IKORCC | MACRC Pension Fund Merger.

June 1, 2026

July 1, 2026

Yes and No.

Payment Amount. Your monthly pension payment amount will not change as a result of this merger.

Direct deposit. The MACRC Fund requires payments to be made by direct deposit. If you are receiving monthly payments by check, you will receive a direct deposit form from the MACRC Pension Fund later in May.

Tax withholding. The MACRC Fund will not be deducting state or county taxes from your pension benefit payment. Federal tax withholding will remain the same.

No. Health care premium deductions will remain the same. The MACRC Fund will continue sending deducted premiums to the CMRCC Welfare Fund.

Depends.

• Retirees receiving a monthly pension:
  • Yes. You will need to complete a Beneficiary Designation Form to receive a new $3,000 death benefit available under the MACRC Fund. If you are receiving a monthly benefit, you are eligible for this benefit. If you wish to update where your monthly payment is deposited, you may contact the MACRC Fund Office to request a form. Beneficiaries receiving a monthly benefit payment are not eligible for the $3,000 death benefit.
• Retirees and Beneficiaries receiving a monthly check by mail:
  • Yes. You will be required to complete and return a Direct Deposit form to the MACRC Fund Office as soon as possible. The MACRC Fund requires monthly payments to be made by direct deposit. Direct deposit forms will be mailed in May to anyone receiving a paper check; however, if any pension participant would like to update their banking information, you may contact the MACRC Fund Office to request a form.
• All Retirees and Beneficiaries receiving a monthly pension in any payment method:
  • Possibly. You may also want to update your direct deposit or federal tax withholding elections. Please contact the MACRC Fund Office to request tax forms.
• Beneficiaries receiving a monthly payment by direct deposit:
  • No. Unless you want to update your current banking information or update the taxes being withheld, you will not need to complete any paperwork.
• Actives and Vested Deferred (vested but no longer working) participants:
  • Yes. You will need to complete a new MACRC Pension Fund Beneficiary Designation Form to ensure we have the most current beneficiary on file.

It depends on how you receive your monthly payments and if we receive your forms timely.

• Monthly payment by direct deposit:
  • No. Pension payments made by direct deposit are expected to continue on their normal monthly schedule.
• Monthly payments by check:
  • Possibly. Retirees currently receiving paper checks are required to enroll in direct deposit. To avoid any delay in receiving pension payments, retirees currently receiving checks must complete and return the Direct Deposit form that will be mailed in May.

There will be a slight change when the 1st of the benefit month falls on a weekend or holiday: the IKORCC Fund issues payments on the 1st of the benefit month or prior business day, and the MACRC Fund issues payments on the 1st of the benefit month or next business day.

• Retirements beginning before July 1, 2026 are handled by the IKORCC Fund.
• Retirements on or after July 1, 2026 are handled by the MACRC Fund.
• Any retirement applications received by the IKORCC Fund after May 22, 2026 will be shared with the MACRC Fund to commence retirement payments after July 1, 2026.

Please note that plan rules regarding work before and after July 1, 2026 may differ, and different rules could apply depending on when work is performed.

It depends on when the service was earned:

• Before July 1, 2026: Your benefits are generally governed by the IKORCC Plan, or a prior IKORCC pre-merger plan if applicable.
• On or After July 1, 2026: Your benefits are governed by the MACRC Plan.

No. Both plans use the same Normal Retirement age of 65, or the 5th anniversary of becoming a participant if later. Early retirement rules differ depending on which benefit is being paid.

The MACRC Fund will be sending a detailed informational mailing describing plan differences in May 2026, followed by mailing of the Summary Plan Description after July 1, 2026.

Yes. After July 1, the MACRC Fund’s plan rules apply. A formal IRC Section 204(h) notice and detailed informational mailing describing plan differences will be distributed by MACRC in May 2026. The MACRC Pension Summary Plan Description will be mailed later this summer.

No. This merger does not reduce or decrease the vested benefit of any participant in the IKORCC Fund accrued through June 30, 2026.

Questions about payments, service, or benefits before July 1, 2026:
IKORCC Fund Benefit Office: Call (800) 700-6756

Questions about payments, service, or benefits after July 1, 2026:
MACRC Fund Benefit Office: Additional contact details will be provided in mailings from the MACRC Pension Fund in May 2026.

Indiana: 133, 215, 224, 232, 301, 364, 413, 615, 1016,1076, 2950 
Kentucky: 175, 357, 472, 1650   
Ohio: 2, 136, 171, 186, 200, 285, 351, 356, 372, 437, 650, 735, 744, 1090