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Common Questions About Your Pension Benefits
What is vested status?
Once you are vested your right to a pension from the Plan is assured.
You are vested if you have worked under SSDC contracts subject to
employer contributions, in each of five years with no permanent break in
service. (see Eligibility). If all of your SSDC employment occurred
prior to September 1, 1999, seven-year vesting is required.
When can I begin receiving my pension?
Normal retirement age is 65, although an early retirement option is
available at 62, assuming you have met all of the eligibility
requirements. You must file a written application with the Board of
Trustees on a form that you can request from the Fund Office. Your
application must be filed at least three months prior to the effective
date of your pension.
Can I leave a benefit to my spouse?
Yes. If you are married, your spouse must be your beneficiary unless he
or she agrees to waive the benefit. If your spouse agrees or if you are
single, you may name any individual as your beneficiary. The amount of
your pension will then be reduced depending on the difference in age
between you and your beneficiary, as well as the percentage amount which
you choose to leave (either 50% or 100% of your benefit). Upon your
death, your beneficiary would then continue to receive a monthly benefit
for the rest of his or her life.
Is a benefit payable to a beneficiary if I die before reaching age 65?
Yes. If you are vested and die before reaching age 65, your spouse, if
you are married, or your designated beneficiary, if you are unmarried,
may choose either a one-time lump sum benefit or a life-time monthly
pension.
If you have any questions contact us at Pension@ssdc.org. |
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