Tuesday, February 07, 2012 Register | Login  
 
 
 

"We have added an extra link titled "POLITICAL FORM LETTERS" on the Members Only page of the website. On this link you will find form letters you can send to your elected State Representatives and Senators to request there support for AEP to add a new Scrubber and Baghouse systems needing approval by the Kentucky Public Service Commission" Please perform all the duties incumbent upon you and take the time to contact your elected officals!!" "Boilermakers Local 40 will have an two articles featured in the Boilermaker Reporters next edition announcing the environmental upgrades being installed at the East Kentucky Power - John Sherman Cooper Power Station and the Cannelton Dam Hydroelectric Dam construction. The articles are already posted on their website"
  

 

National Annuity Trust - Explanation of Qualified Pre-Retirement Survivor Annuity (QPSA)! 

 What you need to know!

Dear Brothers and Sisters,

There have been some changes related to payment options to the National Annuity Trust Fund. The changes are concerning benefit options that apply in the event of your death prior to taking a distribution of your individual account.

The new option is called a QPSA or Qualified Pre-Retirement Survivor Annuity. This option only applies if you have been married for a period of 12 consecutive months at the time of your death. I will try to give you a brief explanation of the QPSA. QPSA is the actuarial equivalent of the amount of your individual account that is payable at the time of your death. The QPSA provides your surviving spouse with a monthly payment for the rest of his or her life. This automatic form of payment is required by federal law. The only problem with this form of payment is that if your surviving spouse dies, no other payments will be made from the QPSA. This could be a good option if your surviving spouse lived another 50 years after your death or a bad option should he or she die shortly after your death. You can waive this option and use the Lump Sum Payment Option. Every member and their spouse should take time to discuss this new payment option very carefully.

This option can be waived by calling the National Annuity Trust Fund office @ (866) 342-6555 and requesting a change of beneficiary form or you can go to the Boilermaker National Funds (www.bnf-kc.com) website and print out the change of beneficiary forms yourself. If choose the website, once you have arrived at the Boilermaker National Funds home page left click on the Participants link, then click on the active members link. Once you have open the active members link, look to the right side of the page under downloads, at the bottom of the section you should see the Annuity Designation of Beneficiary Form. This will also contain an explanation of the QPSA and Lump Sump Payment options.

Thanks and best wishes,

Michael Autry

Print  
  Copyright 2009 by Boilermakers Local 40   Terms Of Use   Privacy Statement