Pension

Pension Guarantees

Your pension benefits under this plan are insured by the Pension Benefit Guaranty Corporation (PBGC), a federal insurance agency. If the plan terminates (ends) without enough money to pay all benefits, the PBGC will step in to pay a portion of the pension benefits.

Important Reminders

• "Vested" means that you have earned a nonforfeitable right to receive a pension benefit from the Plan. An Employee who completes an Hour of Service becomes vested when he completes 5 years of service. A non-collectively bargained Employee becomes vested when he completes 5 Years of Service. A collectively bargained Employee who does not complete an Hour of Service on or after January 1, 1999 becomes vested when he completes 10 Years of Service. An Employee also becomes vested upon attainment of Normal Retirement Age.
• If you are married and have earned a vested right to a benefit, your spouse is entitled to a pension benefit in the event of your death before retirement.
• If you have worked in employment covered by the Plan for a sufficient number of years to become vested and you are leaving without definite plans to return in the near future, you may be entitled to a Deferred Pension, payable when you have reached retirement age. To protect your benefit rights for later on, call or write the Fund Office. Arrangements will be made to furnish you with a statement of your benefit rights. The Fund will also file a notice with the government so that the Social Security Administration can remind you at a future time of your Deferred Pension rights.
• It is extremely important  for you  to keep an accurate  and full record  of your employment and all payroll vouchers. Keep them not for just a short time but as a permanent record.
• Promptly notify the Fund Office if you change your address, have a change in your marital status, leave covered employment, or if you wish to change your named beneficiary

The following Pensions are provided under your Plan:

• Normal Retirement Pension

You are eligible to retire on a Normal Retirement Pension when you attain Age 62 and accumulate 5 Years of Service, or if you attain Normal Retirement Age.

• Early Retirement Pension

You are eligible to retire on an Early Retirement Pension if you are at least age 57, but not yet 62 and you have completed 1 0 Years of Service in Covered Employment. If you  have  completed  25 or  more  Years of  Service  you  are eligible  to retire  on an unreduced Early Retirement Pension at age 55.

• Deferred Pension

You become entitled to a Deferred Pension when you have earned vested status, regardless of your age when you stop working in a job covered by this Plan. If you worked at least one hour in Covered Employment on or after January 1, 1999, or if you are a non-collectively bargained Employee, you will become Vested when you have earned 5 Years of Service. If you were a collectively-bargained Employee and did not work at least one hour in Covered Employment on or after January 1, 1999, you became vested when you earned 10 Years of Service. This is called a "Deferred Pension" because you cannot actually receive payments until you reach age 57, the Early Retirement Age, or age 62, the Normal Retirement Age. If you have at least 25 Years of Service, you may receive payments when you reach age 55.

Special Note-Deferred Pension Status

If you do not earn at least 1/4 of a Year of Service in each of two successive calendar years, you will be considered to be on Deferred Pension status. Service credit earned prior to these two years will be computed in accordance with the Pension Plan in effect when the Years of Service were earned, and will be added to any future amount you may earn if you return to work in Covered Employment.

Participation

You will become a Participant in the Plan on the first day of the calendar month following the shortest consecutive calendar month period, up to a maximum of 12 months, during which you first complete 800 Hours of Service in Covered Employment. Participation will be continuous unless your Credits are cancelled because of a Break in Service which is not subsequently repaired by Future Service.

Earning Service Credits

Eligibility for a pension under this Plan is determined by the number of Years of Service you have earned. These Years of Service are determined as follows:

Service Credits

You will be credited with Service Credit for years beginning January 1, 1962, based on the following schedule:

•1962-1974

1/4 year credit for each $900 of wages No more than 4 quarters credit in any one calendar year ($3,600)

• Effective January 1, 1975

1/4 year credit for each $1,200 of wages No more than 4 quarters credit in any one calendar year ($4,800)

•Effective January 1, 1976

1/4 year credit for each 150 hours in covered service. One year of service for 600 hours in covered service during a calendar year in covered

•Effective January I, 1981

1/4 year credit for each 200 hours in covered service. One year of service for 800 hours in covered service during a calendar year

For the purpose of determining Hours of Service for eligibility for Normal, Early and for Vesting purposes, Hours of Work will include hours of work in Covered Service and hours of work in Uncovered Service when an Employee moves from Uncovered service to Covered Service for the same Employer.

"Covered Service" means hours of work for which your Employer is obligated to contribute to the Fund on your behalf. "Uncovered Service” means hours of work for which your Employer is not obligated to contribute to the Fund on your behalf.

Credit for Non-Working Periods

You will also receive Service Credit for the following periods during which you were working in Covered Employment:

Military Service as required by the Uniformed Services Employment and Reemployment Rights Act (USERRA) and other applicable law, provided you apply for re-employment within the time required by law.

• Military Service as required by the Uniformed Services Employment and Reemployment Rights Act (USERRA) and other applicable law, provided you apply for re-employment within the time required by law.
• Periods of disability for which you received Weekly Accident and Sickness benefits from the Welfare Fund, up to a maximum of 26 weeks.
• Periods of disability for which you received Workmen's Compensation benefits, up to a maximum of 52 weeks.

Permanent Break - in-Service

A Permanent Break-in-Service occurs under the following rules:

• Prior to January 1, 1971- Years of Service earned prior to January 1, 1971 are cancelled if you did not earn at least 3 Years of Service after December 31, 1970.
• Prior to January 1, 1976 -You incur a Permanent Break-in Service if you have two consecutive One-Year Breaks in Service.
• On or after January l, 1976 and prior to January l, 1987 -You incur a Permanent Break-in-Service if you have a number of consecutive One­year Breaks in Service that equal or exceed the number of Years of Service you had earned prior to those consecutive One-Year Breaks in Service.
• After December 31, 1986 -You incur a Permanent Break-in Service if you have consecutive One-Year Breaks in Service greater than:
  • five, or
  • the  number  of  Years  of  Service  you  had  earned  prior  to  the consecutive One-Year Breaks in Service.
• After December 31, 1998 -You will incur a Permanent Break-in Service if you have consecutive One-Year Breaks in Service that equal or exceed the required number of Years of Service (5) to be vested.
  
  If you incur a Permanent Break-in-Service before you become Vested, Years of Service you earned prior to the Permanent Break will not be restored. However, once you have become Vested, your Credit cannot be cancelled.

Grace Periods

You may be allowed a grace period in order to prevent you from incurring a Break in Service if your absence is due to one of the following reasons:

• military service as required by Uniformed Services Employment and Reemployment Rights Act ("USERRA") and other applicable law,
• 1) pregnancy, 2) the birth of your child, 3) placement of a child with you in connection with the adoption of a child, 4) to care for your child immediately following his or her birth or placement, 5) absence due to a leave under the Family and Medical Leave Act. This credit will be applied to the calendar year in which the absence begins if it will prevent you from incurring a One-Year Break in Service.