Pension

Summary Plan Description Table of Contents

  1. Introduction
  2. Funding Improvement Plan
  3. Pension Plan Highlights
  4. Beginning Work
  5. Leaving Work
  6. Getting Married or Divorced
  7. Preparing for Retirement
  8. Receiving a Pension
  9. Choosing a Payment Option
  10. Returning to Work
  11. In the Event of Death
  12. Administrative Information
  13. Definitions
  14. Table 1: Early Retirement Pension Reduction Factors for Benefits Accrued on or Before May 31, 2018
  15. Table 1A: Early Retirement Pension Reduction Factors for Benefits Accrued on or After June 1, 2018
  16. Table 2: Deferred Pension Early Retirement Reduction Factors
  17. Table 3: Actuarial Equivalent Reduction Factors for Pension Before Suspension of Benefits

Funding Improvement Plan

For the Plan Year beginning June 1, 2010, the Fund was certified to be in “endangered” status (also known as the “yellow zone”). As a result, the Trustees enacted a Funding Improvement Plan (FIP), which is required by the Pension Protection Act of 2006 (PPA). The FIP is designed to restore the Plan to financial health by increasing its funded percentage. The Fund remains classified as a yellow zone plan as of the date this SPD was published.

Yellow zone status represents an early warning to focus on correcting problems before they lead to more serious trouble. Since the FIP was enacted, the Trustees have increased contribution rates and made prospective changes in Plan provisions regarding Early Retirement, which will help the Fund meet its funding percentage targets.

Since the Plan’s financial condition can change based on the financial markets and the economy, the Trustees will continue to review the progress of the FIP each year, and make changes as necessary.

Each April, the Plan’s Annual Funding Notice is sent to all Participants confirming the Plan’s annual PPA zone status and related information.