Funds Office Update by Bill McDevitt

 In News, Newsletter: spring '19

UPDATE FUND OFFICE WHEN YOU MOVE

The Fund Office in Roslindale sends out over 100,0000 pieces of mail every year. This includes your health, pension, annuity statements, medical claim payments, explanation of benefits, pension and annuity applications, COBRA forms, reminders notices, change of address forms, Health ID cards, tax forms, summary annual reports, and beneficiary data cards. It is vital you provide the Fund Office your current address. Keeping the Fund Office updated with your correct mailing address helps contain mailing costs and prevents the return and re-mailing of important benefit updates and statements.

Call the Fund Office at (800) 799 -1240 or (617) 524-1240 or email Jaclyn Escobar-Innocent at jescobar@dc35funds.com to your change of address.

UPDATE FUND OFFICE WHEN YOU MARRY, DIVORCE, OR HAVE A BABY

When you have a change to your family, contact the Fund Office to add or change your beneficiary; and to add or remove dependents from health coverage. Former spouses do not meet the definition of an eligible dependent, so it is important you advise the Fund Office of a divorce to prevent claim overpayments for which you may be responsible.

DEATH BENEFITS

Do you have a beneficiary on file? Is the beneficiary information current? There are death benefits from the Annuity, Pension, and Health Benefit Plans. To ensure your funds go where you want them, please respond to data card requests. If you have had a change in your family, or if it has been more than five years since you last completed data cards, feel free to contact the Fund Office to verify your beneficiary information or to request new data cards.

What are the death benefits?

Annuity: The annuity balance is the death benefit.

Pension: The death benefit amount is contingent upon your age, marital status, vesting status, last date of work, and the number of credits. The spouse of a vested participant who qualifies based on the number of credits and the last date of employment will receive a monthly-joint survivor benefit. The beneficiary of a participant not eligible for a spousal-joint-survivor benefit receives a lump-sum benefit based on total pension credits. For specific information, please contact the Fund Office.

Health: Participants eligible for health insurance are covered for $50,000 in life insurance and $50,000 for accidental death.

What happens when a participant passes away without beneficiaries on file?

Annuity: The benefits are paid to the Estate. This complicates the process for family members and loved ones.

Pension: For participants not eligible for a monthly benefit, a lump-sum benefit is paid to the Estate. Again, this can be complicated for family members and loved ones.

Health: The benefits are paid to the next of kin. If the next of kin is a child, a guardian must be appointed by the court. (This is also true if you name a child as your beneficiary.)

Call the Fund Office at 800-799 -1240 or 617-524-1240 for more information on death benefits.