You Can Now Access Your Pension Sooner!

Effective July 1, 2022, if you participate in the pension plan, you can elect to start your pension benefit while continuing to work for Carilion in any status (full time or part time) if you:

• Are at least age 62
• Have met the eligibility requirements for early retirement (at least 10 years vested service)

This new change to the pension plan also affects current retirees who may be interested in returning to work for Carilion. After July 1, if they meet the above criteria, they may return in a full-time status without the need to suspend their monthly pension payments. This means when they return to work they will receive a retirement check as well as a paycheck.

After your Carilion employment ends, your pension benefit will be recalculated and balanced against the value of the payments you already received. Your recalculated benefit will not be less than the retirement benefit you were receiving when payments began.

How To Start Your Pension Benefit Payments

If you are eligible to start payments from your pension benefit based on the above criteria, request pension election forms by submitting the pension application and retirement planning form at least 120 days (four months) before you want to receive your first payment. This will allow:

• 30 business days for the Benefits Service Center (BSC) to calculate your estimated benefits
• 30 to 90 days for you to choose a payment option

IRS regulations require us to strictly enforce a formal administrative process, like the one above, for the timing of pension plan payments. You can submit your pension application and retirement planning form in any of the following ways:

• Print the application and fax it to the BSC at 540-857-5209.
• Print the application and send via interoffice mail to:
  • BSC - Pension, 213 S. Jefferson St., Suite 1400, Roanoke, VA 24011
• Save it to your computer and email it as an attachment to HRServiceCenter@CarilionClinic.org.
• Contact Human Resources at 800-599-2537; they will take your application over the phone.

A New Option for Receiving Your Pension

You now have an option to select a lump-sum benefit. You can choose this option if:

• The present value of the accrued benefit is not more than $100,000.
• The payment date is whichever occurs first—either the date after a participant has been terminated for a year or has reached their Normal Retirement Date from the plan.
• Payments have not already started.
• Your accrued benefit is not subject to a Qualified Domestic Relations Order.

If you are married and your lump sum exceeds $5,000, your spouse must consent to your election to receive a lump sum in place of an annuity.

For more information on the pension plan and the lump sum option, see the Pension Plan Summary Description.