A Guide to Your Individual Account Plan

Applying For and Receiving Your Individual Account Plan Benefit


Fast Facts

  • You should contact the Fund Office for the proper forms to apply for your Plan benefit.
  • Your effective date is the date your Individual Account Plan benefit begins.
  • You may reject or change the form of payment you elect at any time within the 180-day period that ends on your effective date. After that, you may not change your form of payment

In order to begin receiving benefits under the Plan, you must submit a written application to the Board of Trustees. When you are ready to apply, contact the Fund Office for the necessary forms.

You should file an application for benefits no more than 180 days or fewer than 30 days before the date you want payments to begin. Upon receipt of your application, the Fund Office will provide you with an estimate of your benefit and the amounts payable under the standard forms of payment. If you want to elect an optional form of payment (explained on page here), you must return the waiver and election forms, along with the spousal consent form (if applicable) prior to your effective date.

If You Are Married When You Apply

If you are married when you apply for your benefit, you have a 180-day period (beginning on the date you receive information about your payment options and ending on your effective date) to reject the 50% Spousal Annuity. During this period, you and your spouse may also revoke a rejection or file a new rejection at any time. Note that once a 50% Spousal Annuity or the 75% Spousal Annuity becomes payable, it cannot be revoked.

If You Are Single When You Apply

If you are single when you apply for your benefit, you will have a 180-day period (beginning on the date you receive information about your payment options and ending on your effective date) to reject the Life Annuity. During this period, you may revoke a rejection or file a new rejection. Note that once a life annuity becomes payable, it cannot be revoked.

When Your Payments Begin

Generally, benefit payments will begin no later than the first day of the month following the 60th day after the Trustees receive your application, unless you elect otherwise. You may not elect to postpone the effective date of benefits beyond April 1st following the calendar year in which you reach age 70 1/2 or April 1st following the calendar year during which you leave covered employment. The Fund Office will make payments to an individual who fails to file an application by that time in accordance with the provisions of the Plan.

Ready to apply for your individual Account Plan benefit?

Contact the Fund Office at 301-731-1050 for the forms you’ll need to file your claim for benefits.