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Pension Plan

Applying for A Pension Benefit

To begin receiving pension benefits from the Plan, a Participant must file in writing by submitting a completed Retirement Application form to the Administrative Office of the Plan no less than 30 days or more than 180 days before the anticipated effective date that the retirement is to commence. It may be requested by calling the Pension Department at the Administrative Office at (818) 846-1015. It is recommended that one begins the process several months before one expects to file a formal Retirement Application form. This will give the Participant ample time to collect the necessary information to complete the application and to consider the various benefit payment options from which to choose under the Plan.

As one approaches retirement – but before applying for pension benefits – there are several steps to take:

  • Choose a retirement date.  While early retirement is an option beginning at age 52 for a vested Participant, full pension benefits won't be paid unless he or she waits to retire and start receiving benefits at age 63 (or 65 if the compensation limit applies). For additional information, refer to the Types of Retirement Benefits section on page 11.
  • Request a pension estimate.  A pension estimate provides a comparison of the monthly payment amounts under the different options available, based upon the benefit earned to date. While a Participant may request a pension estimate at any time, be sure to request a current estimate within three months of the desired retirement date. When one calls the Administrative Office at (818) 846-1015 to request a pension estimate, the representative will ask several questions about the Participant's current situation and retirement plans to provide him or her with the most accurate pension estimate possible. Soon after the request for a pension estimate has been received by the Administrative Office of the Plan, a written pension estimate will be mailed. Once the estimate is received, please call the Pension Department again to review and compare any of the benefit options available or to ask any questions about retirement benefits. Please remember that a pension estimate is only an estimate. The actual benefit will be calculated when the Participant retires.
  • Consult with professionals.  Professional financial and tax advisors can help weigh all the factors that could affect one's financial security in retirement. The Administrative Office of the Plan does not provide financial or tax advisory services and, therefore, if a Participant desires to retain these services he or she must do so at his or her own expense.
  • Choose a payment option.  After reviewing the pension estimate, select a payment option and apply in writing to the Administrative Office at least two months before the desired retirement date. If the Participant is married (or has a Qualified Domestic Partner Your same sex domestic partner for whom you have submitted to the Administrative Office an Affidavit of Domestic Partnership with the Pension Plan, along with supporting documentation, and who meets the criteria in such Affidavit. Generally, the Participant and domestic partner must have a committed same sex relationship similar to marriage that has been in existence for at least six months. No person shall be considered a Qualified Domestic Partner prior to the time a complete Affidavit has been submitted to the Administrative Office. ), this decision should be made with the spouse (or Qualified Domestic Partner).
  • Select a beneficiary.  If the Participant is single at retirement, a beneficiary must be designated on the Retirement Application form. If the Participant is married at retirement, the spouse is the beneficiary for Plan benefits, unless the spouse provides written, notarized consent to the naming of another person as beneficiary. If a Participant has a Qualified Domestic Partner at retirement, the Qualified Domestic Partner is the beneficiary for Plan benefits, unless the Qualified Domestic Partner provides written, notarized consent to the naming of another person as beneficiary. The beneficiary can't be changed on or after the Retirement Date for any of the Joint & Survivor Annuity Options, with or without Pop-up. For additional information about designating a beneficiary, refer to page 38.

Unless the Participant elects otherwise, pension benefits shall begin no later than the 60th day after the later of the close (i.e., December 31) of the Plan Year in which: (i) the Participant would have attained age 65 or, if later, (ii) the date that the Participant terminates covered employment. A Participant who fails to submit a completed Retirement Application form shall be deemed to have deferred the commencement of his or her pension benefits until a completed pension application has been submitted to the Administrative Office of the Plan; provided that the commencement of pension benefits may not be deferred to a date later than the Participant's Required Beginning Date (i.e., generally, after 1998, the Required Beginning Date is the first day of April of the year following the calendar year in which the Participant reaches the age of 70½).

Important Reminder

Keep Plan Records Updated

In order for the Participant to receive the benefits to which he or she may be entitled under the Plan, he or she should keep the Administrative Office of the Plan records up to date.  We also encourage Participants to retain and safeguard records of covered employment (such as W-2s or detailed earnings reports that one may receive from the Social Security Administration) and to routinely verify pension or vesting credits as reported by the Plan Administrator from time to time. If any potential omissions of pension or vesting credits are detected, notify the Plan Administrator immediately to confirm that the Plan's records appropriately reflect covered employment in accordance with the terms of the Plan. In addition, a Participant should notify the Plan Administrator immediately if, among other things, there is: (i) a change of address or telephone number; (ii) a change in marital status; or (iii) a desire to change the beneficiary.