Pension Fund 

Pension Fund
PTSMN Pension Fund SIP Accrual Rates Effective April 2020

The Pipe Trades Services MN Pension Fund made changes beginning with hours worked April 1, 2020.  CLICK HERE for information regarding these changes.

 

 

You can access your up-to-date Pension Statement by logging into our Member Portal. If you have not created a login under our new website, contact the funds office to receive your Access Code.

 

 

Planning your Retirement

Throughout your career

  • Enroll in PTSMN’s member portal.  Here you will be able to view your Employer Contributions, up to date Pension Statements and more.

You can login at www.ptsmn.org.  If you have not created a login under our new website, contact the funds office to receive your Access Code

  • PTSMN encourages members to watch their monthly employer contributions throughout their working career.
  • Establish a relationship with our financial advisor, Francis.  You can get financial advice by visiting francisway.com/PTSMN, calling them at 866-232-6457. Or you can download their app from the Apple App or Google Play store.  Search for Francis LLC.
  • Stay informed! Review plan information online or contact PTSMN with questions about your retirement benefits.

3-5 Years from Retirement

  • Contact PTSMN to request a PTSMN retirement estimate packet.
  • Prepare a retirement budget.  PTSMN Pension Fund, Social Security, PTSMN Pension Supplement Fund, and any other retirement savings.  
  • Reach out to your representative at Francis for additional financial advice.

12 Months from Retirement

  • Reach out to PTSMN for an updated PTSMN Retirement estimate packet.  This will include current survivor coverage options.
  • PTSMN requires copies of your birth certificate, spouse’s birth certificate and marriage certificate (if married) at retirement.  Plan accordingly so you have these at the time of retirement. 
  • Calculate your expected Social Security Income
  • Gather information to prepare your retirement budget.

2-3 Months from Retirement

  • Your retirement will go into effect the 1st of the month following when you are done working or receiving unemployment benefits.
  • Contact the PTSMN Fund office at 651-645-4540 to receive your final PTSMN Pension Fund Application Packet
  • Inform your Local Union to notify them of your retirement.
  • Contact your local Social Security office to file for benefits (if age 62 or older and are eligible for benefits).
  • Pension payments are ordinary taxable income we will withhold federal and/or MN state tax at your request. Reach out to your tax advisor to determine your tax liability.

Retirement Age
Normal retirement age is age 62; Unreduced retirement age is age 60; Early retirement age is 55 – 59.  Retiring prior to the age of 60, the member takes a 1/4% early reduction for each month they retire prior to the age of 60 if they have more than 25 pension credits.  Retiring prior to the age of 60, the member takes a 1/2% early reduction for each month they retire prior to the age of 60 if they have less than 25 pension credits.

Applying for Retirement

  1. Determine your retirement date
  2. Contact PTSMN to request a retirement pack to be mailed to you. You can visit www.ptsmn.org, click contact and request a packet to be mailed to you. Be sure to include your retirement date in your request.
  3. Allow 10 business days for your packet to be mailed to you.
  4. Upon completion of your packet submit it to the fund office. To eliminate delays please include all requested documents.
  5. Your first payment will be in your account on the first banking day of the month following your approval.

Working after Retirement

You can work in Disqualifying Employment after retirement.  If you are younger than age 62, you must be retired for at least three months before you are eligible for work after retirement. If you are older than 62 at retirement, you must be retired for at least one month before you are eligible for work after retirement.   As of 5/1/2018, for the first 560 hours of disqualifying employment in a plan credit year (the Plan Credit Year is April 1 to March 31) there is no limitation on the number of hours worked per month.  In the month you meet the 560-hour limit, you must stop working. If you are over NRA of age 62, then each month following, you can work UP to 40 hours per month, so can work 39.5 hours a month. The 560 hours is a limit set by the Trustees and is subject to change at their discretion.

Financial Planning
Visit: FrancisWay.com/PTSMN
Phone: 866-232-6457
Download the app from the
Apple App or Google Play store.
Search for: Francis LLC

Plan Documents:

PTSMN Pension SPD

Pension Fund SMM Amendments 13, 16, 17 10-2024

Pension Fund Summary of Material Modifications 05-30-2024 Shore Up Payments

Pension Fund SPD Appendix B 05-30-2024

Pension Fund SPD Appendix C 05-30-2024

Pension Fund SPD Appendix D 05-30-2024

Pension Fund Summary of Material Modifications 04-01-2024 Average Contribution Rate

Pension Fund Summary of Material Modification 03-24-2021

2022 Annual Funding Notice