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Pension Plan

Factors to Consider When Choosing a Payment Option

There are several factors one should consider and questions that one should ask when deciding on a payment option for Plan retirement benefits, including (for example):

The answers to these questions, combined with a review of a current pension estimate from the Plan and consultation with the Participant's spouse or partner and tax / financial advisors, will help the Participant decide which option is best for him or her.


Consider Requesting A Current Pension Estimate Before Deciding On A Payment Option

A pension estimate provides a comparison of the monthly payment amounts (based on the Participant's benefit earned to date) under the different payment options available under the Plan. This estimate is based upon Participant information reported to the Plan, including covered earnings information, so it is important to make sure that the information is accurate. While a Participant can request a pension estimate at any time — even years before retirement and once per year, be sure to request a current estimate within three months of the desired retirement. To request a pension estimate, please call the Administrative Office at (818) 846-1015.