What you need to know
In April 2012, RCAB Pension Plan Benefit Statements reflecting final calculations of accrued benefits as of December 31, 2011 were mailed to all active employees under age 55 and/or who had not vested in the Pension Plan as of that date. Helpful documents to review in conjunction with individual Benefit Statements can be accessed below:
As part of the Pension Plan restructuring, active employees age 55 and older who have a vested benefit will have a one-time, voluntary option to receive payment of his or her benefit as either a lump sum distribution or an in-service monthly annuity. Election periods will occur two times per year (Spring and Fall) and will include active employees who meet these criteria during the relevant half of the calendar year. Note that these voluntary lump sum/annuity election processes may be suspended and/or the conditions under which they are offered may be amended by the Trustees of the Pension Plan at any time in the future.
If you are eligible for a lump sum payment or a monthly in-service annuity and have received an election packet, please review the following materials in conjunction with the individual election package that was recently mailed to you:
- Letter to Current Employees with a Vested Benefit and Age 55+ (March 2013)
- A checklist to remind you of the steps you need to take to make an election
- Frequently Asked Questions
- Required Rollover and Tax Notice
- Lump Sum Estimate Worksheet
- Pension Information Meetings – Schedule of dates and times
For questions regarding these changes and the next steps you should take, please call the Pension Information Line at 617-746-5640 or send an email to firstname.lastname@example.org.