Chicago and Midwest Regional Pension Fund

You will be vested when you satisfy any of the following conditions:

• You have earned 10 or more years of Credited Service; or
• You have earned five or more years of Credited Service and have been credited with at least one Hour of Service after December 31, 1997; or
• You have reached your Normal Retirement Age. That is, you are an active Participant who is at least 65 years old and has attained the fifth anniversary of the time you commenced participation in the Plan.

Before you are vested, there is no benefit available from this Plan. All contributions to the Plan are made by your employer on your behalf and cannot be returned to you. Once you become vested, you are eligible to receive a monthly benefit at retirement age.

No penalty. At age 65 you will receive the full retirement benefit you have earned. Early Retirement is available as early as age 55, with a reduction in benefits for each month benefits are received prior to attaining age 65.

60 days is preferred. You can however apply up to 6 months in advance.

• Step 1 – Complete a Retirement Application:

You must follow all instructions on the application and submit the original to the Administration Office, along with the following documents applicable to you:

• A photocopy of a Birth or Baptismal Certificate and if married a copy of your Marriage Certificate
• A complete copy of any and all Divorce/Legal separation decree(s) with property settlement agreements, and Qualified Domestic Relation Orders (if applicable).

Please allow at least 30 days from receipt of your original application by the Administration Office for your retirement to be processed.

·         Step 2 – Receive your Election Packet

Once your applications are received by the Administration office, you will be sent a packet of paperwork personalized for you (and your spouse if applicable).

This packet will include your Election form for your Retirement (which quotes your monthly benefit amount with all options available to you), Tax form and Bank form.

·         Step 3 – Complete and Return your Election Packet Forms

• Election Form – Your Election form must clearly indicate the retirement option you wish to receive.

Your spouse (if applicable) must make your Election and sign the form in front of a Notary Public.

If you elect to receive one of the Survivor Options, you must also send:

• A photocopy of a Birth or Baptismal Certificate your spouse
• A copy of your Marriage Certificate
• If either you or your spouse have changed your name due to marriage, divorce, or any other reason, it is necessary that you submit supporting documents such as Marriage Certificate(s), or other legal documents pertaining to the name change.

• Tax Form – All of your retirement is subject to Income Tax. Federal Income Tax will be withheld based upon your instructions.
• Bank Form – We recommend you have your monthly retirement payment sent electronically to your bank each month.

• Step 4 – Process Retirement Paperwork

When your completed retirement paperwork has been received, processed and approved by the Administration Office, you will receive your benefit from 5^th 3^rd Bank.

• Step 5 – Congratulations!

If all the steps are checked above, you have completed the retirement process. Thank you for all your years of service with the Chicago & Midwest Regional Pension Fund!

The Plan provides several pension benefit options, so you can select the option that works best for you. Each option has certain advantages, but corresponding drawbacks. For example, the pension option that provides the highest monthly payment for the retiree (single life annuity) has zero benefit continuing to a surviving spouse.

• In contrast, the benefit options with the lower monthly payments to the retiree offers a continuing monthly benefit to your surviving spouse (Qualified Joint & 75% or 50% Survivor Annuity Options). The monthly benefit available at retirement under the Qualified Joint & 75% or 50% Survivor Annuity Options are determined by the members and spouses ages. The larger the gap in ages between the member and the spouse the smaller the benefit will be since it needs to stretch for both their lifetimes.

The Administrative Office cannot advise you on which option to select. This is an important decision that you and your spouse should consider carefully to determine what makes the best sense given your circumstances.

• If you were at least age 55, vested with at least 10 years of service and married before dying, then your current spouse is entitled to the Qualified Joint & 50% Survivor Annuity available the first of the month after the death.
• If you die prior to age 55, and at the time of your death you are otherwise eligible, the spouse’s pre-retirement death benefit will not commence until the first day of the month following the day you would have reached age 55, had you lived.
• If you are not married and you die prior to retirement, no benefits are payable.

If you are changing banks, you need to fill out a new Direct Deposit Authorization form. In addition, you will need to provide evidence for the new account via a voided check, with your name pre-printed on it.

Yes, you can change this at any time by completing and returning a Form W-4P. Please note that the Administration Office must receive such changes on or about the 20th of the preceding month.

You want to have enough withheld to cover any taxes you may owe. The amount of federal income tax that you owe on your pension depends on your personal financial situation. We are not tax advisers and cannot provide guidance on this. You may wish to discuss this with a tax consultant. Detailed information about the taxes owed on pension payments can be found in IRS Publication 575 Pension and Annuity Income.