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.