Pension

What You Need to Know

As a member, you have a defined benefit pension plan. For every hour you work in covered employment, your employer contributes to the Pension Plan, which results in pension credits that affect your retirement benefit. The pension is a defined benefit because the monthly amount you’ll receive when you retire is fixed—which helps to ensure your financial security and stability. You may also be eligible to receive some of your benefit as a lump sum.

Eligibility

You’re eligible to participate in the Pension Plan if:

You work under a collective bargaining agreement requiring your employer to make contributions to the Fund; or
You are an employee of the Union or the Funds, and your employer has signed a participation agreement with the Pension Plan.

How the Pension Plan Works

For every year you are credited with at least 1,000 hours in covered employment for a contributing employer, you earn one year of vesting service and one full pension credit. The number of pension credits you have determines the size of your pension benefit when you retire.

Vesting

You’re vested in the pension when you have five years of vesting service. Once vested, you have a non-forfeitable right to a pension under the Plan.

Breaks in Service

You must work at least 501 hours of service per plan year to keep your vesting service and pension credits. If you do not work 501 hours in a plan year, you’ll incur a one-year break in service. You’ll regain your vesting service and pension credits once you work 1,000 hours in a plan year.

Generally, you can lose your vesting service and pension credits permanently when both of the following apply:

You have five consecutive one-year breaks in service.
You’re not vested in the Plan.

In some circumstances, you may be able to repair a permanent break in service.

Types of Pensions

Pension	Details
Normal pension	Age 62 or older At least 20 full pension credits
Early pension	Age 50 or older At least 20 full pension credits Same pension formula per pension credit as normal pension, minus 0.5% for each month you are younger than age 62
Service pension	No age requirement At least 25 full pension credits No early retirement reduction Same pension formula as normal pension
Vested pension	Age 62 or older At least five years of vesting service Same pension formula as normal pension
Disability pension	At least 15 pension credits You are totally and permanently disabled You earned 150 hours of service in the 2 years prior to filing for a disability pension benefit Same pension formula as normal pension

Applying for Pension Benefits

Complete an application form (married or single), and return it to the Fund Office at least 30 days, but not more than 180 days, before your retirement date.

Resources

Pension Plan SPD [PDF]
Pension Plan SMM #1 [PDF]
Pension Plan SMM #2 [PDF]
Pension Plan SMM #3 [PDF]
Annual Funding Notice [PDF]
Forms
Contacts