Saturday, July 11, 2020

Frequently Asked Supplemental Pension Plan Questions


Q.

How soon can I retire?

A.

As early as age 55 

Q.

I am ready to retire, what do I need to do?

A.

Complete a pension application and declaration form. The forms can be found at NW Plan Services.

Q.

How long does my retirement application take to process?

A.

Typically your retirement application will be processed within 30 days unless special circumstances require an extension. You may contact NW Plan Services to check the status of your application anytime

Q.

Can I put money in my Supplemental Pension Plan?

A.

No. This Plan is funded through employer contributions and does not permit employee contributions.

Q.

What happens if I become disabled?

A.

You may qualify for Disability Benefits if you are totally and permanently disabled. If you become disabled you may also be eligible for benefits from the Health and Welfare Plan.

Q.

I just got married. How do I add my new spouse as a beneficiary to my Pension plan?

A.

To add your spouse as a beneficiary, complete a new beneficiary form and send it to NW Plan Services, Inc. To add your new spouse to your health plan, please refer to the “I’m getting married” Health & Welfare FAQ.