HOUSTON POLICE OFFICERS PENSION SYSTEM DEFERRED RETIREMENT OPTION PLAN (DROP) POLICY SECTION 1200
|
|
- Linda Owen
- 5 years ago
- Views:
Transcription
1 1
2 TABLE OF CONTENTS SECTION PAGE 1200 INTRODUCTION PURPOSE ELIGIBILITY FOR DROP PARTICIPATION EDUCATION ON DROP APPLICATION FOR DROP PARTICIPATION PARTICIPATING IN DROP TERMINATING ACTIVE EMPLOYMENT DISTRIBUTION OF DROP MONIES DISTRIBUTION OF DROP AFTER MEMBER S DEATH REEMPLOYMENT DROP BENEFICIARY DESIGNATION
3 1200 Introduction The Board of the Houston Police Officers Pension System (HPOPS), pursuant to statutory authority under the provisions of Article 6243g-4, Vernon s Annotated Texas Statutes (VATS) and under Section 67, Article XVI, Texas Constitution, has been given the responsibility for the general administration, management, and operation of the pension system. The applicable laws governing DROP and the Houston Police Officers Pension System (HPOPS) are promulgated in Article 6243g-4, Vernon's Annotated Revised Civil Statutes of Texas, and any agreements pursuant to Section 27, thereof Purpose HPOPS is committed to the efficient and effective fulfillment of the mission of HPOPS, which is to responsibly manage the system in the best interests of the members and beneficiaries so that they may have peace of mind knowing their pension benefits are secure. The purpose of this policy is to provide a documented procedure for applicants electing the Deferred Retirement Option Plan (DROP), and provides a detailed outline to be followed by the Pension Staff when processing applications for the DROP election. This policy may change from time to time as case law and legislation develop Eligibility for DROP Participation Member is as defined under Article 6243g-4 Sec. 2, Vernon s Annotated Texas Statutes To be eligible for DROP, a member must meet both of the following criteria. A. The member must have become an active member before October 9, 2004, and has not had a separation from service after that date except for a member hired before October 9, 2004 and was involuntarily separated from service but was retroactively reinstated under an arbitration, civil service, or court ruling after October 9, B. The member must have 20 or more years of credited pension service with the City of Houston. Service with another department of the City of Houston cannot be used to qualify for benefits. Members may not use service from another City of Houston pension system in the calculation of benefits in more than one system. 3
4 DROP applicants must meet all requirements of the applicable state law and the requirements established by the HPOPS Board of Trustees in this policy statement Education on DROP As a member nears eligibility for DROP, HPOPS staff will notify the member of eligibility and provide a DROP Entrance Request Form. The member will also be notified he or she has the option to attend a DROP seminar presented by HPOPS staff. At the seminar, the member will be provided with an overview of the program including the tax consequences and the fact that the election is irrevocable. The member will be advised to personally seek legal, tax, and financial advice during the DROP application process Application for DROP Participation Once a member is eligible for DROP participation, it is the member s responsibility to notify HPOPS of his or her intent to participate in DROP by completing the DROP Entrance Request Form and delivering it to the HPOPS office The member s DROP entrance effective date will be A. the date the member attained 20 years of service. or B. if the member decides to not enter at 20 years of service, the member can enter at a later date and can be retroactive 30 days Members must complete the necessary paperwork within 30 days from the DROP entrance date. An exception may only be granted when waiting to receive payroll information from the City required to correctly calculate the member s benefit After receipt of a member s DROP Entrance Request Form, HPOPS staff will contact the eligible member to schedule a DROP entrance appointment. The appointment will be subsequent to the DROP entrance effective date in order to allow for adequate time to receive the payroll information required to compute the monthly DROP benefit DROP applicants will be asked to complete and/or sign the following where applicable. A. Whether a member is or is not involved in a common-law marriage, the member will be asked to sign the common-law acknowledgement that he/she understands the HPOPS common-law marriage policy; 4
5 B. A Designation of Beneficiary Form, if applicable; C. The complete DROP Application Form; D. The DROP Application Acknowledgement Form; E. The Release of Liability Form. F. The member will be given copies of all documents The completed application will be reviewed and verified by the HPOPS staff, approved by the HPOPS Executive Director, and submitted to and ratified by the Board of Trustees at the next available board meeting The member can withdraw the DROP application at any time PRIOR to ratification by the Board of Trustees of HPOPS. A request to withdraw must be made in writing and submitted to the HPOPS office prior to the close of business on the day prior to the regular monthly Board meeting where such application was on the agenda The System Staff will notify the member of the Board s ratification of the DROP application, including: A. The monthly amount to be credited to the member's DROP account; B. The effective date of the approved application Participating in DROP The System Staff will provide each DROP participant semiannual statements of DROP account balances The System Staff will answer phone inquiries from the DROP participant regarding their account balance and will encourage such members to access their DROP balance through the HPOPS Web site The DROP account consists of two (2) cash flows: A. the monthly DROP benefit, which equals the monthly service pension amount the member would be receiving if the member had retired on the DROP entrance effective date, less the medical insurance stipend, and, B. the calculated interest. 5
