You accrue a benefit under the Plan based on the number of Regular Time Hours you work in covered employment each year. You earn a Regular Time Hour for each Hour of Service you work, up to a maximum of 40 Regular Time Hours per week. You may accrue up to 501 Regular Time Hours for each hour you’re paid, or entitled to be paid, due to the following:

• Vacation
• Holiday
• Military duty

The number of Regular Time Hours you earn during the Plan Year determines how much Credited Service you earn. The amount of Credited Service you’ve accumulated over your career determines the amount of your pension benefit when you retire.

Vesting means that you have a non-forfeitable right to a pension benefit.

You’re vested in your pension benefit after completing five Years of Service. You earn a Year of Service every year you accrue at least 750 Regular Time Hours, or one-half Year of Service every year you accrue between 375 and 750 Regular Time Hours.

Normal Retirement Pension

You’re eligible for a Normal Retirement Pension on the earliest of the following:

• The date you reach age 65 and complete 5 Years of Service
• The date you reach age 65 and reach the 5th anniversary of the date you started participating in the Plan

Early Retirement Pension

You’re eligible for an Early Retirement Pension once you reach age 60 and complete 5 Years of Service. Your monthly benefit will be reduced by 0.5% for each month between the date you start receiving benefits and the first day of the month following your 65th birthday.

Deferred Vested Pension

You’re eligible for a Deferred Vested Pension if you’re not entitled to a Normal Retirement, Early Retirement or Disability Pension and you’ve completed at least 5 Years of Service. Your monthly benefit will be reduced by 0.5% for each month between the date you start receiving benefits and the first day of the month following your 65th birthday.

50% Joint and Survivor Annuity

If you are married, your monthly benefit will be paid in the form of a qualified joint and survivor annuity. A qualified joint and survivor annuity is an annuity for your life, with your surviving spouse receiving an annuity equal to 50% of the benefit paid during your joint lives, and which is actuarially equivalent to your monthly benefit payable in the form of a straight life annuity at your Normal Retirement Age.

75% Optional Survivor Annuity

If you are married, you may elect to receive a qualified optional survivor annuity. A qualified optional survivor annuity is an annuity for your life, with your surviving spouse receiving an annuity equal to 75% of the benefit paid during your joint lives, and which is actuarially equivalent to your monthly benefit payable in the form of a straight life annuity at your Normal Retirement Age.

If you are married and your spouse consents, you may elect to receive a pension in the same amount and providing the same benefits to your beneficiary as you would receive if you did not have a spouse at your retirement date.

Disability Pension

You’re eligible for a Disability Pension if you terminate employment prior to your Normal Retirement Age due to a medically certified disability. The amount of your Disability Pension is calculated the same way as a Normal Retirement Pension. You must have terminated your employment prior to your Normal Retirement Age due to disability, reached age 50, and completed 10 Years of Service.

Calculating Your Benefit

Your monthly pension is determined by multiplying your Credited Service by the accrual amounts below for the periods during which you earned your Credited Service. Your monthly pension benefit is equal to the sum of the following:

• Credited Service you’ve earned in the period beginning January 1, 2008 and ending December 31, 2019, multiplied by $19.20
• Credited Service you earned in the period beginning January 1, 2020 and ending on the date of determination, multiplied by $22.08

If you stopped participating in the Plan prior to January 1, 2008, contact the Fund Office for more information about your benefit calculation.

When you are ready to retire, please contact the Fund Office to request an application. We’ll help you through the process. Once you have completed the application, you’ll need to submit your application for benefits to the Board of Trustees.