Sunday, March 15, 2026

Frequently Asked Pension Questions


Q.

When do I become eligible for benefits?

A.

Once you are vested you become eligible to apply for a loan.

Q.

What is a Plan Year?

A.

January-December

Q.

Do I need to do anything to enroll in the Plan?

A.

No, you do not

Q.

When do I become vested?

A.

You become vested after you have 3 years with 600 hours each.

Q.

How do I become eligible to withdraw money from my account?

A.

Once you have become vested

Q.

May I borrow against my Annuity Plan?

A.

You can only borrow for the purpose of purchasing primary home in which you will be living.

Q.

How is my account invested?

A.

After 3-600 hour years you become vested in a row.

Q.

What happens to my account when I die?

A.

When you die, your beneficiary would be paid the balance of your account.

Q.

How do I designate a Beneficiary for my Individual Account?

A.

We have Beneficiary forms for you to complete.  These can be changed as often as you see fit.

Q.

What if I get divorced?

A.

If you get divorced there could be a QDRO depending on what your divorce papers state.

Q.

How do I apply for a benefit?

A.

Answer Here