PENSION FAQ's
What is the value of a pension credit?
The benefit per pension credit has increased from $59.00 to $64.00 effective for active participants who first retire on or after July 1, 2016 and meet all other applicable eligibility requirements
How many hours are required to earn a pension credit?
You earn one-thousandth (.001) of a year of pension credit for each hour you work on and after July 1, 1975. There is no limit on the number of years of pension credit you can earn in a year after July 1, 1975.
How many hours are required to earn a year of vesting service?
1,000 hours per year.
What happens to my benefits when I work in another local union’s jurisdiction?
You must be registered on the Electronic Reciprocal Transfer System (ERTS) in order for your benefits to be reciprocated to your home local or fund you have designated. Begin the process of registration at your home Local Union or a participating fund office. Once you are registered you will receive by mail your user ID and password. This reciprocal authorization will remain in effect until you modify your registration. Please remember to update your information on ERTS if your address changes.
When am I vested?
You may be vested if you have credit for at least 5 years of vesting service on or after January 1, 1998.
When can I retire?
- Normal Pension - You may receive a Normal Pension when you retire if you are age 65 or older; and meet all other applicable eligibility requirements.
- Early Pension - You may receive an Early Pension when you retire if you are at least age 55 but less than age 65 and you have earned 15 Pension Credits or 10 years of Vesting Service.
- Disability Pension - You may receive a Disability Pension if you are totally disabled (requires a Social Security Disability Award Letter); and you have at least 15 Pension Credits or at least 10 years of Vesting Service
Is there a reduction for an Early Pension?
Yes. The reduction is one quarter (¼) of one percent (0.25%) for each month prior to the age of 65.
If I die, will my spouse receive my pension?
If you have a Qualified Spouse and die before your pension payments start, a Pre-retirement Surviving Spouse Pension may be paid to your surviving spouse provided you were vested. A Qualified Spouse means you and your spouse were married for at least one year prior to your death. Upon receiving notification of your death, the Benefits Office will send a spousal pension application package to your spouse.
Can I borrow money on my pension plan?
No.