So you are ready to retire! While retirement is a goal of most working people, the process to retire, including the numerous forms that must be filled out and decisions that must be made on Pension options can be confusing for many.
In order to retire, the first step is to request a Pension estimate from the Pension Plan Administrator. The Pension estimate that you will receive from them will outline the options that you have regarding the various Pension types and the amount of Pension income that you will receive under each option. Use the Request for Pension Estimate to obtain this helpful information from the Plan Administrator.
Once you have received your Pension estimate and reviewed your choices. Use the Application for Pension Benefits to notify the Plan Administrator of your Pension choice and request the start of Pension payments.
You will notice on your Pension estimate, that your choice of Pension type may depend on whether you have a spouse or not. Use the Spousal Declaration Form to confirm whether you have a spouse or not. If you have a spouse, you may need to complete the Spousal Waiver Form if you select certain Pension types.
If you would like your Pension payments to be deposited directly into your bank account, you must complete the Automatic Deposit Form.
Most retirees will want to ensure that the correct amount of income tax is being withheld from their Pension payments.
Please contact the Plan Administrator for a copy of the appropriate forms.
Completed forms should be forwarded to the Plan Administrator.
Questions on completing the forms should be directed to the Plan Administrator.