Wednesday, April 1, 2026

Frequently Asked Pension Questions


Q. How do I become a participant in the Pension Plan?
A. You become a participant upon commencing covered employment. You are not deemed to be engaged in covered employment during a period in which you are a first or second year apprentice or pre-apprentice.
Q. How do I obtain a year of credited service?
A. You earn a year of credited service for each Plan Year during which you complete at least 400 Hours of Service.
Q. How do I obtain a Year of Vesting Service?
A. For Plan Years prior to July 1, 1992, you earned a Year of Vesting Service for each Plan Year during which you completed at least 1 Hour of Service. For Plan Years beginning on or after July 1, 1992, you earn a Year of Vesting Service for each Plan Year during which you complete at least 400 Hours of Service.
Q. Is there a supplemental benefit available at retirement?
A. No, there is no supplemental benefit available at retirement.
Q. Who are my benefits paid to in the event of my death?
A.

If you have not retired and have completed at least 5 Years of Vesting Service at the time of your death, there are benefits available to your beneficiary(ies).

If you and your spouse were married for a period of one year immediately preceding your date of death, a Qualified Pre-Retirement Survivor Annuity will be payable to your surviving spouse. The amount of the Qualified Pre-Retirement Survivor Annuity will be determined as if you had retired and elected the 75% Joint and Survivor form of benefit. The Qualified Pre-Retirement Survivor Annuity will be payable to your surviving spouse no sooner than what would have been your earliest retirement date.

If you are not married at the time of your death or if you and your spouse were not married for a period of one year immediately preceding your date of death, a Beneficiary Annuity will be payable to your beneficiary(ies). The amount of the Beneficiary Annuity will be the monthly amount which would have been payable to you as a Normal Retirement Benefit (a life annuity with a sixty (60) month guarantee) at your Normal Retirement Age. However, the Beneficiary Annuity will commence the first day of the month in which you would have reached age 60 or, if later, the first day of the month following your death and be paid for 60 months. This benefit is also available if your surviving spouse at the time of your death passes prior to commencing a Qualified Pre-Retirement Survivor Annuity.

Q. Are there other survivor options?
A. Yes, at the time of retirement you may select a 50%, 66 2/3%, or 100% survivor option. Upon your death, your spouse would receive 50%, 66 2/3%, or 100%, respectively, of your monthly benefit. In addition to the survivor options, you may select a benefit which is guaranteed for 5 or 10 years. Upon your death, if you have not received at least the guaranteed amount of payments, your beneficiary would receive the remainder of the guaranteed amount of payments. There may be an actuarial reduction (cost) in your monthly benefit when you select these options.
Q. Are there any other benefits payable? 
A.

Yes, your beneficiary(ies) may be entitled to a Death Benefit upon your death. Eligibility for the Death Benefit is contingent upon you retiring prior to your death and being covered under the Painters District Council #2 Welfare Fund on your Date of Retirement. If no beneficiary is surviving when a payment is to be made, payment shall be made to the person or persons in the first surviving class of the following classes of successive beneficiaries.

  • Your widow or widower;
  • Your surviving children;
  • Your surviving parents;
  • Your surviving brothers or sisters;
  • Your Estate

There are no death benefits payable for the death of the surviving spouse.