6 Each member's DROP benefit will be accounted for by HPOPS in a separate notional account. The member's assets will not be physically separated from other assets of the Pension System. The monthly benefit and interest earnings attributable to a member will be credited to each member s separate notional DROP account (bookkeeping account) monthly The DROP interest rate will be calculated at the System s compounded average rate of return for a 5-year period ending on June 30 th of each year and multiplied by sixty-five percent (65%). This calculated rate of return will be credited to the individual DROP accounts as of each month-end beginning January 1 of the following year. The interest on the individual's DROP monies is calculated as follows: A. As of June 30 th, determine the compounded average rate of return for the System for the last 5 fiscal years and multiply by sixty-five percent (65%). B. Divide the 5-year average by days to determine the daily interest rate. This daily interest rate is multiplied by the number of days in the given month. The product is then multiplied by account balances that were in the individual accounts for the entire month. C. The DROP interest rate shall not be less than two and a half percent (2.5%) with no ceiling. D. The monthly DROP benefit is credited to the notional DROP accounts on the last day of each month and does not receive interest credit until the first day of the following month. E. The maximum number of years a member may participate in DROP is 20 years. F. After the member has reached the maximum number of years of DROP participation, including members with 20 years or more in DROP on or before the July 1, 2017, the member may not receive the monthly service pension that was credited to a notional DROP account but may receive the DROP interest rate stated in this section Terminating Active Employment A member of HPOPS who is a participant of the DROP program and who terminates employment as a classified police officer with the City of 6
7 Houston Police Department must contact HPOPS Staff and schedule an exit appointment. This appointment must occur prior to the distribution of any retirement pension or DROP lump sum Prior to or during the exit appointment, the member must be prepared to complete the following forms if applicable: A. Retirement Application based on the retirement type; B. Retirement AMS Worksheet; C. Lump Sum Distribution Form; D. PROP Application; E. PROP Acknowledgement Form; F. Common Law Acknowledgement Form; G. Family Information Form; H. Directory Consent Form; I. Insurance Authorization Form; J. Special Tax Notice Receipt Form K. Release of Liability Form; L. Direct Deposit Form; M. Tax Withholding Form The completed forms will be reviewed and verified by HPOPS Staff, approved by the HPOPS Executive Director, submitted to and ratified by the Board of Trustees at the next available board meeting The System Staff will notify the member of the Board s ratification, including: A. The monthly retirement benefit amount; B. The effective date of retirement; C. A PROP award letter, if applicable. 7
8 1207 Distribution of DROP Monies DROP participants can only take a distribution from their DROP account once they have retired DROP distributions can be made to one or any combination of the following: A. Directly to the member (only one account); B. Direct rollover to an IRA or qualified plan (only one account); C. The member may leave the DROP account at HPOPS. In this case, the account will become a Post Retirement Option Plan (PROP) account and the interest credited for any month shall be equal to the DROP interest rate as described in this policy. For more information on PROP, refer to HPOPS policy, Section A distribution made directly to the individual member is subject to certain federal tax laws, including, but not limited to, Federal income tax and applicable withholding, and a 10% (ten percent) penalty if the individual is less than 59 ½ years of age unless an exception applies according to the Internal Revenue Code Allocation of either all or a portion of a member s DROP account, or the $5, lump sum, to PROP will result in a decrease in the amount of these lump sum distributions that may be recovered tax free upon termination If the member becomes involved in a divorce proceeding and a Domestic Relations Order submitted to HPOPS is determined to be a Qualified Domestic Relations Order (QDRO), the portion of the DROP account that is awarded to the alternate payee shall be credited with the same hypothetical earnings rate that the member is entitled to receive on his/her account. Distribution of the awarded portion of the DROP account will be made to the alternate payee in a lump sum at the time that the member is eligible to commence the distribution of monthly pension benefits Any distribution taken at retirement will not earn interest after the member s termination date Distribution of DROP after Member s Death The DROP election is irrevocable
9 HOUSTON POLICE OFFICERS PENSION SYSTEM If a member who has entered DROP subsequently dies, the survivor will receive the DROP balance and pension annuity If an active member is killed or dies from any cause growing out of or in consequence of the performance of the member s duty, the member s surviving spouse, dependent child or children, or dependent parent or parents are eligible to receive the DROP balance and pension annuity equal to 100 percent of the member s final average pay based on the last 78 biweekly pay periods ending before the member s date of death.a surviving spouse has the option to receive the DROP balance: in one or any combination of the lump sum distribution options listed in , or in the form of a life annuity If no one is eligible for the survivor's benefit then the member s designated beneficiary or the member's estate in absence of a designated beneficiary, is generally entitled to benefits determined by looking at otherwise applicable provisions of Article 6243g-4. A. The designated beneficiary or the estate will receive the DROP lump sum benefit B. Member s who were in compliance with the provisions of Article 6243g-4 concerning common-law marriage prior to September 1, 2003 are considered to continue to have a common-law marriage for HPOPS benefit purposes until such time as they obtain a divorce Reemployment If a retired member who is or was a DROP participant is rehired as a classified employee of the police department any pension or DROP distribution that was being paid shall be suspended. Any future benefit accrual will be based upon the benefits available to members hired at the time the member is rehired If the member's DROP account has been completely distributed, a new notional account may not be created. 9
