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Q. If I want to go back to work part time, can I keep receiving my pension?
A. As long as the hours you work each month are below the applicable hours limit, you can continue to receive your monthly benefit. If you are under age 65, and the hours you work in covered or non-covered employment in any month equal or exceed the applicable hours limit for that month, your benefit may be suspended.
Once you are age 65, you can work as much as you want after retirement in either covered or non-covered employment and still continue receiving your pension.
If you are retired and thinking of returning to work before age 65, contact your Area Administrative Office regarding your Plan’s suspension of benefit rules.
Q. What’s the difference between covered and non-covered employment?
A. Covered employment is work that you perform for an employer who is obligated to make contributions to the Pension Plan on your behalf under a pension agreement with a Teamsters local union. Non-covered employment is work you perform that is not covered under a pension agreement with a Teamsters local union.
Q. What happens if I retire before age 65 and return to work for the employer who was my last covered employer within six months after I stopped working?
A. If you are under age 65 and return to work for the same covered employer for any number of hours within six months after you stop work, Plan rules assume that you did not intend to retire permanently. Your benefits are temporarily suspended while you provide proof that you really did intend to retire permanently. If you do not provide satisfactory proof, then your early retirement benefit is cancelled. This means you must repay any retirement benefits you already received.
Q. If I have automatic bank deposit, when are my electronic benefit payments credited to my account?
A. Electronic benefit payments (EFTs) are sent to your bank in time to be credited on the first banking day of the month. For example, if the first of the month falls on a Sunday, your EFT will be credited on the following Monday (except holidays). In most cases, the bank posts payments to your account that same day.
Q. If I don’t have automatic bank deposit, when are my benefit checks mailed?
A. Benefit checks are mailed five business days before the first of the month. If your checks are sent by mail, they may not always arrive by the first. If your check is late, wait until the fifth of the month before calling Prudential Financial’s toll-free number at (800) 336-3387. If you lose your check or know that it is stolen call the toll-free number immediately.
Q. Must taxes be withheld from my benefits?
A. Under federal tax law, Plan benefits are subject to federal income tax withholding. Some states also require income tax withholding on pensions. When you receive your Option Election Packet, you’ll have more information about income tax withholding.
Q. How do I change my tax withholding?
A. Once you are retired, you can call Prudential Financial at (800) 336-3387 and they can make the change in your withholding over the phone.
Q. Will my pension benefit ever increase?
A. If you return to covered employment after retirement, there are two ways you may qualify for increased pension benefits once you retire again.
Click for more information:
Pension increase
Total benefit recomputation
Q. When I applied for retirement, I filled out a form naming my sons as Plan beneficiaries for the optional lump sum benefit. If something happens to either of them, will the benefit go to their children?
A. If you want this to happen, you should fill out a new Beneficiary Designation Form for Retirees that names each son as your primary beneficiary for 50% of your death benefit and also names each son's children as your secondary beneficiaries for that part of the death benefit if something happens to their father. Your Area Administrative Office can help you correctly complete the Plan form.
Remember, you must use the Beneficiary Designation Form for Retirees to change your Plan beneficiary. Designations made in your will or on forms used by other pension or health and welfare trusts, or for other union benefits such as life insurance are not accepted by the Pension Trust.
Q. When I retire, do I make a new beneficiary designation?
A. Yes. You'll need to name a new beneficiary for any lump sum death benefits payable at your death. If you are married when you retire and want to name someone other than your spouse as your Plan beneficiary, your spouse's consent is required.
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