Summary Plan Description as required by Florida law for public pension plans at least every other year. SPD must be furnished to all new hires.
Updated financial and actuarial information, as well as any changes, must be provided for the years SPD is not re-printed.
Annual pension benefit statements following actuarial valuation.
Newsletters periodically as desired by the Trustees.
Reminders to report change of address, marital status or job classification.
Explain DROP programs if available under the plan.
Early and Normal Retirements:
Provide applications and other necessary forms.
Explain benefit options and provide estimates of benefits payable.
Collect birth certificates, marriage certificates and other necessary documents from applicants and beneficiaries.
Obtain final salary information from employer to expedite final benefit calculation.
Present to Trustees for approval
Set benefit up for payments if administrator is responsible for check issuance.
If custodian issues checks, advise custodian of check amount, inception date, deductions such as federal income tax or insurance premiums, ACH information for Direct Deposit payments, date of final check if period certain has been elected.
Coordinate medical examinations by specialists according to nature of disability.
Ascertain that applicant meets definition of total and permanent disability stated in the plan.
Present to Trustees for approval.
If denied, follow plans provision for claim denial and appeal.
If approved, take all other steps for processing as for early and normal retirements.
Monitor continuation of or recovery from disability as stated in the plan.
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Benefits USA, Inc.
3810 Inverrary Boulevard, Suite 303
Lauderhill, FL 33319