10 1210 DROP Beneficiary Designation In accordance with Article 6243g-4 Sec. 16A, Vernon s Annotated Texas Statutes, only members may designate beneficiaries to receive their DROP account in the event of the member s death A member who is married at death is considered to have designated the member s spouse to receive the DROP account For purposes of DROP beneficiary designation, HPOPS will recognize the member s marriage to the spouse in accordance with HPOPS Proof of Marriage Policy, Section A member s DROP account may be distributed to designated beneficiaries other than the member s spouse if either of the following occurs: A. The member did not have a spouse at the time of his/her death. This will happen if the member s spouse predeceases the member, if the member and spouse are divorced after the member designated the spouse, or if the member was not married at the time of his/her death. B. The member s spouse consents in a notarized writing to the distribution to other beneficiaries The member must submit a DROP Designation of Beneficiary Form issued by HPOPS in order to designate his/her beneficiaries In general, the member may designate any person or persons s/he wishes to receive the DROP account provided the designation makes a distribution of 100% of the DROP account In making the beneficiary designation, the member can choose to designate both primary and contingent beneficiaries. A. Primary beneficiaries are entitled to the member s DROP account at the member s death. If more than one primary beneficiary is designated and one or more of these beneficiaries do not survive the member, the percentage of the deceased beneficiary s designated share shall be divided equally among the remaining primary beneficiary(ies). B. Contingent beneficiaries are entitled to the member s DROP account only if all primary beneficiaries are deceased at the time of the member s death. If any of the named contingent beneficiaries do not survive the primary beneficiary(ies), the percentage of the deceased contingent beneficiary s designated share shall be divided equally among the remaining contingent beneficiaries. 10
11 A DROP Designation of Beneficiary Form will be ineffective and not used if: A. The member does not designate a distribution that disposes of 100% of his/her DROP account in either of the primary or contingent beneficiary selections respectively. B. The member has a spouse at the time of his/her death and the spouse has not properly consented to the distribution to the designated beneficiaries. C. The member listed contingent beneficiaries but no primary beneficiaries. D. The member did not properly answer any of the required questions on the DROP Designation of Beneficiary Form If the member has not designated a beneficiary, either because a DROP Designation of Beneficiary Form was not completed or the form that was completed is defective, the member s DROP account will be distributed according to the following order: A. To the member s spouse; B. To the member s children in equal shares if the member has no spouse. C. To the member s parents in equal shares if the member has no spouse and no children. D. To the member s estate if the member has no spouse, children, and parents at the time of his/her death A member s executed DROP Designation of Beneficiary Form will be valid once HPOPS Staff has reviewed and approved the designation. HPOPS Staff will notify the member if his/her designation was approved or the reason it was declined Members must submit a new DROP Designation of Beneficiary Form in order to modify or revoke a previous beneficiary designation that HPOPS has approved Electronically submitted DROP beneficiary designations are subject to the above described policies and procedures. 11
HOUSTON POLICE OFFICERS PENSION SYSTEM POST RETIREMENT OPTION PLAN (PROP) POLICY SECTION 1400
HOUSTON POLICE OFFICERS PENSION SYSTEM POST RETIREMENT OPTION PLAN (PROP) POLICY SECTION 1400 1 TABLE OF CONTENTS SECTION PAGE 1400 INTRODUCTION... 3 1401 PURPOSE... 3 1402 ELIGIBILITY... 3 1403 APPLICATION
More informationPOLICY AND PROCEDURE
AUSTIN POLICE RETIREMENT SYSTEM POST RETIREMENT OPTION PLAN (PROP) POLICY AND PROCEDURE Effective 9/1/12 Lump Sum A. PURPOSE An amendment to the Austin Police Retirement System Act ( Act ) governing the
More informationPOLICY AND PROCEDURE FOR DEFERRING ALL OR A PORTION OF A MEMBER S MONTHLY ANNUITY INTO PROP
Effective 9/1/12 AUSTIN POLICE RETIREMENT SYSTEM POST RETIREMENT OPTION PLAN (PROP) POLICY AND PROCEDURE FOR DEFERRING ALL OR A PORTION OF A MEMBER S MONTHLY ANNUITY INTO PROP A. PURPOSE Under the rules
More informationHOUSTON POLICE OFFICERS PENSION SYSTEM DISABILITY BENEFIT POLICY SECTION 1000
Approved date: 12/14/2017 Page 1 of 11 TABLE OF CONTENTS SECTION PAGE 1000 INTRODUCTION 3 1001 PURPOSE 3 1002 PROCEDURES APPLICABLE TO DISABILITY APPLICATIONS (NONDUTY-CONNECTED, DUTY-CONNECTED INJURY/ILLNESS
More informationBENEFIT APPLICATION FORM
BENEFIT APPLICATION FORM NAME OF APPLICANT PHONE NO. ( ) ADDRESS SOC. SEC. NO. NAME OF PARTICIPANT (If different from applicant) DATE OF BIRTH SOC. SEC. NO. Under and subject to the provisions of the HAWAII
More informationMember Benefit Guide. A guide to the City of Austin Police Retirement System pension plan
2017 Member Benefit Guide A guide to the City of Austin Police Retirement System pension plan Contents Introduction... 2 How to Contact APRS... 2 Mission Statement... 2 APRS Board of Trustees... 3 APRS
More informationNew Contact for Benefits Administration
New Contact for Benefits Administration Effective July 24, 2015, Pacific Gas and Electric Company (PG&E) introduced a new partner for benefits administration. The following print version of content from
More informationThe Fidelity Retirement Plan SUMMARY PLAN DESCRIPTION
1. What is my retirement plan? The Fidelity Retirement Plan SUMMARY PLAN DESCRIPTION The Plan (the Plan ) is (check one) a money purchase pension plan or a profit sharing plan sponsored by (the Employer
More informationSUMMARY PLAN DESCRIPTION NORTHWEST PERMANENTE, P.C. CASH BALANCE PLAN. Retirement Plans Committee Northwest Permanente, P.C. As of January 1, 2014
SUMMARY PLAN DESCRIPTION OF NORTHWEST PERMANENTE, P.C. CASH BALANCE PLAN Retirement Plans Committee Northwest Permanente, P.C. As of January 1, 2014 TABLE OF CONTENTS Page Introduction 1 1. Eligibility
More informationSummary Plan Description. Retirement Plan
Summary Plan Description Retirement Plan June 2016 Retirement Plan Contents Plan Overview... 1 Retirement Plan Overview... 1 Plan Highlights... 2 Eligibility and Participation... 3 Accessing Your Account...
