IBEW Local 1547 Alaska Electrical Trust Funds Alaska Chapter NECA
 

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701 E. Tudor
Suite 200
Anchorage, AK 99503

 
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Life Events - Retirement

Initiate the retirement process

It's best to contact the Administrative Office three to four months before your planned retirement date as the process can occasionally be time consuming for both you and the Trust. You can prepare yourself for the retirement process by reading the "How to Apply for Retirement Benefits" and the "Retirement Benefit Payment Options" sections of the Summary Plan Description or your Plan Booklet. 

The documents that are required prior to benefit payments commencing may be submitted in advance of your retirement.  Having the records on file will speed up the process.

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Select pension payment option

Your monthly pension benefit at normal retirement will be the sum of your future service benefit and your past service benefit.  The monthly amount may be reduced by early retirement or increased by late retirement.

When you contact the Administrative Office to initiate your retirement, you may request they calculate your estimated pension benefit.  If you would like the pension projection faxed to you, please mail or fax your request in writing. Otherwise, you will be mailed a pension projection showing your estimated pension benefit for each of the payment options available. 

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Submit Retirement Application Form

After determining your retirement date and payment option, you may download the following forms or request these forms from the Administrative Office:

  • Retirement Application and Election of Retirement Benefits
    This form notifies the Administrative Office of what type of retirement option you are selecting, when you would like to begin your retirement, and list your beneficiary(s) and their mailing address(es).
     
  • Direct Deposit Authorization
    This form instructs the Administrative Office to which bank you would like your monthly benefit deposited.
     
  • W4-P
    This is a W4 for pensions.  It is needed to determine the amount to be withheld for federal income tax.

Please review the forms and contact a Pension Representative at the Administrative Office with any questions you may have about filling out the forms and the different retirement options.   Keep in mind that the Retirement Application and Election of Retirement Benefits must be signed within 90 days of your retirement date.  In addition, your spouse must sign the Spouse Consent section before a notary public or a Pension Representative if you do not select one of the spousal retirement options.

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Receiving your pension check

Pension checks are mailed, or credited to your account if you are receiving direct deposit, on the first day of each month. When you initially retire, there is usually a one month waiting period prior to receiving your first check.  The first check will include the monthly pension payment for the first month and the current month.

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Enroll in Medical Retiree Plan (if eligible)

At the time of your retirement, you may elect to enroll in the Retiree Health & Welfare Plan if you meet the eligibility requirements of the Plan.  To be eligible you must have 25,000 hours of contributions to the Health & Welfare Fund or have had health & welfare contributions (that include retiree funding) for 60 of the past 84 months.  Other requirements must also be met, please review the Rules for Electing Retiree Coverage and the Summary Plan Description for details. 

For your convenience, the monthly premium for your retiree medical coverage may be withheld from your pension check.

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Select Money Purchase Plan option

If you retire on or after your 48th birthday, you may withdraw the funds in your Money Purchase account.  You must apply for the distribution and elect a form of payment.  To initiate a distribution, please call the Administrative Office and ask to speak with a Pension Representative.

Please note that the taxable amount of any lump sum distribution may be subject to an additional 10% income tax unless the distribution is for one of the following reasons:

  • Your death or disability
  • Your retirement on or after age 55
  • To pay for un-reimbursed medical expenses which are deductible from gross income for federal income tax purposes 

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Continue your legal coverage through self-pay

If you are eligible for Legal coverage at the time of your retirement, you may continue your coverage by self-paying the monthly premium.  Please contact a Legal Representative at the Administrative Office if you wish to continue your Legal coverage.

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