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Does the Annuity Fund affect the amount I get from the Pension Fund or from Social Security?
No. The benefit you receive from this Fund is entirely separate from, and in addition to, your Pension Fund and Social Security benefits.
Can I contribute to the Fund?
No. Only employer contributions are permitted.
Can I specify how I want my individual account balance invested?
No. The Trustees work with professional investment advisors to invest participants’ account balances. Participants are not allowed to direct how their accounts are invested.
What happens to my account if I die before I retire?
Your beneficiary generally will receive your full account balance in one lump-sum payment or a lifetime annuity.
Can I borrow money from the Fund?
It depends. Loans may be available to help cover certain expenses if you meet specific requirements. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office to discuss your individual situation.
I recently had a heart attack and can’t work. Can I get the money in my account?
Yes, as long as you’re considered totally and permanently disabled. Refer to the Annuity Fund Summary Plan Description or contact the Fund Office for full details.
What happens if I get married?
Your spouse automatically becomes your beneficiary. You can, however, name someone other than your spouse as your beneficiary, as long as you have your spouse’s written, notarized consent.
What happens if I get divorced?
If you get divorced before benefits start, your ex-spouse will no longer be entitled to any money from your account, unless there is a Qualified Domestic Relations Order that requires payment to him or her. You can name someone else as your beneficiary. Don’t forget to contact the Fund Office if your marital status changes.
How do I find out how much pension credit I have?
You’ll get a Pension Plan statement in the first quarter of each year. Like the statement you get from Social Security each year, your Pension Plan statement will show your work history and how many service credits you’ve earned.
What does “vested” mean?
When you’re vested, it means your pension can’t be taken away from you, even if you stop working in covered employment before you retire. You’re considered vested if you leave covered employment after earning five years of vesting service, or you leave covered employment after the later of turning 65 or your fifth anniversary of Plan participation.
I work two jobs with contributing employers. Does that mean I get two pensions?
No. You can’t get more than one pension credit in a calendar year, even if more than one employer makes contributions for you during that year.
If I retire early, will I get a smaller pension?
In general, yes. If you start your payments before age 62 or 65 (depending on your employer contribution rate), the monthly amount will be reduced to account for the longer period of time your pension is likely to be paid. However, there is one exception: you could get an unreduced pension before age 62 or 65 if you have at least:
Can I get the benefit a single person would receive if I’m married?
Yes, as long as you have your spouse’s written, notarized consent.
What happens if I get married?
If you get married before your pension starts, your spouse automatically becomes your beneficiary. [(Keep in mind that your spouse must be married to you for at least a year to be eligible to receive a Plan benefit.)] If you get married after your pension starts, your pension doesn’t change.
Can I borrow against my pension?
No. You are not permitted to borrow or withdraw money from this Plan.
What happens to my participation if I leave the industry and then come back?
In most situations, you will need to meet the Welfare Fund’s initial eligibility rules again. If you worked fewer than 215 hours in an employment quarter, coverage for you and your eligible dependents will begin again on the first day of the third month after the employment quarter in which you work 215 as an industry or seniority employee or 300 hours as an apprentice employee for a contributing employer.
What happens to my coverage when I retire?
If you retire between the ages of 62 and 65 and are receiving a Regular, Reduced, or Service Pension from the Teamsters Local 814 Pension Fund, you may continue medical and hospitalization for yourself and your eligible dependents by self-paying for coverage until you reach age 65 and become eligible for Medicare. If your spouse turns age 65 before you, your spouse’s coverage will end at that time. We will reimburse $125.00 for single coverage and $250.00 for family coverage each month with proof of purchase of a health plan.
What happens to my spouse’s coverage if I get divorced?
Your spouse’s participation ends as of the date your divorce is final. Continued coverage under COBRA may be available.
My dependent information will not fit on the enrollment form. What should I do?
If you do not have enough room on the Enrollment Form to list your dependent information, provide all the required information on a separate sheet of paper and attach it to your form.
My child doesn’t have a Social Security number. Does that mean my form will be considered incomplete?
No. To ensure access to all future benefits, provide the Fund Office with your child’s Social Security numbers as soon as the number is available.
How do I find providers that participate in the medical network?
Visit Aetna’s Web site.
I lost my ID card. How do I get a new one?
Contact the Fund Office.
How do I find providers who participate in the dental network?
Call DDS Inc. at 1-800-255-5681 or visit the DDS Inc. Web site. Our group number is 814.
Does the Welfare Fund cover prescription contacts?
Yes. The Fund also covers vision exams and glasses and frames.
Can I get disability benefits if I’m getting a disability pension?
No. If you are receiving benefits or are eligible for a monthly pension from the Pension Fund, you’re not eligible for disability benefits from the Welfare Fund.
What happens if I don’t name a beneficiary for my life insurance?
If you do not have a beneficiary listed, benefits will be paid to: