The Alaska Railroad Corporation Pension Plan

The Alaska Railroad Corporation Pension Plan

[PSR RESOURCE GUIDE]

This Resource Guide has been prepared by At?ssa Benefits, Inc. to assist in the day-to-day administration of the Alaska Railroad Corporation Pension Plan.

Table of Contents

HOW TO USE THIS RESOURCE GUIDE ........................................................................................................... 1 Purpose ..................................................................................................................................................... 1 Organization.............................................................................................................................................. 1 Revisions ................................................................................................................................................... 1

GLOSSARY OF TERMS .................................................................................................................................... 2 CLIENT OVERVIEW ........................................................................................................................................ 3

Plan Facts .................................................................................................................................................. 3 Company History....................................................................................................................................... 3 Client History............................................................................................................................................. 4 Contact Information.................................................................................................................................. 4 Plan Overview ........................................................................................................................................... 7 Plan Documents ...................................................................................................................................... 10 PLAN PROVISIONS ....................................................................................................................................... 12 Bargaining Units ...................................................................................................................................... 12 Beneficiaries............................................................................................................................................ 13 Breaks in Service/Rehires........................................................................................................................ 13 Cost-of-Living Adjustment (COLA) .......................................................................................................... 14 Deferred Non-Vested (also known as Terminated Non-Vested (TNV)) .................................................. 14 Deferred Retirement Date (DRD)............................................................................................................ 14 Deferred Vested (DV).............................................................................................................................. 14 Disability.................................................................................................................................................. 14 Early Retirement (ER).............................................................................................................................. 14 Earnings................................................................................................................................................... 15 Eligibility .................................................................................................................................................. 16 Employee Contributions ......................................................................................................................... 17 Employer Contributions .......................................................................................................................... 17 Entry Date ............................................................................................................................................... 17 Final Average Earnings (FAE)................................................................................................................... 17 Forms of Payment................................................................................................................................... 18 Normal Retirement Date (NRD) .............................................................................................................. 18 Past Normal Retirement Date (NRD) ...................................................................................................... 18 Pre-Retirement Survivor Benefit (PRSB) ................................................................................................. 19

[ARRC Resource Guide]

TABLE OF CONTENTS

Post-Retirement Survivor Benefit ........................................................................................................... 20 Reemployment/Rehires .......................................................................................................................... 20 Refund of Employee Contributions......................................................................................................... 21 Severance from Service Date .................................................................................................................. 21 Small Sum ($1,000) ................................................................................................................................. 21 Tier 1 Participants ................................................................................................................................... 21 Tier 2 Participants ................................................................................................................................... 21 Vesting .................................................................................................................................................... 22 FREQUENTLY ASKED QUESTIONS................................................................................................................ 23 What is the toll-free number that ARRC Plan participants can use to reach At?ssa? ............................ 23 What status change codes are transmitted to At?ssa on the bi-weekly payroll feed? .......................... 23 What financial institution issues the pension payments? ...................................................................... 24 When are checks issued?........................................................................................................................ 24 Where can I get help regarding setting up transactions in the Trust? ................................................... 24 What is the benefit payments processing schedule? ............................................................................. 25 What are the collective bargaining agreements that provide for Plan Participation? ........................... 27 Tier 2 benefits have been negotiated with which unions?..................................................................... 28 Are benefits insured by the PBGC? ......................................................................................................... 28 Are benefits taxed? ................................................................................................................................. 28 How do benefits coordinate with Social Security benefits? ................................................................... 28 Does the Plan accept rollovers?.............................................................................................................. 29 What is the Appeals Process if a claim for benefits is denied?............................................................... 29 How often does At?ssa receive data feeds from the Client? ................................................................. 29 How often is accrued interest on account balances credited?............................................................... 29 What are the historical three month U.S. Treasury Constant Maturity Yield Rates for Tier 2 participants? ........................................................................................................................................... 29 What is the frequency of Defined Benefit Statements for Participants? ............................................... 30 What are the historical Cost of Living Adjustments (COLA)?.................................................................. 30 When is Vested Service granted for a Leave of Absence (LOA)? ............................................................ 31 STANDARD PARTICIPANT COMMUNICATIONS ........................................................................................... 31 PROCESSES .................................................................................................................................................. 34 AUTHENTICATION OF CALLER ................................................................................................................. 34 ADDRESS CHANGES................................................................................................................................. 35 ADDRESS SEARCHES ................................................................................................................................ 36 BENEFICIARY DESIGNATIONS .................................................................................................................. 38