More informationAEROSPACE EMPLOYEES RETIREMENT PLAN (AERP)
AEROSPACE EMPLOYEES RETIREMENT PLAN (AERP) Employees Who Hired Before January 1, 1993 and Who Do Not Participate In The Combined Retirement Program AERP 1 Revised: 10/24/11 i Aerospace Employees' Retirement
More informationDEFERRED RETIREMENT OPTION PLAN (DROP) OVERVIEW
DEFERRED RETIREMENT OPTION PLAN (DROP) OVERVIEW The following brief overview is intended to provide general information regarding the Deferred Retirement Option Plan (DROP) of the Houston Municipal Employees
More informationPension Plan of Newmont Stable Value Formula In This Section
The Pension Plan is an employer-funded retirement plan that pays a defined benefit to eligible participants. The Plan includes two distinct benefit formulas. This section explains the Stable Value Formula.
More informationMember Handbook. Judicial. MainePERS Judicial Retirement Program. Benefits for Judges and Justices. September mainepers.org
Judicial Member Handbook MainePERS Judicial Retirement Program Benefits for Judges and Justices September 2011 mainepers.org Judicial Retirement Program Benefits for Judges and Justices A general summary
More informationMembers Guide to: Annuity Payment Plans
Members Guide to: Annuity Payment Plans At retirement, you are faced with the important decision of choosing an annuity payment plan that can directly affect the amount of your monthly after your death.
More informationProgress Energy Pension Plan
Document title: AUTHORIZED COPY Progress Energy Pension Plan Document number: HRI-SUBS-00018 Applies to: Keywords: Progress Energy Carolinas, Inc., Progress Energy Florida, Inc. (non-bargaining), Progress
More informationPension Plan for Employees of Uihlein Mercy Center, Inc. Summary Plan Description Effective as of January 1, 2017
Pension Plan for Employees of Uihlein Mercy Center, Inc. Summary Plan Description Effective as of January 1, 2017 This booklet is a Summary Plan Description (SPD) and summarizes the important information
More informationAlcatel-Lucent Retirement Income Plan Cash Account Program Summary Plan Description October 2014
Alcatel-Lucent Retirement Income Plan Cash Account Program Summary Plan Description October 2014 [This page intentionally left blank] Alcatel-Lucent Retirement Income Plan Cash Account Program Summary
More informationWISCONSIN NECA-IBEW RETIREMENT PLAN. Administrative Procedures for Processing Qualified Domestic Relations Orders
WISCONSIN NECA-IBEW RETIREMENT PLAN Administrative Procedures for Processing Qualified Domestic Relations Orders Introduction By adopting these Qualified Domestic Relations Order ("QDRO") procedures, the
More informationTitle 4 PENSION AND RETIREMENT SYSTEM
Title 4 PENSION AND RETIREMENT SYSTEM Chapter 4-28 1978 BENEFIT PLAN Article 1 Participation Sec. 4-28-1 Participation. Sec. 4-28-2 Reemployed participants. Sec. 4-28-3 Transferring participants to the
More informationFrequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS
Frequently Asked Questions: QUALIFIED RETIREMENT PLAN DISTRIBUTIONS These frequently asked questions and answers are provided for general information purposes only and should not be cited as any type of
More informationPARTICIPANT'S RETIREMENT PLAN BENEFIT GU ID E
PARTICIPANT'S RETIREMENT PLAN BENEFIT GU ID E Table of Contents PLAN ADMINISTRATION 2 Who is responsible for the retirement plan? > Board Members > Professional Advisors > Administrative Staff Who do I
More informationGroup Pension Plan for Employees of Mercy Center for Health Services Summary Plan Description Effective as of January 1, 2017
Group Pension Plan for Employees of Mercy Center for Health Services Summary Plan Description Effective as of January 1, 2017 This booklet is a Summary Plan Description (SPD) and summarizes the important
More informationSurvivor Benefits Request
Instructions For all claims, include a certified copy of the participant's death certificate, proof of claimant's age, and any other required information as indicated. If the claimant is a contingent beneficiary,
More informationUPS/IBT Full-Time Employee Pension Plan and Central States Pension Fund Retirement Processing Request Form
1. Retirement Processing Request Form Instructions This document provides information to help with your request for personalized retirement information. Please review the information in this document to
More informationFrequently Asked Questions and Next Steps to Retirement
State Teachers Retirement System Of Ohio Completing My Service Retirement Application Frequently Asked Questions and Next Steps to Retirement for Members Enrolled in the Defined Benefit Plan This booklet
More informationMember s Guide to: DROP. Deferred Retirement Option Plan.
Member s Guide to: DROP Deferred Retirement Option Plan www.op-f.org PLAN DEFERRED RETIREMENT DROP The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible police officers
More informationU.S. Retirement Program
U.S. Retirement Program The purpose of the U.S. Retirement Program is to provide income for your retirement based on eligible salary and length of service with the Company. Benefits may be payable from
More informationDART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST SUMMARY PLAN DESCRIPTION. June v /00002
DART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST SUMMARY PLAN DESCRIPTION June 2017 TABLE OF CONTENTS Page INTRODUCTION... 1 HIGHLIGHTS... 2 ELIGIBILITY... 3 VESTING... 4 IMPORTANT DEFINITIONS...
