Pension

Local 60 Pension Plan

The Pension Plan is a defined benefit plan that provides a monthly pension for each eligible Participant upon retirement. 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 your first receive one year of Pension Credit in Covered Employment. Please refer to the comprehensive description of your pension benefits Summary Plan Description booklet for details about how you become a Participant in the Plan, how you qualify for benefits, the forms of benefits available under the Plan and when they are payable. Please contact the Fund Office Monday through Friday from 8:30am to 4:30pm for any questions you may have regarding your benefits.

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