Frequently Asked Questions Regarding Retirement
STEELWORKERS PENSION TRUST 1-800-848-1953 EXT. 132
How soon should I apply for my pension benefit?
The Steelworkers Pension Trust suggests 30 days prior to your retirement date. By law applications cannot be sent to participant more than 30 days in advance of your retirement date.
You must have a definite “last day of work” determined when you contact the Trust.
Then what should I do?
After contacting the Trust please call 452-1899 ext. 27 to arrange a joint meeting with USS to finalize retirement with the Company.
You will complete necessary forms for retiree health insurance, life insurance, a USS retirement document, and if eligible, a special retirement payment form for $7500.
Then what happens?
SPT eligibility determination is completed in 7 business days after your initial contact, application is then sent to your home address.
When you receive your application packet you can make an appointment to go over the information and fill out the forms, if you wish, by calling 452-1899 ext. 27.
What information need I provide during the application request process?
Name, address, date of birth, social security number, marital status, retirement date, spouse’s name, date of birth, and social security number.
What documentation will I have to provide during the application process?
Copies of social security cards for you and your spouse, copies of proof of birth for you and your spouse, copies of marriage certificate or divorce decree and original death certificate if applicable.
What pension benefit options are available?
Along with the application that you will receive in the mail, an option request form is included. This form reflects the various options available to you along with the benefit amount. Benefit options include:
1. Single life Annuity
2. Joint and Survivor Annuity
3. Period Certain and Life
4. Lump Sum Death Benefit
If you are married the law requires the benefit be paid in the form of a Joint and Survivor Annuity unless you and your spouse waive such option.
How is my pension effective date determined?
The first day of the first calendar month after your date of retirement (signing with USS) is your pension start date.
How soon can I expect my first pension check after making application?
The normal application process can take up to 90 days.
Will my first pension payment be a direct deposit to my bank?
No, you will always receive a check for the initial benefit months at your home address. The first payment will include all retroactive payments due beginning with the pension effective date through the disbursement date. This means that although your pension start date is the first of the month after your date of retirement, your first check will likely be for 3 months.
When can I get my pension payment directly deposited to my bank?
If you select the option to have your check directly deposited, it will take up to 2 months to become effective.
Does the Trust notify my employer of my retirement?
No, you must notify the Benefit Department at the General Office Building of the date you are retiring.
Keep in mind, USS does not administer the Steelworkers Pension Trust. The Company is contractually obligated to contribute to the fund on your behalf for each hour you work, but the Trust is a completely separate entity.
What types of retirements are there?
Normal Retirement – Age 65 or older*
Rule of 85 Retirement – Early retirement with no minimum age and no benefit reduction. To qualify your age plus the number of years of service must add up to 85 or more.
Early Retirement – Vested participant can retire as early as age 55 with a benefit reduction of ¼% for each month retirement is prior to age 65.
Disability Retirement – Participant becomes disabled within the meaning of the Federal Social Security Act, can retire at any age with no reduction.
* Note: A member can apply for and begin receiving his accrued SPT pension benefit, if he chooses, upon attaining age 65 and continue to work. Call 618-452-1899 for complete details.
Do my years of service with National Steel count towards my being vested?
Yes, the United Steelworkers, as part of the 2003 labor agreement negotiated that USS purchase your years of service with National Steel for the purpose of qualifying for Rule of 85 pension and disability pension.
Will my pension benefit amount increase?
It is unlikely your monthly pension benefit amount will increase.
Can I receive my pension benefit in a lump-sum amount in lieu of a monthly benefit?
Only if the present value of the benefit is $5,000.00 or less.
What about insurance when I retire?
The Steelworkers Pension Trust is not in any way connected with your insurance benefits when you retire. Medical and life Insurance benefits are provided by the Company. Your medical coverage continues to the end of the month in which you last work and your retirement medical insurance starts the first of the month you retire under a regular retirement. Note: There is NO dental or vision coverage.
Is there a premium cost for medical insurance?
Yes, at the present time there is a monthly premium payment. Premium charges are subject to change. Check with the Benefits Department or call 452-1899 for specific current information.
What are the eligibility requirements for insurance coverage when I retire?
You must have accrued at least 15 years of service with USS and National Steel.
You must be eligible to receive a normal retirement (age 65) or an unreduced early retirement (Rule of 85 or Disability) and accrued at least the following years of continuous service with USS:
Age at Retirement Years of Service
62 or over...................................2
60-62..........................................3
Less than 60...............................5
Does my life insurance continue when I retire?
Yes. The amount of your life insurance is $50,000 and will be continued without contribution from you until the end of the month in which you attain age 62 (if you retire prior to age 62). At age 62 the policy amount is reduced to $10,000 and continues without contribution from you.
