Pension Introduction
Pension Participation
Pension Credits
Vesting Service
Overview of Pension Types
Regular Pension
Early Retirement
Deferred Pension
Normal Retirement
Disability Pension
Survivor Pension
Reciprocal Agreements
Level Income Option
Summary
Plan Description
|
Overview of
Regulations Relating to Normal Retirement Age Benefits
(For a more complete description, including
rules applicable to prior periods, consult your Summary Plan Description booklet)
You are eligible for a benefit if you are an active employee at or
after normal retirement age regardless of your number of Pension Credits or years of
Vesting Service. You attain Normal Retirement Age upon your 65th birthday if
you have at least five years of Plan participation. Otherwise, Normal Retirement Age will
be your age after age 65 on the fifth anniversary of your participation in the Plan. To be
considered an active employee, you must work 500 hours in covered employment in the year
you obtain Normal Retirement Age or a subsequent year prior to a permanent break in
service.
The pension amount is determined by multiplying the total
contributions paid to the Fund on your behalf for your work in Covered Employment by 4.5%,
similar to the Regular Pension calculation. This amount is then multiplied by the
applicable percentage in the following table, based on your years of Vesting Service:
Years of Vesting
Service |
% of Regular
Pension Payable |
Less Than 5
5
6
7
8
9
10 |
0%
25%
30%
35%
40%
45%
100% |
|
