265 Pension Frequently Asked Questions
Please refer to the Laborers Local No. 265 Pension Plan Summary Plan Description (SPD) for a more detailed explanation of all of your pension benefits. Certain individuals may not be entitled to certain benefits described due to the number of credits earned or when last worked.
Pension Credits
How many Pension Credits do I have?
You can check your Pension Credits and Hours Worked through MemberXG. You can also review your Pension Annual Statement.
Members will earn one Year of Credited Service for each Plan Year in which you complete 1,000 or more Hours of Service. If less than 1,000 Hours of Service are worked in a Plan Year, one-tenth of one year will be credited for each 100 hours worked. You will not receive credit for more than one Year of Credited Service for any Plan Year.
Can I buy Pension Credits?
No, you cannot buy Pension Credits.
In general, you can only earn Pension Credits by working in covered employment; however, the Fund also provides Pension Credits in certain situations to members who are called to active duty in the military.
Benefit Payments
How can I "cash out" my pension?
Generally, no. However, if the actuarial present value of your accrued benefit is less than $1,000, you will automatically receive a lump sum distribution in lieu of a monthly pension at your retirement date.
How much is my pension worth?
Your pension does not have any value until you are retirement age and have enough Pension and Vesting Credits to retire. We do not calculate the total value of your pension, just the monthly amount. This is not a 401K-type benefit plan; this is a defined benefit plan.
Depending on the years you worked, you will be eligible for a monthly benefit from this Fund based on the number of hours worked and/or the amount of money contributed on your behalf. Your Pension Annual Statements will show the monthly value of your pension to date at Regular Retirement age, assuming you are vested. This amount could be reduced for early retirement, taxes, insurance premiums, spousal options, and qualified domestic relations orders.
Can I work and still draw my pension?
This is not a simple answer. It depends on where you work, what you do, how much you work, and how old you are.
Members who retire before their Normal Retirement Date and who work in Disqualifying Employment will have their benefits suspended for every month they were so employed in that Plan Year and for two additional months following termination of re-employment. Pension benefits will be adjusted at the end of the Plan Year in which re-employment was terminated to include the adjusted age of the Participants and any additional benefits earned.
After reaching Normal Retirement Age, members must fully separate from employment within the industry for 60 days. After that separation of employment, any work of more than 40 hours per month in covered employment is considered Disqualifying Employment. This will result in their benefits being suspended for every month for which they are working in Disqualifying Employment.
Where is my pension check?
Pension checks and direct deposit vouchers are mailed the same time – the last business day of every month. However, due to delays in the postal system, your pension check will not always be received on the same date every month. If you check or voucher is “late,” please do not call Ohio Laborers Benefits until after your mail runs on the 10th of the month. At that time, a stop pay can be requested for the check. Once our bank has confirmed a stop pay has been placed (usually within 24 hours), we will then issue a replacement check.
If you elected to have your benefit directly deposited, the deposit should be at your bank the first business day (Monday through Friday, excluding holidays) of the month. Please note: Certain banks hold the deposit for 24 hours before releasing payment. If your benefit is not in your bank timely, please contact Ohio Laborers Benefits as soon as possible to determine the issue.
If you have recently changed addresses (regardless of whether your check is mailed or deposited), it is crucial that you contact the Ohio Laborers Benefits as soon as possible to update your address. If the Benefits Office receives return mail on your behalf and we are unable to contact you, your pension benefit will be suspended until an updated address is submitted.
How can I update my address?
Make sure you update Ohio Laborers Benefits if your address changes. Updating your address at your Local does not change it at the Benefits Office. To update your address you can send a note or Address Change Card to the Benefits Office that includes your new address, Social Security number, and your signature. You can also call the Benefits Office and update it over the phone (members only). If the Benefits Office receives return mail due to an incorrect address, your insurance and pension benefits may be suspended.
Members can update their address online through MemberXG.
How can I start direct deposit or change my direct deposit account information?
You must complete a Direct Deposit Authorization Form – Local 265 and submit it to the Benefits Office. You can also submit this form through your MemberXG account. You can cancel your direct deposit by submitting a written request to Ohio Laborers Benefits including your signature and social security number.
How can I change my federal and state withholdings?
You can make changes to your tax withholdings at any time by completing and sending a new federal (W-4P) or state withholding form to Ohio Laborers Benefits.
Retirement
When should I apply for my pension benefits?
You should apply around 90 days before you wish to start receiving your pension benefit to allow for sufficient processing time. You do not have to wait until you quit working to apply. For more information, check out the Application Process.
Can I meet with someone to discuss my pension?
Yes, Ohio Laborers Benefits offers benefit counseling to members. A representative from the Benefits Office will meet you at your Local Union hall. At the meeting the benefit counselor can answer any questions you may have about your pension or retiree insurance, as well as, assist you with completing all of the necessary paperwork to get started. Simply call the Benefits Office to schedule an appointment.
Can I retire before age 55?
No, unless you have been approved for a disability pension. Otherwise, you need to be at least age 55 and meet other vesting requirements to receive a pension benefit.
To be eligible for a disability pension from the 265 Pension Plan, you must:
- Must submit a copy of your Disability Benefits award letter from Social Security
- Become totally and permanently disabled while an Active Participant in the Plan
Can I change the pension option I elected when I retired?
No. Once you cash your first check, you are locked in at the option you elected.
Can I keep my insurance after I retire?
Yes, you can keep your insurance after you retire if you are eligible for benefits at the time you start to receive your pension. The cost of retiree insurance depends on the number of Pension Credits you have and whether or not you cover your spouse and or dependent children. Generally, the more Pension Credits you have, the cheaper the retiree insurance is.
Beneficiary
Will my spouse get my pension benefit if I die before I retire?
Yes. If you are vested, your spouse is entitled to a pension benefit upon your death, unless you have been married for less than one year at the date of your death.
- If you are vested and retirement age at the time of your death, your spouse will be entitled to a monthly lifetime benefit payable the first of the month following your death.
- If you are vested but not yet retirement age at the time of your death, your spouse will be eligible for a monthly lifetime benefit when you would have been retirement age.
If I die, can my spouse continue his/her insurance coverage?
If you are retired, and both you and your spouse are eligible for insurance, your widow will be entitled to maintain coverage if eligible under the OLDC-OCA Insurance Fund at the time of your death. If at anytime your spouse’s insurance was terminated prior to your death, they will not be eligible under the OLDC-OCA Insurance Fund. If you are not retired, your widow will only be eligible for 36 months of COBRA coverage, assuming he/she was eligible for insurance at the time of your death.
If I am not married at the time of my death, what will my beneficiary receive?
No death benefits are payable upon the death of an unmarried participant.
Who is my beneficiary?
Ohio Laborers Benefits can only provide beneficiary information to members. If you are unsure whom you have listed as beneficiaries, please complete a new Enrollment/Beneficiary Card, which you can do online through your MemberXG account. If you have been married for at least one year, your spouse is automatically your beneficiary for pension benefits. It’s important to add or update your beneficiary to ensure your plan assets go to the people you intend. Even if you have a will, if you haven’t designated a beneficiary, plan rules will determine who receives your assets.