PENSION PLAN

VESTING

Vesting refers to your ownership of the value of the pension benefit you have earned to date.

If your covered employment ends sooner than normal retirement, you are entitled to a percentage of the benefit you earned as of the date you leave covered employment. The percentage is determined by your number of Pension Credits, as shown in the following table:

Pension Credits
Percent Vested*
Less than 5
At Least 5 but Less than
At Least 6 but Less than 7
At Least 7 but Less than 8
At Least 8 but Less than 9
10 or More

 

 None
50%
60%
70%
80%
100%
In certain situations (such as disability or military service) you may also receive Pension Credits while not working in Covered Employment.

SERVICE CREDITS 

Your Service Credits are used to determine the portion of your retirement benefit accrued prior to December 1, 1975. Your Service Credits are calculated based on the provisions of the Plan as in effect November 30, 1975.

BENEFIT UNITS

Beginning December 1, 1975, you earn Benefit Units during each Plan Year you are credited with at least 250 hours in Covered Employment or it you had 10 Pension Credits on December 1 of the Plan Year (five Pension Credits for participants with one or more hours worked on or after  December 1, 1999 and for non-bargained participants). There is no maximum on the number of Benefit Units you can earn in a Plan Year. The greater your hours worked in Covered Employment, the greater your Benefit Units. The table below shows how your Benefit Units are determined.
Hours Worked in Covered Employment
in a Calendar Year		 Benefit Units Hours Worked in Covered Employment
in a Calendar Year		 Benefit Units
          0-99
     100-199
     200-299
     300-399
     400-499
     500-599
     600-699
     700-799
     800-899
     900-999
1,000-1,099
1,100-1,199
1,200-1,299

0
   1**
   2**
3
4
5
6
7
8
9
10
11
12

1,300-1,399
1,400-1,499
1,500-1,599
1,600-1,699
1,700-1,799
1,800-1,899
1,900-1,999
2,000-2,099
2,100-2,199
2,200-2,299
2,300-2,399
2,400-2,499
ETC.***

13
14
15
16
17
18
19
20
21
22
23
24

*      THERE IS NO MAXIMUM ON BENEFIT UNITS.

 **    Certain restrictions apply.

***  In certain situations (such as disability or military service) you may also receive Benefit Units while not working in Covered Employment. The Fund Office can give you more information On how your Benefit Units are determined.