Your Defined Benefit Pension Plan
The U.A. Local No. 393 Defined Benefit Pension Plan (“Plan”,
“Pension Plan”), historically called the “Part A Plan”, is designed to work
with your Social Security benefits, your U.A. Local No. 393 Defined
Contribution Plan, and your personal savings and investments to provide you
with income when you retire.
This Plan is a “defined benefit” retirement plan. This means that
the once you are vested, you will receive a fixed monthly benefit at
retirement. This type of plan is
different from a defined contribution plan, where the amount you receive at
retirement depends on investment returns.
As a participant of the Plan, you can look forward to receiving a
benefit at retirement, once you are fully vested and meet the requirements for
a pension.
To
learn more about this benefit, please hover over
the Documents tab in the navigation bar above and select Pension from
the dropdown menu.
The information on this website is not meant to interpret, extend
or change these provisions of the Formal Plan Text in any way. Where there is a
conflict between this website and the Formal Plan Text, the Formal Plan Text
shall govern.