Receiving Your Benefit
| You may defer your Annuity Benefit payment until the required beginning date of the April 1st after you reach age 70 ½. Otherwise see below for eligibility events. |
| Eligibility Events |
- Upon retirement
-
In the event you are totally and permanently disabled as defined by the Board of Trustees.
- If you leave covered employment and have no contributions paid on your behalf for at least 12 consecutive months.
- If you die before or while you are collecting your benefit, the balance is paid to your named beneficiary or estate.
|
|
Benefit Amount
| Your benefit is based on a negotiated contribution rate. Your employer will make contributions on your behalf to your account. These contributions accumulate over time and are updated on a monthly basis. Go to the Member Dashboard to view your account. |
| Account Statement |
Once a year you will receive a formal account statement that lists:
-
Employer contributions made on your behalf;
-
Investment earnings and/or losses;
-
Distributions made from your individual account (if applicable); and
-
Administrative expenses, which are allocated proportionately across all individual accounts.
|
|
Payment Options
Surviving Spouse/Beneficiary Benefits
|
-
Periodic Payments (from 1 up to 15 years)
-
Lump-Sum Payment
-
Combination Lump-Sum/Periodic Payment
-
Rollover
-
Partial Rollover
Refer to Summary Plan Description for additional details on husband and wife payment options.
|
Copyright © 2006 Massachusetts Laborers' Benefit Funds
