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- Click ‘Get Form’ to open it in the editor.
- Begin by entering your name clearly in the designated fields: Last, First, and Middle. Ensure accuracy as this information is crucial for processing your request.
- Input your Social Security Number and Date of Birth in the respective fields. This information helps verify your identity.
- Answer the questions regarding your employment status. Indicate if you are over age 62 and whether you are still working for the school district.
- Provide your last day of work if applicable, along with your current address, city, state, zip code, home phone, cell phone, and email address.
- Review all entered information for accuracy. Once confirmed, sign and date the form at the bottom to certify that all information is true.
- Save a copy of the completed form for your records before submitting it via fax or mail to SISC.
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What is a sISC defined benefit plan?
The SISC Defined Benefit plan is a qualified pension plan offered as an alternative to Social Security for part-time, temporary, and seasonal employees. It works like a traditional pension plan to give employees an extra source of income at retirement. The SISC DBP was introduced in 1994.
What is the 3 year rule for defined benefit plans?
In the case of an applicable defined benefit plan, such plan shall be treated as meeting the requirements of subsection (a)(2) only if an employee who has completed at least 3 years of service has a nonforfeitable right to 100 percent of the employees accrued benefit derived from employer contributions.
When can you take money out of a defined benefit plan?
Defined benefit and money purchase pension plans Early or phased retirement -- the plan may permit earlier distributions when you: turn age 59 1/2 (even if still employed); or. terminate employment (by death, disability, early retirement or other severance from employment).
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What are the downsides of a defined benefit plan?
Cons: Limited Portability: DBPs are not portable, which means that if the employee changes jobs, they will not be able to take their benefits with them. Limited Investment Options: DBPs typically offer limited investment options, so the employee may need help choosing the investments they want.
Related links
Effective 1/1/2024, SISC members enrolled on a Delta Incentive plan are offered an additional $500 in annual benefits when seeking care from a Delta PPORead more
Ask your benefits administrator for a copy of your plans benefit booklet. Review the plans description provided by your former employer or union.