HomeMy WebLinkAboutDocumentation_Pension General_Tab 23_05/03/2010 GENERAL EMPLOYEE
PENSION BENEFIT REQUEST PROCESS
1. Employee completes the Benefit Authorization Form
2. Employee completes Application for Pension Benefits Form
3. Finance calculates the numbers and provides to Actuary and Pension
Coordinator
4. Member chooses benefit options (the Actuary will provide the form and the
employee will sign; goes before Pension Board with retirement Application for
Pension Benefits form)
5. Application for Pension Benefits form and amount of benefit is placed before
Pension Board and approved by Board of Trustees
6. Actuary provides calculation information to the Board. Someone in authority
(Pension Coordinator; Chairman; Secretary; Trustee; Administrator; or whoever
is an authorized signor for Salem Trust) notifies Salem Trust in writing to process
the monthly benefit to the employee
Required Forms:
1. Benefit Authorization Form
2. Application for Pension Benefits
3. Special Tax Notice (to be given to employee by HR at Exit Interview)
4. W4
5. Designation of Beneficiary Form
Summary Plan - FILING FOR RETIREMENT
In order to ensure that you receive your pension on time, you should file your
application with the Pension Coordinator at least 30 days before retirement. All forms
can be obtained from the Pension Coordinator at the address on the Introduction page.
Penalties will be imposed for making a false or misleading statement to obtain a
pension benefit. It can take up to 60 days after your date of retirement to receive your
first pension check."