2024 Pension Plans Annual Statements in the Mail
In the coming weeks, you should receive your 2024 Pension Plans Annual Statement either by mail or online via the myPHP online benefits portal. If you have not yet registered for the portal, you can learn about it or subscribe at www.dgaplans.org/about-myPHP.
Your annual statement includes important information such as:
- Your vested status in both the Basic and Supplemental Pension Plans;
- Your estimated Basic Plan benefits at retirement age;
- Your Supplemental Plan account balance and year-over-year changes; and
- NEW FEATURE!: An alert if you are missing a beneficiary for either of your Pension Plans accounts.
Factors That Could Make Your Actual Benefit Amounts Differ from Your Statement
Your annual statement can be an important tool for planning your financial future; however, keep in mind that the benefit amounts shown on your statement may differ from the actual amounts available to you upon retirement, due to a variety of factors, including the following:
- Additional work in covered service
Additional earnings would likely change your actual benefit amount. - The date your benefits commence
The estimated benefit amounts on your annual statement are based on your current age relative to Normal Retirement Age (usually 65) and any work reported through 2024. At the time you retire, however, your actual benefit amount will be calculated based on the date that benefits commence and any work reported through that date. - Any Qualified Domestic Relations Orders (QDROs) in effect
Your annual statement may not reflect changes to your pension benefit due to any applicable family law court orders in effect. - Adjustments due to audits of employer contributions
When there is an adjustment that reduces the amount of acceptable contributions made on your behalf—for example, as a result of an employer audit —the estimated benefit shown on your annual statement will likely differ from your actual benefit. If it has been determined that mistaken or unacceptable contributions have been made, the Plans may recover any overpaid pension benefits based on such contributions. - Any legal requirements that must be satisfied.
Certain legal requirements may affect the estimated benefits shown on your annual statement. For example, if your benefits are subject to Federal taxation, the Plans are required to withhold a certain amount from your benefits.
Please be sure to review your annual statement carefully and contact the Plan office as soon as possible if there is a discrepancy. If you have questions, please contact a Pension Department representative by phone at (877) 866-2200, Ext. 404, or email pension@dgaplans.org.
