Pensions

​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.

• 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.

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.

• 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.

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.

• 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 beneficiary has been collecting benefit payments and passes away after the participant, then there are no future benefits to be paid.