Angel Feliciano, Executive Vice-President
As I have been going around the Local holding meetings on the new IPP/Pension package, a number of questions come up repeatedly. I will answer those questions here and hopefully answer your questions at the same time. I will update the questions as they come up.
As I have been going around the Local holding meetings on the new IPP/Pension package, a number of questions come up repeatedly. I will answer those questions here and hopefully answer your questions at the same time. I will update the questions as they come up.
Now that the penalty (6% per year under age 55) has been eliminated, am I pension eligible even though I am not 50 years of age?
- In order to be pension eligible if you are under the minimum age of 50, you must have at least 30 year of service. The elimination of the age penalty does not affect the requirements of the pension plan to meet the “magic 75” in the correct proportions, as follows: Minimum age 50/ minimum service 25 years, minimum age 55/minimum service 20 years, minimum age 60/minimum service 15.
Below is the official chart:
| Your Age | Net Credited Service |
| Any age | 30 years or more |
| At least age 50 | 25 years or more |
| At least age 55 | 20 years or more |
| At least age 60 | 15 years or more |
| Age 65 or older | 10 years or more |
With two off-payroll dates, will there be two offers?
- NO, there will only be one offer, which begin to be mailed out May 13th, and have to be back by June 1st. The two off payroll dates will be established based on the number who accept the offer. The first date has already been established as June 20th.
Must my Pension beneficiary be my spouse?
- No, under changes negotiated to our pension plan, any person can be designated as the beneficiary, once the legal qualifications are met. (The spouse is entitled to a portion of the pension under the law) . Below is the benefit book wording:
- Under any of the three joint and survivor annuity options, effective January 1, 2001, you can choose any living individual as your beneficiary. If you’re married, however, your spouse must be your beneficiary, unless you obtain your spouse’s notarized, written consent to another beneficiary. Your spouse’s written consent with respect to a change in beneficiary is irrevocable upon the annuity starting date.
- Also, as noted on page 34, there is an age requirement that limits the joint and survivor annuity options available to certain non-spouse beneficiaries. If your non-spouse beneficiary is up to 19 years younger than you, you may choose both the 50 percent joint and survivor annuity or the 75 percent joint and survivor annuity. If your non-spouse beneficiary is more than 19 years younger than you, you may choose only the 50 percent survivor annuity.
Can I wait and take it later?
No, this is a one shot offer, with no guarantee of any other offer, and MUST be accepted by June 1st.
Will the company allow more than the declared surplus to go?
Any oversubscription must be agreed to by both parties, and as always, would be contingent on either a complex IPP (letting people go in a non-surplus title, to make room for a surplus person) or an agreement to backfill.
Will the Local be doing Retirement Seminars?
Yes, we have already held 4, with three more scheduled (but booked up). We are taking names on a wait list, and will schedule more classes based on that list. To put your name on the list call 212-633-2666.
IPP Numbers – Comparison of monthly, bonus, lump and total IPP payments