Optional life insurance can be continued until age 62 by making monthly premium payments.
The Steelworkers Pension Trust suggests 30 days prior to your retirement date. By law applications cannot be sent to participant more than 30 days in advance of your retirement date.
You must have a definite “last day of work” determined when you contact the Trust.
Then what should I do?
After contacting the Trust please call 452-1899 ext. 27 to arrange a joint meeting with USS to finalize retirement with the Company.
You will complete necessary forms for retiree health insurance, life insurance, a USS retirement document, and if eligible, a special retirement payment form for $7500.
Then what happens?
SPT eligibility determination is completed in 7 business days after your initial contact, application is then sent to your home address.
When you receive your application packet you can make an appointment to go over the information and fill out the forms, if you wish, by calling 452-1899 ext. 27.
What information need I provide during the application request process?
Name, address, date of birth, social security number, marital status, retirement date, spouse’s name, date of birth, and social security number.
What documentation will I have to provide during the application process?
Copies of social security cards for you and your spouse, copies of proof of birth for you and your spouse, copies of marriage certificate or divorce decree and original death certificate if applicable.
What pension benefit options are available?
Along with the application that you will receive in the mail, an option request form is included. This form reflects the various options available to you along with the benefit amount. Benefit options include:
1. Single life Annuity
2. Joint and Survivor Annuity
3. Period Certain and Life
4. Lump Sum Death Benefit
If you are married the law requires the benefit be paid in the form of a Joint and Survivor Annuity unless you and your spouse waive such option.
How is my pension effective date determined?
The first day of the first calendar month after your date of retirement (signing with USS) is your pension start date.
How soon can I expect my first pension check after making application?
The normal application process can take up to 90 days.
Will my first pension payment be a direct deposit to my bank?
No, you will always receive a check for the initial benefit months at your home address. The first payment will include all retroactive payments due beginning with the pension effective date through the disbursement date. This means that although your pension start date is the first of the month after your date of retirement, your first check will likely be for 3 months.
When can I get my pension payment directly deposited to my bank?
If you select the option to have your check directly deposited, it will take up to 2 months to become effective.
Does the Trust notify my employer of my retirement?
No, you must notify the Benefit Department at the General Office Building of the date you are retiring.
Keep in mind, USS does not administer the Steelworkers Pension Trust. The Company is contractually obligated to contribute to the fund on your behalf for each hour you work, but the Trust is a completely separate entity.
What types of retirements are there?
Normal Retirement – Age 65 or older*
Rule of 85 Retirement – Early retirement with no minimum age and no benefit reduction. To qualify your age plus the number of years of service must add up to 85 or more.
Early Retirement – Vested participant can retire as early as age 55 with a benefit reduction of ¼% for each month retirement is prior to age 65.
Disability Retirement – Participant becomes disabled within the meaning of the Federal Social Security Act, can retire at any age with no reduction.
* Note: A member can apply for and begin receiving his accrued SPT pension benefit, if he chooses, upon attaining age 65 and continue to work. Call 618-452-1899 for complete details.
Do my years of service with National Steel count towards my being vested?
Yes, the United Steelworkers, as part of the 2003 labor agreement negotiated that USS purchase your years of service with National Steel for the purpose of qualifying for Rule of 85 pension and disability pension.
Will my pension benefit amount increase?
It is unlikely your monthly pension benefit amount will increase.
Can I receive my pension benefit in a lump-sum amount in lieu of a monthly benefit?
Only if the present value of the benefit is $5,000.00 or less.
What about insurance when I retire?
The Steelworkers Pension Trust is not in any way connected with your insurance benefits when you retire. Medical and life Insurance benefits are provided by the Company. Your medical coverage continues to the end of the month in which you last work and your retirement medical insurance starts the first of the month you retire under a regular retirement. Note: There is NO dental or vision coverage.
Is there a premium cost for medical insurance?
Yes, at the present time there is a monthly premium payment. Premium charges are subject to change. Check with the Benefits Department or call 452-1899 for specific current information.
What are the eligibility requirements for insurance coverage when I retire?
You must have accrued at least 15 years of service with USS and National Steel.
You must be eligible to receive a normal retirement (age 65) or an unreduced early retirement (Rule of 85 or Disability) and accrued at least the following years of continuous service with USS:
Age at Retirement Years of Service
62 or over...................................2
60-62..........................................3
Less than 60...............................5
Does my life insurance continue when I retire?
Yes. The amount of your life insurance is $50,000 and will be continued without contribution from you until the end of the month in which you attain age 62 (if you retire prior to age 62). At age 62 the policy amount is reduced to $10,000 and continues without contribution from you.
Optional life insurance can be continued until age 62 by making monthly premium payments.