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

Introduction

The provisions described in this booklet apply only to persons who begin to receive pensions or other benefits on and after January 1, 2020. Except as otherwise provided, pensions or benefits that began before January 1, 2020, as well as deferred vested benefits of former Employees who incurred a separation from Covered Employment before January 1, 2020, are determined in accordance with the provisions of the Plan in effect at the time of the most recent separation from Covered Employment.

Your pension benefit can be a significant part of your retirement income. The amount of your pension benefit is generally based on the number of years you work for an Employer that contributes to the Plan on your behalf. Generally, the longer you work for a Contributing Employer, the greater your pension. The Plan offers:

  • Pensions at various retirement ages;
  • Different ways in which your pension can be paid;
  • Disability benefits; and
  • Death benefits.

This booklet replaces and supersedes any prior explanation booklets, but it does not replace or supersede the official, legal Plan Document. This Summary Plan Description (SPD) has been prepared to give you an overview of the Pension Plan and to help you make decisions about retirement. In addition, there is a glossary at the end of the booklet, which defines terms used throughout the SPD.

Please keep this booklet in a safe place. If you are married, share this booklet with your spouse. Also, if you move, be sure to notify the Fund Office of your new address. Contact the Fund Office if you have any questions about your Pension Plan.

Only the full Board of Trustees is authorized to interpret the Plan described in this booklet. No Employer or Union representative is authorized to interpret the Plan nor can any such person act as agent of the Trustees. The Trustees reserve the right to amend, modify, or discontinue all or part of the Plan whenever, in their judgment, conditions so warrant.