Following is a list of some of the most frequently asked questions regarding your pension benefits. Please refer to the LDC&C Pension Fund Summary Plan Description (SPD) for a more detailed explanation of all of your pension benefits. (Certain individuals may not be entitled to certain benefits described due to the number of credits earned or when last worked.)
How many pension credits do I have?
You can check your credits and hours through MemberXG on this website. Simply log in by clicking the hard hat on the left side of this website below the sliding banner. You can also review your Pension Annual Statement. On the statement, option 1 will show you your total number of credits. Option 2 shows your total hours. If these are not viable options, you can call the OLFBP Fund Office for assistance.
When should I apply for my pension benefit?
You should apply approximately 90 days before you wish to start receiving your benefit to allow for sufficient processing time. You do not have to wait until you quit working to apply.
Can I meet with someone to discuss my pension?
Yes, OLFBP offers benefit counseling to members. A representative from the Fund Office will meet you at your Local Union hall. At the meeting the benefit counselor can answer any questions you may have about your pension or retiree insurance as well as assist you with completing all of the necessary paperwork to get your pension benefit and retiree insurance started. Simply call the Fund Office to schedule an appointment.
How can I “cash out” my pension?
You must be retirement age and vested to be entitled to any type of pension benefit from the Fund. Generally, your pension will only be paid as a monthly benefit. You can only receive a one-time lump sum payment if your monthly benefit is less than $100. The amount of any lump sum payments will not be calculated until a member applies for his/her pension.
Can I retire before age 53?
No, unless you have been approved for a disability pension. Otherwise, you need to be at least age 53 (and meet other vesting requirements) to receive a pension benefit. To be eligible for a disability pension from the LDC&C Pension Fund, you must:
Be considered disabled (a condition preventing you from working as a construction laborer) for life,
Have ten pension credits, and
Work at least 250 hours in the year you become disabled or the year prior to your disability.
How much is my pension worth?
Your pension does not have any value until you are retirement age and have enough pension and vesting credits to retire. We do not calculate the total value of your pension, just the monthly amount. This is not a 401K-type benefit plan; this is a defined benefit plan. You will only be eligible for a monthly benefit from this Fund based on the number of hours worked and credits earned, not the amount of money contributed on your behalf. Your Pension Annual Statements will show the monthly value of your pension to date at Regular Retirement age, assuming you are vested. This amount could be reduced for early retirement, taxes, insurance premiums, spousal options, and qualified domestic relations orders.
Can I change the pension option I elected when I retired?
No, once you cash your first check, you are locked in at the option you elected.
Will my spouse get my pension if I die before I retire?
Yes, if you are vested, your spouse is entitled to a pension benefit upon your death, unless you have not been married for one year at the date of your death.
If you are vested and retirement age at the time of your death, your spouse will be entitled to a monthly lifetime benefit payable the first of the month following your death.
If you are vested but not yet retirement age at the time of your death, your spouse will be eligible for a monthly lifetime benefit when you would have been retirement age. Additionally, your spouse would have the option to receive a lump sum payment at the time of your death and then an actuarially reduced monthly lifetime benefit when you would have been retirement age.
If you have not been married for a year at the time of your death, your spouse would only be eligible for a lump sum benefit.
Can I keep my insurance after I retire?
Yes, you can keep your insurance after you retire if you are eligible for benefits at the time you start to receive your pension. The cost of retiree insurance depends on the number of pension credits you have and whether or not you cover your spouse and or dependent children. Generally, the more pension credits you have, the cheaper the retiree insurance is.
If I die, can my spouse continue his/her insurance coverage?
If you are retired, your widow will be entitled to maintain coverage if eligible under the OLDC-OCA Insurance Fund at the time of your death. If you are not retired, your widow will only be eligible for 36 months of COBRA coverage, assuming he/she was eligible for insurance at the time of your death.
If I’m not married at the time of my death, what will my beneficiary receive?
If you are vested, your beneficiary will receive a one-time lump sum benefit. Generally, your beneficiary will receive $1,000 per pension credit you have earned, up to a maximum of 30 credits. For members who do not have 500 or more hours at the $1.70 (May 1995), the lump sum benefit would be $500 per pension credit with a maximum of 25 credits.
Can I work and still draw my pension?
This is not a simple answer. It depends on where you work, what you do, how much you work, and how old you are.
You cannot work as a laborer or supervise laborers in this Fund’s jurisdiction and still receive your pension benefit until you are Regular Retirement age (60, 62, or 65 depending on when you last worked).
After Regular Retirement age, you can only work as laborer (or supervise laborers) up to 39½ per month and still receive your pension.
After age 70½, you can work as many hours as you want as a laborer and still receive your pension check.
You can do any other type of work (other than laboring or supervising laborers) without restrictions after you retire without it affecting your pension benefit.
You can also work outside of the Fund’s jurisdiction without it affecting your pension benefit.
The Fund’s jurisdiction covers all of Ohio; Boone, Campbell, and Kenton counties in Kentucky; and Belmont, Brooke, and Hancock counties in West Virginia.
Who is my beneficiary?
OLFBP Fund Office policy is to not tell anyone (including members) who is listed as beneficiaries. If you are unsure whom you have listed as beneficiaries, please complete a new Enrollment/Beneficiary Card. If you have been married for at least one year, your spouse is automatically your beneficiary for pension benefits.
Can I buy pension credits?
No, you cannot buy pension credits. In general, you can only earn pension credits by working in covered employment; however, the Fund also provides pension credits in certain situations to disabled members and members who are called to active duty in the military.
1,000 hours or more in a calendar year = 1 pension credit
750 – 999 hours = ¾ credit
500 – 749 hours = ½ credit
250 – 499 hours = ¼ credit
Where is my pension check?
Pension checks and direct deposit vouchers are mailed the same time (last business day) of every month. However, due to delays in the postal system, your pension check will not always be received on the same date every month. If you check or voucher is “late,” please do not call the OLFBP Fund Office until after your mail runs on the 10th of the month. At that time, a stop pay can be requested for the check. Once our bank has confirmed a stop pay has been placed (usually within 24 hours), we will then issue a replacement check.
If you elected to have your benefit directly deposited, the deposit should be at your bank the first business day (Monday through Friday, excluding holidays) of the month. (Please note, certain banks hold the deposit for 24 hours before releasing payment.) If your benefit is not in your bank timely, please contact the OLFBP Fund Office as soon as possible to determine the issue.If you have recently changed addresses (regardless of whether your check is mailed or deposited), it is crucial that you contact the OLFBP Fund Office as soon as possible to update your address. If the Fund Office receives return mail on your behalf and we are unable to contact you, your pension benefit will be suspended until an updated address is submitted.
How can I change my address?
To update your address you can send a note or Address Change Card to the Fund Office that includes your new address, Social Security number, and your signature. You can also call the Fund Office at (800) 236-6437 and update it over the phone (members only). If the Fund Office receives return mail due to an incorrect address, your insurance and pension benefits may be suspended. Updating your address at your Local does not change it at the Fund Office.
How can I start direct deposit or change my direct deposit account information?
You must complete a Direct Deposit Authorization Form and submit it to the Fund Office. You can also cancel your direct deposit by submitting a written request to the OLFBP Fund Office including your signature and social security number.
How can I change my federal or state tax withholdings?
You can make changes to your tax withholdings at any time by completing and sending a new federal (W-4P) or state withholding form to the OLFBP Fund Office. Additionally, If you want to cancel your state of Ohio tax withholding, you must submit a written request to the Fund Office including your signature and social security number.