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Q.
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A.
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The Pension Fund was established to provide Pension and Retirement Benefits to those
employees working in the trade for Contractors who have signed an agreement with
the Iron Workers Local No. 25.
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Q.
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A.
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In order to receive a retirement benefit, you must meet certain age and service
requirements. The 2013 Pension Summary Plan Description (SPD) is available on this
website and describes YEARS OF SERVICE FOR ELIGIBILITY AND VESTING in Section
3.2. It is important to understand, however, that each situation is
different and for specific details regarding your individual retirement eligibility,
it is recommended that you contact the Pension Department at the Iron Workers Local
No. 25 Fringe Fund office to speak with a Pension Specialist.
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Q.
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A.
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Early:
Age 55 with at least 10 Credited Years of Service : Active (reduced for every month
you are not age 62)
Normal:
Age 62 with at least 10 Credited Years of Service : Active (no reduction)
Early Deferred
Vested Benefit: Age 55 with at least 10 Credited Years
of Service : Inactive (reduced for every month you are not age 65)
Normal Deferred
Vested Benefit: Age 65 with at least 5 Credited Years
of Service : Inactive (no reduction)
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Q.
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A.
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Retirement Benefits are calculated based on many different factors including, but
not limited to your individual years of credited service, your age and retirement
date. Determining your retirement benefit is a highly individualized process. The
2013 Pension Summary Plan Description (SPD) is available on this website and describes
NORMAL RETIREMENT BENEFITS in Section 4.2. Please keep in mind
however that for specific details regarding your individual retirement benefit,
it is recommended that you contact the Pension Department at the Iron Workers Local
No. 25 Fringe Fund office to speak with a Pension Specialist.
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Q.
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A.
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In order to start receiving Retirement Benefits from the Iron Workers Local No.
25 Pension Fund, you must file an application for Retirement Benefits with the Trustees.
This process is discussed in APPLICATIONS FOR PENSION BENEFITS in Section 4.1
of the 2013 Pension Summary Plan Description (SPD), available on this website; however
it is important that you contact the Pension Department at the Iron Workers Local
No. 25 Fringe Fund office to discuss your specific requirements with a Pension Specialist
before doing so.
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Q.
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A.
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In the event that you become disabled, it is important that you contact the Iron
Workers Local No. 25 Fringe Fund office right away to discuss your specific eligibility
requirements with a Pension Specialist. Section 4.5 DISABILITY BENEFITS
of the 2013 Pension Summary Plan Description (SPD) addresses disability eligibility,
but each situation is different and a Pension Specialist can assist in making sure
that you understand all of the requirements and limitations.
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Q.
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A.
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You become a participant at the beginning of any plan year in which you work a minimum
of 870 hours for a Contributing Employer under the jurisdiction of Local No. 25.
The plan year is May 1 through April 30.
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Q.
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A.
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One credit is given for each 870 hours worked in covered service during any plan
year beginning May 1. It is important to understand, however, that each situation
is different and for specific details regarding your individual retirement eligibility,
it is recommended that you contact the Pension Department at the Iron Workers Local
No. 25 Fringe Fund office to speak with a Pension Specialist.
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Contact the Fund Office
at (248) 347-3100 or (800) 572-8553 to discuss your individual retirement benefit
eligibility.
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