What to Do Before You Elect Your Pension Benefit
Advise the RASC of your pension elections, direct deposit information and tax withholding elections, or provide rollover information if electing a lump-sum payment, after you review the information in your Pension Benefit Commencement Kit. Also, inform them of any updates to your or your spouse’s personal information.
When to Do It
30 – 60 days before your last day worked. (If you are retiring or leaving the company before the normal retirement age and you want to postpone receiving your pension benefits to a later date, you will want to do this within 30 – 60 days before you want your payment(s) to start.)
How to Do It
Call the RASC and say “pension” or “retirement” when prompted.
What to Expect Next
You will receive a confirmation packet after you notify the RASC of your pension choices. You can request that the RASC mail the packet to your home address or send it to your secure participant mailbox through Your Benefits™. Your packet will arrive in about two weeks if it is mailed to you or within a week if it’s sent to your secure participant mailbox.
It will include the following pieces, and you should carefully review them to make sure the information shown is accurate based on your personal situation:
- Pension Election Confirmation Statement summarizing the choices you made
- Pension Election Authorization Form that you need to complete and return to verify your choices