TWIN CITY HOSPITAL WORKERS

PENSION FUND

FAQs

FREQUENTLY ASKED QUESTIONS

How do I become a Plan Participant in the Twin City Hospital Workers Pension Fund?

You are eligible to become a Participant in the Plan if you work in Covered Service, which is working for a Participating Employer in the bargaining unit covered by a collective bargaining agreement which requires contributions to be paid into the Plan.

How do I accrue a Pension Benefit from the Plan?

The retirement benefit you will earn will depend upon two types of service you accumulate working in Covered Service, Vesting Service and Credited Service. You can contact the Fund Office for assistance in determining if you meet the eligibility requirements to receive benefits under the Plan.

What types of Retirements are available under the Plan?

Normal Retirement
Your Normal Retirement Date is the first day of the month following the later of

The day you reach 65; or
The 5th anniversary of the date you first became a Participant in the Plan

Early Retirement
Your Early retirement Date is the first day of the month after you terminate your employment provided that

You are at least 62, but under 65; and
You have earned 5 years of Vesting Service, which includes at least 1 year of Future Vesting Service

Late Retirement
If you work beyond your Normal Retirement Date, you may retire at any time.

Disability Retirement
You will be eligible to receive a disability benefit if you meet all the eligibility requirements as outlined in the Plan. For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.

Can I receive my Pension in the form of a Lump-Sum Payment?

In the event you terminate from Active employment and have a vested pension benefit with a present value of $1,000.00 or less, the Plan Administrator my make a lump sum distribution to you from the Plan.

Can I make my own contributions into the Plan?

No. Contributions can only be made by a participating Employers who contribute to the Pension Fund.

Are there any hardship withdrawals or loans that can be taken against the Plan?

The Plan does not allow for hardship withdrawals or loans.

When should I file an Application for my pension?

You should apply for your pension at least one month prior to the date you wish to begin receiving your benefits by completing an Application for Benefits and submitting it to the Fund Office. You can start the process up to 180 days prior to your retirement date.

What type of documents will I need in order to apply for my pension?

You will need to submit a photocopy of your birth certificate and if you have been divorced and pension benefits have been assigned to an ex-spouse you will need to submit the QDRO (Qualified Domestic Relations Order). In addition, if you are married, you need to submit a photocopy of your spouse’s birth certificate and your marriage certificate.

Who do I contact if I need assistance with completing the Application Forms?

Please contact the Fund Office for assistance.

How will I know that my Application for Benefits has been received by the Fund Office?

You will receive an acknowledgement letter indicating that your application has been received. This letter will also inform you if you’re missing any documents needed to continue with the processing of your application.

What happens after my Application of Benefits has been processed?

The Fund Office will send additional forms for you to complete. You will receive a Payment Election form that will include the estimated amount of your pension benefit and the form of payment options that are available. Please contact the Fund Office if you have questions or need assistance in completing the forms.

How will benefits from the Pension Plan be paid to me?

Benefits from the Plan are paid out in the form of a monthly annuity. An annuity pays benefits in equal monthly installments over a period of time. The Plan offers several different form of payment options. For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.

Can I receive my Pension in the form of a Lump-Sum Payment?

The Trustee’s may provide for vested benefits of small amounts to be paid as a lump sum payment. The Plan administrator will notify the participant if their benefit is eligible to be paid as a lump sum distribution from the Plan.

Once I have elected a form of payment, can it be changed after I begin receiving my Pension benefit?

Once payments begin your payment option cannot be changed.

Do I need to terminate employment before beginning to receive my Pension?

You must terminate employment in the industry before you can begin to receive pension benefits from the Plan.

Can I return to work while receiving my Pension benefit?

Prior to your age 70 you are required to take a Mandatory Employment Break for a minimum of 2 months before returning to work. If you return to work, you are required to notify the Fund Office in writing before returning to work in an Industry, trade or craft, and in the geographical area covered by the Plan. You are limited on the number of hours you can work in Disqualifying Employment without impacting your monthly pension benefit. For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.

What happens to my pension if I die prior to receiving benefits from the Plan?

Your surviving spouse may be entitled to a Death Benefit if you pass away prior to receiving benefits from the Plan. The form, amount and commencement date of the benefit payments depend upon various factors, including the date of your death. For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.

What is the Lump Sum Death Benefit?

Effective January 1, 2009, if you are Vested and die prior to commencing your pension benefit, your beneficiary may receive a Lump Sum Death Benefit equal to $500.00 multiplied by your years of Vesting Service as of the date of your death. You must meet certain eligibility requirements for the benefit to be payable. For further information, please refer to your Summary Plan Description (SPD) or contact the Fund Office.

How can I continue to support my local Union after retirement?

You can complete this form to become a member of the SEIU Healthcare Minnesota Retiree Committee.