A participant’s right to a pension is vested when he earns at least 5 vesting service credits and attains normal retirement age. A participant who accrues at least 1,000 hours in a plan year receives a year of vesting service. Participants who work at least 300 but fewer than 1,000 hours in a plan year receive proportional partial years of vesting service.
A participant receives one year of pension credit for any plan year in which he works 1,600 hours of more. Participants who work at least 300 hours but fewer than 1,600 hours in a plan year receive a partial year of pension credit equal to the number of hours worked times the fraction 1/1,600.
Normal (Regular) Pension
Age Requirement: 65
Service Requirement: 10 years of vesting service or 5 years of vesting service with at least one hour of service on or after 1/1/89.
Benefit Amount: $10 times the number of years of service prior to 1972, $29 times the number of years of service from 1972 through 2001, $35 times the number of years of service from 2002 through 2005, $40 times the number of years of service from 2006 through 2012, $45 times the number of years of service from 2013 through 2016, $50 times the number of years of service for 2017, $55 times the number of years of service from 2018 forward.
Reduced Early Retirement Pension
Age and Service Requirement: 10 years of pension credit and age plus service totaling 70 years
Benefit Amount: Normal pension accrued reduced by 5/12 of 1% for each month of age younger than 65
Unreduced Retirement Pension
Age Requirement: 59
Service Requirement: 20 years of pension credit excluding any pension credits for any plan year in excess of 1.00 AND 300 yours of service in any of the 3 plan years prior to retirement OR 25 years of pension credit excluding any pension credits for any plan year in excess of 1.00.
Age Requirement: 62
Service Requirement: 5 years of vesting service and 300 hours of service in any of the 3 plan years prior to retirement
Benefit amount: Normal pension accrued without any reduction
Age Requirement: None
Service Requirement: 10 years of pension credit (including 600 hours of covered employment in the 36 months ending before the calendar quarter of disablement).
Benefit Amount: Normal pension accrued without any reduction.
Auxiliary Disability Pension
The Auxiliary Disability Benefit is an amount, payable as a lump sum, for the period of time prior to the actual starting date of benefits as determined by the date of the application for benefits and the date of entitlement to Social Security disability benefits.
Pre-Retirement Death Benefit Survivor Annuity
Age requirement: None
Service requirement: 5 years of vesting service
5 years of vesting service
Lump-Sum Payment for Married Participants
Age Requirement: None
Service Requirement: 600 hours in covered employment in the 24 months ending before the calendar quarter of death
Benefit Amount: $5,000 plus $1,000 for each year of pension credit greater than 5 years, up to a maximum of $10,000
Lump-Sum Payment for Unmarried Participants
Age Requirement: None
Service Requirement: 5 years of vesting service and 600 hours in covered employment in the 24 months ending before the calendar quarter of death.
Benefit Amount: $20,000
Post-Retirement Death Benefit
Husband and Wife Pension: All retirements are paid in the form of a 100% joint and survivor annuity, without any reduction to reflect the joint and survivor form, unless this form is rejected by the participant and spouse. If rejected, or if not married, benefits are payable for the life of the participant.
Lump-Sum Payment: The beneficiary of a deceased pensioner will receive a lump-sum amount of $2,000.
Separation of Service
The pension credit that a participant had accumulated prior to a 2-year break period will be multiplied by the monthly benefit factor in effect at the conclusion of the 2-year break period. No benefit factor less than $5.00 will be applied to pensions with an effective date or an annuity starting date that is on or after January 1, 1986.
Prior to January 1, 2004, a vested participant that works at least 300 hours, will have repaired his break in service. After January 1, 2004, a vested participant must work at least 1,600 hours in any 2-year period following the return to repair his break in service. Once the break in service is repaired, his pension service will be multiplied by the current monthly benefit in effect. As of January 1, 2004, a 10-year break period is not repairable.
Reciprocal contributions are contributions that are transferred to the plan that is designated as the participant’s “home plan”. A participant for whom contributions are transferred to this plan is credited with proportionately more or fewer hours for benefit accrual purposes if the contribution rate is higher or lower than this plan’s contribution rate. If the adjusted hours are greater than 2,080, an additional partial year of pension credit is earned.
|Journeymen||$3.75 per hour||April 30, 2012|
|Apprentices||3rd Period $0.75|
4th Period $1.50
5th Period $2.25
6th Period $3.00
|April 30, 2012|