Defined Benefit Pension
Your Defined Benefit Pension Plan provides a monthly benefit for life upon your qualified retirement. You become eligible to participate in the plan upon the first of any year in which you perform one hour of covered employment and begin to earn vesting credits. You must accrue five years of vesting services to be considered "fully vested" in the plan and eligible for benefits upon retirement, provided you meet the other requirements for benefits. Vesting credits are earned based on the hours you work each plan year.
You also earn benefit service credits when you participate in the Plan. Benefit credits are earned based on the hours you work each plan year. Each year of benefit service credits is given a certain dollar value. The amount of your monthly benefit at retirement is based upon the benefit service credits you accrue.
Eligibility For Retirement Benefits
The following types of retirements may be available to participants who are fully vested:
- Normal Retirement at age 62.
- Early Retirement. If you have 10 years of vesting credit, you may be eligible for an unreduced early retirement at age 60 or a reduced early retirement at age 55.
- Disability Retirement. If you have a Social Security Administration Disability Award or furnish medical evidence showing that you are totally and permanently disabled and unable to engage in any further employment in any capacity in the trade, you may be eligible for a disability retirement at an earlier age. You must also meet the Plan’s other disability requirements.
If eligible, the Plan may also provide death benefits to a surviving spouse or other designated beneficiary.