Pension Application Materials

You Cannot Submit These Materials Until You Have Obtained an "Important Information About Your Pension document from the Fund Office" - (you can request that document via e-mail, fax to (212) 869-1824 or a letter (we must have a written request - you can also use the one page "Request for Information" document available on this Web site for this purpose, or draft your own request.

The enclosed package contains all of the information and forms that applicants typically need to apply for a pension. Although the package may appear daunting at first, we hope this letter will help to guide you through the materials efficiently and confidently.

A. When you apply for a pension, you need to do two basic things:

1) Understand how both the date you begin receiving pension benefits and the kind of beneficiary benefit you elect significantly impact the amount of your monthly pension benefit, and how your marital status affects the beneficiary benefit choices available to you.

2) Complete the application form, sign it in a legally acceptable way and submit it, along with proof of your age. If you elect a Spouse’s Pension or Joint and Survivor Annuity, you must also submit proof of your spouse’s or beneficiary’s age.

No pension benefits can begin until both of these steps have been completed. Your pension application cannot be completed and dated prior to your receiving “The Important Information About Your Pension” described below, which helps to assure that you understand your benefit choices.

B. There are four important sections in the attached 14 page package of enclosed materials:

1) The “Important Information About Your Pension” Section (5 pages )

This section explains benefit options available to applicants who are married versus those who are single. Essentially, if you are married, you must elect a form of pension that provides benefits to your spouse should you predecease him or her, unless your spouse waives his or her right to such a survivor benefit (in which case you can receive a higher monthly benefit during your lifetime and/or, or substitute another beneficiary for your spouse).

In contrast, if you are single, you may elect a benefit that will continue monthly benefits of some kind to a beneficiary, or you can take the maximum monthly benefit for yourself and provide no benefits following your death (except for an automatic death benefit if you die before you have collected pension benefits for at least 60 months).

The first two pages of this section explain all of the options available to applicants who are married. This is followed by a third page explaining the options available to single applicants. Finally, there is a two page section that explains the relative actuarial value of the payment options available, and how the kind of benefit chosen for your spouse/beneficiary can be expected to affect the monthly pension benefit you will receive while you are alive. This section also includes a section that explains how the age at which you commence benefit affects the level of your monthly benefit (the later you begin receiving your benefits, the larger your monthly payment).

2) Pension Application Materials (6 pages 33k)

All pension applicants must complete this five-page application (including the “Election of Benefit Payment Form”). The form must be signed, and your signature notarized. (If you submit your application in person at the Fund Office, certain Fund Office staff members can witness your signature instead).You must also submit proof of your age.

If you are married and choose a Spouse’s Pension, you must include a copy of your marriage certificate. If you are married and choose a form of payment other than a Spouse’s Pension, you must also submit the Spouse’s Consent form, and his or her signature must also be notarized. If you elect a Spouse’s Pension or a Joint and Survivor Annuity, you must also submit proof of your spouse’s or designated beneficiary’s age.

3) Spouse’s Consent (2 pages 30k – Required Only For Married Pensioners Who Do Not Elect a Spouse’s Pension)

If you are married and choose a form of payment other than a Spouse’s Pension, you must also submit the Spouse’s Consent form, and his or her signature must also be notarized.

4) Request for Information on Options (1 Page 28k– Actual Benefits Based on the Age of Your Spouse/Beneficiary – Optional Request )

The Estimated Monthly Benefit under the Spouse’s Pension or Joint and Survivor Annuity that is provided in the “Important Information About Your Pension” assumes your spouse or beneficiary is three (3) years younger than you. If you want to know the amount of your monthly pension based on the actual age difference between you and your spouse or beneficiary, complete the Request for Information on Options and return it to the Fund Office.

Tax Withholding Form W-4P (1 pages 96k– To Control Your Tax Withholding)

If you do not elect otherwise, tax will be withheld from your pension based on the assumption that you are married and entitled to three (3) withholding allowances. By completing and returning the enclosed Form W-4P, you can elect withholding of either a flat dollar amount, or an amount based on your marital status and the actual number of withholding allowances to which you are entitled, or you can elect not to have federal income tax withheld from your pension payments.

Once you have completed your application, it must be returned to:

Retirement Services Department

Equity-League Pension Fund

165 West 46th Street (14th Floor)

New York, NY 10036-2582

Additional copies of these forms may be obtained from the Fund Office, at the above address.

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