Important Info When Retiring
CENTRAL PENNSYLVANIA TEAMSTERS PENSION FUND
IMPORTANT ITEMS TO REMEMBER WHEN APPLYING FOR RETIREMENT
1. YOU MUST SIGN YOUR NAME CONSISTENTLY ON ALL FORMS SUBMITTED TO THE PENSION FUND OFFICE. For example, if you sign your name “John M. Smith” on the initial set of paperwork, you must sign each and every page of your application where a signature is required as “John M. Smith”.
2. Your application should not be signed and dated more than sixty (60) days prior to the date that is entered in the space entitled “Date Electing to Retire.”
3. If you are electing to have your monthly check(s) sent to the bank, your FIRST (or next if you already receive checks) monthly check will be sent to your home address. It takes 30 days for the direct deposit to go into effect. Direct Deposit is required for all new retirees.
4. The date of notarization must be the same date you signed the applicable forms in the presence of the Notary Public.
The Fund Office offers notarization of Pension Fund documents (pension applications, beneficiary forms, etc.) for members at the Fund Office. Unfortunately, the Fund cannot provide notarization of personal or other non-Fund-related documents.
5. If you are electing to roll over a lump sum balance, the financial institution to which the money is to be sent can complete the Direct Rollover Acceptance Form(s) or they can provide their own Direct Rollover Acceptance Form(s) or a Letter of Acceptance. In order for the rollover forms to be acceptable, please note the following points:
- The acceptance forms must contain the name of the correct Plan name of the correct plan from which the money is coming. The funds are either coming from the Defined Benefit Plan or the Retirement Income Plan.
- If you are electing a partial rollover, the acceptance paperwork must also be marked as a partial rollover.
- The Retirement Income Plan is a qualified retirement plan (QRP) or a 401(a). You do NOT have an Individual Retirement Annuity (“IRA”) or a 401(k) with the Central Pennsylvania Teamsters Pension Fund.
- The acceptance forms must be signed by an authorized representative of the financial institution that is receiving the money (not simply a broker or financial advisor). The signature must be original.
- All acceptance forms must be originals. Copies or faxes will not be accepted.
- If the acceptance letter references an attached document, the Pension Fund requires the attached document to also be included.
6. Your Retirement Income Plan 1987 balance is subject to net gains or losses through the last day of the month in which your application is approved for payment.
7. Lump sum payments from the Retirement Plan 1987 are paid no earlier than the 15th day of the month and no later than the last day of the month.
8. Your checks from the Defined Benefit Plan (or monthly payments from the Retirement Income Plan if elected) will begin on the first of the month following approval of your Retirement application by the Board of Trustees. Retirement checks are issued on the first business day of the month and represent benefits for the previous month. For example, if your retirement date is October 1, you will receive your first check dated November 1, representing benefits for the month of October. If your retirement date is retroactive, your retroactive payment will be paid in a separate check on the first business day of the month after your application is approved.
9. Even if you do not wish to have federal income tax withheld from your Defined Benefit checks, the W-4P Withholding Certificate must be completed and returned.
10. Please note in order for your file to be approved for payment, all required documentation must be received by the 15th of the month in which you are retiring. If the 15th falls on a Saturday or Sunday, the paperwork must be received by the prior Friday. A letter may be sent by the Fund Office to your employer to confirm your final day of work and termination date. This letter must also be returned by the 15th of the month in order for your final application to be approved for payment.
11. If you elect a Single Life Annuity with a retroactive distribution (if applicable), the 36 month certain begins with the effective date of your retirement and includes all payments made in that distribution. If you elect a Single Life Annuity with a prospective pension (if applicable), the 36 month certain begins with the date of your first check.
12. If you elect to rollover your lump sum balance, the Fund cannot split the distribution between multiple Individual Retirement Annuity (“IRA”) accounts.