|Operating Engineers Local 66 Pension Fund|
How do I receive a pension estimate and how long does it take to receive?
To receive a pension estimate, please call the Funds Office at (412)968-9750. Press 1 if you have a Touch-Tone phone and then press 2 for the Pension Department. Your estimate will take approximately 30 days to receive.
How soon do I need to call to receive forms for retirement?
Please call at least 45 to 60 days before you wish to retire. This allows enough time for your pension to be calculated and the forms sent out. It also allows plenty of time for you to complete the forms and return them to the Funds Office. However, please do not call more than 75 days before the date of your intended retirement.
When can I begin my retirement?
Your pension can begin on the first day of any month following receipt of your pension application provided you meet eligibility requirements as stated in the Trust Agreement. Checks are paid on the first for that month. There is no waiting period.
What if I am still working in the month prior to my retirement?
You can continue to work until the last day of the month prior to beginning your pension. You must indicate on your Pension Application the date you last worked. In order to begin your pension on the first of any month, your application must be postmarked by the last day of the previous month.
When will I receive my first check?
You will receive your first check on the 1st of the month in which you requested your pension to begin. The only exceptions to this would be if your paperwork was incomplete, or was received after the checks had already been processed for the month. In these cases, you will receive your check on the first of the next month’s check run, plus any retroactive amounts as necessary.
Do I have to send in my original birth certificates?
You can send in copies of your birth certificates. If you do send originals, we will make copies and return your originals to you. If you don’t have access to your birth certificate, we will send you a list of alternate forms that can be used as proof of birth.
Do I have to sign up for Direct Deposit?
Yes, you must sign up for direct deposit. Effective January 1,1998, the Board of Trustees approved that all new retirees must sign up for direct deposit, unless their bank does not provide for electronic transfers.
If I have direct deposit and the 1st of the month falls on a holiday or weekend, when do I receive my money?
If the first of the month falls on a holiday or weekend, you will receive your money on the Friday before. The only exception to this is January 1st. Because of tax forms, we cannot transfer the Funds until after January 1st. Therefore, your money will not be available until the first business day after January 1st.
My pension check is usually here by the first and I haven’t received it yet. What can I do?
If you still receive an actual check each month, we must wait 10 business days from the date of mailing before we can stop payment. Please do not call the office before this time. However, you may check with your post office or mail carrier. Once the checks are mailed, we have no control over them.
If I sign up for direct deposit, how long will it take to start? What about if I change accounts or banks?
The first month after you originally sign up for direct deposit, or change bank accounts, is called a testing month. Your bank numbers must go through a “prenote” process. You will receive an actual check, delivered to your home, for this month. You must take it to the bank. If everything is OK with your bank numbers, the following month’s check will be direct deposited into the account you indicated. You will receive a notice in the mail confirming this process.
I changed my address with the Union Hall but it’s not changed on my pension check.
In order to change your address on your pension check, we must have it in writing. You cannot call the hall or the Welfare Fund and have your address changed on your pension check. Please either call the Pension Department to have a form sent out, or put your new address in writing and send it directly to the Pension Department.
How much money do you take out for taxes?
You must decide how much you would like withheld from your check for taxes. That will be one of the forms you must complete in order to retire. We recommend that you talk to a financial advisor, accountant, or the Internal Revenue Service to determine how much withholding is appropriate for your financial situation. You can change the amount of your election at any time, by calling the Pension Department and requesting a new form.
I am already receiving my pension and would like to change my option.
Once you are in pay status and receiving your monthly benefit, you cannot change your selection. If you have chosen a Joint & Survivor Option, you must stay with this option.
I am retired, but my company has called me to go back to work for awhile. Can I do this and what kind of penalties will I face?
Depending on your age, you may only be able to work certain times of the year or a certain number of hours without incurring a penalty on either your pension or your Welfare Fund coverage. Please check with the Funds Office to review your options (412)968-9750.