Frequently Asked Questions

If you are still employed at age 72, your Plan account must be distributed beginning no later than the April 1st following the year in which you terminate employment. If you have terminated employment, you may not elect to defer benefit payments past the April 1st following the calendar year in which you reach age 72. Unless […]

Your account balance will be paid to your designated beneficiary. If you are married when you die, your spouse will be your beneficiary, unless you have designated another beneficiary, with your spouse’s consent. You may designate a beneficiary by completing a Beneficiary Designation form. What happens to my account balance if I die without a […]

When you become eligible to receive payment of your account balance as outlined above, you may choose (with spousal consent if you are married) to have it paid to you in one of the following ways: Certain installment payments are only available if your account balance exceeds $1,000. You may consider a change to your […]

If the Trustees determine that you have become totally and permanently disabled, you are eligible to receive a distribution from the Plan. The Plan defines a disability as a condition, based on medical evidence, where: Request a disability distribution application and a Medical Examination Report Form from the Plan’s recordkeeper, John Hancock. Complete the application and have your physician […]

When you stop working, your balance in the Supplemental Retirement Plan will be available to be paid to youwhen you reach a “Settlement Date,” which means you either:

Yes, in limited circumstances. The Supplemental Retirement Plan is intended to provide you with benefits during your retirement. Therefore, you have very limited access to your account balance until then. There are three exceptions: You may withdraw only the amount necessary to satisfy the immediate hardship need (including amounts necessary to pay any federal, state, […]