Advocate Health Care
Benefits

 


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Pension Plan - Receiving Your Benefit


If you leave Advocate for any reason after completing five or more years of vesting service – but before you reach age 55 (early retirement age) – you will be eligible to receive a deferred vested benefit. You may elect to begin receiving benefit payments on the first day of any month following the month in which you reach age 55.

If you leave Advocate before completing at least five years of vesting service, you will not be entitled to receive a benefit from the plan.

Once eligible to receive benefit payments from the plan, you may elect to receive a lump sum payment equal to the vested value of your account, roll over the full vested value of your account into the Advocate 401(k) Plan or an Individual Retirement Account (IRA) or elect to receive monthly benefit payments under one of the plan’s annuity payment options. For more information about why you might want to consider rolling over your Advocate Pension Plan account into your Advocate 401(k) Plan account, see Leaving Advocate? Consider Your Options!

Monthly Annuity Payment Options
The Pension Plan offers monthly benefit payments under four annuity payment options:

  • Five-Year Certain & Life-Level Annuity – You will receive monthly annuity payments beginning on your annuity start date and continuing for your life. If you die before receiving payments for 60 months (five years), payments will continue for the rest of the 60-month period to your designated beneficiary. If you are single, this is the normal form of payment.
  • Qualified 50% Joint & Surviving Spouse-Level Annuity – You will receive a reduced monthly annuity payment beginning on your annuity start date and continuing for your life. When you die, 50% of your reduced benefit will be paid to your surviving spouse. If you are married, this is the normal form of payment.
  • 75% Joint & Surviving Spouse-Level Annuity – You will receive a reduced monthly annuity payment beginning on your annuity start date and continuing for your life. When you die, 75% of your reduced benefit will be paid to your surviving spouse.
  • 100% Joint & Spouse-Level Annuity – You will receive a reduced monthly annuity payment beginning on your annuity start date and continuing for your life. When you die, 100% of your reduced benefit will be paid to your surviving spouse.

Important! Payments from the plan are subject to federal tax rules (and state tax rules, if applicable) in effect at the time payments are received.