% of the amount you had been receiving after your death for the rest of his or her life, depending on which option you chose when you retired.

What is a Joint and Survivor Pop-Up Pension Annuity?

 

A Joint and Survivor Pop-Up Pension Annuity is available for married participants only. The 50%, 75% and 100% Joint and Survivor Pop-Up Pension Annuity options provide a monthly retirement benefit to you for your lifetime and to your spouse should your spouse survive you. If you are married and want to choose a Joint and Survivor Pop-Up Pension Annuity option, your spouse must sign a Spousal Waiver to indicate that he/she has agreed to give up his/her right to the basic Joint and Survivor Pension Annuity.

If you elect a Joint and Survivor Pop-Up Pension Annuity and should die before your spouse, your spouse receives 50%, 75% or 100% of the amount you had been receiving after your death for the rest of his or her life. If you should die after your spouse, your benefit “pops-up” to amount of your pension determined prior to reduction for the pop-up feature. No adjustment will be made to your monthly pension benefit if you divorce your spouse after you receive your first pension check.

 

Can I name a beneficiary other than my spouse for the Joint and Survivor Pension Annuity or Joint and Survivor Pop-Up Pension Annuity?

 

No, you may not name anyone other than your spouse for survivor benefits under a Joint and Survivor Pension Annuity or the Joint and Survivor Pop-Up Pension Annuity options.

Can I name a beneficiary other than my spouse for the 36 Month Certain and Life Pension Annuity or the 10 Year Certain and Life Pension Annuity?

 

If your spouse agrees in writing, you can name someone other than your spouse to receive payments for all or a part of the benefits payable for the 36 month or 10 year certain period. If your spouse does not agree by signing the Spousal Waiver, the payments will be made to him/her.

Can I make changes to the form of payment I have chosen after I start my pension?

 

No, you may not change the form of payment you have chosen once your pension has started.

What happens if I become divorced before I retire?

 

If you are divorced when you retire and commence your pension, you are not obligated to elect a Joint and Survivor pension. The only exception is if there is a special court order (a Qualified Domestic Relation Order - QDRO) that requires you to make such an election. If you are thinking about getting a divorce, you should get legal advice from a lawyer on your rights to benefits under the Plan. It is also a good idea to have the Fund office review a draft of the QDRO to determine whether it is qualified prior to entering it in court. If a domestic relations order is not qualified, then the Fund office cannot enforce the terms of the order.

At what age can I retire and receive my pension benefits?

 

You can retire as early as age 55 if you have at least 5 years of Pension Credit and 5 years of Vesting Service provided you are working in covered employment on your 55th birthday when you retire or, if not, you return to work later and earn a year of Pension Credit. Your Early Retirement Pension is calculated the same way as a Normal Retirement Pension using the pension Rate and Pension Credits you have when you leave your covered job, up to the maximum number of Pension Credits allowable for that year.

You may receive a Disability Pension at any age if you have met the Plans service requirements (5 years of Pension Credit and 5 years of Vesting Service) and are determined to have become permanently and totally disabled while working in covered employment (as evidenced by a Social Security Disability Notice of Award).

Please refer to the Summary Plan Description for detailed information about retiring prior to your Normal Retirement Age (generally, age 65).

When do I get my monthly pension; when is it mailed or posted to my account?

 

Benefit payments are made on or about the first of the month for that month. The best way to guarantee that your pension benefit is available to you about the same day every month is to have it deposited directly into your bank account through our Direct Deposit program. Direct deposit offers you the convenience of having your money available on the first of every month without having to go to the bank, and peace of mind in knowing that your benefit is safely deposited in your account - not delayed in the mail, or sitting in your mailbox while you're away.

Is my pension benefit taxable?

 

Your pension benefit is taxable because it is considered income for federal tax purposes. If requested, the Plan will deduct federal taxes from your pension check. Special rules apply for retirees who are U.S. citizens and live out of the country.

Will my pension benefit reduce the amount of my Social Security check?

 

Your pension benefit does not affect your Social Security benefit payment. Also, any disability pension benefits you may receive are not affected by Social Security. In either case, your pension benefit is totally separate and will not be affected by your Social Security benefit.

Can I get my pension paid out as a lump sum?

 

No, you may not receive your pension benefits in a lump sum payment. You will receive your benefits as a monthly annuity payable for your lifetime.

