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Summary Plan Description
TYPES OF PENSIONS
Four types of pensions are provided under the Plan. They are:
The type of pension determines the manner in which your pension is calculated, and which eligibility rules apply.
Several payment options offered by the Plan govern the distribution of pension benefits. These are discussed in the section beginning on page ___.
In general, your monthly pension benefit will be based on the benefit rates in effect when you last earned Pension Credit under the Plan. However, if a Break in Continuity occurs, more than one rate may be used to calculate your benefit.
In addition, if you stop working and decide to retire at a later date, you will not be entitled to any increase in the benefit rates that may occur after you stop working.
Eligibility - You are eligible to retire on a Regular Pension under Plan A if you are age 62 or older and have at least 10 Pension Credits, three of which are Future Service Credits. Under Plan B, You are eligible to retire on a Regular Pension if you are age 65 or older and have at least 10 Pension Credits, three of which are Future Service Credits.
Amount – The rates in the following table are used to calculate the amount of a Regular Pension. The number of pension credits you earn, whether the Pension Credits are Plan A or Plan B credits, and the last year you earned credit determine the amount of your monthly benefit.
Contribution Rate- $0.25
EARLY RETIREMENT PENSION
Eligibility - You are entitled to retire on a Early Retirement Pension if you are age 55 or older and have at least 10 Pension Credits, three of which are Future Service Credits. (Section 3.06)
Amount - The monthly amount of the Early Retirement Pension is calculated in the same way as the Regular Pension, but it is reduced to take into account the longer period of time over which benefits will be paid. The monthly reduction is 1/2 of 1% for each month that you are younger than 65 under Plan B. (Section 3.06(b)). The monthly reduction is 1/4 of 1% for each month that you are younger than 62 under Plan A. (Section 3.06(b)).
Eligibility- You are eligible for a Vested Pension at any age if you cease to be employed in a job covered by the Plan; you completed more than one Hour of Service on or after January 1, 1996 and have at least five years of Vesting Service , all five of which have been earned after contributions to the Plan began on your behalf. If you last worked prior to 1996, ten years of vesting service was required for vested status. Pension payments will generally begin at age 65. However, if you have earned enough pension credits to be eligible for a Regular or an Early Retirement Pension, you can start receiving your pension as early as age 55. (Section 3.07)
Amount - The Vesting Pension is calculated the same way as the Regular Pension (unless you are entitled to an Early Retirement Pension, in which case your benefit will be reduced the same as the Early Retirement Pension).
Eligibility - You may retire on a Disability Pension if before reaching age 65 you become permanently and totally disabled, and qualify for and receive a Social Security Disability Award; and
The date your disability began is the Date of Entitlement stated on your Social Security Disability Award. The effective date of your Disability Pension is the first day of the month following the receipt of a pension application by the Fund Office. In order to avoid any delays, you should apply for a Disability Pension as soon as possible after the date you receive your Social Security Award.
If your request for Social Security benefit is denied, you can continue to work under the Plan while you contest the denial. If you are successful in receiving Social Security benefits, you will receive credit for all work after the Date of Entitlement to such benefits.
The Disability Pension will continue for life, provided you remain totally and permanently disabled. You may not work at all while receiving a Disability Pension unless you are performing work that the Trustees have previously determined to be for purposes of rehabilitation. In addition, you may arrange to temporarily terminate your Disability Pension for up to three months to return to any type of employment on a trial basis.
After you are age 65, you are subject to the same suspension of benefits rules for certain employment that apply to any other type of pensioner under the Plan (see page ___).
If your Social Security Entitlement Date is before January 1, 1984, special rules may apply. Please contact the Fund Office for more information.
Amount - The monthly amount of the Disability Pension is determined in the same manner as the Regular Pension, and is based on the number of Pension Credits earned to the date of disability.
Because the Social Security Entitlement Date is generally before the date you receive your first Social Security payment (and thus the effective date of your Disability Pension payment from this Plan is delayed), your first monthly benefit payment from this Plan will be equal to your monthly benefit amount plus an additional lump sum. Where the effective date of the Disability Pension is on or after January 1, 1980, the lump sum amount in your first monthly benefit payment will be equal to the monthly benefit times the number of months between your Social Security Entitlement Date and the effective date of your pension under this plan. Where the effective date of the Disability Pension is on or after January 1, 1975 but before January 1, 1980, the lump sum amount in your first monthly benefit payment will be equal to the monthly benefit amount times the number of months between the effective date of your pension and January 1, 1996. Section 3.10.
RECOVERY FROM DISABILITY (SECTION 3.11)
If you recover from your disability or lose your entitlement to Social Security Disability Benefits while receiving a Disability Pension, your must notify the Trustees of your recovery in writing within twenty-one days. Upon such notification, your pension will be stopped. You can then convert your Disability Pension to a Regular, or Early Pension, when you meet the applicable age and service requirements. This may be done immediately or when you reach the required age. You may not, however, elect a different payment option when you convert. Any percentage increases in your benefits that were granted during the period while you received a Disability Pension will be applied to recalculate your benefit. The Early Retirement reduction will apply when your benefit is converted.
If you attempt to return to work under the Plan but return to disability status within three months, you will not be required to resubmit a pension application to obtain approval for further benefits. A return to disability status, of course, still requires eligibility for Social Security Disability benefits.
If the actuarial present value of your Disability Pension is $5,000 or less, the Trustees will pay that benefit in a lump sum regardless of any prior elections or provisions to the contrary.