More informationMember Handbook. Public School Retirement System of the City of St. Louis
Member Handbook Public School Retirement System of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108-3601 Voice: (314) 534-7444 Fax: (314) 533-0531 Website: www.psrsstl.org August
More informationSAMPLE QDRO. (Pre-retirement) IN THE CIRCUIT COURT OF THE COUNTY OF STATE OF
SAMPLE QDRO (Pre-retirement) IN THE CIRCUIT COURT OF THE COUNTY OF STATE OF In Re: The Marriage of ) ), ) Petitioner ) ) Cause # ) ) Division, ) Respondent ) ) QUALIFIED DOMESTIC RELATIONS ORDER WHEREAS,
More informationSAMPLE COMPANY, INC. DEFINED BENEFIT PENSION PLAN NOTICE ON TERMINATION, RETIREMENT OR DISABILITY
SAMPLE COMPANY, INC. DEFINED BENEFIT PENSION PLAN NOTICE ON TERMINATION, RETIREMENT OR DISABILITY NAME OF PARTICIPANT: DATE: RE: Distribution of Plan Benefits Immediate Distribution You may elect to receive
More informationThis SPD supersedes any other SPD and/or updates to other SPDs previously distributed.
The Roche Retirement Plan was combined with the Roche Diagnostics Corporation Pension Equity Plan and the Syntex U.S. Employees Pension Plan effective December 31, 2013 to form the Consolidated Roche Retirement
More information"Board", when used in the following sections refers to the West Virginia Consolidated Public Retirement Board.
PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS) The Public Employees Retirement System (PERS) was established on July 1, 1961 for the purpose of providing retirement benefits for employees of the State and other
More informationMembers Guide to. Service Retirement
Members Guide to Service Retirement As a member of Ohio Police & Fire Pension Fund (OP&F), once you reach a certain age and obtain sufficient service credit, you are eligible to receive a pension for life.
More informationCentral Texas College District Employees Pension Plan and Trust SUMMARY PLAN DESCRIPTION Effective as of September 1, 2012
Central Texas College District Employees Pension Plan and Trust SUMMARY PLAN DESCRIPTION Effective as of September 1, 2012 INTRODUCTION This summary plan description ( SPD ) summarizes the major features
More informationI m prepared for my retirement and my future. OhioHealth Cash Balance Retirement Plan. Summary Plan Description. Living OhioHealthy
I m prepared for my retirement and my future. OhioHealth Cash Balance Retirement Plan Summary Plan Description Living OhioHealthy i Table of Contents INTRODUCTION... 1 HIGHLIGHTS OF THE PLAN... 2 PARTICIPATING
More informationAlcatel-Lucent Retirement Income Plan Account Balance Program Summary Plan Description January 1, 2011
Alcatel-Lucent Retirement Income Plan Account Balance Program Summary Plan Description January 1, 2011 Alcatel-Lucent Retirement Income Plan Account Balance Program DISCLAIMER This is a summary of the
More informationHoneywell Retirement Earnings Plan
Honeywell Retirement Earnings Plan SUMMARY PLAN DESCRIPTION Describing the Bendix Salaried Formula Effective January 1, 2010 Honeywell Retirement Earnings Plan Summary Plan Description Table of Contents
More informationNorthwest Farm Credit Services Retirement Plan
Northwest Farm Credit Services Retirement Plan (formerly known as the AgAmerica District Defined Benefit Plan) Summary of Plan Provisions 2018 SUMMARY PLAN DESCRIPTION Northwest Farm Credit Services Retirement
More informationNO. JUDICIAL DISTRICT. In compliance with the requirements for qualified domestic relations orders, the following is specified:
NO. IN THE MATTER OF THE MARRIAGE OF IN THE DISTRICT COURT OF AND TEXAS COUNTY, AND IN THE INTEREST OF A CHILD JUDICIAL DISTRICT DOMESTIC RELATIONS ORDER This Order applies to the City of Austin-Employees'
More informationDesignation of Beneficiary
Employees Retirement System Designation of Beneficiary There are a number of times throughout employment when a beneficiary selection should be made: Upon Employment. At the time of hire, you will designate
More informationPPL Retirement Plan Summary Plan Description for Management Employees
PPL Retirement Plan Summary Plan Description for Management Employees TABLE OF CONTENTS Page # The Retirement Plan... 1 About Your Participation... 2 Eligibility... 2 When Participation Begins... 3 Some
More informationState. Member. Handbook. MainePERS Benefits for State Employees. October mainepers.org
Maine Public Employees Retirement Maine System Public (October Employees 2014) Retirement System (May 2010) Member State Handbook MainePERS Benefits for State Employees October 2014 mainepers.org Contents:
More informationTitle 4 PENSION AND RETIREMENT SYSTEM* Chapter BENEFIT PLAN. Article 1 Participation. Sec Participation.
