Are you over the age of 70 1/2? If so, and you haven’t started receiving your benefits, please contact the Funds’ Call Center right away. The IRS requires that you begin receiving pension payments for which you are eligible once you reach age 70 1/2. These rules are often called the “Required Minimum Distribution” rules. You may have heard of them in the context of your IRA, but they also apply to the UMWA 1974 Pension Plan and the UMWA Cash Deferred Savings Plan of 1988. Under the 1974 Pension Plan, you are required to start your pension as of April 1 of the year after you turn age 70 1/2, even if you are still an active mine worker. The cash Deferred Savings Plan, however, only requires distributions after you stop working in the mines.
Call us now for more information – any delay can expose you to significant tax penalties!
Funds Call Center: 1-800-291-1425