Tuesday, October 15, 2019

Frequently Asked Pension Questions


Q. What is the Pension Fund?
A. 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.
Q. How do I become eligible for Retirement Benefits?
A. 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.
Q. When can I retire?
A.

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)

Q. What will my retirement benefit be through the Iron Workers Pension Fund?
A. 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.
Q. How do I apply for Retirement Benefits through the Iron Workers Pension Fund?
A. 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.
Q. Am I eligible for Disability Retirement Benefits?
A. 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.
Q. When do I become a participant?
A. 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.
Q. How do I earn credits toward my Retirement?
A. 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.
Contact the Fund Office at (248) 347-3100 or (800) 572-8553 to discuss your individual retirement benefit eligibility.