| What
happens to the funds that were set aside for my pension
benefit? |
Your benefits under the pension plan are funded entirely
by contributions from participating employers. The amount
of annual contribution is determined by an independent
actuarial firm in accordance with Internal Revenue Service
regulations.
The contributions are held by the Trustee, Northern Trust
Company. The assets in the Trust are invested by investment
managers selected and monitored by the Pension Committee.
The Trustee will make monthly benefit payments to you
when you become eligible for them. |
| How
does the disability benefit under the new pension plan
work? How does it coordinate with LTD? |
If you become disabled, you are eligible to receive Disability
Retirement Benefits if you have at least five years of
vesting service and are totally and permanently disabled
on or after January 1, 2002. Your unreduced benefit will
begin immediately following the first day of the month
after your eligibility. You will receive a monthly benefit
equal to your accrued benefit earned as of the date you
stop earning hours of service. If you also qualify for
long-term disability benefits from Trinity Health, these
benefits will be reduced by the amount of your monthly
disability pension benefit. |
| Do
I contribute to the Pension Plan? |
No you do not make any contributions to the Pension Plan.
You have the ability to contribute to the 403(b)/401(k)
Retirement Savings Plan. The Retirement Savings Plan allows
for flexibility with respect to:
- investment options,
- ability to take loan or withdrawals,
- ability to roll over into another qualified plan,
and
- ability to take as a lump sum when you leave Trinity
Health (depending on your age, there may be additional
tax penalties).
|
| Can
I take a loan or withdrawal from the Pension Plan? |
No. However, these will continue to be options under the
new Retirement Savings Plan. |
| Are
part-time employees eligible to accrue a pension benefit? |
Yes, part-time employees accrue benefits. The benefit
will be payable at termination once the employee is vested. |
| What
if I become disabled? |
If you become totally and permanently disabled and you
are vested, you may be eligible to receive disability
retirement benefits equal to your accrued benefit as of
your disability retirement date. |
| What
if I want to make a claim or appeal a decision of the
Pension Plan administrator, what are my rights? |
The Pension Plan Administrator
is responsible for determining the amounts payable from
the Retirement Savings Plan and advising each participant
or benificiary of those amounts. The Pension Plan Administrator
will either approve your application for benefits or explain
why your claim is being denied (by referring to specific
Plan provisions) and how applications are reviewed. If
you disagree with a decision, you or your authorized representative
may ask for a review by submitting a written request to
the Retirement Savings Plan Administrator. Your request
should include the issues and comments you feel are important.
You also may review pertinentdocuments if you wish. |
