Leaving Active Service
A monthly annuity is payable to qualifying retirees. Your annuity is paid in equal monthly installments and is payable on the first day of each month. This benefit is payable to you for as long as you live. An annual 3% cost of living increase is granted to those members who qualify.
Any employee withdrawing from service at age 60 or over with at least 10 years of Laborers’ service credit will receive a minimum annuity of $850 per month for life.
If the total service credit for an employee provides an annuity of less than $100 a month, an annuity for a limited period of time at $100 a month is payable.
If you are 1) under age 55 or 2) under age 60 with less than 10 years of service and you withdraw from service, you may be eligible to receive a refund of your member contributions. It is important to note that if you take a contribution refund, you give up all rights to future LABF benefits and retiree medical coverage. (back to top)
If you resign with enough service credit for a Money Purchase Annuity or a Minimum Formula Annuity, but have not reached the age required for the annuity to become payable, you may keep your contributions with LABF. The annuity would begin after you have reached the required age. It is extremely important that you file your application for annuity a few months before your eligible birthday. Annuity payments will not begin until an application has been filed. (back to top)
At retirement if the Fund has received a valid QILDRO, an alternate payee may only receive benefits that the LABF member is entitled to receive. The QILDRO may allocate portions of only one, several, or all of the following benefits:
- Monthly retirement benefit
- Termination refund the member may be eligible to receive
- Partial refunds that the member may be eligible to receive
The QILDRO terminates upon the death of the member or alternate payee, whichever occurs first. Please refer to the QILDRO booklet for important information on benefits. (back to top)