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RETIREMENT: AGENDA & INFORMATION

DISCLAIMER: These notes are intended only for general orientation. The accuracy and currency of the information herein cannot be guaranteed. Before you make any decisions, please check with Local 510, Allied Administrators, and/or the Social Security Administration.

OUR GOAL

We are the members of the 510 Assistance Committee, who have taken on the task of preparing the 510 rank and file for their future retirement. Information and assistance on Social Security, pension, medical insurance, and work separation questions will be presented at forums we call Retirement Get-Togethers. They will be presented on an ongoing basis during 2009 at venues accessible in time and place to all rank-and-file 510ers. The Get-Togethers will be about one hour in duration. All topics will be covered in a general “get-you-started” manner. The meetings are aimed at empowering the membership as well as serving to reduce anxiety for members when they’re dealing with these all-important issues.

RETIREMENT GET-TOGETHERS AGENDA

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YOUR SOCIAL SECURITY BENEFITS

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You receive yearly notices in the mail from the Social Security Administration describing your status.

When you prepare to apply for benefits, call 1-800-772-1213, or go online at socialsecurity.gov.

Setting up an appointment is obligation-free. You are not applying until you submit all required paperwork and fill out and sign the application form.

You will probably be assigned an agent, who will explain in detail all of your options and guide you in filling out the necessary paperwork.

You can retire anytime after your 62nd birthday. Benefits increase until they maximize at age 70. The year and month when you decide to collect will be the amount (plus cost-of-living allowances) that will be sent to you monthly for the rest of your life.

For example, “Mary Smith” is a retiree born in 1947. Her full retirement age is 66. Based on her lifetime wages, if she:

Between age 62 and full retirement age, there is a work-income limit ranging from $12,960 to $34,440 per year.

At full age, there is no work-income limit.

(These are 2007 numbers and due for change as are the many regulations of the Social Security Administration.)

YOUR 510 PENSION BENEFITS

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You receive yearly notices in the mail from Allied Administrators, describing the status of your pension.

You are eligible for full benefits at age 62. Age 65 is full retirement age and certain regulations apply.

When you prepare to apply for benefits, do so two months in advance. Call Allied at 415-986-6276. Ask for the Pension Department, or get their extension number, write it down, and then you can dial directly.

The pension representatives are obliging and helpful. They might just answer your question right there on the phone, send you information, or set up further consultations.

You will be providing them with paperwork, filling out and signing an application form, and standing by for different processing and waiting periods.

EARLY RETIREMENT FROM LOCAL 510:
YOUR SOCIAL SECURITY

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Full retirement age for Social Security varies from 65 years and 0 months to 67 years and 0 months, depending on what year you were born. For all those born from 1943 to 1954, full retirement age is 66 years and 0 months.

If you’ve earned 40 credits, you can start receiving Social Security benefits at age 62 or in any month between 62 and full retirement age. However, your benefits will be permanently reduced based on the number of months you receive benefits before full retirement age.

Credits are based on your annual income. You can earn up to 4 credits per year. Your Social Security Statement, which you should be receiving each year as you approach retirement age, will tell you if you’ve earned enough credits to qualify for benefits

You can work while receiving monthly benefits. In the years before you reach full retirement age, $1 in benefits will be deducted for each $2 you earn above a certain limit. On the other hand, wages earned before full retirement age can increase the amount of your monthly benefit.

EARLY RETIREMENT FROM LOCAL 510:
YOUR LOCAL 510 PENSION

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Normal retirement age is the first day of the month following your 65th birthday.

Early retirement is allowed on the first day of any month following your 55th birthday, if you are vested.

Monthly benefit amounts for early retirees are reduced by amounts specified in the Industry Pension Plan booklet, available from Local 510. These reductions range progressively from 50% reduction for those retiring at age 55 to no reduction for those retiring at age 62.

However, for early retirees who have accrued 30 years of Credited Service, benefits will not be reduced.

You may not work at all under Local 510 jurisdiction during the first 6 months of early retirement.

After that 6-month period, you may continue to work, but benefit payments will be suspended if you work under Local 510 jurisdiction for 40 or more hours in a month. Benefits will not be recommenced for a year (unless during that year you reach age 65 and apply for normal retirement).

The second time you work 40 or more hours in a month, your early retirement benefits will be suspended permanently. When you reach age 65, you may then apply for normal retirement.

EARLY RETIREMENT FROM LOCAL 510:
YOUR MEDICARE

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Except in cases of disability, Medicare is not available before age 65.

If you are already receiving Social Security, Medicare kicks in the first day of the month you turn 65, even if you don’t apply for it.

If you are not already receiving Social Security, you will be highly encouraged by the Social Security Administration to apply for Medicare during the 3 months before you turn 65, even if you don’t plan to use it.

If you retire before age 65 and no longer qualify for Local 510 medical insurance (based on your hours), you may buy medical insurance through the Local 510 benefit plan. (See section below titled “EARLY RETIREMENT FROM LOCAL 510: YOUR LOCAL 510 MEDICAL INSURANCE.” )

EARLY RETIREMENT FROM LOCAL 510:
YOUR LOCAL 510 MEDICAL INSURANCE

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Eligible retirees may purchase medical insurance upon retirement through the Local 510 benefit plan.

“Eligible” means:

You must have had enough hours to receive Local 510 medical insurance for at least one out of the 12 months prior to retirement.

You must have been covered for at least 90 months in the 10 years prior to retirement OR you must have worked at least 5000 hours in the 5 years prior to retirement.

You must have submitted your application for interim coverage before retirement.

You must have made your first payment before retirement.

Coverage is for medical and pharmaceutical only. Dental and vision plans are not covered.

THIS ENDS THE RETIREMENT GET-TOGETHERS SECTION.

It will not be updated by the 510 Assistance Committee because our field of operation is to be conducted in person with the rank and file at the various Retirement Get-Togethers.

Venues will be made available over the course of the year 2009. Various Get-Togethers will be held to accommodate different job sites, shows, and companies. There will be announcements by stewards, foremen, and committee members, as well as flyers, handouts, signs and Web postings.

Stand by: A Retirement Get-Together is headed your way! Our goal is to get this information out to everyone who wants it and to get our 510ers a leg up on retirement!