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Central
Pennsylvania Teamsters Pension Fund News
May,
2007
Annual Pension
Statements Mailed in May
The 2006
Central Pennsylvania Teamsters Annual Pension Fund Statements will be
mailed to participants starting on May 11.
Please review your
statement carefully. If any information on your statement such as your
date of birth, date of hire, marital status, spouse’s information or
mailing address is incorrect, please contact the Fund Office Pension
Department.
If you do not
receive a statement, please contact the Pension Department after May
25, 2007 at 1-800-343-0136 (in Pennsylvania) or 1-800-331-0420
(Nationwide) to receive a duplicate.
Retiree
Suspension of Benefit Update for 2007
Effective
January 2007, affected retirees will be required to report their
employment status annually
The Central
Pennsylvania Teamsters Defined Benefit Plan, the Central Pennsylvania
Teamsters Retirement Income Plan 1987 and the Central Pennsylvania
Teamsters Retirement Income Plan 2000 provide that retirement benefits
will be suspended during any period in which a retired employee
returns to active service under certain circumstances with certain
employers.
Specifically, if
you are under age 70½, your monthly pension benefits may be suspended
for any month in which you:
·
are paid for more than 56
hours and
·
worked in the same trade
or craft that you worked as a Teamster, and
·
worked in the same
geographic area covered by the Pension Fund, regardless of whether the
pay is for working or non-working hours.
However, the 56-hour limit does not
include pay for vacation, sick time, holidays, disability or
severance. In addition, effective June 2003, the Fund will not suspend
the benefits of individuals who have attained age 67, have
participated only in the Fund’s Defined Benefit Plan, and whose total
monthly benefit does not exceed $150. This rule applies only to
individuals who work for a contributing employer in a position for
which contributions to the Fund are not required.
In addition, effective June 2004, the
Fund will not suspend the portion of a Retired Employee’s benefits
that were earned prior to January 1, 1987 unless the Retired Employee
is working for an employer for whom he worked prior to January 1, 1987
or for an employer that is a successor to such employer or an
affiliate of such an employer.
In the past, the Fund Office randomly
selected retirees to complete a questionnaire to determine if these
individuals were complying with the above Suspension of Benefits
rules. Beginning in 2007 and every year thereafter, all affected
retirees will be asked to complete and return a questionnaire. A
portion of these mailings will be sent each month until all affected
retirees have been contacted.
Important: Should you not return
the completed questionnaire, you will receive a notice that your
retirement benefits will be suspended. This notice will be the only
suspension notification you will receive. If you do not respond to
this second notice, your benefits will be suspended. Your benefits
will remain suspended until the month following the return of your
completed questionnaire.
The Fund requests that you complete and
return your questionnaire on a timely basis in order to avoid your
benefits being unnecessarily suspended.
Please contact the
Pension Department if you are contemplating taking a job after
retirement to determine if your employment would be affected by the
Fund’s Suspension of Benefits policy.
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