Title 4 PENSION AND RETIREMENT SYSTEM* Chapter 4-24 1948 BENEFIT PLAN Article 1 Participation Sec. 4-24-1 Participation. Sec. 4-24-2 Reemployed participants. Sec. 4-24-3 Transferring participants to the
More informationAgriBank District Retirement Plan
AgriBank District Retirement Plan (formerly known as The Seventh Farm Credit District Retirement Plan) Summary of Plan Provisions for Cash Balance Participants 2016 SUMMARY PLAN DESCRIPTION AgriBank District
More informationIBEW LOCAL NO. 812 ANNUITY PLAN QUALIFIED PRE-RETIREMENT SURVIVOR ANNUITY NOTICE. Participant s Name: Date:
s Name: Date: IBEW LOCAL NO. 812 ANNUITY PLAN QUALIFIED PRE-RETIREMENT SURVIVOR ANNUITY NOTICE This notice explains the Qualified Pre-Retirement Survivor Annuity under the IBEW Local No. 812 Annuity Plan
More informationPension Plan Summary Plan Description January 1, 2017
Pension Plan Summary Plan Description January 1, 2017 THE NOVELIS PENSION PLAN This booklet summarizes the main provisions of the Novelis Pension Plan (NPP), in effect on January 1, 2017 and serves as
More informationPNC Pension Plan. Summary Plan Description. Effective January 1, 2016
PNC Pension Plan Summary Plan Description Effective January 1, 2016 INTRODUCTION This booklet is the Summary Plan Description (SPD) of The PNC Financial Services Group, Inc. Pension Plan (Pension Plan
More informationCITY OF LAUDERHILL POLICE OFFICERS RETIREMENT PLAN DROP APPLICATION PACKAGE
CITY OF LAUDERHILL POLICE OFFICERS RETIREMENT PLAN DROP APPLICATION PACKAGE DROP APPLICATION PACKAGE City of Lauderhill Police Officer s Retirement Plan Index Pages Application for Deferred Retirement
More informationQUALIFIED DOMESTIC RELATIONS ORDERS
QUALIFIED DOMESTIC RELATIONS ORDERS The Retirement Equity Act of 1984 established a specific set of rules under which pension benefits can be paid to an alternate payee (a former spouse for dependent child)
More informationNOTICE OF BENEFIT WITHDRAWAL (Complete Entire Set of Forms and Return)
NOTICE OF BENEFIT WITHDRAWAL (Complete Entire Set of Forms and Return) TO: SSN: On, your account balance in the Southwestern Illinois Laborers Annuity Fund was. Normally, the Trustee will compute the value
More informationLoan Distribution Form
Loan Distribution Form READ THE ATTACHED IRS SPECIAL TAX NOTICE AND WRITTEN EXPLANATION OF QUALIFIED JOINT AND 50% CONTINGENT SUVIVIOR ANNUITY FORM OF BENEFIT BEFORE COMPLETING THIS FORM Please Note: Do
More informationGuide to understanding your. Pension Plan
Guide to understanding your Pension Plan For Associates Who First Became Active Participants On or After July 1, 2010 Livonia, Michigan Pension Plan Summary Plan Description For Associates Who First Become
More informationAfter reviewing this publication, if you have questions or concerns, contact the TMRS Support Services Department:
Divorce & Retirement Purpose of this Publication For most members of the Texas Municipal Retirement System (TMRS ), their accumulated benefit is one of the most valuable assets that they own. It is very
More informationDESIGNATION OF BENEFICIARY FORM FOR PRE-RETIREMENT DEATH BENEFITS ONLY
DESIGNATION OF BENEFICIARY FORM FOR PRE-RETIREMENT DEATH BENEFITS ONLY Please read these instructions before completing the form. Use this form to designate or change a beneficiary only for Pre-Retirement
More informationAlcatel-Lucent Retirement Income Plan Service Based Program Summary Plan Description March 31, 2011
Alcatel-Lucent Retirement Income Plan Service Based Program Summary Plan Description March 31, 2011 Alcatel-Lucent Retirement Income Plan - Service Based Program Disclaimer This is a summary of the benefits
More informationDISTRIBUTION REQUEST TIMELINE
Distribution Request Form DISTRIBUTION REQUEST TIMELINE This form is to request a participant withdrawal from your retirement account with your employer. Whether you are rolling over the funds or taking
More informationSUMMARY PLAN DESCRIPTION FOR PRE-7/1/1976 DEFINED BENEFIT PROGRAM. (As in effect on January 1, 2011)
COLUMBIA UNIVERSITY RETIREMENT PLAN FOR SUPPORTING STAFF ASSOCIATION AT THE COLLEGE OF PHYSICIANS AND SURGEONS SUMMARY PLAN DESCRIPTION FOR PRE-7/1/1976 DEFINED BENEFIT PROGRAM (As in effect on January
More informationHESS CORPORATION EMPLOYEES PENSION PLAN
HESS CORPORATION EMPLOYEES PENSION PLAN SUMMARY PLAN DESCRIPTION FOR HESS EMPLOYEES September 2017 Important Note: This SPD applies to participants hired by Hess Corporation on or after January 1, 2017.
