| Q. |
| A. | Pension Credits are used to determine your eligibility for a monthly pension benefit at retirement. |
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| Q. |
| A. | Covered Employment is the period of time that your Employer is required to make payments to the Pension Fund as required under a written agreement with Local 513. Effective 5/1/2005, hours of work in a bargaining unit represented by the Union which are not hours of Covered Employment shall be included in the hours used for determining Vesting Credit. |
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| Q. |
| A. | Years of Vesting Service are used to determine when you can no longer lose your eligibility for a benefit. You earn one year of Vesting Service for each year during the Contribution Period in which you complete1000 hours of service in Covered Employment. Once you are vested, you cannot lose your accumulated service towards retirement from the plan. Beginning May 1, 1998, all active employees will become vested after they have earned 5 years of Vesting Service. |
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| Q. |
| A. | Yes. Your Pension benefit will be reduced by either ¼ of 1% for each month by which you are younger than age 62 or ½ of 1% for each month by which you are younger than age 62, dependent upon your retirement date and work history. |
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| Q. |
| A. | Effective May 1, 1998, you will be eligible for a Regular Pension when you attain age 62 and have earned 5 or more Vesting Credits. |
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| Q. |
| A. | Yes. You will be eligible for an Early Retirement Pension if you are vested, age 55 and have earned at least 10 Pension Credits. |
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| Q. |
| A. | Yes, Effective May 1, 1999, if you become disabled, as defined in the Pension Plan, have at least five Pension Credits and have hours submitted on your behalf for a minimum of 500 hours in the 36 months immediately preceding the date of disability, you will be eligible for a Disability Pension. |
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| Q. |
| A. | Your benefit payments will begin on the effective date of your pension. Your effective date of your pension is the first day of the month after the later of the first day of the month following submission of your application for benefits or 30 days after the Plan advises you of your available benefit payment options. The rules and regulations of the Plan require pension applications to be filed one month in advance. Please know that the submission of your application also includes the receipt of all required documents by the Fund Office. |
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| Q. |
| A. | Pension Credits are earned by work in covered employment and are measured in units of full Pension Credits and Quarter Pension Credits. Pension Credits are determined in THREE WAYS depending on whether it is BEFORD May 1, 1976, BETWEEN May 1, 1976 and April 30, 1997 or AFTER May 1, 1997. 1. Pension Credit Before May 1, 1976 | Hours in covered employment | Plan Pension Credit | | Less than 375 hours | No Credit | | 375 to 749 hours | ¼ Pension Credit | | 750 to 1,124 hours | ½ Pension Credit | | 1,125 to 1,499 hours | ¾ Pension Credit | | 1,500 or more hours | 1 Pension Credit |
2. Pension Credit after April 30, 1976 but before May 1, 1997 | Hours in covered employment | Plan Pension Credit | | Less than 375 hours | No Credit | | 375 to 500 hours | ¼ Pension Credit | | 501 to 1,000 hours | ½ Pension Credit | | 1,001 to 1,499 hours | ¾ Pension Credit | | 1,500 or more hours | 1 Pension Credit |
3. Pension Credit After April 30, 1997 | Hours in covered employment | Plan Pension Credit | | Less than 375 hours | No Credit | | 375 to 500 hours | ¼ Pension Credit | | 501 to 1,000 hours | ½ Pension Credit | | 1,001 to 1,399 hours | ¾ Pension Credit | | 1,400 or more hours | 1 Pension Credit |
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| Q. |
| A. | Breaks in service occur if you do not earn any Pension Credit during certain specified time periods. In general, if you have a break in service, you are no longer a participant under the Plan and your accumulated Pension Credits and Years of Vesting service are canceled. Once you are vested, your benefits will not be cancelled regardless of any break in service. 1) Break in service before the contribution period (before May 1, 1963) a) You would have a permanent break in service forfeiting all benefits accrued if there was any period of two or more consecutive years during which you did not work in Covered Employment.
2) During the contribution Period but before May 1, 1976 a) A permanent break in service forfeiting all benefits accrued would occur If you did not earn at least one quarter Pension Credit in three consecutive Plan Credit Years, unless you had 15 or more total Pension Credits.
3) Break in Service after May 1, 1976 a) You have a permanent break in service forfeiting all benefits accrued if your consecutive one year break in service equal or exceed the number of Years of Vesting Service or the Pension Credits you have earned during the contribution Period, whichever is greater. However, after April 30, 1987 you will not have a permanent break in service until your consecutive one-year breaks equal at least five.
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| Q. |
| A. | There are various payment options under the Pension Plan. The payment option available to you will depend on certain criteria at the time your benefit payments begin. - If the actuarial present value of your benefit is $1,000 or less as of the date your payment begins, your benefit will be paid in a single lump sum equal to that value.
- If you are married when you retire and the actuarial present value is greater than $1,000, your Pension benefit is automatically payable in the form of a 50% Husband and Wife Pension unless you and your spouse reject this payment option before your benefits begin. The 50% Husband and Wife Pension would result in a reduction in your benefit. However, upon your death, your spouse would receive 50% of your Pension benefit until their death.
- If you and your spouse reject the 50% Husband and Wife Pension, a 75% or 100% Husband and Wife Pension are available. Because the full benefit would potentially be paid over a longer period of time under the 75% or 100% Husband and Wife Pension options, the monthly benefit would be reduced. However, upon your death, your spouse would receive either 75% of the amount you were receiving or, 100 % of the amount you were receiving at the time of you death for her/his lifetime.
- For single individuals (or Married individuals who Reject the Husband and Wife Options) whose actuarial present value is greater than $1000.00, their benefit will be paid in a single life option with either a 36, 60 or 120 month guaranteed form of benefit (depending on the election). A guarantee form of benefit is paid for the greater of the guaranteed number of payments elected or the lifetime of the member.
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| Q. |
| A. | - Your beneficiary is the person designated by you to receive benefits in the event of your death. You should have a beneficiary card on file at the Fund office. If you die and you do not have a beneficiary card on file, any survivor benefit payments will be made in the following succession: to your surviving widow or widower; to your surviving children; to your surviving parents; to your estate.
- In the event of the death of a vested participant who has not begun pension payments from the Fund a monthly benefits shall be paid. If the Participant does not have a qualified spouse, his beneficiary will receive a total of 36 payments from the Pension fund beginning the month following the death of the participant in the amount the participant would have received if he had retired on the day preceeding his death. If the vested participant has a qualified spouse at the time of his death, his spouse will receive a benefit the first month following the death of the participant in the amount she would have received if the participant had retired on the day preceeding his death electing his benefit to be payable in the 50% spousal form.
- If you should die before you are vested for a pension and you have at least five Pension Credits earned during the Contribution Period, a death benefit will be payable to your beneficiary in an amount equal to 50% of the contributions which were paid to the Pension Fund on your behalf. The maximum death benefit will be limited to $6,000 if Pension Credits earned are at least 5 but less than 7, $8,000 of Pension Credits earned are 7 but less than 9 or $10,000 if Pension Credits earned are 9 but less than 10.
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