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If a pensioner or beneficiary passes away, please contact Federal Signal as soon as possible. Federal Signal will then notify Bank of America of the death and will stop payment on benefits. If a survivor benefit is due to be paid, Federal Signal will provide a survivor enrollment packet for completion before continuing payments. Federal Signal will also request a copy of the participant/beneficiary's death certificate.
Your pension benefit will not increase over time. The monthly benefit option that you select at retirement will remain the same for the duration of your lifetime.
Borrowing money against your pension benefit is not allowed.
Yes, your pension benefit is subject to federal income tax withholding. You are able to specific how much tax is withheld and may be able to choose not to have income taxes withheld from your pension payments. You will need to provide Federal Signal with a completed copy of the Form W4-P Withholding Certificate for Pension or Annuity Payments.
If you are married, traditionally a spouse is designated as the beneficiary. If you wish to designate someone else, you and your spouse must both consent (with Notary witness) on the benefit election documents. If you are unmarried, or your spouse consents, you may designate anyone as your beneficiary. For joint and survivor benefit options, the benefit amounts are actuarially calculated based on the difference in participant and survivor birth dates. These values may require additional calculation.