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Table of Contents |
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| Detailed Table of Contents | |
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Calculating Your Pension Plan Benefit
Special Instances That May Impact Your Pension Plan Benefit
A Word About the Plan and Prior Plan Formulas
Situations Affecting Your Benefits
Benefits Information, Distributions, and Administrative Reviews
Applying for Benefits
General Information
Call the Benefits Center within 45 to 90 days before you want to start receiving your pension benefit. You will need your user ID and password (PIN). After you call, you will receive a letter and all the necessary information and forms that need to be completed to apply for your pension benefit. Be sure to return your completed forms within the time frame stated in the letter. As indicated on the forms, you will need to obtain notarization of certain signatures.
If you terminate employment and you do not call the Benefits Center, you will receive a letter within five to six months after your termination date. The letter will indicate the amount of your pension benefit and when you can start to receive it.
When you receive your pension benefit depends on:
 | The form of payment that you elect (a lump sum, if available, or monthly payments); |
| How quickly you return your completed paperwork; and |
| How much time has elapsed since you separated from the Company. |
If you elect to receive a monthly payment, the Benefits Center must receive your completed paperwork by the 10th of the month prior to the month in which you want to receive your monthly payment. If the Benefits Center receives your paperwork after the 10th but before the 16th of the month prior to the month in which you want to receive your monthly payment, your benefit still begins effective the following month, but you will receive your first monthly payment two months after your paperwork is received. (As a result, your first payment is a double payment.) If the Benefits Center receives your paperwork after the 15th and you are not yet age 65, your benefit is deferred and you receive your initial payment two months after your paperwork is received.
To show how this works, let’s assume that you are retiring at the end of June. The Benefits Center must receive your completed paperwork by June 10th for your benefit to begin in July. As long as the Benefits Center receives your completed paperwork by June 10th, you also receive your initial payment in July.
If the Benefits Center receives your completed paperwork between June 11th and June 15th, your benefit begins in July. However, you receive your initial payment in August. Your initial payment is a double payment and includes a retroactive adjustment for the month of July.
If the Benefits Center receives your completed paperwork after June 15th, your benefit begins and you receive your initial payment in August.
If you elect to receive a single-sum payment for any part of your pre-2001 frozen accrued benefit from the pension equity formula, you can generally receive your payment 90 days after your separation or any time after that.
If the Benefits Center cannot honor your request for benefit payment or if you disagree with the Benefits Center’s determination of your benefit amounts or options, you may either:
| Request an administrative review by contacting the Benefits Center as explained under the “Benefits Information, Distributions, and Administrative Reviews” section; or |
| Make a formal claim as explained under the “Claims and Appeals Procedures” section. |
