Regular Pension

Pension Fund

Regular Pension

You are eligible to retire with a Regular Pension if you are:

At least 60 years of age,

Have accumulated at least 10 Pension Credits, including at least one Pension Credit earned after June 1, 1971, and

Worked at least 500 hours in Covered Employment in a calendar year after you have reached age 53.

Note that in order to be eligible for a Regular Pension at age 60, you must have worked at least 500 hours in Covered Employment in a calendar year beginning on or after January 1, 1992. Otherwise, you are eligible for a Regular Pension at age 62. The pension amount is calculated by taking the sum of the following two amounts, as applicable:

$2.00 times the number of Pension Credits earned before June 1, 1971, plus

4.5% times the total contributions paid to the Fund on your behalf for your work in Covered Employment after June 1, 1971 through June 30, 2005.

3.5% times the total contributions paid to the Fund on your behalf for your work in Covered Employment after June 1, 2005.

Contributions paid to the multiplier are $1.95 per hour for worked performed after June 1, 2007

Note: You must have worked at least 500 hours in Covered Employment in a calendar year beginning on or after January 1, 1992 to qualify for the 4.5% accrual rate.