A. General Information on Your Benefit Payments

1. Summary of Benefit Options. Benefits under the Plan provide monthly income for as long as you live. As described below, some benefit options may continue benefits to your beneficiary after your death. The benefit you have earned--either the Full Benefit or the Reduced Early Retirement Pension--will be reduced under the different forms of payment provided for survivor benefits following your death. These reductions are actuarially based on average life expectancy tables provided by the Plan’s actuary.


2. Payments. Monthly pension payments are made as of the first day of the month for the prior month’s pension. If you receive your payment in the form of a check, it is mailed on the last business day of the month for the next month. If you do not receive your check by the 10th of the month, you should contact the Plan Office. A stop payment and re-issuance of a monthly pension check cannot be made prior to the 10th of the month. Your pension payments will commence within 30 days of your having satisfactorily completed your application or the retirement commencement date you have chosen, whichever is later. In the unlikely event that you do not receive your initial pension check within the prescribed time, the Board of Trustees has determined that you should receive interest on any late payment at 5%, per annum (based upon a 360 day year). Such interest rate may change in the future.


3. Electronic Direct Deposit. The Plan offers Electronic Direct Deposit into your personal checking or savings account. Direct deposits may be made into your joint account with an immediate family member. Direct deposits may not be made into a business account or any other person's account.
   
   If you receive your payment by electronic fund transfer, your money is available in your account on the first banking day of the month. You may contact your bank to verify that your money is in your account.
   
   
   ADVANTAGES OF DIRECT DEPOSIT
   There are many advantages to signing up for this method of payment. Direct deposit provides a safer, more reliable method of receiving your benefits, reduces the delay in receiving your benefit, and helps guard against identification (ID) theft. There are no worries about receiving your benefits when you are away from home or because of bad weather.
   
   To sign up for electronic deposit, request the Plan's Electronic Direct Deposit Authorization Form. Send the completed form with a voided check or savings deposit slip to the Plan Office. If you change your bank or account number, simply contact the Plan Office to request a new Electronic Direct Deposit Authorization Form. Should you at any time wish to cancel Direct Deposit, simply advise the Plan Office in writing.


4. Option to Pay Retiree Health Benefits Co-Payment. You or a beneficiary may direct a portion of your monthly pension benefit to be applied directly to your premiums for retiree coverage under the San Francisco Electrical Workers Health and Welfare Plan. To do so you must sign a voluntary and revocable assignment of benefits to the San Francisco Electrical Workers Health and Welfare Plan for the purpose of paying your retiree premiums.