Pension

Frequently Asked Questions

When do I become a Participant in the Pension Plan?

You generally become a Participant on the earlier of January 1 or July 1 after you complete a 12-consecutive-month period (starting with your employment commencement date) during which you work at least 500 Hours of Work.

If you do not work at least 500 Hours of Work during that first 12-month period, you will become a Participant following a later calendar year in which you work at least 500 Hours of Work.

How do I earn Pension Credits and Vesting Service?

Pension Credits:
On and after January 1, 1972, you generally earn one Pension Credit for each calendar year in which you complete at least 500 Hours of Work.

Vesting Service:
You earn one Year of Vesting Service for each calendar year during the Contribution Period in which you complete at least 500 Hours of Work.

Pension Credits affect eligibility and benefit amounts, while Vesting Service determines whether you have earned a nonforfeitable right to a pension.

When am I vested (when have I earned a right to a pension)?

You become vested once you complete 5 Years of Vesting Service, or when you reach Normal Retirement Age, if earlier.

Years of Vesting Service earned before a permanent break in service generally do not count toward eligibility for a Deferred Pension.

What is Normal Retirement Age under the Plan?

Your age after age 65 on your fifth anniversary of Plan participation of tenth anniversary of participation in the Plan if you do not complete one or more hour of service after December 31, 1987.

When can I retire with a Regular Pension?

You may retire with a Regular Pension if you:

  • Are at least age 62;
  • Have at least 10 Pension Credits, including at least one earned during the Contribution Period; and
  • Worked at least 500 hours in Covered Employment in a calendar year after reaching age 53.

When can I retire early, and how is my benefit reduced?

You may be eligible for an Early Retirement Pension if you:

  • Are at least age 55;
  • Have at least 10 Pension Credits, including at least one earned during the Contribution Period; and
  • Worked at least 500 hours in Covered Employment in a calendar year that began after you reached age 53.

Benefit reductions depend on when the benefit was earned:

  • Benefits accrued before June 1, 2018: generally reduced 4% per year for each year you are younger than age 60 (maximum 20% reduction at age 55).

What if I become totally and permanently disabled?

You may be eligible for a Disability Pension if you:

  • Are under age 55;
  • Have earned at least 5 Pension Credits;
  • Worked at least 500 hours in Covered Employment during the current or immediately preceding calendar year in which you became disabled; and
  • Are determined to be totally and permanently disabled, either by the Social Security Administration or by the Trustees.

What payment options are available when I retire?

Your normal form of payment depends on your marital status when benefits begin:

  • Not married: Single Life Pension
  • Married: 50% Participant and Spouse Pension

Other options may be available, including:

  • 75% Participant and Spouse Pension
  • Lump Sum Readjustment Allowance (when permitted)
  • Level Income Option (when permitted)

If the present value of your benefit is $5,000 or less, it will be paid as a lump sum.

Spousal consent is generally required to waive the default form, except that spousal consent is not required for the 75% Participant and Spouse Pension.

May I work in the electrical industry after I retire?

Yes, but your pension may be suspended if you work in disqualifying employment.

  • Before age 60: any amount of disqualifying work will suspend benefits.
  • After age 60: working 40 hours or more in a month in disqualifying employment will suspend benefits.
  • After age 70½: beginning April 1 of the year after you reach age 70½, employment is no longer considered disqualifying.

Failure to report work or earnings may result in additional suspension periods.

What happens if I die before or after I retire?

If you die before retirement, your spouse or beneficiary may be eligible for benefits depending on your Pension Credits, Vesting Service, and recent work history. These may include pre-retirement surviving spouse benefits or death benefits.

If you die after retirement, benefits payable depend on the form of pension you elected. Joint and survivor pensions generally provide ongoing benefits to a surviving spouse.

Because survivor benefits depend on specific Plan rules, beneficiaries should contact the Fund Office promptly.