Pension Plan at a glance
Pension Benefits
- A normal pension may be payable as early as age 62 with 5 or more pension credits.
- An early pension may be elected as early as age 58 with 10 or more pension credits.
- A disability pension may be payable if you become totally and permanently disabled and have 10 or more pension credits.
- A deferred vested pension may be payable if you leave covered employment after earning 5 or more pension credits.
Note: There is no compulsory retirement age under this Plan. However, if you are a “5% owner” of a business your benefits must by law begin no later than the April 1st of the year following the year in which you reach age 70-1/2.
Supplemental Retirement Benefit
A one-time supplemental benefit may be payable if you retire from covered employment with 10 or more pension credits on or after January 1, 2002.
Death Benefits (Survivor Protection)
Survivor’s benefits may be payable to your surviving spouse if you die after earning 5 pension credits, or if you are receiving disability pension payments.
Individual Account Feature
The Pension Fund also contains an Individual Account Feature where employer contributions are made to an individual account and are accumulated for your retirement.
Cost of the Pension Plan
The entire cost of this Plan is paid by the participating employers who contribute to the Pension Fund in accordance with collective bargaining agreements and participation agreements. You are not required to make any contributions to the Fund.
Note: The benefits of this Plan are in addition to any benefits you may receive under
Social Security law or any other plan or law.