Q:

What are some pension benefits of a Local 32BJ fund?

A:

Quick Answer

Members of a Building Service 32BJ Benefit Fund receive pensions upon retirement after at least five years of qualifying service, reports 32BJ Benefits. The monthly pension a member receives depends on his age upon retirement, the number of service credits he accumulates, and the maximum allowable pension when he retires.

Continue Reading

Full Answer

Members of a 32BJ Fund are able to retire at age 55 if they have 120 or more service credits, but they may not receive a full pension unless they wait until age 65 or later to retire, explains 32BJ Benefits. However, members with at least 25 years of qualifying employment can retire with full pension at age 62. Those who stop working before they are old enough to apply for a pension retain the right to apply when they qualify to receive it. Members who go back to work after retirement do not lose their pension, but the 32BJ Fund may suspend it.

Members who are married when they retire are entitled to a husband and wife option that guarantees a reduced pension for the spouse after the primary pension holder dies, according to 32BJ Benefits. A similar option called a joint and survivor option is available for same-sex couples. If couples opt out of the husband and wife option, the member applying for the pension must have the application notarized to verify that the spouse agrees to the waiver.

Learn more about Investing

Related Questions

Explore