Thursday, April 9, 2020

Frequently Asked Pension Questions


Q. My monthly benefit did not reach me and I have recently moved, what happened? 
A. The Trust Fund Office makes every attempt to ensure you receive your monthly benefit on time. In the event you move, please inform the Trust Fund Office immediately of your new address. Monthly benefits are ceased upon receipt of returned mail by the Trust Fund Office. You may update your address, in writing, by sending such a request to the Trust Fund Office at: Solano-Napa Counties Electrical Workers Pension Trust Fund, P.O. Box 1306, San Ramon, CA 94583.
Q. When should I expect to receive my monthly benefit?
A. The Trust Fund Office makes every attempt to ensure your monthly benefit is delivered on the first of every month. That said, it is possible for delivery of one's monthly benefit to be delayed for reasons outside of the Trust Fund Office's control. In the event you did not receive your monthly benefit, please contact the Trust Fund Office. We must wait ten (10) business days from the first of the month before a new check can be issued.
Q. Can my monthly benefit be deposited in either my checking or savings account? 
A. Yes. The Trust Fund Office can deposit your monthly benefit into either a checking or savings account with your bank. Please complete a direct deposit authorization form, available from the Trust Fund Office, to enact the direct deposit of your monthly benefit. 
Q. How is my monthly benefit calculated?
A. Your monthly benefit is calculated by taking the number of Benefit Units you earned during your employment in Covered Service. The number of Benefit Units you earned is then multiplied by the value of each Benefit Unit as determined by the Solano-Napa Counties Electrical Workers Pension Plan. The current Benefit Unit value for a participant retiring on or after February 1, 2005, without a separation from covered employment (or permanent break in service), is $133.00 per Benefit Unit.
Q. Can my pension be paid out in one lump sum?
A. No, your monthly benefit is exactly that: a monthly benefit payable every month for the rest of your lifetime.
Q. What happens to my application once it is mailed to the Trust Fund Office?
A.

The Trust Fund Office will review your application to ensure it is complete. In the event a form is either missing or not filled out completely, the Trust Fund Office will mail you information informing you what action needs to be taken.

Upon receipt of any additional information requested, the Trust Fund Office will hold your application and process it as quickly as is administratively possible. In the event your application is received (and complete) more than one month prior to your retirement date, the Trust Fund Office will wait until the month prior to your retirement date to set up your file in our database.

An award letter will be sent to you following the successful processing of your retirement application.  

Q. How far in advance should I request an application for retirement? 
A.

You may request an application for retirement any time during the 180 days prior to your planned retirement date. You may request an application by phoning the Trust Fund Office at (866) 544-9880. 

Q. Besides my application for retirement, what additional documents will I need to submit to the Trust Fund? 
A.

The Trust Fund Office will need photocopies of documents proving your date of birth, such as your birth certificate. Similarly, a copy of your spouse's birth certificate will be required.

A copy of photo identification for both you and your spouse will also be necessary.

A copy of your marriage license, if you are married, will also be necessary.

If you were divorced, please submit a copy of the final judgement in your marital dissolution. Similarly, provide the Trust Fund Office with copies of any marital/property settlement agreement filed with the Court. It is necessary for the Trust Fund Office to determine what, if any, portion of your pension benefit may be payable to an ex-spouse.