Benefit Payments and Direct Deposit

When your pension begins, you receive a benefit payment each month (unless you receive a mandatory cash-out payment or you have elected a voluntary cash-out of your benefit). You can elect payment by mail or through electronic direct deposit.

We encourage benefit recipients to sign up for direct deposit. This helps to ensure on-time delivery of payments every month. The effective date of direct deposits is the first business day of the month.

To establish a direct deposit, fill out the online request formblue_link.png (Click here to log in blue_link.png, then select Direct Deposit from the Benefit Recipient menu.  You will be required to create a user name and password if this is your first time logging in or you have not logged in since May 3, 2012.) or return a copy of the Authorization for Automated Deposit Form (PDF) along with a voided check or deposit slip to the Fund Office.

Once you have set up direct deposit, you can verify your direct deposit information onlineblue_link.png anytime by logging in to your account.

If you elect payment by mail, you should receive your check by the 10th of every month. However, it is important to remember your check can be delayed due to inclement weather or during times of high volume mailings (e.g., during the holidays, an election year, or at tax time).

If you do not receive your check by the 10th of the month, contact the Fund office by email (checks@iamnpf.org) or call us at 800-424-9608, extension 277. Ask to speak with a representative from the Checks Department. Provided you are not changing your address, the Fund Office will place a stop payment on the check and replace it as soon as possible.

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Minnesota Rubber—Watertown, SD

Frequently Asked Question (FAQ)

What if I am planning to retire?

First, you will need to decide on your retirement effective date. In general, your Pension Effective Date (view explainer video) will be the first of the month following this date. Then, follow these steps:

What payment options are available under the plan?

The plan offers a 50%, 75% or 100% spouse pension, lifetime pensions with 60 or 120 certain payments, Social Security option and a partial lump sum option with 60 or 120 certain payments. Benefits are payable for the participant's lifetime. The plan also provides a mandatory cash out payment if the actuarial equivalent benefit is less than $5,000, or a voluntary cash out payment if the actuarial equivalent benefit is less than $10,000. 

When are pension checks mailed?

In general, pension checks are mailed weekly or on the last business day of the month for the 1st of the next month. You may also view your payment informationblue_link.png to verify when your check was mailed (login required).

What should I do if I don’t receive my check?

If you don't receive your check by the 10th of the month, you may send an email to checks@iamnpf.org or call the Fund Office at 800-424-9608 ext. 277. Ask to speak with a representative from the Checks Department. Provided you are not changing your address, we will place a stop payment on the check and replace it as soon as possible.

How do I sign up for direct deposit?

To set up direct deposit, fill out the online request formblue_link.png (login required).  (After logging in, select Direct Deposit from the Benefit Recipient menu. You will be required to create a user name and password if this is your first time logging in or you have not logged in since May 3, 2012.) Or, download and return the Authorization for Automated Deposit Form (PDF) to the Fund Office. You can also request the form by email (checks@iamnpf.org) or by calling the Fund Office at 800-424-9608 ext. 277. Once you have completed the form, return it to the Fund Office with a voided check from the account to which you wish to have your payment deposited.

It may take at least two months after we receive your completed form to start your direct deposit. You will receive your benefit payment by mail during this time; you will be notified when your direct deposit will begin.

If I receive payment by direct deposit, when will the bank credit my account?

All deposits are credited to your account no later than the first business day of the month.

I have applied for my pension and have not received my first check. How do I find out the status of my application?

To find out the status of your pension benefit application, call the Fund Office at 800-424-9608 and ask to be connected to the Pension Department. You may speak directly to the Fund Office employee assigned to handle your application. (You were provided with the name and extension of your contact person shortly after your application was received.) He or she can update you on the status. If your contact person is unavailable, feel free to speak with any available employee in the Pension Department.

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