Monday, September 27, 2021

Frequently Asked Defined Contribution Questions


Q.Why do I need to submit a copy of my spouse's birth certificate and marriage certificate, if we were not married during the time I worked under covered employment?
A. If you are married during the time of distribution, then your spouse is also eligible for benefits. Therefore we need the birth certificate to verify your spouse's age.
Q. Can I change my address, tax withholding, or bank information over the phone?
A. No, due to HIPPA you would need to contact the administrative office and request the appropriate forms.
Q. Does the plan allow hardship?
A. No, the plan does not allow for a hardship.
Q. If I am no longer working under covered employment, can I withdraw my pension?
A. Yes, if you have not worked in covered employment for more than 24 consecutive months.
Q. Is there another way to be eligible to withdraw my pension before age 55?
A. Yes, if you are disabled and receiving Social Security Disability benefits, then you are also eligible to apply for your benefits.
Q. What is the earliest I can withdraw my account balance?
A. The earliest is age 55, or if you have not worked in covered employment for more than 24 consecutive months.