More informationSavings Banks Employees Retirement Association 401(k) PLAN RETIREMENT ELECTION FORM (for retirees hired prior to January 1, 2000 only)
Savings Banks Employees Retirement Association 401(k) PLAN RETIREMENT ELECTION FORM (for retirees hired prior to January 1, 2000 only) Participant Name: (Please Print) Cert. No. Current Address (required)
More informationMember Handbook. Public School Retirement System of the City of St. Louis
Member Handbook Public School Retirement System of the City of St. Louis 3641 Olive Street, Suite 300 St. Louis, MO 63108-3601 Voice: (314) 534-7444 Fax: (314) 533-0531 Website: www.psrsstl.org August
More informationMember s Guide to: Deferred Retirement Option Plan (DROP)
Member s Guide to: Deferred Retirement Option Plan (DROP) PLAN DEFERRED RETIREMENT DROP OPTION The Deferred Retirement Option Plan (DROP) is an optional benefit that allows eligible police officers and
More informationSPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS Excerpted from IRS Notice
SPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS Excerpted from IRS Notice 2002-3 This notice explains how you can continue to defer federal income tax on your retirement savings in your Employer
More informationIN THIS SECTION SEE PAGE. Diageo: Your 2008 Employee Benefits 165
Diageo: Your 2008 Employee Benefits 165 Cash Balance Pension Plan The Diageo North America, Inc. Cash Balance Pension Plan is a Company-funded defined benefit plan that provides you with retirement income
More informationREGIONS FINANCIAL CORPORATION RETIREMENT PLAN FOR ASSOCIATES SUMMARY PLAN DESCRIPTION
REGIONS FINANCIAL CORPORATION RETIREMENT PLAN FOR ASSOCIATES SUMMARY PLAN DESCRIPTION August 2017 TABLE OF CONTENTS Part I - Introduction... 1 History of the Plan... 1 About this Summary Plan Description
More informationBeneficiary Designation and Spousal Consent Form
Beneficiary Designation and Spousal Consent Form Lockheed Martin Corporation Salaried Savings Plan Qualified Pre-Retirement Survivor Notice This notice explains certain rights you have with respect to
More informationMutual Fund Rollover/Transfer Out Form 403(b) Plan Types Only: ERISA
1. client Information Name: SSN or Tax ID: Daytime Phone: ( ) of Birth: Group #: Plan Name: Plan #: 2. ROLLOVER/TRANSFER OUT REQUEST Indicate if you are requesting a Rollover or a Transfer by checking
More informationSUMMARY PLAN DESCRIPTION FOR. P.A.C.E.Center for Girls, Inc. Tax Sheltered Annuity Plan
SUMMARY PLAN DESCRIPTION FOR P.A.C.E.Center for Girls, Inc. Tax Sheltered Annuity Plan 7-1-2013 Table of Contents Article 1... Introduction Article 2... General Plan Information and Key Definitions Article
More informationAnnuity Plan Highlights
Annuity Plan R 1 Annuity Plan Highlights When you are ready to retire, your account balance can add to your retirement income. Here are some key features of the annuity plan. Eligibility Automatic Participation
More informationMASTER RETIREMENT PLAN
MRP0751HBB0117 2017 MASTER RETIREMENT PLAN This summary plan description (benefits handbook), or SPD, outlines the major provisions of the Deseret Mutual Master Retirement Plan as of January 1, 2017. KEY
More informationBENEFITS TO SURVIVORS
BENEFITS TO SURVIVORS 33 Does the Fund pay any benefits to my Surviving Spouse upon my death? Yes. If you are married and meet certain additional requirements stated in the Plan, federal law requires that
More informationImportant Beneficiary Information
Important Beneficiary Information When you complete your Designation of Beneficiary Form ( Beneficiary Form ), you are naming a person or persons who will receive, upon your death, any remaining account
More informationSpouse's Consent to Waive a Qualified Joint and Survivor Annuity
Spouse's Consent to Waive a Qualified Joint and Survivor Annuity Instruction: The sample language does not address the one-year-of-marriage rule under section 417(d); if a plan applies the one-year rule,
More informationTHE COMMONWEALTH OF MASSACHUSETTS. Optional Retirement Program
THE COMMONWEALTH OF MASSACHUSETTS Optional Retirement Program About This Booklet Please take some time to review this booklet. The information in this booklet replaces any prior Program materials you were
More information1. Monthly Accrued Benefit
1. Monthly Accrued Benefit 3% of average monthly earnings multiplied by service to 20 years plus 4% multiplied by service over 20 years with a maximum of 80% of average monthly earnings. The full 80% is
More informationAVNET PENSION PLAN SUMMARY PLAN DESCRIPTION
AVNET PENSION PLAN SUMMARY PLAN DESCRIPTION July 1, 2017 4847-4441-7348.4 Introduction to the Avnet Pension Plan The Avnet Pension Plan (the Plan or the Pension Plan ) is the principal employer-provided
More informationPRINCIPAL PROVISIONS of the PARK EMPLOYEES' ANNUITY and BENEFIT FUND
PRINCIPAL PROVISIONS of the PARK EMPLOYEES' ANNUITY and BENEFIT FUND A summary of Fund benefits in effect for the employees of the Chicago Park District The Park Employees' and Retirement Board Employees'
More informationSAG-PRODUCERS PENSION PLAN
Pension Application Guide for All Participants Regarding: Basic, required information Understanding work restrictions during retirement If you choose the Five-Year or Ten-Year Certain Option Submit the
More informationAPPLICATION CHECKLIST
PERF/TRF RETIREMENT APPLICATION State Form 945 (R30 / 2-15) Approved by State Board of Accounts, 2015 INDIANA PUBLIC RETIREMENT SYSTEM Telephone: (888) 286-3544 (Toll-free) Web site: www.inprs.in.gov Use
More informationAPPLICATION FOR RETIREMENT
OFFICE SERVICES ONLY NEW YK STATE TEACHERS RETIREMENT SYSTEM 10 Corporate Woods Drive, Albany, NY 12211-2395 APPLICATION F RETIREMENT Instructions: Print clearly in ink or type the requested information
More informationPLD. Member Handbook. MainePERS Benefits for Participating Local Districts. mainepers.org. August 2010
Member Handbook PLD MainePERS Benefits for Participating Local Districts August 2010 mainepers.org MainePERS Benefits for Participating Local Districts A general summary of the benefits available to you
More informationDALLAS AREA RAPID TRANSIT EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST
DALLAS AREA RAPID TRANSIT EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN AND TRUST As Restated Effective October 1, 2015 (except as otherwise provided herein) DART EMPLOYEES DEFINED BENEFIT RETIREMENT PLAN
More informationLexmark Retirement Growth Account (RGA)
Lexmark Retirement Growth Account (RGA) Lexmark Retirement Growth Account Plan (RGA)... 3 RGA Plan highlights... 3 Participation... 3 Funding... 4 How benefits are calculated... 4 Credits to your account...
