May I include my children as my beneficiary(ies) to my benefits if I am single?
Yes, you may include up to two (2) beneficiaries.
Category: Pension FAQs
My tenth-year anniversary is coming up. How much should I expect to receive?
Your benefits are determined once the Pension Department determines your work history and totals your vested hours. You must request an estimate in writing by mail or by email (ocutrusts@pswadmin.com) or by fax. Your request must include the following information: …
My tenth-year anniversary is coming up. How much should I expect to receive? Read more »
How many hours do I need to get a full benefit year?
You must work at least 1,300 hours in the (January through December) Plan Year.
When can I retire and receive my pension?
At age 65 for a Normal Retirement. You must have at least 5 years of participation in the Plan or a Prior Plan. At age 55 for an Early Retirement if you have not reached age 65 and you have …
What happens if I die before my benefits begin?
If you are married and have a Vested benefit the Plan will pay your surviving spouse an annuity for life that equal to the amount that you would have been paid had you elected the 50% Joint and Survivor Annuity …
What happens if I leave before Early Retirement?
If you are vested, you will be eligible to receive a Vested Retirement Benefit and if you terminate employment for reasons other than Disability or death before you reach age 55 and complete 10 Years of Vesting Service.
What happens if I have a Break in Service?
If you earn less than 501 Hours of Service in a calendar year, you will have a Break Year. A “Break in Service” occurs when you have at least five Break Years in a row before any part of your …
When do I become vested?
You become vested when you complete five (5) Years of Vesting Service; or earlier, at your Normal Retirement Age. If you participated in a Prior Plan; however, you will be at least as Vested in this Plan as you were …