Apply For Your Pension
How to Apply for Your Pension
You will not start receiving your pension automatically just because you have met the eligibility requirements and retired. You must apply for your pension. |
| 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, the types of pensions, and payment options. |
| Rejecting Automatic Payment Options | With proper documentation, you may elect another payment option and reject the automatic form of payment in writing. |
| Approval Notification | The Board of Trustees must review and approve your application before payments start. Therefore, you should submit your application well in advance of your expected retirement date. |
| When Payment Starts | Usually the first of the month following or coincident with the later of:
- 30 days after you’ve met the eligibility requirements for a pension and submitted a complete application for a pension benefit; or
- 30 days after the Plan has notified you of your payment options, unless your pension is being paid as a Husband and Wife Pension on or after your normal retirement age or is paid automatically as a lump-sum payment.
- Your pension must start no later than April 1 of the year following the year you reach age 70-1/2 (or, if you are still working in covered employment when you reach age 70-1/2, April 1 of the year following the year you retire). |
| Paying Taxes on Your Pension Benefit | Unless you elect not to have taxes withheld, Federal and applicable state income taxes will be automatically withheld from payments that exceed limits established by law. Before deciding to retire or electing a payment form, you may want to consult with a professional tax advisor. |
Copyright © 2006 Massachusetts Laborers' Benefit Funds
