Q.
What is my Pension Effective Date (PED)?
A.
Under the AMO Pension Plan’s Rules and Regulations, the “Pension Effective Date” shall mean the first day of the month following the later of: (i) the last day of Covered Employment or (ii) actual receipt by the Plan Office of a written application.
Q.
How do I change my PED?
A.
You will need to notify the Plan Office in writing with your signature/date included.
Q.
What is my Irrevocable Letter (IL) and when do I receive it?
A.
Your Irrevocable Letter is obtained after the review of your pension benefit is complete. The letter is composed of the various pension benefit options that you have available. Once you have signed this letter agreeing to your monthly benefit and after you receive your first pension payment, your decision to retire is irrevocable.
Q.
What are my pension benefit options?
A.
Your current AMO Pension Plan pension benefit options are as follows:
Life Annuity - Provides a monthly pension benefit to the Pensioner for his/her lifetime only. The life annuity does not provide a survivor’s benefit. This is the normal form of benefit for a single Pensioner.
100% Joint and Survivor - Provides a reduced monthly pension benefit for life. If the Pensioner predeceases his/her spouse, the spouse will receive for his/her lifetime an amount equal to the monthly benefit paid to the Pensioner. This is the normal form of benefit for a married Pensioner.
75% Joint and Survivor - Provides a reduced monthly pension benefit for life – if the Pensioner predeceases his/her spouse, the spouse will receive for his/her lifetime an amount equal to 75% of the monthly benefit paid to the Pensioner.
50% Joint and Survivor - Provides a reduced monthly pension benefit for life – if the Pensioner predeceases his/her spouse, the spouse will receive for his/her lifetime an amount equal to 50% of the monthly benefit paid to the Pensioner.
Q.
Am I eligible for medical benefits as a retiree?
A.
If you have twenty (20) years of total pension eligibility credit, are eligible for an Unreduced Regular Pension, and have active medical coverage as of your PED, you and your eligible dependents may qualify for Pensioner Medical Coverage.
Q.
Will my medical benefits change when I become a Pensioner?
A.
Yes, Pensioner medical benefits include Hospital, Optical, and Scholarship Benefits. Dental and Hearing aid coverage will terminate on your PED. For more details regarding your medical coverage, please call the Plan Office.
Q.
If I am a Pensioner and retired, how to do I return to work?
A.
If you are a pensioner and would like more information regarding the rules for returning to work, please contact the Plan Office.