More informationMECRS 2019 Summary Plan Description - Version 10.1
Serving Employees of the City of Manchester since 1974. Manchester Employees Contributory Retirement System SUMMARY PLAN DESCRIPTION January 2019 Edition Version 10.1 - For Distribution to New Members
More informationSUMMARY PLAN DESCRIPTION FOR THE RETIREMENT PLAN FOR EMPLOYEES OF UNION PRESBYTERIAN SEMINARY
SUMMARY PLAN DESCRIPTION FOR THE RETIREMENT PLAN FOR EMPLOYEES OF UNION PRESBYTERIAN SEMINARY MAY 2014 TABLE OF CONTENTS Page 1. INTRODUCTION...1 2. OVERVIEW: HOW THE PLAN GENERALLY WORKS...2 Contributions...
More informationUNIVERSITY OF ARKANSAS COMMUNITY COLLEGES 403(B) RETIREMENT PLAN
UNIVERSITY OF ARKANSAS COMMUNITY COLLEGES 403(B) RETIREMENT PLAN UNIVERSITY OF ARKANSAS COMMUNITY COLLEGES 403(B) RETIREMENT PLAN TABLE OF CONTENTS SECTION 1: DEFINITION OF TERMS USED... 1-1 1.1. "Account":...
More informationSummary Plan Description. for the. Vought Aircraft Industries, Inc. Protective Services. Retirement Plan
Summary Plan Description for the Vought Aircraft Industries, Inc. Protective Services Retirement Plan July 1, 2009 Subject Table of Contents Page Introduction... 1 Participation Freeze...1 Benefit Freeze...1
More information401(K) PLAN ENROLLMENT FORM Employee Name Effective Date
401(K) PLAN ENROLLMENT FORM Employee Name _ Effective Address City St Zip Social Security No. of Birth of Hire Marital Status: Married Unmarried New Participant Election Change of Election SECTION I (A)
More informationRETIREMENT PLAN OF THE CITY OF BRISTOL. Summary Plan Description
RETIREMENT PLAN OF THE CITY OF BRISTOL Summary Plan Description July 2007 TABLE OF CONTENTS GENERAL INFORMATION... 1 TYPE OF PLAN... 1 ELIGIBILITY AND PARTICIPATION... 1 CONTRIBUTIONS TO THE PLAN... 1
More informationTHE NATIONAL ELECTRICAL ANNUITY PLAN (NEAP)
THE NATIONAL ELECTRICAL ANNUITY PLAN (NEAP) PROCEDURES QUALIFIED DOMESTIC RELATIONS ORDERS General Statement: The Plan feels that it is in everyone s best interest to divide marital assets in a manner
More informationCity of Gainesville. Employees Pension Plan
City of Gainesville Employees Pension Plan Summary Plan Description October 1, 2012 THIS PAGE INTENTIONALLY LEFT BLANK Introduction The City of Gainesville (the City ) has established and maintains the
More informationANN & ROBERT H. LURIE CHILDREN S HOSPITAL OF CHICAGO. RETIREMENT SAVINGS PLAN 403(b) SUMMARY PLAN DESCRIPTION
ANN & ROBERT H. LURIE CHILDREN S HOSPITAL OF CHICAGO RETIREMENT SAVINGS PLAN 403(b) SUMMARY PLAN DESCRIPTION PLAN EFFECTIVE DATE: January 1, 1969 BOOKLET REVISION DATE: September 2015 TABLE OF CONTENTS
More informationHawker Beechcraft Corporation Base Retirement Income Plan. Summary Plan Description for Hourly Non-Bargaining Unit Employees
Hawker Beechcraft Corporation Base Retirement Income Plan Summary Plan Description for Hourly Non-Bargaining Unit Employees January 1, 2009 TABLE OF CONTENTS Page 1. Introduction...1 2. Did You Know?...2
More informationROLLOVER/TRANSFER OUT FORM
The Variable Annuity Life Insurance Company (VALIC), Houston, Texas ROLLOVER/TRANSFER OUT FORM For VALIC Annuity 403(b) Plan Accounts Only Original Form Required for Processing Mail Completed Forms to:
More informationElevator Constructors Union Local No. 1 Annuity & 401(k) Fund 140 Sylvan Avenue, Suite 303, Englewood Cliffs, NJ (201) (855)
Elevator Constructors Union Local No. 1 Annuity & 401(k) Fund 140 Sylvan Avenue, Suite 303, Englewood Cliffs, NJ 07632 (201) 592-6800 (855) 521-6111 DESCRIPTION OF DISTRIBUTION OPTIONS FOR INDIVIDUAL ANNUITY
More informationCash Account Program. Summary Plan Description. January 2017
Cash Account Program Summary Plan Description January 2017 [This page intentionally left blank] Nokia CAP, 1/2017 Table of Contents Introduction...1 The CAP At A Glance...2 Terms You Should Know...6 Your
More informationHoneywell Savings and Ownership Plan. Distribution Options Guide
Honeywell Savings and Ownership Plan Distribution Options Guide June 2016 For more information on the Plan, visit the HR Direct Website through the Honeywell Intranet or www.honeywell.com, click on 'Employee
More informationKPERS. Getting Ready to Retire Your KP&F Pre-Retirement Planning Guide. re-retirement PlanningGuide
Getting Ready to Retire Your KP&F Pre-Retirement Planning Guide re-retirement PlanningGuide nsas Police and Firemen s Retirement System Information for KP&F Members Nearing Retirement KPERS Countdown to
More informationMEDIA GUILD RETIREMENT PLAN. SUMMARY PLAN DESCRIPTION January 1, 2007
MEDIA GUILD RETIREMENT PLAN SUMMARY PLAN DESCRIPTION January 1, 2007 NORTHERN CALIFORNIA MEDIA WORKERS GUILD CWA LOCAL UNION NO. 39521 CONTENTS Retirement Plan at a Glance... 1 Key Features of the Plan...
More information