[ARRC Resource Guide]

TABLE OF CONTENTS

BENEFIT COMMENCEMENT PAPERWORK REQUESTS ............................................................................ 38 BENEFIT COMMENCEMENT PAPERWORK RECEIPT ................................................................................ 40 BENEFIT ESTIMATES ................................................................................................................................ 42 BENEFIT FORFEITURE .............................................................................................................................. 43 CLAIMS .................................................................................................................................................... 43 CORRECTION OF SOCIAL SECURITY NUMBER (SSN)................................................................................ 44 DEATH (PRE-RETIREMENT SURVIVOR BENEFIT (PRSB)) .......................................................................... 44 DEATH (POST-RETIREMENT) ................................................................................................................... 46 DIRECT DEPOSIT ...................................................................................................................................... 47 DISABILITY ............................................................................................................................................... 48 DUPLICATE 1099-R .................................................................................................................................. 48 ORPHAN PARTICIPANTS .......................................................................................................................... 49 POWER OF ATTORNEY (POA) .................................................................................................................. 50 QUALIFIED DOMESTIC RELATIONS ORDER (QDRO) ................................................................................ 51 RECOUP OVERPAYMENT......................................................................................................................... 52 REFUND OF EMPLOYEE CONTRIBUTIONS (LUMP SUM DISTRIBUTIONS) ............................................... 54 REINSTATEMENT OF BENEFIT (DUE TO BENEFIT FORFEITURE) .............................................................. 56 REISSUE/REVERSE CHECK........................................................................................................................ 56 REPAYMENT OF EMPLOYEE CONTRIBUTIONS (BUYBACK)...................................................................... 57 REQUIRED MINIMUM DISTRIBUTIONS (RMD) ........................................................................................ 58 SUSPENSION OF BENEFIT (BAD ADDRESS).............................................................................................. 59 TAX WITHHOLDING ................................................................................................................................. 59 VERIFICATION OF INCOME/PENSION BENEFITS ..................................................................................... 60 VERIFICATION OF BIRTH/NAME CHANGE ............................................................................................... 61 REPORTING AND BATCH EVENTS................................................................................................................ 63 ACCOUNT BALANCE ACCRUED INTEREST CALCULATION........................................................................ 64 ADDRESS SEARCH REPORT ...................................................................................................................... 65 APPROACHING NORMAL RETIREMENT DATE (NRD) NOTICE ................................................................. 65 BENEFIT STATEMENT PRODUCTION & MAILING .................................................................................... 66 COST OF LIVING INCREASE (COLA) CALCULATION .................................................................................. 67 DEATH SEARCH REPORT.......................................................................................................................... 69 OUTSTANDING CHECK REPORT............................................................................................................... 69 RECONCILIATION REPORT (Client) .......................................................................................................... 71 REQUIRED MINIMUM DISTRIBUTIONS (RMD) REPORT .......................................................................... 71 SMALL SUM MANDATORY CASHOUT ..................................................................................................... 72

[ARRC Resource Guide]

TABLE OF CONTENTS

TERMINATION REPORTS AND LETTERS................................................................................................... 73 WELLS FARGO PAYMENT REGISTRY (IntelliPlan Wells Fargo Payment History) ..................................... 74 VERSION CONTROL ..................................................................................................................................... 75

[ARRC Resource Guide]

TABLE OF CONTENTS

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