Pension Plan Summary Plan Description
13.3 Benefit Payments and Direct Deposit
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 will be mailed on or about the last business day of the month for the next month. If you do not receive your check by the 10th of the month, contact the Plan Office. A stop payment and re-issuance of a monthly pension check cannot be made before the 10th of the month. Your pension payments will begin within 30 days of you properly completing your application or, if later, your pension start date. If you do not receive your initial pension check reasonably timely, you will receive interest on the payment at 5% per annum (based upon a 360 day year). Such interest rate is subject to change.
Electronic Direct Deposit. The Plan offers electronic direct deposit into your personal checking or savings account, or into your joint account with an immediate family member. Direct deposits may not be made into a business account or any account that does not bear your name. If you receive your payment by electronic direct deposit, funds will be posted to your account on the first banking day of the month. Please contact your bank to verify that your account has been funded.
ADVANTAGES OF DIRECT DEPOSIT
There are many advantages to signing up for direct deposit. It provides a safer, more reliable method of receiving your benefits, eliminates postal service delays, and helps guard against identification (ID) theft. Your payment will be posted to your account even when you are traveling or when the weather is bad.
To sign up for direct deposit, ask the Plan Office for an 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.
Option to Pay Retiree Health Co-Premium. A Participant or beneficiary may direct a portion of his or her monthly pension payment to be applied directly to any premium for retiree health coverage under the San Francisco Electrical Workers Health and Welfare Plan. To elect this option, complete a voluntary and revocable assignment of benefits to the SFEW Health and Welfare Plan provided by the Plan Office.