QUESTIONS AND ANSWERS ABOUT RECENT PENSION IMPROVEMENTS
Why is the Fund able to offer these improvements now?
The pension improvements for both current and future pensioners are made possible by the Pension Fund’s strong recent investment performance and its current fiscal health. With these increases, the Pension Fund remains well funded.
When will the improvements begin?
The pension improvements will begin July 1, 2015 for all current pensioners and August 1, 2015 for those who begin their pension in the future.
If I file for a pension, can I still work?
Yes, and your earnings will continue to count toward building your pension payments. However, if you are younger than 62, you cannot start your pension while you are working.
What happens if I file for a pension before July 1, 2015, but then return to work? Will I receive both the 10% increase and the $12 per month credit?
You will receive the 10% increase for the pension you earned before July 1, and you will receive the $12 per month credit -– but not the 10% increase – for any work you perform afterwards.
Will the Fund be making additional improvements in the future?
The Fund’s Trustees and staff understand that participants in the Equity-League Pension Fund rely on their pensions. Future improvements will be considered if the Fund’s performance can responsibly sustain them.
Could the Pension Fund use its surplus to support improvements in the Health Fund’s benefits?
No, the Pension Fund and Health Fund are separate legal entities and it is not permissible under governing law to transfer resources from one to the other.
For complete details about Equity-League Benefit Funds 401(k) benefits, refer to the Equity-League Benefit Funds Pension Plan and 401(k) Summary Plan Description. If you have additional questions or need assistance, contact the Equity-League Benefit Funds Retirement Services Department at (212) 869-9380 or outside the NY Metro area, at 1-800-344-5220 from 9:30 am to 5:30 pm ET