Normal Retirement Age
Even if you do not file an application for pension, unless you sign a written statement asking that your pension payments be postponed, your pension payments must begin no later than 60 days after the end of the Plan Year in which you reach Normal Retirement Age and retire.
Even if you do not file an application for pension, the Plan must begin making pension payments to you when you reach your Required Beginning Date. You may not postpone payments beyond this date.
If you are a 5% owner of the employer making contributions to the Trust on your behalf, your Required Beginning Date is April 1 following the calendar year in which you attain age 70-1/2.
If you are not a 5% owner and reach age 70- 1/2 in 1999 or later, your Required Beginning Date is April 1 following the calendar year in which you attain age 70-1/2; or, if later, April 1 following the calendar year in which you retire. If you reached age 70-1/2 before 1999, your Required Beginning Date may be determined in a different manner. Please contact the Fund Office for details.
If you fail to file an application when otherwise required to do so by these rules, your Required Beginning Date will be your Annuity Starting Date, and the Plan will pay your benefits as follows:
- In a lump sum: If the value of your life time pension is $5,000 or less
- As a 50% Joint & Survivor Annuity: If the value of your lifetime pension is over $5,000. The Plan will assume that you have been married for at least one year on the Annuity Starting Date, and that your Spouse is three years younger than you.
If you fail to file an application and the plan automatically starts your pension as outlined above, you will not be able to change the form of payment except that the Fund Office will change a 50% Joint & Survivor Annuity to a Single Life Annuity if you can prove to the Trustees that you did not have a Spouse on the Required Beginning Date. Also, the amount of the 50% Joint & Survivor Annuity will be based on the actual age difference between you and your Spouse if you can prove that the three-year age difference assumption was incorrect.