| If I choose to take
my pension plan match account as additional pension with a life only option, what
happens if I die? |
Under a life only option,
all benefit payments stop upon your death. This applies whether the benefit payments
originated from your pension plan or your pension plan match account.
|
Do I have to participate
in the Retirement Savings Plan to receive a pension benefit?
|
No. You automatically will
be a participant in the Pension Plan as long as you meet the eligibility requirements. |
| What are my payment options at
termination under the Trinity Health Retirement Program? |
The following are the payment options
under the Trinity Health Retirement Program:
Normal Forms
Single: Life Only Option
Married: 50% Joint and Survivor Option (Adjusted benefit)
Optional Forms
10 Years Certain and Life Option
50% and 100% Joint and Survivor Option (spouse or non-spouse beneficiary)
Lump Sum
If vested and pension lump sum value is less than $10,000, lump sum is payable
at termination of employment at employee's request.
Pension Plan Match Account is payable as a lump sum regardless of the amount. |
| What happens to my benefit if
I die before retirement begins? |
You must have five years of vesting
service, or be at least age 65, for your beneficiary to be eligible for the pre-retirement
death benefit.
- If you are married, your spouse or named beneficiary will receive a 50 Percent
Joint and Survivor benefit that can be paid as a lump sum payment, even if greater
than $10,000.
- If you are single, your estate or beneficiary will receive a lump sum payment,
even if greater than $10,000.
|
| What compensation is used in
calculating my Pension Plan benefits? |
Your Compensation Includes:
Base pay, overtime, shift differentials, variable and incentive pay, bonus, contingent
pay, productivity pay, gain sharing, holiday premiums, and elective deferrals
to the Retirement Savings Plan.
Your Compensation Excludes:
Severance pay, annual cashout of vacation PTO time, PTO lump sum cash-outs, moving
allowances, taxable tuition reimbursements, taxable payments for outplacement
services, and non-qualified deferred compensation payments. |
| When is my pension benefit paid? |
If you meet the eligibility requirements,
you could begin receiving a reduced pension benefit as early as age 55. Once you
become eligible to receive a pension benefit, you may begin receiving the benefit
immediately, or defer payment until a later age or age 65. |
| How long after I retire will
I begin receiving payments? |
Once you become eligible to receive
a pension benefit, you may begin receiving the benefit immediately, or defer payment
until a later age.
If you ask for payments to begin immediately after you complete your paperwork,
you benefit will be paid to you as soon as administratively possible. Generally,
this means you will receive payment within two months. |
| If I choose one payment option,
but want to elect a different option later, can I change? |
Once you elect a payment option and
begin receiving payments, you may not make a change in your election. |
| Am I taxed on my pension benefit? |
Your Pension Plan benefits are taxable
once you begin receiving payments. When you complete your retirement paperwork
you determine whether or not taxes (and how much) will be taken out of your benefit
payment before you receive it, or if you will be paying your taxes when you file
your tax return for that particular year. |
| What is an annuity? |
An annuity is a monthly payment from your Pension Plan
that continues based on the life of the participant and/or joint annuitant living.
If the value of the Pension Plan benefit is greater than $10,000, you will receive
your Pension Plan benefit in monthly payments at retirement. |
