How do I know if I
am covered by the Plan?
You are covered by the Plan if you are
employed in the longshore industry in the Hampton Roads area and have
worked at least 500 hours in the industry during a contract year. Please
note that 500 hours will not entitle you to a benefit, it will mean that
you are "participating" in the Plan.
What is employment
in the industry?
Employment in the industry refers to
employment for which contributions are required to be made to the
HRSA-ILA Pension Plan on your behalf while you are working for:
What if I work for
different employers? Back to Top
As long as you are working in the
industry for an employer who has signed one of the collective bargaining
agreements between the HRSA and the ILA, you will remain covered by the
Plan. However, if you go to work for an employer who has not signed one
of the agreements then hours worked for that employer will not be
covered by the Plan.
How are my
employment records kept?
All of the employers who "are signatory
to the Collective Bargaining Agreements" report hours worked by their
employees to the Administrative Office. These hours are recorded and
kept on file in the HRSA-ILA computer system.
Are Plan benefits
paid automatically if I retire?
No. You must fill out an application
form and file it with the Administrative Office of the Plan. Benefits
cannot begin until an application is received and the Board of Trustees
approves your application. The Plan is required by law, however, to
begin your benefits on April 1 in the calendar year following when you
reach age 70 1/2 even if you have not applied.
What day of the
month will I receive my monthly pension check?
Your monthly pension check is paid on
the first day of each month. If you have signed up for Direct Deposit,
your pension payment is electronically transmitted and is in your
account on the first business day of the month. If the first of the
month is a weekend or a holiday, you may have to wait until the first
business day of the month before your bank gives you access to the
funds. No checks will be issued before the first business day of the month.
What is the
Lump Sum Option? Back to Top
The Lump Sum is another option
available for you to receive your retirement benefits. If you
choose the Lump Sum Option, you will receive the actuarial
present value of 25% of your accrued pension benefits as an
immediate payment and the remaining 75% paid out each month. If
you die before retirement, your surviving spouse may choose the
Lump Sum Option. If you are married, Federal law requires that
your spouse consent to your selection of a Lump Sum Option
because it may affect her or his survivor benefit. Service earned after September 30, 2005 may not be used in calculating a lump sum.
How do I
select the Lump Sum Option?
When you apply to retire you
will receive an explanation and calculation of your retirement
benefits and the options available to you including an election
form to choose the Lump Sum Option. You may elect to receive the
Lump Sum as cash, as a rollover to another qualified plan, or a
combination of the two. You may find it helpful to discuss these
options with your financial planner.
Should I take the
Lump Sum Option?
The amount of tax you will owe on a
lump sum varies with your age and other factors. You should consult with
your financial or tax advisor for help on your benefit options. If you
return to covered employment after you retire, you must immediately
repay any lump sum retirement benefits received from the Plan, plus
interest.
When will I receive
the Lump Sum?
When you apply for retirement you will
receive a description of the Lump Sum Option and an election form. We
are required to give you 30 days in which to decide whether you wish to
choose the Lump Sum. You may revoke an election once you submit it and
request a new election form, however this begins a new 30 day election
period. If you do not submit an election within 30 days of your
retirement date, you will no longer be permitted to elect the Lump Sum
Option. You may request a Lump Sum Election up to 90 days before your
retirement date.
What happens
if I become disabled after I stop working in the industry?
To be eligible for disability
retirement you must become disabled while you are actively
employed in the longshore industry and meet all other
requirements that are listed on page 90 of the Summary Plan Description.
If I
take early retirement, then return to employment, how
will my pension be
calculated when I retire the second time?
If you return to work,
your second retirement benefit will be exactly the same
benefit you received when you retired the first time
plus you will receive credit for any additional service
you have earned. You will receive credit for only the
additional years worked at the benefit rate in effect at
the time of your second retirement. For example, if you
retire with a monthly benefit of $700.00, return to work
for two full years, then retire for a second time in
2008, you will receive your original benefit of $700.00
plus credit for two more years.
Your new benefit will equal: $700.00 + $228.00
(2x$114.00)=$928.00
Important Note: If you return to work,
you must immediately repay any lump sum retirement benefits
received from the Plan, plus interest.
Can a survivor benefit be paid from the Plan to someone
other than a spouse?
No. The Plan provides
for survivor benefits to your spouse if you have been
married for 12 full months before your death.
If you have further questions,
e-mail us at participant.services@hrsa-ila.com.
