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What type of payout is best?

How long in advance of retirement do I have to file paperwork?

What documentation do I need to retire?


What type of payout is best?

ANSWER: There is no single best option because, essentially, you don't know how long you will live or how long your spouse (or beneficiary) will live. In some circumstances, receiving a reduced early retirement benefit may be very costly, while in other circumstances, it may be a good choice.

A joint and survivor annuity reduces your benefit but provides continuing benefits for your survivor's lifetime. If your chosen survivor lives a long time after you, the J&S may turn out to be a good choice. But if your survivor dies soon after you, total benefits paid out may end up being lower than under a single-life annuity.

The 120 guaranteed payments annuity assures that at least 120 payments will be made - to either you, your beneficiary or your contingent beneficiary - no matter how soon you and your beneficiary die.

Contact the Fund Office before you are ready to retire to request a calculation showing how much you would receive under each payout option when you plan on retiring.

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QUESTION: How long in advance of retirement do I have to file paperwork?

ANSWER: You start the process by contacting the Fund Office to request a retirement application. Since ABC, Inc., and the Trust Fund are completely separate, notifying the Company of your intent to retire is not enough. Your retirement benefit application must be on file at the Fund Office at least two months before the first of the month you want to start receiving benefits. If you don't provide advance notice, benefits won't be able to begin when you want them to.

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QUESTION: What documentation do I need to retire?

ANSWER: You need to provide evidence of your age, your marital status and your spouse's (or beneficiary's) age. The Fund Office needs a certified (or notarized) photocopy of your birth certificate and photocopies of your marriage certificate if applicable and the birth certificate of your spouse (or beneficiary). Your birth certificate needs to be submitted with your pension application.

If you are unable to locate a birth certificate, there are certain other documents that are also accepted as proof of age. Please contact the Fund Office to inquire as to what kind of documents are accepted as proof of your age.

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