The UFCW 876 Financial Wellness Center can help you navigate your retirement. As the investment advisor and manager for the UFCW Local 876 Multi-Employer 401(k), it is important Cygnet Financial provide you with information so that you can properly understand the options available to you in regards to your 401(k) account once Hiller's Market closes. The options available to you are addressed in this letter.
Making the most out of your retirement will be determined on how you plan today. The UFCW 876 Financial Wellness Center is offering a full calendar of free assistance to members and their spouses plan a secure retirement. All pension open houses will be held at the UFCW 876 union hall from 6 - 8 p.m.
No registration required.
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The UFCW 876 Financial Wellness Center, located in the UFCW 876 building, offers a wide range of retirement, financial and insurance planning options. UFCW 876's goal is to bring members a resource of trustworthy professionals to help with financial decisions that benefit members - not salespeople pushing to make a commission. Their advise is free to members, and an appointment can be made at your convenience by calling 1.800.321.6406 ext. 8645.
The Application Process
Order your pension application from the National Pension Fund (NPF) 6-8 months before your planned retirement date. The application will be mailed to your home within 5-10 business days. The NPF's phone numbers is 1-800-531-2385.
Begin collecting any necessary documents required to submit your application. This includes your birth certificate, marriage license, divorce documents, death certificates (if a widow or widower), and military discharge papers.
Once the application is received, take your time in filling it out. If you have already attended the monthly pension seminar, you will have a clear picture of how to fill it out. If not, feel free to call the Retirement Service Center at 248-585-9671 to and ask any questions.
Mail your application back to the NPF; but don't mail it back any earlier than 6-8 months before your retirement date. Pension applications received more than 6-8 months before the planned retirement date may be set aside for processing closer to the retirement date.
Once the NPF receives your pension application it typically takes 1-2 weeks for it to be entered into the NPF's system for processing. The NPF will typically send out confirmation they received your pension application.
After You Mail In Your Application
1. Processing Step: One of their first steps the NPF takes is to submit your "Authorization to Obtain Social Security Data" to Social Security. Social Security has up to 90 days to respond with their records regarding your work history.
2. Processing Step: While Social Security is assembling and sending back your work history, the NPF is researching your UFCW related work history. The NPF uses information they have in their systems and records. Once they receive Social Security's information, they must cross reference to make sure it matches. This is typically the step where pre-merger or pre-1990 service is confirmed.
3. Calculation Step: Once this research step is complete, your application is put into calculation. During the calculation process, the NPF processers use information from your union contracts to calculate the benefit to due based on your work history.
4. Review Step: If the signature on the "Form of Payment" form you signed is too old, the NPF will send a second request for signature and re-notarized. This is not a bad thing because it means your pension application is close to completion.
5. Review Step: After all the above steps are complete, your application goes through a final review and sent to a committee for the final approval.
6. Payment Step: Once your employer responds to the NPF that you have stopped working and have been separated from employment for 30 days, the NPF will mail your first pension check to UFCW Local 876 for delivery.
7. First Check: UFCW Local 876 will generate a certificate and mail your check to you. In addition, the NPF will send you another copy of the a bank draft form just in case your banking information has changed. If your banking information has not changed, your do not have to send this form back to the NPF.
8. Direct Deposit: After one (1) or two (2) paper checks have been cashed, the NPF will begin to directly deposit the checks into your bank account. Note: If you disagree with the amount of your pension and think there might be an error, do not cash the check! Call the pension fund immediately to verify accuracy.
It's important to begin the pension application process 6-8 months prior to your planned retirement date and follow the steps listed here to make the process go smoothly.
Financial Wellness Center
4139 W. Walton Blvd. Ste. D
Waterford, MI 48329
Call the UFCW 876 Financial Wellness Center to arrange an appointment at 1.800.321.6406 extension 8645.
To check pension application status, eligibility, or late pension check, call 1.800.531.2385.
Members working at Hiller's, Oleson's, Polly's, Hollywood Market and those who once worked at Farmer Jack interested in getting information on Colonial Insurance, call 1.248.623.8772.
Kroger members participating in the 401(k) plan can call 1.800.257.6437.
Questions regarding vested time with UFCW call the Membership Department at 1.800.321.6406.