Can I roll over benefits from this Plan into another pension plan or into this Plan from another pension plan or 401(k) plan?

 

You may not roll over your benefits from this Plan into another pension plan. Also, the Plan cannot accept rollovers from other pension plans or from a 401(k) plan.

Since I am a member of 32BJ and have paid my dues on a regular basis, am I entitled to a pension?

 

Benefits are not based on the payment of dues. Participation in the pension depends on the terms of the union contract under which you were covered. If the contract required contributions to the pension plan for your category of employment you may be a participant in the plan. Eligibility for a pension is subject to satisfaction of the Plan’s vesting requirements.

Can I contribute to the Pension Plan?

 

No. The pension plan does not accept contributions from its participants. The Plan only accepts contributions from employers who are signatory to a contract with the Union. The contributions made by your employer ensure that vested participants will receive a defined benefit pension when they retire. Upon retirement, vested participants are guaranteed to receive a specific, monthly pension benefit for the rest of their lives.

What happens if I go back to work after my retirement?

 

Your pension may be suspended. Payments begin when you retire under the rules of the Plan and will generally continue for the rest of your life. However, if you work in Disqualifying Employment after retirement and have not reached your Required Beginning Date (April 1st of the calendar year following the calendar year in which you attain age 70½), your pension may be suspended. The Fund office will work with you to determine if you can continue to receive your pension benefits based on the number of hours you work in Disqualifying Employment. Please refer to the Plan's Summary Plan Description for additional detail.

Can I change my beneficiary after I retire?

 

Depending on the payment option you chose when you applied for retirement benefits, you may be able to change your beneficiary. Under 36 Month Certain and Life Pension Annuity and 10 Year Certain and Life Pension Annuity payment options, you may change your beneficiary before the expiration of the certain period (36 months or 10 years). If you were married when you retired and elected one of the Certain and Life Pension Annuity options, you will need your spouse’s consent to change your beneficiary. You cannot change your beneficiary if you are receiving a Joint & Survivor Pension or Joint and Survivor Pop-Up Pension option even if your spouse dies or if you get divorced.

Will I still be eligible for a pension if I'm vested and leave the Plan before I retire?

 

Yes, you will be eligible for a vested benefit when you retire. The benefit is payable at your normal retirement date (generally, the first day of the month after you turn 65) or at an earlier retirement date if you meet the Plan’s early retirement eligibility requirements. Please refer to the SPD for more information.

I am not ready to retire but would like to find out what my pension benefit amount will be when I do retire. How do I find out?

 

You may write to the Fund office at the address below and ask for a “Benefit Statement”. Based on information available from your employer, your benefit statement will provide an estimated annual benefit payable at age 65.

32BJ School Workers Pension Plan
Retirement Services Department
25 West 18th Street
New York, NY 10011
Attention: Benefit Statement Request

Is my pension guaranteed?

 

Yes. The pension plan is a defined benefit plan that provides guaranteed lifetime benefits to vested participants when they retire. Benefits under the Plan are also insured to a limited degree by the Pension Benefit Guaranty Corporation, a federal insurance agency. For further information about the PBGC and the benefits it guarantees, visit its Web site at www.pbgc.gov or call them at (202) 326-4000.

What happens to my pension benefit if I die before I retire?

 

Federal law requires that if you are married, vested in your pension benefits, and die before you retire, your spouse is eligible to receive a pre-retirement survivor benefit in the form of a 50% Joint and Survivor Pension Annuity for the rest of his or her life. Your spouse can start receiving the benefit when you would have first been eligible to start your pension. There are no survivor benefits payable from the Plan if you die before retiring and are not married at that time.

Should I keep in touch with the Pension Plan office after I retire or if I leave covered employment before I retire?

 

Yes! Contact Member Services at 800-551-3225 whenever you:

  • Change your address, or phone number.
  • Change your name. Participants must send any change of name to the Plan office in writing at:

32BJ School Workers Pension Plan
Retirement Services Department
25 West 18th Street
New York, NY 10011

  • Get married, divorced, separated, or become widowed. Your marital status at the time you retire determines your benefit payment options at retirement. It also affects what happens to your pension benefit if you're vested and die before you retire, so be sure to notify the Plan of any changes. It's best to send certified or notarized documents to the Plan office whenever your circumstances change.