Pension Fund

 

The Pension Fund, a defined benefit pension plan, was established on September 25, 1956.  In order to receive benefits, from the Fund, participants must earn five years of vesting service.  The normal retirement age is 62 and, if eligible, a participant may retire as early as age 55.  If a participant has an injury or illness they might qualify for an occupational and/or total disability pension.  When it is time to retire, a participant must choose one of the following options:  (a) life, (b) ten years certain and life, and if they are married (c) joint & 50% survivor, (c) joint & 75% survivor (d) joint & 100% survivor.  The amount a participant receives is based on the number of years of credited service and the benefit rate that applies to those credits.  Prior to retirement, the Fund Administrator will explain the options available and how the monthly amount is calculated.  On the first of the monthly pension payments are processed in-house, by the Fund Accountant, and sent to all retired participants and the beneficiaries of deceased retirees.

You must work 1,200 hours in the calendar year to earn one full Pension Credit.  If you work less than 1,200 hours, 1/12th of credit will be given for every 100 hours you work, so that you will receive 1/12 credit for 100-199 hours, 2/12 credit for 200-299 hours, 3/12 credit for 300-399 hours, and so on.

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