Pension FAQs

General Pension Questions

  • Who do I contact to make changes to my mailing address, banking information or tax withholding?
    • ​Changes to mailing address, banking information and/or tax withholdings can be made directly through Bank of America-Merrill Lynch. Contact them using their hotline phone number 800-449-5000.
  • I am NOT currently receiving a pension payment. Who do I contact to get an estimate of my upcoming pension benefits?
    • Using the Pension Request form, complete and return to Federal Signal at pension@federalsignal.com. An estimate of your pension benefit will be provided to you within 7-10 business days of receipt of your request. You may also contact Federal Signal directly at 630-954-2292 to discuss any questions or concerns regarding your benefit.
  • Who do I contact in the event of a pensioner or beneficiary death?​
    • ​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. 

Questions About Your Pension Plan Benefits

  • Who do I contact to get the necessary paperwork to begin collecting my pension benefit?
    • Using the Pension Request form, complete and return to Federal Signal at pension@federalsignal.com. An estimate of your pension benefit will be provided to you within 7-10 business days of receipt of your request. You may also contact Federal Signal directly at 630-954-2292 to discuss any questions or concerns regarding your benefit.
  • How do I know when I am eligible to receive my pension benefit?

Plan Name

Normal Retirement

Early, Reduced Retirement

FSC Salaried

Age 65

Age 55 – minimum of 10 years of service

Vactor

Age 65

Age 55 – minimum of 10 years of service

IBEW

Age 65
Age 62 with 15+ years

Age 55 – minimum of 10 years of service

Dayton

Age 65

Age 55 -  minimum of 15 years of service

Leach Hourly

Age 62 – term after 3/31/99
Age 65 – term before 3/31/99

Age 60 – term after 3/31/99
Age 62 – term before 3/31/99

Leach Salary

Age 62 – term after 12/31/99
Age 65 – term before 12/31/99

Age 60 – with 10 years, term after 12/31/99
Age 62 – with 10 years, term before 12/31/99

  • Does my pension benefit ever increase?
    • 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.
  • I would like to borrow against my pension. Is that allowed?
    • Borrowing money against your pension benefit is not allowed.
  • Can I roll my pension over into another Plan, IRA, money market fund, etc?
    • Your monthly pension benefit cannot be rolled over, borrowed against, or transferred into another retirement account. This includes individual retirement accounts (IRAs), money market funds or other pension funds.
    • If you are a Dayton participant, with a minimum of 15 years of service, beginning at age 55 you are eligible to receive a single lump sum payment. This payment is able to be rolled-over into a qualified account tax and penalty free.
  • Is my pension benefit payment taxable?
    • 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.

Questions About Beneficiaries

  • What happens to my pension benefit if I die?
    • Active Employees – If you should die prior to normal retirement age, and while you’re still an active employee with Federal Signal, your benefits under the Plan will be a pre-retirement spouse’s survivor annuity. Unfortunately, unmarried participants are not eligible for a pre-retirement survivor annuity.
    • Terminated Employees – Married participants, who have separated from service with Federal Signal, who die prior to normal retirement age may be eligible for a survivor benefit.
    • Retirees – At the time of retirement, participants elect the method in which pension benefits are paid. If the participant elects a benefit option that awards a survivor benefit and your designated beneficiary survives you, they will receive payments according to the distribution option selected by the participant.
  • Who am I able to name as a beneficiary?
    • 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.
  • What happens if my beneficiary passes away?
    • If the participant has elected a joint and survivor benefit option, and the designated beneficiary passes away before the participant, upon the death of the participant there is no future benefit due to be paid.
    • If the participant has elected a certain and life benefit options, and the designated beneficiary passes away before the participant, the participant may designate a contingent beneficiary.
    • If the beneficiay has been collecting benefit payments and passes away after the participant, then there are no futue benefits to be paid.

 

Back to Pension Home