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Human Resources
Monthly Routine
Answers to Your Questions About Retirement
| Q | How and when are retirement benefits paid? |
| A | Most retirees receive their monthly benefits by direct deposit into
a checking of savings account. A few receive their benefits by check.
Both direct deposits and checks are released on or before the 27th of the
month for that month. If the 27th falls on a Saturday or Sunday, the
benefits will usually be issued on the previous Friday. The Plan has a
toll-free Payroll Bulletin Board phone line which announces the date of
the payroll releases. Call (888) 838 8955. |
| Q | What if I don't receive my benefit payment on time? |
| A | If you have contacted your bank after the 27th and your deposit has
not yet arrived, contact the Plan. If you receive your check for your
benefits, please wait until the 15th of the following month to inform us
of a missing check as most checks reach their destination by that time.
Call 1 (301) 680-6244. |
| Q | Does the Plan withhold state and federal taxes from retirement benefits? |
| A | The Plan does not withhold state taxes. If the benefits exceed
certain thresholds in our payroll software, we withhold federal taxes and
forward those funds to the IRS. The retiree can adjust a W-4P which
instructs us regarding withholding for
federal taxes. To request the form W-4P to give us such instructions,
call 1 (301) 680-6244. |
| Q | Is there provision to deduct tithe and donations from the monthly benefits? |
| A | No. We do not deduct tithe or donations from the monthly benefits of
participants. |
| Q | Should retired workers notify the Retirement Office when they change their address? |
| A | Yes, when that change is permanent. Many retirees travel
considerably in connection with vacations and visits to relatives. We
cannot make temporary address changes. Our direct deposit system
will ensure that your check is deposited in
your account even in your absence. When you change the location of your
regular residence please inform us in writing or by phone by the 10th of
the month in which you wish the change to be effective. |
| Q | How do I sign up for direct deposit? |
| A | Mail to us a voided check from your account along with a signed note
requesting direct deposit to this account. This should be a permanent
check with your name and address printed on it. If your monthly benefits
are to be deposited in a savings
account rather than a checking account, call the Payroll office at (301)
680-6244 and we will send to you an ACH Authorization Agreement. You
will need to return the completed form to us. Direct deposit takes 3-4
weeks to become effective once it is
posted in the payroll system. |
| Q | If I am on direct deposit, how am I notified that the money has been sent? |
| A | You can usually contact your bank and determine when the money has
arrived. We do not send monthly notification. However, should your
benefit amount change, you should receive a letter explaining the change
and the new retirement benefit
amounts. |
| Q | Is it necessary to notify the retirement office if the participant or spouse dies? (Z 20 20 & X 45 17) |
| A | Yes. There are legal requirements that we must fulfill. There is
usually a death benefit which can assist with funeral expenses. There
may be benefit adjustments. A copy of the death certificate should be
sent to the Plan as soon as possible.
The fax number is (301) 680 6190. |
| Q | Should the retirement office be notified when there is a change in marital status? (Z 35 07) |
| A | Yes. We are required to make certain benefits and records adjustments upon the change of marital status. |
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