PENSION PLAN

DEFERRED VESTED BENEFIT

Eligibility           

When you become “vested”, it means that your years of Pension Credits, Service Credits and Benefit Units previously earned cannot be lost, even if you stop working for Employers participating in the Plan. As a vested employee, you have a right to a pension beginning at your normal retirement date, or in a reduced amount as early as age 55, if you had 5 Pension Credits.

 You will become vested, at any age, provided that you have earned 5 or more years of Pension Credits.

 Once you are vested, you may apply for a normal or early pension when you retire, provided that you meet the age requirement for such pension.

 

Pension Amount

As a vested Participant, you are entitled to a monthly pension, beginning at your normal retirement date calculated the same as a normal or early retirement pension. Your normal retirement date is the first day of the month following your 62nd birthday or if later, the date you accrue 5 Pension Credits. You may choose to have your monthly pension begin in a reduced amount as early as age 55.

 As with a normal or early pension, your vested pension will be paid as a Joint and 50% Contingent Pension Option if you are married unless you and your spouse elect otherwise prior to retirement.

 You should apply for your vested pension in writing during the four-month period preceding the date you wish your pension payments to begin. It is to your advantage to obtain verification of your vested status as soon as you leave Covered Employment.