Apply for Your Benefit
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How to apply for your Annuity Benefit
You will not start receiving your benefit automatically just because you have met the eligibility requirements and retired. You must apply for your benefit at least 30 days but not more than 90 days before the first month you are eligible to receive your Annuity Benefit. See the Summary Plan Description for complete details.
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| Apply | Print out an application form from the Forms/Resources section of this Web site, complete it and send a signed copy to the Fund Office. The application form includes detailed instructions on the documentation you need and payment options. |
| Rejecting Automatic Payment Options | With proper documentation (and spouses consent, if married), you may elect another payment option and reject the automatic form of payment in writing before your benefit payments begin. |
| When Payment Starts |
Usually the first of the month following the 30-day period after you have met the eligibility requirements for a benefit and submitted a completed application for a benefit.
Your annuity must start no later than April 1st of the year after the year you reach age 70½.
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| Paying Taxes on Your Annuity Benefit |
In the case of a direct payment, 20% will automatically be withheld to pay Federal income taxes. Massachusetts State income taxes also apply. With a direct rollover to an eligible retirement plan, no taxes or penalties will be withheld. You should be aware that a 10% Federal tax penalty may apply to most distributions made before attainment of age 59½.
Before deciding to retire or electing a payment form, you may want to consult with a professional tax advisor.
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Copyright © 2006 Massachusetts Laborers' Benefit Funds
