If you are planning to retire we recommend you contact our office to discuss your benefit before you end your employment. A retirement counselor can suggest the best dates for you to retire and provide an estimate of your benefit. A few things to know if you are contemplating retirement:
- Be sure to contact us before you retire or leave employment. There are certain options that you may only have while you are still employed and a contributing member.
- When considering whether or not you can afford to retire, make sure you are taking into account all the costs associated with retirement. Health insurance and federal taxes are withheld from most annuity payments; be sure to think about those costs.
- In order to allow for your final pay check to apply to your benefit, it generally takes 10 weeks from the date of retirement before you will receive your first check from the Fund. Be prepared for this lapse.
We recommend that you refer to the following timeline for contacting our retirement counselors
INQUIRE BEFORE YOU RETIRE
2 to 4 years before retirement:
Contact us to talk to a retirement counselor about the best date for you to retire and obtain an estimated monthly annuity amount.
6 to 12 months prior to retirement:
Contact us to receive a printed estimate with the approximate amount of gross monthly pension for your planned retirement date. In addition we can provide you with the estimated health benefit and federal tax withholding rates, which will be deducted from your gross monthly pension if applicable.
30 to 60 days prior to retirement:
Time to apply for your annuity. We recommend you contact us for a review of your completed retirement annuity application. You should also learn about your health benefit options and allow us to answer any other questions related to your planned retirement.
Questions
If you have any questions about your Retirement benefits, please contact us.