Exclusivefocus Spring 2013 - National Association of Professional ...
Exclusivefocus Spring 2013 - National Association of Professional ...
Exclusivefocus Spring 2013 - National Association of Professional ...
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to maintain the tax deferred status. This<br />
must be a direct transfer or the Agents<br />
Pension Plan will withhold 20% <strong>of</strong> the<br />
payout for income tax purposes.<br />
Social Security <strong>of</strong>fset<br />
Agents who became participants in<br />
the plan prior to Dec 31, 1988 should be<br />
aware that pre-1989 benefits contain a<br />
Social Security <strong>of</strong>fset which is calculated<br />
based on estimated compensation earned<br />
from 1951 through 1988.<br />
You have the option <strong>of</strong> having your<br />
actual compensation from 1951 through<br />
1988 – as recorded by the Social Security<br />
Administration – used in the calculation<br />
instead <strong>of</strong> your estimated compensation.<br />
Using your actual compensation in the<br />
calculation <strong>of</strong> your pension benefit may<br />
produce a higher pension benefit. More<br />
importantly, using your actual prior compensation<br />
will never result in lowering<br />
the pension benefit you are entitled to<br />
receive and will not affect the Social Security<br />
benefit you are eligible to receive.<br />
You can obtain your actual 1951<br />
through 1988 earnings history by re-<br />
questing your “Social Security Statement”<br />
from the Social Security website<br />
at http://www.ssa.gov or by contacting<br />
your local Social Security <strong>of</strong>fice. The information<br />
is free <strong>of</strong> charge. Remember to<br />
request your “Social Security Statement,”<br />
not your “Detailed Earnings Information.”<br />
Then you must forward your compensation<br />
history to the Allstate Benefits<br />
Center before requesting the distribution<br />
<strong>of</strong> your pension. The Allstate Benefits<br />
Center must receive your compensation<br />
history no later than four months<br />
from your Payment Start Date.<br />
Death Benefit<br />
If you die as a terminated deferred<br />
vested participant, a death benefit will<br />
be payable to your spouse or other designated<br />
beneficiary. Participants should<br />
be sure all beneficiary information is up<br />
to date.<br />
Estimated Death Benefit<br />
Amount<br />
Your estimated death benefit amount<br />
– stated as a lump sum form <strong>of</strong> payment<br />
– is payable if you die before commencing<br />
payment <strong>of</strong> the Plan benefit. You<br />
can access your estimated death benefit<br />
amount – calculated as <strong>of</strong> the prior yearend<br />
– by calling the Allstate Benefits<br />
Center at 888-255-7772, where you will<br />
be connected to an automated system.<br />
Following the prompts, select the “Retirement<br />
and Investments” option and<br />
then the “Pension” option. You will then<br />
be connected with a benefits representative<br />
who will assist you with your request.<br />
The value <strong>of</strong> your estimated death<br />
benefit could increase or decrease from<br />
time to time because the interest rate the<br />
Plan uses to calculate lump-sum benefits<br />
fluctuates over time.<br />
Eligible agents can learn more about<br />
retirement benefits at the Your Benefits<br />
Resources website at http://resources.<br />
hewitt.com/allstate or by calling the Allstate<br />
Benefits Center at 888.255-7772. By<br />
creating a log-in, agents can view the Summary<br />
Plan Description, project retirement<br />
benefits, compare the payout options, and<br />
start the pension payment process. Ef<br />
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<strong>Spring</strong> <strong>2013</strong> <strong>Exclusivefocus</strong> — 33